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Source document· February 13, 2026

SPS Commerce outlines 7% revenue growth target for 2026 while launching AI-driven MAX solution and expanding share repurchase program

View original at seekingalpha.com

SPS Commerce outlines 7% revenue growth target for 2026 while launching AI-driven MAX solution and expanding share repurchase program Earnings Call Insights: SPS Commerce (SPSC) Q4 2025 MANAGEMENT VIEW * Chad Collins, CEO, emphasized SPS Commerce’s milestone of “100th consecutive quarter of revenue growth” and noted th…

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In 2025, SPS deployed 76% of free cash flow to repurchase $115 million of SPS shares
80% confidence
Q4 continued to see headwinds with existing customers, just more challenging time for them, invoice scrutiny, uncertainty, et cetera, and specifically noted lower-than-expected take rates in Revenue Recovery due to Amazon policy changes
80% confidence
SPS Commerce achieved its 100th consecutive quarter of revenue growth
80% confidence
Revenue recovery represents a $750 million addressable market across 1P U.S. sellers and a significant cross-selling opportunity within our network
80% confidence
Down-sell activity headwinds should be lapped by the end of the first half of '26
80% confidence
For full year 2025, revenue grew 18% to $751.5 million and recurring revenue grew 20%, driven by fulfillment growth of 22% year-over-year
80% confidence
Gross margin expansion is a meaningful component of that overall anticipated EBITDA margin expansion
80% confidence
Enablement programs are still moving forward but customer count impact will be seen more in Q3 than in the first half of the year
80% confidence
Full year 2026 revenue expected between $798.5M and $806.9M, indicating approximately 7% growth over 2025 at the midpoint
80% confidence
Q4 revenue was $192.7 million, a 13% increase over Q4 of last year. Recurring revenue grew 14% year-over-year. Adjusted EBITDA increased 22% to $60.5 million
80% confidence
Q1 2026 revenue expected to be $191.6M-$193.6M, representing approximately 6% year-over-year growth at the midpoint
80% confidence
The majority of the revenue growth is coming from that ARPU side of the equation
80% confidence
MAX is competitively positioned to deliver more meaningful and scalable AI enhancements across our product portfolio
80% confidence