10-Q · April 30, 2026
SPS Commerce reported Q1 2026 earnings with revenue of $192.1 million, up 6% year-over-year, though slightly below estimates of $192.6 million. EPS was strong at $1.10, surpassing expectations of $0.91. Overall, there…
Earnings analysis · 10-Q
SPSC earnings analysis
Filed July 21, 2026 · Our reading of the company's report
The latest report
This July 21, 2026 Form 10-Q/A is an administrative amendment to SPS Commerce's quarter ended March 31, 2026 filing, not a new quarterly-results release. It explicitly leaves the original financial statements unchanged…
Read full summary
This July 21, 2026 Form 10-Q/A is an administrative amendment to SPS Commerce's quarter ended March 31, 2026 filing, not a new quarterly-results release. It explicitly leaves the original financial statements unchanged and adds a previously omitted Rule 10b5-1 plan for the CEO covering up to 69,553 shares. Consequently, the amendment provides no new revenue, margin, EPS, balance-sheet, cash-flow, segment, or numeric-guidance information.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Amendment leaves financial results unchanged
The amendment states that no changes were made to the financial statements in the original March 31, 2026 Form 10-Q; the sole substantive addition is disclosure of a Rule 10b5-1 plan adopted by the CEO on March 10, 2026.
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CEO trading plan disclosure added
The company disclosed that its CEO's Rule 10b5-1 plan permits sales of up to 69,553 common shares, with an earliest sale date of December 31, 2026 and expiration on March 15, 2027.
What to watch
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Previously omitted CEO trading-plan disclosure
The amendment was required because disclosure of the CEO's Rule 10b5-1 arrangement was inadvertently omitted from the original filing. The plan covers up to 69,553 shares, although the filing says actual sales may be lower.
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Potential future insider-share sales
Three executives adopted sale plans during the quarter totaling up to 136,601 shares: 19,453 for the former CFO, 47,595 for the Chief Commercial Officer, and 69,553 for the CEO. These are planned-sale maximums rather than reported transactions.
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Amendment provides no updated operating data
No updated financial statements, segment disclosures, liquidity data, or risk-factor revisions are included in this Form 10-Q/A; it says no financial statements were filed with the amendment.
Management's outlook
This is a March 31, 2026 Form 10-Q/A that explicitly states no financial statements were included or changed. It contains no quantitative operating outlook or revenue/EPS guidance; fiscal 2026 guidance was not updated in this amendment.
Earlier filings 4
10-K · February 19, 2026
SPS Commerce reported strong multi-year revenue growth with total revenues of $751.5 million in 2025 (up from $637.8M in 2024 and $536.9M in 2023) and noted its 100th consecutive quarter of revenue growth. The company…
10-K · February 19, 2025
SPS Commerce reported full-year revenue of $637.8 million for 2024 (up from $536.9M in 2023 and $450.9M in 2022) and marked its 96th consecutive quarter of revenue growth. The business emphasizes a cloud-based retail…
10-Q · October 24, 2024
SPS Commerce reported Q3 revenue of $163,686,000 (up from $135,661,000 a year ago) with gross profit of $112,062,000 and net income of $23,460,000. Gross margin expanded to ~68.5% and operating margin to ~15.6%; diluted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.