Filing Flows › SPS Commerce (SPSC) › Q1 2026
SPS Commerce (SPSC) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
SPS Commerce (SPSC) reported revenue of $192M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -0.3% from the quarter before. Operating margin was 12.8%, net earnings $19.7M (10.3% of revenue).
SPS Commerce, Q1 2026: revenue $192M (+6% year over year), operating margin 12.8%, net earnings $19.7M, operating cash flow $55.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $192M | -0.3% | +6% |
| Gross profit | $133M | -2% | +7% |
| Operating profit | $24.6M | -29% | -5% |
| Net earnings | $19.7M | -24% | -11% |
| Operating cash flow | $55.6M | +21% | +39% |
| Free cash flow | $48.5M | +27% | +43% |
What changed
Revenue was $192.1M in Q1 2026, up 6% year over year and roughly flat from the previous quarter.
Gross margin was 69.2%, up 0.5 points from Q1 2025. Operating profit was $24.6M, a 12.8% margin (down 1.5 points year over year). Operating profit fell $1.4M even though revenue rose $10.6M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 10% against revenue growth of 6%. The fastest-growing cost line was General & admin (+17%). Net earnings were $19.7M, down 11% year over year. The effective tax rate was 24.0%.
Operating cash flow was $55.6M (up 39% year over year), 282% of net earnings. Non-cash charges added back $5.8M of depreciation and amortization and $18.1M of share-based compensation. Working capital and other items added $12.0M. Capital expenditures of $7.1M left free cash flow of $48.5M.
Questions
What was SPS Commerce's revenue in the first quarter 2026?
SPS Commerce (SPSC) reported revenue of $192M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -0.3% from the quarter before.
Was SPS Commerce profitable in the first quarter 2026?
Operating profit was $24.6M (12.8% of revenue) and net earnings $19.7M.
Source: SPS Commerce 10-Q on SEC EDGAR.