SPSC on Nasdaq

SPS Commerce

Logo: Company website, Non-free logo, via Wikipedia4

Software corporation headquartered in Minneapolis, Minnesota, USA

SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1987Founded1

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  • TickerSPSC on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersMinneapolis1
  • Websitewww.spscommerce.com
  • Legal formDelaware corporation1
  • Business address333 South Seventh Street, Suite 1000, Minneapolis, Mn 554025
  • Filer categoryLarge accelerated filer5

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SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

69.2%Gross margin7
15.7%Operating margin7
12.4%Net margin7
17.8%Revenue growth, 20257
9.6%Return on equity7
$152.3MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue31¢$231.6M
  • Research and development9¢$68.7M
  • Other costs44¢$327.4M
  • Income tax4¢$30.5M
  • Profit12¢$93.3M

Out of $751.5M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending15¢$26.5M
  • Share buybacks64¢$114.3M
  • Kept or used elsewhere21¢$38.0M

Out of $178.8M of cash from operations.7

Financial statements

Revenue8910117$751.5M in 2025+169% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $279.1M$279.1M20192020: $312.6M$312.6M2020+12%2021: $385.3M$385.3M2021+23%2022: $450.9M$450.9M2022+17%2023: $536.9M$536.9M2023+19%2024: $637.8M$637.8M2024+19%2025: $751.5M$751.5M2025+18%
Gross profit8910117$519.9M in 2025+178% since 2019
0$200.0M$400.0M$600.0M2019: $186.9M$186.9M20192020: $212.8M$212.8M2020+14%2021: $253.6M$253.6M2021+19%2022: $297.8M$297.8M2022+17%2023: $354.8M$354.8M2023+19%2024: $427.1M$427.1M2024+20%2025: $519.9M$519.9M2025+22%
Operating income8910117$118.3M in 2025+208% since 2019
0$50.0M$100.0M$150.0M2019: $38.4M$38.4M20192020: $50.2M$50.2M2020+31%2021: $55.1M$55.1M2021+10%2022: $71.2M$71.2M2022+29%2023: $77.2M$77.2M2023+9%2024: $88.9M$88.9M2024+15%2025: $118.3M$118.3M2025+33%
Net income8910117$93.3M in 2025+177% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $33.7M$33.7M20192020: $45.6M$45.6M2020+35%2021: $44.6M$44.6M2021−2%2022: $55.1M$55.1M2022+24%2023: $65.8M$65.8M2023+19%2024: $77.1M$77.1M2024+17%2025: $93.3M$93.3M2025+21%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenues$751.5M$637.8M$536.9M
Cost of revenues$231.6M$210.7M$182.1M
Gross profit$519.9M$427.1M$354.8M
Sales and marketing$169.1M$148.9M$122.9M
Research and development$68.7M$62.8M$53.7M
General and administrative$126.6M$102.9M$84.9M
Amortization of intangible assets$37.2M$23.5M$16.1M
Total operating expenses$401.6M$338.2M$277.6M
Income from operations$118.3M$88.9M$77.2M
Other income, net$5.5M$10.6M$8.3M
Income before income taxes$123.8M$99.5M$85.6M
Income tax expense$30.5M$22.4M$19.7M
Net income$93.3M$77.1M$65.8M
Foreign currency translation adjustments$9.3M-$9.4M$3.4M
Unrealized gain on investments, net of tax of $, $363, and $644, respectively$0$1.1M$1.9M
Reclassification of gain on investments into earnings, net of tax of $, $(537), and $(564), respectively$0-$1.6M-$1.7M
Total other comprehensive income (expense)$9.3M-$9.9M$3.6M
Comprehensive income$102.6M$67.1M$69.5M
Basic (in dollars per share)$2.46$2.07$1.80
Diluted (in dollars per share)$2.46$2.04$1.76
Basic (in shares)37.9M shares37.3M shares36.6M shares
Diluted (in shares)38.0M shares37.9M shares37.5M shares
Unrealized gain on investments, tax$0$363.0K$644.0K
Reclassification of gain on investments into earnings, tax$0-$537.0K-$564.0K

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The story

The company was founded in 1987 (1987), under the name St. Paul Software. In 2000, the company sold its software business to Netherlands-based TIE Commerce. After the sale, the company primarily offered internet-based business-to-business (B2B) exchanges for retailers and manufacturers. St. Paul Software was renamed SPS Commerce in May 2001. SPS Commerce went public in April 2010 when it debuted on the NASDAQ global market.

Acquisitions:

2011: acquired San Diego–based EDI services company Direct EDI for $10.9 million, adding 40 employees in a San Diego office and a development group in Ukraine.

2012: purchased New Jersey–based data analytics firm Edifice for $26M

2014: $14.9M acquisition of LeadTec, an EDI provider headquartered in Melbourne, Australia.

