Sps Commerce (SPSC) Operating Margin (2010 - 2026)
Sps Commerce (SPSC) reported Operating Margin of 12.78% for Q1 2026, down 151.0% year-over-year from 25.06% in Q1 2025, and down 29.0% quarter-over-quarter from 18.0% in Q4 2025.
Sps Commerce (SPSC) Operating Margin (2010 - 2026) Analysis & Trends
Sps Commerce (SPSC) has 17 years of Operating Margin data on file, last reported at 12.78% in Q1 2026.
- Operating Margin for Q1 2026 came in at 12.78%, down 151.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 15.34% (up 49.0% YoY), and the FY2025 annual result was 15.74%, up 181.0% from the prior year.
- Operating Margin slipped to 12.78% in Q1 2026 per SPSC's latest filing, from 18.0% in the prior quarter.
- Over five years, Operating Margin peaked at 18.0% in Q4 2025 and troughed at 10.3% in Q1 2024.
- A 5-year average of 14.8% and a median of 15.08% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2024 and 2025: Operating Margin plunged 299 bps in 2024, then surged 400 bps in 2025.
- A 5-year view of Operating Margin shows it stood at 15.58% in 2022, then climbed by 1 bps to 15.79% in 2023, then declined by 8 bps to 14.48% in 2024, then increased by 24 bps to 18.0% in 2025, then fell by 29 bps to 12.78% in 2026.
- Business Quant data shows SPSC's Operating Margin at 12.78% in Q1 2026, 18.0% in Q4 2025, and 16.42% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 12.05% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 21.08% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 29.26% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 13.34% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | -22.99% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 33.82% |
| 10 | Sps Commerce | 2.05 Bn | 1.90 Bn | 132.90 Mn | 12.78% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 12.78% |
| Dec 31, 2025 | 18.00% |
| Sep 30, 2025 | 16.42% |
| Jun 30, 2025 | 14.12% |
| Mar 31, 2025 | 14.30% |
| Dec 31, 2024 | 14.48% |
| Sep 30, 2024 | 15.62% |
| Jun 30, 2024 | 15.08% |
| Mar 31, 2024 | 10.30% |
| Dec 31, 2023 | 15.79% |
| Sep 30, 2023 | 15.18% |
| Jun 30, 2023 | 13.06% |
| Mar 31, 2023 | 13.29% |
| Dec 31, 2022 | 15.58% |
| Sep 30, 2022 | 17.20% |
| Jun 30, 2022 | 14.63% |
| Mar 31, 2022 | 15.69% |
| Dec 31, 2021 | 14.96% |
| Sep 30, 2021 | 13.81% |
| Jun 30, 2021 | 14.31% |