Sps Commerce (SPSC) Gross Margin (2010 - 2026)
Sps Commerce's (SPSC) quarterly Gross Margin came in at 69.18% in Q1 2026, up 53.0% year-on-year from 45.21% in Q1 2025, and down 1.79% on a QoQ basis from 70.44% in Q4 2025.
Sps Commerce (SPSC) Gross Margin (2010 - 2026) Analysis & Trends
Sps Commerce (SPSC) has 17 years of Gross Margin data on file, last reported at 69.18% in Q1 2026.
- On a quarterly basis, Gross Margin rose 53.0% year-over-year to 69.18% in Q1 2026; TTM through Mar 2026 was 69.3%, a 158.0% increase from a year earlier, with the FY2025 full-year figure at 69.18%, up 222.0% from the prior year.
- Gross Margin for Q1 2026 stood at 69.18%, down from 70.44% in the prior quarter.
- Over the last five years, Gross Margin for SPSC reached as high as 70.44% in Q4 2025 and fell as low as 65.58% in Q1 2024.
- Historically, Gross Margin has averaged 67.18% across 5 years, with a median of 66.36% in 2022.
- Across the five-year window, Gross Margin slumped 81 bps in 2022 and surged 307 bps in 2025, its largest moves.
- Year by year, Gross Margin stood at 65.96% in 2022, then grew by 0 bps to 66.17% in 2023, then rose by 2 bps to 67.48% in 2024, then increased by 4 bps to 70.44% in 2025, then slipped by 2 bps to 69.18% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 69.18% in Q1 2026, 70.44% in Q4 2025, and 69.49% in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 72.98% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | 48.77% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 45.03% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 76.92% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 70.68% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | 48.28% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | 66.61% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 95.85% |
| 10 | Sps Commerce | 2.37 Bn | 2.22 Bn | 132.90 Mn | 69.18% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 69.18% |
| Dec 31, 2025 | 70.44% |
| Sep 30, 2025 | 69.49% |
| Jun 30, 2025 | 68.08% |
| Mar 31, 2025 | 68.65% |
| Dec 31, 2024 | 67.48% |
| Sep 30, 2024 | 68.46% |
| Jun 30, 2024 | 66.13% |
| Mar 31, 2024 | 65.58% |
| Dec 31, 2023 | 66.17% |
| Sep 30, 2023 | 66.45% |
| Jun 30, 2023 | 65.84% |
| Mar 31, 2023 | 65.87% |
| Dec 31, 2022 | 65.96% |
| Sep 30, 2022 | 66.28% |
| Jun 30, 2022 | 65.62% |
| Mar 31, 2022 | 66.36% |
| Dec 31, 2021 | 65.32% |
| Sep 30, 2021 | 64.92% |
| Jun 30, 2021 | 66.44% |