SPS Commerce (SPSC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and SPS Commerce published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. SPS Commerce reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• SPS Commerce sold its third-party (3P) Revenue Recovery business on June 30, 2026 and recorded a $23.5 million loss on the sale in Q2 2026. About 8,050 3P recurring revenue customers left with it, so customer counts and ARPU are not comparable with a year earlier.
• SPS Commerce reports in thousands; figures here are in millions. Decision Intelligence was formerly called Analytics.

Source: SPS Commerce Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How SPS Commerce splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• SPS Commerce's Recurring revenues revenue was $189 million in Q3 2026, up 4% from $182 million in Q3 2025, 96% of total revenue.
• SPS Commerce's One-time revenues revenue was $8.7 million in Q3 2026, up 10% from $7.9 million in Q3 2025, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, SPS Commerce said:

“Revenue is expected to be in the range of $199.3 million to $201.3 million.”

“Non-GAAP income per diluted share is expected to be in the range of $1.31 to $1.36.”

“Revenue is expected to be in the range of $786.9 million to $788.9 million, representing approximately 5% growth over 2025.”

“As a result of the divestiture of the 3P Revenue Recovery business on June 30, 2026, guidance factors in a reduction of approximately $10.5 million in revenue to the second half of 2026.”

Source: SPS Commerce Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SPSC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. Q2 2026 EPS of $0.19 includes the $23.5 million loss on the sale of the 3P Revenue Recovery business.

We do not hold a confirmed date for SPS Commerce's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

SPS Commerce's revenue was $197.6 million in Q3 2026, up 4% from $189.9 million. Recurring revenue, from subscriptions and repeat services, was $189.0 million, or 96% of the total, and one-time revenue from set-ups and professional services was $8.7 million. (SPS Commerce Q3 2026 release, Oct 29, 2026; SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026)

Fulfillment is most of SPS Commerce's business, at $168.2 million of recurring revenue, up from $161.8 million. Decision Intelligence, formerly called Analytics, brought in $14.4 million and other recurring revenue $6.4 million. (SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026)

SPS Commerce had about 46,700 recurring revenue customers at September 30, 2026, down 15%, after the sale of the 3P Revenue Recovery business removed about 8,050 of them. Annual revenue per recurring customer (ARPU) rose 22% to about $16,200, which the 10-Q attributes to higher usage by 1P customers and to the divestiture itself. SPS said growth was held back by the divestiture and by variability in the 1P Revenue Recovery take rate model. (SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026; SPS Commerce Q3 2026 release, Oct 29, 2026)

SPS Commerce is mainly a U.S. business: domestic customers produced 82% of revenue in Q3 2026, against 84% a year earlier, and no single other country exceeded 10%. (SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026)

SPS Commerce earned GAAP diluted EPS of $0.85 in Q3 2026, against $0.67, on net income of $30.7 million. Its non-GAAP EPS of $1.39 adds back stock-based compensation of $15.7 million and amortization of intangible assets of $9.8 million, less $5.6 million of tax effects. (SPS Commerce Q3 2026 release, Oct 29, 2026)

SPS Commerce's diluted share count fell to 36.2 million from 38.0 million. SPS repurchased $48.8 million of stock in the quarter and $147.2 million in the first nine months; $136.4 million remained available under its $300.0 million 2025 program at September 30, 2026. (SPS Commerce Q3 2026 release, Oct 29, 2026; SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026)

SPS Commerce's income tax expense was $10.6 million, or 25.7% of pre-tax income of $41.3 million, against $6.9 million, or 21.2% of $32.5 million, a year earlier. SPS records discrete tax benefits when stock awards vest or are exercised, which makes its tax expense uneven from quarter to quarter. (SPS Commerce Q3 2026 release, Oct 29, 2026; SPS Commerce Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

SPS Commerce gives quarterly and full-year guidance in its release. For Q4 2026 it expects revenue of $199.3 million to $201.3 million, GAAP EPS of $0.74 to $0.79, non-GAAP EPS of $1.31 to $1.36 and Adjusted EBITDA of $72.0 million to $74.0 million. (SPS Commerce Q3 2026 release, Oct 29, 2026)

For 2026 SPS Commerce expects revenue of $786.9 million to $788.9 million, about 5% growth over 2025, non-GAAP EPS of $5.05 to $5.11 and an Adjusted EBITDA margin of 34% at the midpoint. The guidance absorbs about $10.5 million of second-half revenue lost with the 3P Revenue Recovery divestiture, which SPS expects to be neutral to Adjusted EBITDA. (SPS Commerce Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover SPS Commerce, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones SPS Commerce's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SPSC is on is SPSC a buy or a sell?, what analysts expect next is on the SPSC forecast, and what the company does is on the SPS Commerce (SPSC) stock page.

Every number on this page can be traced to a document SPS Commerce published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.