Filing Flows › SPS Commerce (SPSC) › Q1 2025
SPS Commerce (SPSC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
SPS Commerce (SPSC) reported revenue of $182M for the first quarter 2025 (Q1 2025), +21% from a year earlier and +6% from the quarter before. Operating margin was 14.3%, net earnings $22.2M (12.2% of revenue).
SPS Commerce, Q1 2025: revenue $182M (+21% year over year), operating margin 14.3%, net earnings $22.2M, operating cash flow $40.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $182M | +6% | +21% |
| Gross profit | $125M | +8% | +27% |
| Operating profit | $26.0M | +5% | +69% |
| Net earnings | $22.2M | +26% | +23% |
| Operating cash flow | $40.0M | -1% | +17% |
| Free cash flow | $33.8M | -1% | +11% |
What changed
Revenue was $181.5M in Q1 2025, up 21% year over year and up 6% from the previous quarter.
Gross margin was 68.7%, up 3.1 points from a year earlier. Operating profit was $26.0M, a 14.3% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 10% margin then. Operating expenses grew 19% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+98%). Net earnings were $22.2M, up 23% year over year. The effective tax rate was 21.2%.
Operating cash flow was $40.0M (up 17% year over year), 180% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $13.9M of share-based compensation. Capital expenditures of $6.2M left free cash flow of $33.8M.
Questions
What was SPS Commerce's revenue in the first quarter 2025?
SPS Commerce (SPSC) reported revenue of $182M for the first quarter 2025 (Q1 2025), +21% from a year earlier and +6% from the quarter before.
Was SPS Commerce profitable in the first quarter 2025?
Operating profit was $26.0M (14.3% of revenue) and net earnings $22.2M.
Source: SPS Commerce 10-Q on SEC EDGAR.