Filing Flows › SPS Commerce (SPSC) › Q4 2025
SPS Commerce (SPSC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
SPS Commerce (SPSC) reported revenue of $193M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +1% from the quarter before. Operating margin was 18.0%, net earnings $25.8M (13.4% of revenue).
SPS Commerce, Q4 2025: revenue $193M (+13% year over year), operating margin 18.0%, net earnings $25.8M, operating cash flow $45.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $193M | +1% | +13% |
| Gross profit | $136M | +3% | +18% |
| Operating profit | $34.7M | +11% | +40% |
| Net earnings | $25.8M | +1% | +47% |
| Operating cash flow | $45.9M | -24% | +13% |
| Free cash flow | $38.2M | -30% | +11% |
What changed
Revenue was $192.7M in Q4 2025, up 13% year over year and up 1% from the previous quarter.
Gross margin was 70.4%, up 3.0 points from a year earlier. Operating profit was $34.7M, a 18.0% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 46% reached operating profit, above the 14% margin then. Operating expenses grew 12% against revenue growth of 13%. The fastest-growing cost line was General & admin (+25%). Net earnings were $25.8M, up 47% year over year. The effective tax rate was 28.2%.
Operating cash flow was $45.9M (up 13% year over year), 178% of net earnings. Non-cash charges added back $5.8M of depreciation and amortization and $10.4M of share-based compensation. Working capital and other items added $3.8M. Capital expenditures of $7.7M left free cash flow of $38.2M.
Questions
What was SPS Commerce's revenue in the fourth quarter 2025?
SPS Commerce (SPSC) reported revenue of $193M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +1% from the quarter before.
Was SPS Commerce profitable in the fourth quarter 2025?
Operating profit was $34.7M (18.0% of revenue) and net earnings $25.8M.
Source: SPS Commerce 10-K on SEC EDGAR.