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SPS Commerce vs Fastly: SPSC and FSLY compared
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $190M for Fastly (Q3 2026). Fastly is growing faster (+20% against +4% a year earlier). SPS Commerce is more profitable, with an operating margin of 20.2% against -5.9%.
Where the money goes: SPSC and FSLY
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.
Fastly (FSLY) · Q3 2026
Fastly, Q3 2026: revenue $190M (+20% year over year), operating margin -5.9%, net loss $11.3M, operating cash flow $40.0M. The chart follows the revenue to costs, profit and cash.
| SPS Commerce (SPSC) | Fastly (FSLY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $198M | $190M |
| Revenue growth, Y/Y | +4% | +20% |
| Gross margin | 71.1% | — |
| Operating margin | 20.2% | -5.9% |
| Net earnings | $30.7M | −$11.3M |
| Net margin | 15.5% | -5.9% |
| Operating cash flow | $64.0M | $40.0M |
| Free cash flow | $58.5M | $25.2M |
| Market value | $3.3B | $4.2B |
| P/E | 40.7× | — |
| Analysts’ mean target | $84.82 | $27.64 |
Questions
Which is bigger, SPS Commerce or Fastly?
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $190M for Fastly (Q3 2026).
Is SPS Commerce or Fastly growing faster?
Fastly is growing faster (+20% against +4% a year earlier).
Which is more profitable, SPS Commerce or Fastly?
SPS Commerce is more profitable, with an operating margin of 20.2% against -5.9%.
More: SPS Commerce earnings · how SPS Commerce makes money · Fastly earnings · how Fastly makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.