SPS COMMERCE INC

SPS Commerce operates a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers. This network provides shared infrastructure to manage complex modern commerce operations, allowing companies to connect once and deal with thousands of trading partners without needing to negotiate standards, build integrations, or maintain compliance logic. The company's solutions orchestrate critical processes, protocols, and data exchanges to ensure products are delivered correctly and on time. SPS Commerce has integrated over 20 years of commerce intelligence, expertise, processes, and compliance logic into its connections, offering a full-service experience. For the years ended December 31, 2025, 2024, and 2023, SPS Commerce generated revenues of $751.5 million, $637.8 million, and $536.9 million, respectively. The quarter ended December 31, 2025, marked the company's 100th consecutive quarter of revenue growth. Recurring revenues from recurring revenue customers made up 96%, 94%, and 94% of total revenues for the years ended December 31, 2025, 2024, and 2023, respectively. No single customer accounts for a significant portion of revenue, with the largest customer representing less than 1% of total revenues for the years ended December 31, 2025, 2024, and 2023. The company addresses the increasing demand for automated and coordinated supply chain operations across wholesale, eCommerce, marketplace, and direct-to-consumer channels.