The strong non-GAAP beat and margin expansion signal healthy core operations, but the divestiture and GAAP earnings decline introduce uncertainty. Monitor Q3 revenue guidance ($196.3M-$198.3M) for organic growth trajectory and the impact of MAX AI monetization on recurring revenue.
Price Chart
Executive Summary
SPS Commerce reported Q2 2026 non-GAAP EPS of $1.27, beating consensus of $1.09 by 16.5%, while revenue of $197.8M slightly exceeded the $195.4M estimate. However, GAAP net income fell sharply to $6.9M ($0.19/diluted share) from $19.7M ($0.52) a year ago, driven by a $23.5M loss on the divestiture of the 3P Revenue Recovery business. Adjusted EBITDA grew 19% to $66.6M with margin expanding to 34%, and the company raised full-year non-GAAP EPS guidance to $4.84-$4.93, reflecting operational momentum despite the structural change.
Key Financial Metrics
Key Facts
- Revenue $197.8M (+6% YoY) vs consensus $195.4M
- Non-GAAP EPS $1.27 vs consensus $1.09 (+16.5%)
- GAAP EPS $0.19 vs $0.52 YoY due to $23.5M loss on divestiture
- Adjusted EBITDA $66.6M (+19% YoY), margin 34% vs 30%
- Share repurchases of $51.2M in Q2
- Divested 3P Revenue Recovery business on June 30, reducing H2 2026 revenue by ~$10.5M
- FY2026 revenue guidance $788.4M-$793.4M (5-6% growth), non-GAAP EPS $4.84-$4.93
- MAX AI agentic capabilities launched to beta users, general release planned for summer
Financial Impact
Non-GAAP EPS beat by $0.18 (+16.5%), revenue beat by $2.4M (+1.2%); GAAP net income declined $12.9M YoY due to one-time divestiture loss
Risk Factors
- Divestiture reduces reported revenue base by ~$10.5M in H2 2026
- GAAP earnings volatility from one-time charges and share-based compensation
- Modest 5-6% revenue growth guidance may disappoint growth investors
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3336408 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $85.25 | awaiting T+60 | — | $90.56 (+6.23%) |
Jul 30, 2026 12w ago | Press Release | $73.39 $90.56 | ▲ +23.40% | ▲ +20.94% | $90.56 (+23.40%) |
May 15, 2026 23w ago | DEFA14A | $51.17 $74.91 | ▲ +46.39% | ▲ +41.88% | $90.56 (+76.98%) |
Feb 20, 2026 35w ago | Insider Cluster | $57.95 $53.04 | ▲ +8.47% | ▲ +15.61% | $90.56 (−56.27%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers