SPSC at a glance
SPS COMMERCE INC (SPSC, SEC CIK 1092699) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and Form 4 insider filings as recently as June 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), SPS COMMERCE INC (SPSC) reported revenue of $751.5 million (up 17.8% from FY2024) and net income of $93.3 million. Diluted EPS was $2.46.
- As of June 30, 2026, 31 institutional investment managers tracked by SignalX reported holding SPS COMMERCE INC (SPSC) shares worth $1.0 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $751.5M
- +17.8% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 31 funds
- $1.0B · +0 vs prior quarter
- Latest 8-K
- Jul 30, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: cloud-based global supply chain network connecting retailers, brands, distributors, manufacturers, logistics providers
- New acquisition: Carbon6 Technologies Inc., adding Amazon seller software and revenue recovery services for 1P and 3P suppliers
- Strategic emphasis on expanding international presence (Asia Pacific, Europe) and accelerating omnichannel retail automation
- Workforce growth to 2,948 employees worldwide, with 90% of 2025 hires in tech, customer success, go-to-market roles
- 100 consecutive quarters of revenue growth, reaching $751.5 million in 2025, driven by 96% recurring revenues
Risk Factors
- Regulatory risk from U.S. Foreign Corrupt Practices Act violations in international operations, including Ukraine and Philippines exposure
- Geopolitical risk from Russian interference and civil unrest affecting significant workforce in Ukraine and Philippines
- Operational risk from reliance on third-party cloud infrastructure; loss or failure to upgrade could disrupt customer access
- Competitive risk from AI/ML adoption lag behind rivals, risking loss of market share and regulatory liability
- Financial risk from lack of long-term recurring revenue contracts; customer cancellations require only 30-90 days’ notice
Management Discussion & Analysis
- Revenue $751.5M, up 18% YoY from $637.8M, driven by 20% growth in recurring revenue customers to 54,600 and ARPU increase to $14,350
- Net income $93.3M with operating margin 15.7% vs 13.9%, Adjusted EBITDA margin 31% vs 29%
- Best performing: Recurring revenues $718M, up 20%, 96% of total; Worst: Other income net down 48% to $5.5M due to decreased investment income
- Cash provided by operations $178.8M; capital allocation included $100.8M net cash used in financing, including $76.7M in share repurchases
- Management expects continued growth in recurring revenue customers and ARPU; risks include acquisition integration and market expansion costs
AI summary of the SPSC 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- No material risk-factor changes from the December 31, 2025 Form 10-K
- Share-repurchase authorization reduced to $186.380 million after 905,815 quarterly repurchases
- No director or officer adopted, modified, or terminated Rule 10b5-1 trading arrangements during the quarter
AI summary of the SPSC 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 and first-half fiscal 2026 results released for periods ended June 30, 2026
- Full operating and financial figures contained in Exhibit 99.1
Item 5.07: Submission of Matters to a Vote of Security Holders
- All nine director nominees elected through the 2027 annual meeting
- Razat Gaurav received weakest director support, with 889,070 against votes
Item 2.02: Results of Operations and Financial Condition
- Q1 fiscal 2026 results covered quarter ended March 31, 2026
- Results press release issued April 30, 2026 and attached as Exhibit 99.1
AI summaries of SPSC 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SPSC
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- Fund moves. Which tracked funds opened, added or cut SPSC, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Reller Tami | A | May 28, 2026 | 3,736 | - |
| Ward Anne Sempowski | A | May 28, 2026 | 3,736 | - |
| Reaume Marty M | A | May 28, 2026 | 3,736 | - |
| Gaurav Razat | A | May 28, 2026 | 3,736 | - |
| Partin Mark | A | May 28, 2026 | 3,736 | - |
