0001092699-26-000012 | 10-K | XBRL Viewer

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Property and Equipment, Net - Summary of Depreciation and Amortization Expense of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 21,089	$ 18,721	$ 18,631

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Revenue - Summary of Percentage of Domestic Revenue (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Benchmark \| Geographic Concentration Risk \| Domestic revenue
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	84.00%	83.00%	84.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Revenue Stream

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Recurring revenues:
Fulfillment	$	637,648	$	523,704	$	436,702
Analytics	56,017		55,717		51,703
Other	24,310		20,668		13,608
Recurring revenues	717,975		600,089		502,013
One-time revenues	33,530		37,676		34,897
Total revenue	$	751,505	$	637,765	$	536,910

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services.

Summary of Percentage of Domestic Revenue

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic revenue	84	%	83	%	84	%

No single jurisdiction outside of the U.S. had revenues in excess of 10%.

The percentage of consolidated income before income taxes attributable to our domestic subsidiaries was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic income before income taxes	98	%	92	%	94	%

Summary of Deferred Revenue Liability Relating to Set-Up Fees

The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees. We expect to recognize $11.0 million of the balance as of December 31, 2025 as revenue over the next 12 months with the remaining amount recognized thereafter.


	Year Ended December 31,
(in thousands)	2025		2024
Balance, beginning of year	$	16,735	$	17,603
Invoiced set-up fees	14,486		16,915
Recognized set-up fees	(16,596)		(17,783)
Balance, end of year	$	14,625	$	16,735

Revenue - Summary of Revenues by Revenue Stream (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition [Line Items]
Total revenue	$ 751,505	$ 637,765	$ 536,910
Recurring revenues
Revenue Recognition [Line Items]
Total revenue	717,975	600,089	502,013
One-time revenues
Revenue Recognition [Line Items]
Total revenue	33,530	37,676	34,897
Fulfillment \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	637,648	523,704	436,702
Analytics \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	56,017	55,717	51,703
Other \| Recurring revenues
Revenue Recognition [Line Items]
Total revenue	$ 24,310	$ 20,668	$ 13,608

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes - Summary of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 3,370	$ 20,988	$ 20,168
State	6,911	6,147	4,221
Foreign	1,737	3,161	2,103
Deferred
Federal	19,091	(5,256)	(5,425)
State	1,859	(1,466)	(390)
Foreign	(2,472)	(1,152)	(938)
Total	$ 30,496	$ 22,422	$ 19,739

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Contributions to Foundation

Contributions to the Foundation were recorded in general and administrative expense in our consolidated statements of comprehensive income. The activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Foundation contributions	$	3,000	$	3,250	$	2,300

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 751,505	$ 637,765	$ 536,910
Cost of revenues	231,629	210,714	182,069
Gross profit	519,876	427,051	354,841
Operating expenses
Sales and marketing	169,130	148,920	122,936
Research and development	68,680	62,809	53,654
General and administrative	126,594	102,929	84,887
Amortization of intangible assets	37,169	23,510	16,116
Total operating expenses	401,573	338,168	277,593
Income from operations	118,303	88,883	77,248
Other income, net	5,532	10,593	8,315
Income before income taxes	123,835	99,476	85,563
Income tax expense	30,496	22,422	19,739
Net income	93,339	77,054	65,824
Other comprehensive income (expense)
Foreign currency translation adjustments	9,310	(9,384)	3,393
Unrealized gain on investments, net of tax of $—, $363, and $644, respectively	0	1,089	1,932
Reclassification of gain on investments into earnings, net of tax of $—, $(537), and $(564), respectively	0	(1,610)	(1,692)
Total other comprehensive income (expense)	9,310	(9,905)	3,633
Comprehensive income	$ 102,649	$ 67,149	$ 69,457
Net income per share
Basic (in dollars per share)	$ 2.46	$ 2.07	$ 1.80
Diluted (in dollars per share)	$ 2.46	$ 2.04	$ 1.76
Weighted average common shares used to compute net income per share
Basic (in shares)	37,881	37,306	36,646
Diluted (in shares)	37,992	37,856	37,475

Deferred Costs

12 Months Ended

Dec. 31, 2025

Deferred Costs [Abstract]

Deferred Costs

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Balance, beginning of year	$	85,914	$	82,750
Incurred deferred costs	94,627		90,482
Amortized deferred costs	(93,129)		(87,318)
Balance, end of year	$	87,412	$	85,914