2016: $23M acquisition of ToolBox Solutions

2018: $23M acquisition of CovalentWorks

2019: $11.5M acquisition of long-term technology partner MAPADOC

Read the full text

2020: $100M acquisition of Data Masons

2021: $17M acquisition of Genius Central

2022: $45M acquisition of GCommerce

2022: $49M acquisition of InterTrade

2023: €64.5M acquisition of TIE Kinetix

2024: $25M acquisition of Traverse Systems

2024: $206M acquisition of SupplyPike

2025: $210M acquisition of Carbon6

In December 2025, activist investor Anson Funds Management disclosed a stake in SPS Commerce and pushed the company to explore a sale and consider management changes, arguing the stock price lagged competitors by 40% to 60%.

From Wikipedia’s article on SPS Commerce, shared under CC BY-SA 4.0.6

Leadership

Who has led SPS Commerce, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Archie C. Black2010–2023
  2. Chadwick Collins2023–now

President

  1. Archie C. Black2010–2015
  2. James J. Frome2022–2024

Chief financial officer

  1. Kimberly K. Nelson2010–2026
  2. Preto Joseph Del2026–now

Chief operating officer

  1. James J. Frome2012–2024
19901995200020052010201520202025
Board members and other officers (25)

Timeline

  1. Oct 2, 2023New chief executive Chadwick Collins becomes CEO15
  2. Apr 22, 2010Went public Listed on NASDAQ1
  3. Apr 21, 2010New chief executive Archie C. Black becomes CEO16
  4. 1987Founded Founded1

Filings

334 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 39 major events, 167 insider forms, 16 large holders, 1 private raises, 90 other. The latest 20:

  1. Aug 14, 2026SCHEDULE 13G EDGAR
  2. Jul 30, 202610-Q EDGAR
  3. Jul 30, 20268-K EDGAR
  4. Jul 21, 202610-Q/A EDGAR
  5. Jun 29, 202611-K EDGAR
  6. Jun 2, 2026144 EDGAR
  7. Jun 1, 20264 EDGAR
  8. Jun 1, 20264 EDGAR
  9. Jun 1, 20264 EDGAR
  10. Jun 1, 20264 EDGAR
  11. Jun 1, 20264 EDGAR
  12. Jun 1, 20264 EDGAR
  13. Jun 1, 20264 EDGAR
  14. Jun 1, 20264 EDGAR
  15. May 28, 20268-K EDGAR
  16. May 21, 20268-K EDGAR
  17. May 15, 2026DEFA14A EDGAR
  18. May 11, 20264 EDGAR
  19. May 11, 20264 EDGAR
  20. May 11, 20264 EDGAR

The 334 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 16 such filings since October 2021, the latest 10:

  1. Aug 14, 2026SCHEDULE 13G
  2. Apr 30, 2026SCHEDULE 13G
  3. Apr 29, 2026SCHEDULE 13G
  4. Mar 27, 2026SCHEDULE 13G/A
  5. Oct 31, 2025SCHEDULE 13G/A
  6. Oct 17, 2025SCHEDULE 13G/A
  7. Feb 13, 2024SC 13G/A
  8. Feb 12, 2024SC 13G/A
  9. Jan 22, 2024SC 13G/A
  10. Feb 10, 2023SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 31, 2024Raised $87 million in a private offering of securities Form D: 16 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,934,211$339.3M0.0%+105,575
Vanguard Portfolio Management LLC2,914,709$166.6M0.0%−44,130
Disciplined Growth Investors Inc /mn2,123,881$121.4M2.1%+1,312,943
Neuberger Berman Group LLC1,780,876$101.8M0.1%−9,422
Vanguard Capital Management LLC1,598,383$91.4M0.0%−99,740
State Street Corp1,545,696$88.4M0.0%+45,886
Geode Capital Management, LLC1,266,247$72.4M0.0%+268,288
Goldman Sachs Group Inc1,107,434$63.3M0.0%+38,218
Morgan Stanley997,970$57.1M0.0%+37,090
Jupiter Topco LLC984,427$56.3M0.0%New
Engine Capital Management, LP916,380$52.4M5.1%New
Citadel Advisors LLC913,868$52.2M0.0%+628
Federated Hermes, Inc.901,632$51.5M0.1%+162,683
Invenomic Capital Management LP869,410$49.7M3.0%+605,315
BNP PARIBAS ASSET MANAGEMENT Holding S.A.760,700$43.5M0.0%+50,362
Anson Funds Management LP745,000$42.6M3.9%−405,000
Lightrock Netherlands B.V.613,169$35.1M6.9%+171,500
Irenic Capital Management LP597,704$34.2M2.5%No change
Charles Schwab Investment Management Inc542,524$31.0M0.0%+41,713
Arrowstreet Capital, Limited Partnership509,490$29.1M0.0%+154,952
Northern Trust Corp494,868$28.3M0.0%+53,148
Nomura Asset Management International Inc.411,959$23.6M0.0%+50,874
Bank Of America Corp /de/378,587$21.6M0.0%−620,035
Dimensional Fund Advisors LP343,932$19.7M0.0%−160,400
Bank of New York Mellon Corp275,175$15.7M0.0%−13,605

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
May 19, 2020Peter WelchDemocratic, HouseSale$1,001 - $15,000+119.6%Report
May 8, 2020Peter WelchDemocratic, HousePartial sale$1,001 - $15,000+118.2%Report
Jun 24, 2019Donna Shalala, HouseSale$1,001 - $15,000+95.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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