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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

  • 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

  • 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

  • The majority of the revenue growth is coming from that ARPU side of the equation

    80% confidence

  • Gross margin expansion is a meaningful component of that overall anticipated EBITDA margin expansion

    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

  • 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

  • SPS Commerce achieved its 100th consecutive quarter of revenue growth

    80% confidence

  • Down-sell activity headwinds should be lapped by the end of the first half of '26

    80% confidence

  • MAX is competitively positioned to deliver more meaningful and scalable AI enhancements across our product portfolio

    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

  • Q1 2026 revenue expected to be $191.6M-$193.6M, representing approximately 6% year-over-year growth at the midpoint

    80% confidence
What we know · the intelligence behind this page
Live from the substrate
What we're seeing
Q4 2026 Biopharma Catalyst Cluster: Late-Stage Readouts and Regulatory Milestones
October 2026 brings a dense run of Phase 3 wins (ALOFT-IPF, RESTORE-3), new data presentations (Roche, Bayer, Lilly, Vertex, Galderma) and regulatory steps (FDA acceptance of Roche's vamikibart BLA, Scholar Rock's EMA resubmission). The next big catalyst is the ivonescimab FDA PDUFA date on 2026-11-14. Obesity combination studies (REDEFINE 4, TOGETHER-PsO) and the 2027 Maritime-1 completion point to more catalysts ahead. QAIAx's speculative AI-linked trial claims (the QIII pilot, targeted for 2027) are an unrelated micro-cap sideshow with weak evidence, and have little in common with the large-cap pipeline news.
Our read on the data ›
Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
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SPS Commerce outlines 7% revenue growth target for 2026 while launching AI-driven MAX solution and expanding share repurchase program — Source | Via News | Via News