Business Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Thousands	Feb. 04, 2025	Jul. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Estimated fair value of assets and liabilities acquired:
Goodwill			$ 541,719	$ 399,180
Carbon6
Business Combination [Line Items]
Cash paid	$ 144,855
Equity consideration	67,672
Total consideration	212,527
Estimated fair value of assets and liabilities acquired:
Cash	2,306
Accounts receivable	5,868
Other assets, current and non-current	8,695
Deferred revenue	(604)
Other liabilities, current and non-current	(10,162)
Deferred income tax liabilities, net	(3,753)
Total fair value of assets and liabilities acquired	76,255
Goodwill	136,272
Carbon6 \| Customer relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets	44,535
Carbon6 \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets	$ 29,370
SupplyPike
Business Combination [Line Items]
Cash paid		$ 124,769
Equity consideration		87,156
Total consideration		211,925
Estimated fair value of assets and liabilities acquired:
Cash		6,118
Accounts receivable		2,020
Other assets, current and non-current		1,712
Deferred revenue		(2,462)
Other liabilities, current and non-current		(2,644)
Deferred income tax liabilities, net		(10,705)
Total fair value of assets and liabilities acquired		78,096
Goodwill		133,829
SupplyPike \| Customer relationships
Estimated fair value of assets and liabilities acquired:
Intangible assets		62,967
SupplyPike \| Developed technology
Estimated fair value of assets and liabilities acquired:
Intangible assets		$ 21,090

Income Taxes - Summary of 2024 and 2023 U.S. Federal Statutory Income Tax Rate Effective Tax Rate Percentages (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21.00%	21.00%	21.00%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	5.10%	5.70%	5.10%
Tax impact of stock activity		(4.90%)	(5.60%)
Nondeductible compensation	2.70%	3.20%	4.70%
Research and development credit	(5.60%)	(1.50%)	(1.50%)
Foreign derived intangible income		(1.30%)	(1.30%)
Other		0.30%	0.70%
Effective tax rate	24.60%	22.50%	23.10%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares issued (in shares)	40,048,410	39,590,276
Common stock, shares outstanding (in shares)	37,517,239	37,661,308
Treasury stock, at cost (in shares)	2,531,171	1,928,968

Retirement Contributions

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Contributions

We sponsor a 401(k) retirement savings plan for our U.S. employees. Eligible employees can contribute up to 80% of their compensation, subject to the limits established by law, and we match 50% of the employee’s contribution up to the first 6% of pre-tax annual compensation. A portion of our match is in Company stock, which is purchased from the open market by our plan provider and immediately deposited into the employee’s 401(k) account. Additionally, we make statutory contributions to retirement plans as required by local foreign government regulations.

Our total contributions were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Retirement contributions	$	8,518	$	7,849	$	6,627

- Definition

The entire disclosure for retirement benefits.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 93,339	$ 77,054	$ 65,824
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes	18,909	(9,786)	(10,079)
Depreciation and amortization of property and equipment	21,089	18,721	18,631
Amortization of intangible assets	37,169	23,510	16,116
Provision for credit losses	9,918	7,683	5,707
Stock-based compensation	53,728	54,557	45,508
Other, net	(1,087)	577	2,415
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable	(20,297)	(9,653)	(11,949)
Deferred costs	157	(3,120)	(10,724)
Other assets and liabilities	(28,686)	(7,313)	1,834
Accounts payable	4,715	796	(3,947)
Accrued compensation	(3,721)	1,434	7,143
Accrued expenses	(3,568)	4,115	1,302
Deferred revenue	(787)	728	6,464
Operating leases	(2,088)	(1,905)	(1,947)
Net cash provided by operating activities	178,790	157,398	132,298
Cash flows from investing activities
Purchases of property and equipment	(26,524)	(20,046)	(19,761)
Purchases of investments	0	(85,759)	(133,994)
Maturities of investments	0	143,275	131,331
Acquisition of business, net	(142,628)	(147,924)	(70,218)
Net cash used in investing activities	(169,152)	(110,454)	(92,642)
Cash flows from financing activities
Repurchases of common stock	(114,277)	(37,567)	0
Net proceeds from exercise of options to purchase common stock	3,861	4,714	9,856
Net proceeds from employee stock purchase plan activity	9,584	9,827	8,114
Payments for contingent consideration	0	0	(2,000)
Net cash provided by (used in) financing activities	(100,832)	(23,026)	15,970
Effect of foreign currency exchange rate changes	1,532	(1,982)	562
Net increase (decrease) in cash and cash equivalents	(89,662)	21,936	56,188
Cash and cash equivalents at beginning of period	241,017	219,081	162,893
Cash and cash equivalents at end of period	151,355	241,017	219,081
Supplemental disclosure of cash flow information
Cash paid for income taxes	$ 28,892	$ 27,097	$ 29,207

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Unrealized gain on investments, tax	$ 0	$ 363	$ 644
Reclassification of gain on investments into earnings, tax	$ 0	$ (537)	$ (564)

Other Income and Expense (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Summary of Other Income Net

Other income, net included the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Investment income	$	4,649	$	10,582	$	7,660
Realized gain from investments held and foreign currency impact on cash and investments	388		115		1,726
Other income (expense), net	495		(104)		(1,071)
Total other income, net	$	5,532	$	10,593	$	8,315

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 37,456
2027	36,991
2028	35,654
2029	29,191
2030	26,992
Thereafter	49,531
Total future amortization	$ 215,815	$ 181,294

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of Pro Forma Consolidated Revenue and Net Income

Pro forma consolidated revenue and net income are as follows:


	Year Ended December 31,
(unaudited, in thousands)		2025		2024
Revenue		$	755,686	$	680,890
Net income		92,926		72,266

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date

The following table presents the purchase consideration and estimated fair values of acquired assets and liabilities recorded in the Company's consolidated balance sheet as of the acquisition dates:


