SPS Commerce Sees 13% Q4 Revenue Growth, Adds $200M to Buyback Program
SPS Commerce reported Q4 revenue of $192.7 million, up 13%, and net income of $25.8 million ($0.68 per share). Fiscal 2025 revenue rose 18% to $751.5 million and net income climbed 21% to $93.3 million, while the board added $200 million to share repurchases, lifting total authorization to $300 million.
1. Q4 Financial Results
SPS Commerce closed Q4 2025 with revenue of $192.7 million, up 13% from $170.9 million a year earlier, and recurring revenue growth of 14%. Net income rose to $25.8 million ($0.68 per diluted share), non-GAAP EPS reached $1.14, and adjusted EBITDA climbed 22% to $60.5 million.
2. Fiscal 2025 Performance
For the full year, revenue increased 18% to $751.5 million and recurring revenue grew 20%. Annual net income expanded 21% to $93.3 million ($2.46 per diluted share), non-GAAP EPS was $4.27, and adjusted EBITDA rose 24% to $231.4 million.
3. Leadership Change
CFO Kim Nelson will retire after a transition period and Joseph Del Preto, formerly CFO and Treasurer at Sprout Social, will assume the CFO role on March 16, 2026. Del Preto brings over 20 years of finance leadership in high-growth public technology companies.
4. Share Repurchase Program
The board authorized an additional $200 million in share repurchases, raising total authorization to $300 million through December 2027. The company repurchased $25 million in Q4 and $115 million for the full year, reinforcing its disciplined capital return strategy.