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SPS Commerce vs Blackline: SPSC and BL compared
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $193M for Blackline (Q3 2026). Blackline is growing faster (+8% against +4% a year earlier). SPS Commerce is more profitable, with an operating margin of 20.2% against 8.6%.
Where the money goes: SPSC and BL
SPS Commerce (SPSC) · Q3 2026
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 follows the revenue to costs, profit and cash.
Blackline (BL) · Q3 2026
Blackline, Q3 2026: revenue $193M (+8% year over year), operating margin 8.6%, net earnings $10.6M, operating cash flow $67.1M. The chart follows the revenue to costs, profit and cash.
| SPS Commerce (SPSC) | Blackline (BL) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $198M | $193M |
| Revenue growth, Y/Y | +4% | +8% |
| Gross margin | 71.1% | 75.7% |
| Operating margin | 20.2% | 8.6% |
| Net earnings | $30.7M | $10.6M |
| Net margin | 15.5% | 5.5% |
| Operating cash flow | $64.0M | $67.1M |
| Free cash flow | $58.5M | $57.5M |
| Market value | $3.3B | $2.0B |
| P/E | 40.7× | 58.7× |
| Analysts’ mean target | $84.82 | $37.60 |
Where the revenue comes from
Blackline
- Subscription and support: $183M (95%)
- Professional services: $10.3M (5%)
Questions
Which is bigger, SPS Commerce or Blackline?
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $193M for Blackline (Q3 2026).
Is SPS Commerce or Blackline growing faster?
Blackline is growing faster (+8% against +4% a year earlier).
Which is more profitable, SPS Commerce or Blackline?
SPS Commerce is more profitable, with an operating margin of 20.2% against 8.6%.
More: SPS Commerce earnings · how SPS Commerce makes money · Blackline earnings · how Blackline makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.