SPSCMEDIUM SIGNALOPERATIONAL10-K

SPS Commerce has fundamentally repositioned itself from a "retail supply chain" company to a "global supply chain network" while achieving its 100th consecutive quarter of revenue growth.

The strategic messaging shift emphasizes network effects and infrastructure rather than specific retail partnerships, suggesting a broader market positioning that could support sustained growth. The milestone of 100 consecutive quarters of revenue growth demonstrates remarkable consistency in execution and market demand for their supply chain solutions.

Comparing 2026-02-19 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

SPSC delivered solid financial performance with revenue growing 14.1% and operating income expanding 33.1%, indicating strong operational leverage. The company reduced cash holdings by 37% while increasing capital expenditures by 32%, suggesting active investment in growth initiatives. Overall metrics reflect a healthy, profitable business generating strong operating cash flow of $178.8 million while expanding both gross margins and operational efficiency.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-37.2%
$241.0M→$151.4M

Cash declined 37.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Income
P&L
+33.1%
$88.9M→$118.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+32.3%
$20.0M→$26.5M

Capital expenditure jumped 32.3% — major investment cycle underway; assess returns on deployment.

Accounts Receivable
Balance Sheet
+31%
$52.0M→$68.2M

Receivables surged 31% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Gross Profit
P&L
+21.7%
$427.1M→$519.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Net Income
P&L
+21.1%
$77.1M→$93.3M

Net income grew 21.1% — bottom-line growth signals improving overall business health.

Revenue
P&L
+14.1%
$193.3M→$220.6M

Revenue growing 14.1% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+13.9%
$854.7M→$973.9M

Equity base grew 13.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+13.6%
$157.4M→$178.8M

Operating cash flow grew 13.6% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
+13.4%
$1.0B→$1.2B

Asset base grew 13.4% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-19
ADDED
Business Overview SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations.
Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic.
Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time.
We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together.
For the years ended December 31, 2025, 2024, and 2023, we generated revenues of $751.5 million, $637.8 million, and $536.9 million, respectively.
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REMOVED
Business Overview SPS Commerce is transforming how our global retail supply chain co-operates by creating a more dynamic, interconnected community where players can more freely connect, collaborate, and prosper together.
Our comprehensive suite of cloud-based products and solutions lead the industry in establishing and maintaining stronger collaboration between retailers, grocers, distributors, suppliers, manufacturers, and logistics firms around the globe.
Our products enable customers to enhance how they operate: both within their organizations and with their trading partners, with reduced operational costs and stronger supply chain performance; compete: with order and supply chain visibility, sell-through data, and optimized inventory management, and; adapt: through the limitless access to connect and grow with the world s largest retail network of trading partners that only SPS Commerce can offer.
As of December 31, 2024, we had approximately 45,350 customers with an active recurring revenue contract at the end of the period, which we refer to as recurring revenue customers, across approximately 90 countries .
Once connected to the SPS Commerce cloud-based retail network, our recurring revenue customers often require additional integrations to new organizations that represent an expansion of our cloud-based network and new sources of revenues for us.
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