Filing Flows › SPS Commerce (SPSC) › Q2 2026 › vs Q1 2026
SPS Commerce (SPSC) Q2 2026 vs Q1 2026 (quarter over quarter)
SPS Commerce's revenue rose $5.7M (+3%) from $192M in Q1 2026 to $198M in Q2 2026. Gross margin 70.2% against 69.2% (+1.0 pts).
SPS Commerce, Q2 2026: revenue $198M (+6% year over year), operating margin 4.3%, net earnings $6.9M, operating cash flow $66.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 70.2% | 69.2% | +1.0 pts |
| Operating margin | 4.3% | 12.8% | -8.5 pts |
| Net margin | 3.5% | 10.3% | -6.8 pts |
| Free cash flow margin | 29.0% | 25.2% | +3.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $198M | $192M | $5.7M | +3% |
| Gross profit | $139M | $133M | $5.9M | +4% |
| Cost of revenue | $59.0M | $59.2M | −$189K | -0.3% |
| Other income, net | $2.0M | $1.4M | $592K | +42% |
| Operating profit | $8.4M | $24.6M | −$16.1M | -66% |
| Operating expenses | $130M | $108M | $22.0M | +20% |
| Pre-tax earnings | $10.4M | $26.0M | −$15.6M | -60% |
| Research & development | $17.0M | $17.9M | −$960K | -5% |
| Sales & marketing | $43.9M | $44.7M | −$798K | -2% |
| General & admin | $36.6M | $36.4M | $272K | +0.7% |
| Other operating costs | $32.8M | $9.3M | $23.5M | +252% |
| Net earnings | $6.9M | $19.7M | −$12.9M | -65% |
| Income tax | $3.5M | $6.2M | −$2.7M | -43% |
| Depreciation & amortization | $6.2M | $5.8M | $316K | +5% |
| Share-based compensation | $18.7M | $18.1M | $623K | +3% |
| Working capital & other | $34.3M | $12.0M | $22.3M | +186% |
| Operating cash flow | $66.0M | $55.6M | $10.4M | +19% |
| Free cash flow (OCF − capex) | $57.4M | $48.5M | $8.9M | +18% |
| Capital expenditures | $8.6M | $7.1M | $1.5M | +20% |
Questions
How much did SPS Commerce's revenue grow quarter over quarter in Q2 2026?
SPS Commerce's revenue rose $5.7M (+3%) from $192M in Q1 2026 to $198M in Q2 2026. Gross margin 70.2% against 69.2% (+1.0 pts).