SPS Commerce Inc
F:S86
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SPS Commerce Inc
F:S86
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SPS Commerce Inc
SPS Commerce helps retailers, brands, suppliers, and distributors exchange the business documents they need to place orders, ship goods, and get paid. Its main product is a cloud-based network and software tools that handle electronic data interchange, or EDI, which replaces manual emails, faxes, and spreadsheets with automated order and invoice traffic. The company sells subscriptions to its software and network services, along with setup, support, and related professional services. Its customers are mainly companies that sell into retail and grocery supply chains, especially businesses that need to connect with many trading partners and keep their order process running smoothly. What makes SPS Commerce different is that it sits in the middle of the supply chain as a connection hub, not just a standalone software tool. The more retailers and suppliers it connects, the more useful its network becomes, because each customer can communicate with many trading partners through one system instead of building separate links for each one.
SPS Commerce helps retailers, brands, suppliers, and distributors exchange the business documents they need to place orders, ship goods, and get paid. Its main product is a cloud-based network and software tools that handle electronic data interchange, or EDI, which replaces manual emails, faxes, and spreadsheets with automated order and invoice traffic.
The company sells subscriptions to its software and network services, along with setup, support, and related professional services. Its customers are mainly companies that sell into retail and grocery supply chains, especially businesses that need to connect with many trading partners and keep their order process running smoothly.
What makes SPS Commerce different is that it sits in the middle of the supply chain as a connection hub, not just a standalone software tool. The more retailers and suppliers it connects, the more useful its network becomes, because each customer can communicate with many trading partners through one system instead of building separate links for each one.
Revenue: SPS Commerce reported Q1 revenue of $192.1 million, up 6% year over year, with recurring revenue up 7% and fulfillment revenue up 8%.
Amazon headwind: Management said Amazon-related revenue recovery remains the main drag on growth and expects those headwinds to be largely behind the business by the end of Q2, with more momentum potentially showing in 2027.
Pricing change: SPS is introducing a $19.99 monthly subscription platform fee for its smallest 3P take-rate Amazon customers, which management expects to increase churn by up to 4,000 suppliers in 2026 but not materially affect revenue.
AI momentum: The company said its MAX AI beta is seeing strong customer adoption, with 400 customers in the beta, above internal targets, and early use cases showing value in spotting issues sooner and improving workflows.
Guidance: Full-year 2026 guidance implies about 6% revenue growth and 14% to 16% adjusted EBITDA growth, and management said it still sees high-single-digit growth as the medium-term framework once Amazon-related pressure eases.
Capital allocation: SPS repurchased $47.1 million of stock in Q1 and said buybacks remain the top capital allocation priority, with up to $300 million authorized.
Cross-sell: Management emphasized growing cross-sell across the network, especially within the 1P customer base, as a major growth lever alongside fulfillment expansion, analytics, revenue recovery, and future MAX monetization.
