SPS COMMERCE INC
For the period ended Dec 31, 2025. Filed Apr 14, 2026.
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Dec 31, 2025 · Filed Apr 14, 2026
SPSC$81.91-0.8%Stored close · as of Nov 6, 2026
Contents
Appendix A-1
The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA:
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net income | $93,339 | $77,054 | $65,824 | $55,134 | $44,597 |
| Income tax expense | 30,496 | 22,422 | 19,739 | 16,190 | 8,944 |
| Depreciation and amortization of property and equipment | 21,089 | 18,721 | 18,631 | 16,421 | 14,788 |
| Amortization of intangible assets | 37,169 | 23,510 | 16,116 | 11,768 | 10,126 |
| Stock-based compensation expense | 53,728 | 54,557 | 45,508 | 33,399 | 27,574 |
| Realized (gain) loss from investments held and foreign currency impact on cash and investments | (388) | (115) | (1,726) | 1,026 | 1,456 |
| Investment income | (4,649) | (10,582) | (7,660) | (1,670) | (278) |
| Other | 583 | 1,064 | 1,198 | — | (192) |
| Adjusted EBITDA | $231,367 | $186,631 | $157,630 | $132,268 | $107,015 |
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