Filing Flows › SPS Commerce (SPSC) › Q3 2026 › vs Q3 2025
SPS Commerce (SPSC) Q3 2026 vs Q3 2025 (year over year)
SPS Commerce's revenue rose $7.7M (+4%) from $190M in Q3 2025 to $198M in Q3 2026. Gross margin 71.1% against 69.5% (+1.6 pts).
SPS Commerce, Q3 2026: revenue $198M (+4% year over year), operating margin 20.2%, net earnings $30.7M, operating cash flow $64.0M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 71.1% | 69.5% | +1.6 pts |
| Operating margin | 20.2% | 16.4% | +3.8 pts |
| Net margin | 15.5% | 13.5% | +2.1 pts |
| Free cash flow margin | 29.6% | 28.7% | +0.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $198M | $190M | $7.7M | +4% |
| Gross profit | $141M | $132M | $8.6M | +6% |
| Cost of revenue | $57.1M | $57.9M | −$831K | -1% |
| Other income, net | $1.4M | $1.3M | $112K | +9% |
| Operating profit | $39.9M | $31.2M | $8.7M | +28% |
| Operating expenses | $101M | $101M | −$164K | -0.2% |
| Pre-tax earnings | $41.3M | $32.5M | $8.8M | +27% |
| Research & development | $16.5M | $17.3M | −$730K | -4% |
| Sales & marketing | $43.5M | $42.3M | $1.2M | +3% |
| General & admin | $30.8M | $31.7M | −$859K | -3% |
| Other operating costs | $9.8M | $9.5M | $273K | +3% |
| Net earnings | $30.7M | $25.6M | $5.1M | +20% |
| Income tax | $10.6M | $6.9M | $3.7M | +54% |
| Depreciation & amortization | $6.1M | $5.4M | $718K | +13% |
| Share-based compensation | $15.7M | $14.5M | $1.2M | +9% |
| Working capital & other | $11.6M | $15.2M | −$3.7M | -24% |
| Operating cash flow | $64.0M | $60.6M | $3.4M | +6% |
| Free cash flow (OCF − capex) | $58.5M | $54.6M | $3.9M | +7% |
| Capital expenditures | $5.5M | $6.1M | −$550K | -9% |
Questions
How much did SPS Commerce's revenue grow year over year in Q3 2026?
SPS Commerce's revenue rose $7.7M (+4%) from $190M in Q3 2025 to $198M in Q3 2026. Gross margin 71.1% against 69.5% (+1.6 pts).