Filing Flows › SPS Commerce (SPSC) › Q3 2025
SPS Commerce (SPSC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
SPS Commerce (SPSC) reported revenue of $190M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +1% from the quarter before. Operating margin was 16.4%, net earnings $25.6M (13.5% of revenue).
SPS Commerce, Q3 2025: revenue $190M (+16% year over year), operating margin 16.4%, net earnings $25.6M, operating cash flow $60.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | +1% | +16% |
| Gross profit | $132M | +3% | +18% |
| Operating profit | $31.2M | +18% | +22% |
| Net earnings | $25.6M | +30% | +9% |
| Operating cash flow | $60.6M | +88% | +14% |
| Free cash flow | $54.6M | +113% | +13% |
What changed
Revenue was $189.9M in Q3 2025, up 16% year over year and up 1% from the previous quarter.
Gross margin was 69.5%, up 1.0 points from a year earlier. Operating profit was $31.2M, a 16.4% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, above the 16% margin then. Operating expenses grew 17% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+47%). Net earnings were $25.6M, up 9% year over year. The effective tax rate was 21.2%.
Operating cash flow was $60.6M (up 14% year over year), 237% of net earnings. Non-cash charges added back $5.4M of depreciation and amortization and $14.5M of share-based compensation. Working capital and other items added $15.2M. Capital expenditures of $6.1M left free cash flow of $54.6M.
Questions
What was SPS Commerce's revenue in the third quarter 2025?
SPS Commerce (SPSC) reported revenue of $190M for the third quarter 2025 (Q3 2025), +16% from a year earlier and +1% from the quarter before.
Was SPS Commerce profitable in the third quarter 2025?
Operating profit was $31.2M (16.4% of revenue) and net earnings $25.6M.
Source: SPS Commerce 10-Q on SEC EDGAR.