Braze vs SPS Commerce
SPS Commerce reported revenue of $752 million in fiscal 2025, about the same as Braze's $738 million in fiscal 2026. Braze's revenue grew 24.4% in its latest year, and SPS Commerce's grew 17.8%. Braze had an operating margin of -19.6%, against 15.7% at SPS Commerce. Free cash flow was $62 million at Braze and $152 million at SPS Commerce. Their fiscal years end in different months (January 31 and December 31), so the periods don't line up exactly.
Side by side
| Braze | SPS Commerce | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $738M | $752M |
| Revenue growth | 24.4% | 17.8% |
| Revenue growth a year, last 5 years | 37.5% | 19.2% |
| Gross margin | 67.2% | 69.2% |
| Operating margin | −19.6% | 15.7% |
| Net margin | −17.8% | 12.4% |
| Free cash flow | $62M | $152M |
| Free cash flow margin | 8.4% | 20.3% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $114M |
| Change in diluted share count | 5.6% | 0.4% |
| Last close | $45.79 | $81.91 |
| P/E at the last close | — | 36.2× |
| Insider trades, last 12 months | sold $12.7 million | sold $2.1 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BrazeSPS Commerce
Operating margin
Percent of revenue
BrazeSPS Commerce
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BrazeSPS Commerce
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Braze and SPS Commerce pages.