Filing Flows › SPS Commerce (SPSC) › How it makes money
How SPS Commerce (SPSC) makes money
SPS Commerce (SPSC) made $198M of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Of every dollar of revenue, 71¢ was left as gross profit, 20¢ was left as operating profit, 16¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $198M | 100.0% |
| Cost of revenue | $57.1M | 28.9% |
| Gross profit | $141M | 71.1% |
| Operating expenses | $101M | 50.9% |
| Operating profit | $39.9M | 20.2% |
| Income tax | $10.6M | 5.4% |
| Net earnings | $30.7M | 15.5% |
| Operating cash flow | $64.0M | 32.4% |
| Free cash flow | $58.5M | 29.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $198M | +4% |
| Q2 2026 | $198M | +6% |
| Q1 2026 | $192M | +6% |
| Q4 2025 | $193M | +13% |
| Q3 2025 | $190M | +16% |
| Q2 2025 | $187M | +22% |
| Q1 2025 | $182M | +21% |
From SPS Commerce's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does SPS Commerce make money?
SPS Commerce (SPSC) made $198M of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Of every dollar of revenue, 71¢ was left as gross profit, 20¢ was left as operating profit, 16¢ was left as net earnings.
What is SPS Commerce's profit margin?
Net earnings were $30.7M, 15.5% of revenue, in the third quarter 2026; the operating margin was 20.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.