SPS COMMERCE INC (SPSC) FY2025 10-K Annual Report
SPS COMMERCE INC (SPSC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SPS COMMERCE INC FY2025 10-K Analysis
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
SPS COMMERCE INC FY2025 Key Financial MetricsXBRL
Revenue
$752M
▲ +17.8% YoY
Net Income
$93M
▲ +21.1% YoY
Gross Margin
69.2%
▲ +222bp YoY
Operating Margin
15.7%
▲ +181bp YoY
Net Margin
12.4%
▲ +34bp YoY
ROE
9.6%
▲ +57bp YoY
Total Assets
$1.2B
▲ +13.4% YoY
EPS (Diluted)
$2.46
▲ +20.6% YoY
Operating Cash Flow
$179M
▲ +13.6% YoY
Source: XBRL data from SPS COMMERCE INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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