SPSC SPS COMMERCE INC
FY2025 10-K
SPS COMMERCE INC (SPSC) filed its fiscal year 2025 10-K annual report with the SEC on Feb 19, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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%
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
Financial SummaryXBRL
Revenue
$752M
Net Income
$93M
Gross Margin
69.2%
Operating Margin
15.7%
Net Margin
12.4%
ROE
9.6%
Total Assets
$1.2B
EPS (Diluted)
$2.46
Operating Cash Flow
$179M
Source: XBRL data from SPS COMMERCE INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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