Sps Commerce (SPSC) Net Margin (2010 - 2026)
Sps Commerce's (SPSC) quarterly Net Margin came in at 10.27% in Q1 2026, down 196.0% year-on-year from 10.7% in Q1 2025, and down 23.44% on a QoQ basis from 13.41% in Q4 2025.
Sps Commerce (SPSC) Net Margin (2010 - 2026) Analysis & Trends
Sps Commerce (SPSC) has 17 years of Net Margin data on file, last reported at 10.27% in Q1 2026.
- On a quarterly basis, Net Margin fell 196.0% year-over-year to 10.27% in Q1 2026; TTM through Mar 2026 was 11.92%, a 21.0% decrease from a year earlier, with the FY2025 full-year figure at 12.42%, up 34.0% from the prior year.
- Net Margin for Q1 2026 stood at 10.27%, down from 13.41% in the prior quarter.
- Over the last five years, Net Margin for SPSC reached as high as 14.33% in Q3 2024 and fell as low as 9.85% in Q2 2022.
- Historically, Net Margin has averaged 12.11% across 5 years, with a median of 12.15% in 2023.
- Across the five-year window, Net Margin plunged 284 bps in 2024 and surged 314 bps in 2025, its largest moves.
- Year by year, Net Margin stood at 13.04% in 2022, then rose by 1 bps to 13.11% in 2023, then dropped by 22 bps to 10.27% in 2024, then soared by 31 bps to 13.41% in 2025, then decreased by 23 bps to 10.27% in 2026.
- Per Business Quant data, the three most recent Net Margin figures were 10.27% in Q1 2026, 13.41% in Q4 2025, and 13.46% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 20.22% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | -18.33% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 2.29% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 18.93% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 7.47% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | 22.90% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | -21.25% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 22.77% |
| 10 | Sps Commerce | 2.37 Bn | 2.22 Bn | 132.90 Mn | 10.27% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 10.27% |
| Dec 31, 2025 | 13.41% |
| Sep 30, 2025 | 13.46% |
| Jun 30, 2025 | 10.53% |
| Mar 31, 2025 | 12.23% |
| Dec 31, 2024 | 10.27% |
| Sep 30, 2024 | 14.33% |
| Jun 30, 2024 | 11.74% |
| Mar 31, 2024 | 12.04% |
| Dec 31, 2023 | 13.11% |
| Sep 30, 2023 | 12.41% |
| Jun 30, 2023 | 11.26% |
| Mar 31, 2023 | 12.15% |
| Dec 31, 2022 | 13.04% |
| Sep 30, 2022 | 13.86% |
| Jun 30, 2022 | 9.85% |
| Mar 31, 2022 | 11.98% |
| Dec 31, 2021 | 12.42% |
| Sep 30, 2021 | 11.70% |
| Jun 30, 2021 | 10.77% |