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SPS Commerce
SPS Commerce (SPSC) investor relations material
SPS Commerce Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved 100 consecutive quarters of revenue growth, with Q4 2025 revenue up 13% year-over-year and full-year revenue reaching $751.5 million, despite macroeconomic and tariff-related headwinds.
Expanded network and product portfolio through acquisitions, notably Carbon6, enhancing leadership in revenue recovery solutions and cross-selling opportunities.
Launched new AI-enabled agentic capabilities (Max) to drive supply chain efficiency and competitive differentiation.
Announced CFO transition, with Kim Nelson retiring and Joseph Del Preto assuming the role in March 2026; added two new independent directors and entered a cooperation agreement with Anson Funds.
Positioned in a large and expanding global market with an $11.1B TAM and a strong multinational footprint in NA, EU, and APAC.
Financial highlights
Q4 2025 revenue was $192.7 million, up 13% year-over-year; full-year 2025 revenue reached $751.5 million, up 18%.
Recurring revenue grew 14% in Q4 and 20% for the year; recurring revenue customers totaled ~54,600.
Adjusted EBITDA for Q4 was $60.5 million (up 22%); full-year Adjusted EBITDA was $231.4 million (up 24%), with a 31% margin.
Net income for 2025 was $93.3 million, maintaining a 12% margin.
Ended 2025 with $151 million in cash and cash equivalents; repurchased $115 million in shares, deploying 76% of free cash flow.
Outlook and guidance
Q1 2026 revenue expected between $191.6 million and $193.6 million (6–7% growth year-over-year).
Q1 2026 Adjusted EBITDA guidance: $55.5 million–$57.5 million; non-GAAP EPS: $0.95–$0.99.
Full-year 2026 revenue guidance: $798.5 million–$806.9 million (6–7% growth); Adjusted EBITDA: $261 million–$265.5 million (13–15% growth); non-GAAP EPS: $4.42–$4.50.
Target model aims for 70–75% gross margin and Adjusted EBITDA margin above 35%, with annual margin expansion of 2 percentage points.
Effective tax rate for 2026 expected at 30% on GAAP pre-tax net earnings.
Factors for 2026 revenue growth deceleration?
Agentic AI capabilities: expected revenue impact?
Rationale for increased share repurchase program?
Partial view of Summaries dataset, powered by Quartr API
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Next SPS Commerce earnings date
Q1 202623 Apr, 2026
SPS Commerce
Next SPS Commerce earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
SPS Commerce Inc provides cloud-based supply chain management solutions, including electronic data interchange (EDI), analytics, and order fulfillment services. The company enables retailers, suppliers, and logistics firms to automate and optimize trading partner interactions. It is headquartered in Minneapolis, Minnesota, and its shares are listed on the NASDAQ.
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