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Dec 31, 2025
SPS Commerce Q4 2025 Earnings Report
SPS Commerce reported strong fourth quarter 2025 results with double-digit revenue growth, expanding margins, and increased share repurchases.
Key Takeaways
For Q4 2025, SPS Commerce generated revenue of 192652000 with net income of 25841000 and diluted EPS of 0.68. Adjusted EBITDA increased 22% year-over-year to 60462000, with adjusted EBITDA margin expanding to 31%.
Revenue increased 13% year-over-year to 192652000.
Net income rose to 25841000 with diluted EPS of 0.68.
Adjusted EBITDA grew 22% to 60462000 with a 31% margin.
Share repurchases totaled 25000000 in the quarter.
Revenue by Segment
Forward Guidance
For Q1 2026, SPS expects revenue between 191600000 and 193600000 and adjusted EBITDA between 55500000 and 57500000, with continued balanced growth in fiscal 2026.
Positive Outlook
- Q1 2026 revenue expected between 191600000 and 193600000.
- Q1 2026 adjusted EBITDA guidance of 55500000 to 57500000.
- Full-year 2026 revenue expected between 798500000 and 806900000.
- Full-year 2026 adjusted EBITDA expected between 261000000 and 265500000.
- Board approved additional 200000000 in share repurchase authorization.
Challenges Ahead
- Q1 2026 revenue growth expected to slow to 6% to 7%.
- Continued investment in AI and product development may pressure margins.
- Macroeconomic uncertainty impacting retail supply chain demand.
- Stock-based compensation expense expected to remain elevated.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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