Q2 vs SPS Commerce
Q2 reported revenue of $795 million in fiscal 2025, about the same as SPS Commerce's $752 million in fiscal 2025. Q2's revenue grew 14.1% in its latest year, and SPS Commerce's grew 17.8%. Q2 had an operating margin of 5.0%, against 15.7% at SPS Commerce. Free cash flow was $195 million at Q2 and $152 million at SPS Commerce.
Side by side
| Q2 | SPS Commerce | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $795M | $752M |
| Revenue growth | 14.1% | 17.8% |
| Revenue growth a year, last 5 years | 14.6% | 19.2% |
| Gross margin | 54.1% | 69.2% |
| Operating margin | 5.0% | 15.7% |
| Net margin | 6.5% | 12.4% |
| Free cash flow | $195M | $152M |
| Free cash flow margin | 24.5% | 20.3% |
| Return on capital | 6.9% | — |
| Net debt to EBITDA | −1.4x | — |
| Dividends and buybacks | $5M | $114M |
| Change in diluted share count | 8.3% | 0.4% |
| Last close | $73.92 | $81.91 |
| P/E at the last close | 43.7× | 36.2× |
| Insider trades, last 12 months | sold $31.5 million | sold $2.1 million |
| Piotroski F-score | 7 of 9 | — |
Amounts in each company's own currency, US$ 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
Q2SPS Commerce
Operating margin
Percent of revenue
Q2SPS Commerce
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Q2SPS 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 Q2 and SPS Commerce pages.