Filing Flows › SPS Commerce (SPSC) › Q2 2025
SPS Commerce (SPSC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
SPS Commerce (SPSC) reported revenue of $187M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +3% from the quarter before. Operating margin was 14.1%, net earnings $19.7M (10.5% of revenue).
SPS Commerce, Q2 2025: revenue $187M (+22% year over year), operating margin 14.1%, net earnings $19.7M, operating cash flow $32.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $187M | +3% | +22% |
| Gross profit | $128M | +2% | +26% |
| Operating profit | $26.5M | +2% | +14% |
| Net earnings | $19.7M | -11% | +9% |
| Operating cash flow | $32.3M | -19% | +10% |
| Free cash flow | $25.7M | -24% | +5% |
What changed
Revenue was $187.4M in Q2 2025, up 22% year over year and up 3% from the previous quarter.
Gross margin was 68.1%, up 1.9 points from a year earlier. Operating profit was $26.5M, a 14.1% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 15% margin then. Operating expenses grew 29% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+96%). Net earnings were $19.7M, up 9% year over year. The effective tax rate was 27.6%.
Operating cash flow was $32.3M (up 10% year over year), 164% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $15.0M of share-based compensation. Working capital and other items used $7.4M. Capital expenditures of $6.7M left free cash flow of $25.7M.
Questions
What was SPS Commerce's revenue in the second quarter 2025?
SPS Commerce (SPSC) reported revenue of $187M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +3% from the quarter before.
Was SPS Commerce profitable in the second quarter 2025?
Operating profit was $26.5M (14.1% of revenue) and net earnings $19.7M.
Source: SPS Commerce 10-Q on SEC EDGAR.