| SORAN PHILIP | A | May 28, 2026 | 3,736 | - |
| McConnell Michael J | A | May 28, 2026 | 3,736 | - |
| Chima Fumbi F. | A | May 28, 2026 | 3,736 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $637.8M | $751.5M |
| Gross Profit | - | $427.1M | $519.9M |
| Operating Income | - | $88.9M | $118.3M |
| Net Income | - | $77.1M | $93.3M |
| Gross Margin | - | 67.0% | 69.2% |
| Op. Margin | - | 13.9% | 15.7% |
| Net Margin | - | 12.1% | 12.4% |
| Balance Sheet | |||
| Total Assets | $823.8M | $1.0B | $1.2B |
| Equity | $667.5M | $854.7M | $973.9M |
| ROE | - | 9.0% | 9.6% |
| Per Share | |||
| EPS | - | $2.04 | $2.46 |
| Cash Flow | |||
| Operating CF | - | $157.4M | $178.8M |
| CapEx | - | $20.0M | $26.5M |
Source: XBRL data in SPS COMMERCE INC (SPSC)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate SPSC share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 31 | $1.03B |
| Q1 2026 | 31 | $1.07B |
| Q4 2025 | 29 | $1.67B |
| Q3 2025 | 32 | $1.93B |
| Q2 2025 | 31 | $2.49B |
| Q1 2025 | 27 | $1.61B |
| Q4 2024 | 25 | $2.03B |
| Q3 2024 | 23 | $936.5M |
- BlackRock+105.6K (+2%)
- AQR Capital Management+92.9K (+81%)
- Northern Trust+53.1K (+12%)
- State Street Corp+45.9K (+3%)
- Goldman Sachs Group+38.2K (+4%)
- Bank of America Corp−620.0K (-62%)
- D.E. Shaw & Co−308.0K (-63%)
- Dimensional Fund Advisors−160.4K (-32%)
- JPMorgan Chase & Co−144.6K (-57%)
- Vanguard Capital Management LLC−99.7K (-6%)
- Bridgewater Associates LP+32.8K
- Allstate+12.8K
- Mangrove Partners+4.4K
- Renaissance Technologies LLC−99.4K
- Two Sigma Investments−54.7K
- Blackstone Group−5.6K
Source: 13F-HR filings on SEC EDGAR (aggregated from 229 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SPSC filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| SC 13G | Aug 14, 2026 | - | - | |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 8-K | May 28, 2026 | - | Analysis | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| SC 13G | Apr 30, 2026 | - | - | |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 29, 2026 | - | - | |
| 8-K | Apr 14, 2026 | - | Analysis | - |
| 4 | Apr 9, 2026 | - | - | - |
| 4 | Mar 17, 2026 | - | - | - |
| 4 | Mar 11, 2026 | - | - | - |
| 4 | Feb 24, 2026 | - | - | - |
| 4 | Feb 24, 2026 | - | - | - |
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SPSC SEC filings: frequently asked questions
Which institutions hold SPSC stock?
As of June 30, 2026, the largest SPS COMMERCE INC (SPSC) holders among the 13F filers tracked by SignalX were BlackRock ($339.3 million), Vanguard Portfolio Management LLC ($166.6 million), Vanguard Capital Management LLC ($91.4 million), State Street Corp ($88.4 million), Goldman Sachs Group ($63.3 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SPSC's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), SPS COMMERCE INC (SPSC) reported revenue of $751.5 million (up 17.8% from FY2024) and net income of $93.3 million. Diluted EPS was $2.46. The figures come from the XBRL data in the 10-K.
What are the main risks in SPSC's latest 10-K?
In the 10-K filed February 19, 2026, SPS COMMERCE INC (SPSC) flagged: Regulatory risk from U.S. Foreign Corrupt Practices Act violations in international operations, including Ukraine and Philippines exposure. Geopolitical risk from Russian interference and civil unrest affecting significant workforce in Ukraine and Philippines. (AI summary of the Risk Factors section.)
What did SPSC report in its latest 8-K?
SPS COMMERCE INC (SPSC) filed an 8-K on July 30, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 and first-half fiscal 2026 results released for periods ended June 30, 2026.
What are the latest SPSC SEC filings?
SPS COMMERCE INC (SPSC) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 30, 2026 and a Form 4 insider filing on June 1, 2026.
What is SPSC's SEC CIK number?
SPS COMMERCE INC (SPSC)'s SEC Central Index Key (CIK) is 1092699. EDGAR lists every SPSC filing under that number.
Ask anything about SPSC
The research agent reads SPSC's filings, financials, insider trades and 13F holders, then answers with sources.