Filing Flows › SPS Commerce (SPSC) › Q2 2026 › vs Q2 2025
SPS Commerce (SPSC) Q2 2026 vs Q2 2025 (year over year)
SPS Commerce's revenue rose $10.4M (+6%) from $187M in Q2 2025 to $198M in Q2 2026. Gross margin 70.2% against 68.1% (+2.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 70.2% | 68.1% | +2.1 pts |
| Operating margin | 4.3% | 14.1% | -9.9 pts |
| Net margin | 3.5% | 10.5% | -7.1 pts |
| Free cash flow margin | 29.0% | 13.7% | +15.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $198M | $187M | $10.4M | +6% |
| Gross profit | $139M | $128M | $11.2M | +9% |
| Cost of revenue | $59.0M | $59.8M | −$798K | -1% |
| Other income, net | $2.0M | $773K | $1.2M | +158% |
| Operating profit | $8.4M | $26.5M | −$18.1M | -68% |
| Operating expenses | $130M | $101M | $29.3M | +29% |
| Pre-tax earnings | $10.4M | $27.2M | −$16.8M | -62% |
| Research & development | $17.0M | $17.3M | −$314K | -2% |
| Sales & marketing | $43.9M | $43.4M | $502K | +1% |
| General & admin | $36.6M | $30.9M | $5.8M | +19% |
| Other operating costs | $32.8M | $9.5M | $23.3M | +245% |
| Net earnings | $6.9M | $19.7M | −$12.9M | -65% |
| Income tax | $3.5M | $7.5M | −$4.0M | -53% |
| Depreciation & amortization | $6.2M | $5.0M | $1.2M | +23% |
| Share-based compensation | $18.7M | $15.0M | $3.7M | +25% |
| Working capital & other | $34.3M | −$7.4M | $41.7M | — |
| Operating cash flow | $66.0M | $32.3M | $33.7M | +104% |
| Free cash flow (OCF − capex) | $57.4M | $25.7M | $31.8M | +124% |
| Capital expenditures | $8.6M | $6.7M | $1.9M | +29% |
Questions
How much did SPS Commerce's revenue grow year over year in Q2 2026?
SPS Commerce's revenue rose $10.4M (+6%) from $187M in Q2 2025 to $198M in Q2 2026. Gross margin 70.2% against 68.1% (+2.1 pts).