(in thousands)	Carbon6(1)		SupplyPike(2)
Cash paid	$	144,855	$	124,769
Equity consideration	67,672		87,156
Total consideration	$	212,527	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	2,306	$	6,118
Accounts receivable	5,868		2,020
Other assets, current and non-current	8,695		1,712
Intangible assets
Customer relationships	44,535		62,967
Developed technology	29,370		21,090
Deferred revenue	(604)		(2,462)
Other liabilities, current and non-current	(10,162)		(2,644)
Deferred income tax liabilities, net	(3,753)		(10,705)
Total fair value of assets and liabilities acquired	$	76,255	$	78,096

Goodwill	$	136,272	$	133,829

Summary of Estimated Useful Lives for each acquired Intangible Asset

The following table summarizes the preliminary estimated useful lives for each acquired intangible asset:


	Carbon6(1)	SupplyPike(2)
Customer relationships	8.0 years	9.0 years
Developed technology	9.0 years	8.0 years

(1) The purchase accounting for the Carbon6 acquisition has been finalized as of December 31, 2025; provisional adjustments were primarily related to intangible assets, tax components, and correspondingly, goodwill.

(2) The purchase accounting for the SupplyPike acquisition is finalized.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2025		2024
Internally developed software	$	94,859	$	73,617
Computer equipment	25,462		27,890
Leasehold improvements	15,044		14,999
Office equipment and furniture	9,159		8,796
Property and equipment, cost	144,524		125,302
Less: accumulated depreciation and amortization	(101,407)		(87,755)
Total property and equipment, net	$	43,117	$	37,547

Summary of Depreciation and Amortization Expense of Property and Equipment

Depreciation and amortization expense of property and equipment was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Depreciation and amortization expense	$	21,089	$	18,721	$	18,631

Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of United States

Property and equipment, net located at subsidiary and office locations outside of the U.S. was as follows:


	December 31,
	2025		2024
International property and equipment	26	%	18	%

Income Taxes - Summary of Uncertain Tax Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 0
Changes from uncertain tax positions taken in current period	1,619
Balance, end of year	$ 1,619

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-34702
Entity Registrant Name	SPS COMMERCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2015127
Entity Address, Address Line One	333 South Seventh Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	612
Local Phone Number	435-9400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SPSC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 5.2
Entity Common Stock, Shares Outstanding		37,390,873
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 28, 2026 (the “2026 Proxy Statement”), which is expected to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001092699
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Commitments and Contingencies -Summary of Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 4,668
2027	(21,307)
2028	1,348
2029	2,893
2030	2,951
Thereafter	35,466
Total future gross payments	26,019
Less: imputed interest	(18,827)
Total operating lease liabilities	$ 7,192

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Disaggregation Of Revenue [Line Items]
Latest timing of billings	30 days
Set up fees recognized period	2 years
Maximum recognition period for miscellaneous one-time fee	1 year
Deferred revenue	$ 74.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation Of Revenue [Line Items]
Revenue recognition	$ 11.0
Revenue recognition period	12 months
Minimum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	30 days
Maximum
Disaggregation Of Revenue [Line Items]
Customer contract cancellation period	90 days

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Investments

Cash equivalents and investments, as measured at fair value on a recurring basis, consisted of the following:


	December 31,
	2025							2024
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	117,685	$	—	$	117,685	Level 1	$	178,417	$	—	$	178,417

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Cash equivalents and investments, as measured at fair value on a recurring basis, consisted of the following:


	December 31,
	2025							2024
	Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value		Fair Value Level	Amortized Cost		Unrealized Gains (Losses), net		Fair Value
(in thousands)
Cash equivalents:
Money market funds	Level 1	$	117,685	$	—	$	117,685	Level 1	$	178,417	$	—	$	178,417

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense was allocated in the consolidated statements of comprehensive income as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of revenues	$	11,423	$	11,043	$	10,169
Operating expenses
Sales and marketing	10,943		12,547		9,774
Research and development	8,403		9,094		7,200
General and administrative	22,959		21,873		18,365
	$	53,728	$	54,557	$	45,508

Stock-based compensation expense by grant type or plan was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Stock options	$	1,948	$	2,059	$	1,947
PSUs	8,314		8,192		11,886
RSUs & DSUs	37,356		38,064		26,185
RSAs	113		442		472
ESPP	2,953		2,910		2,488
401(k) stock match	3,044		2,890		2,530
	$	53,728	$	54,557	$	45,508

As of December 31, 2025, there was $85.5 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted-average period of 2.4 years. At December 31, 2025, there were 11.6 million shares available for grant under approved equity compensation plans.

Stock Options

Options generally vest over four years and, upon vesting, the holder is given the option to purchase shares of common stock at a specific strike price until expiration, which is generally seven years from the grant date.

Our stock option activity was as follows:


	Options (#)	Weighted Average Exercise Price ($/share)
Outstanding at December 31, 2022	562,697	56.24
Granted	42,215	152.68
Exercised	(254,353)	38.75
Forfeited	(3,737)	129.43
Outstanding at December 31, 2023	346,822	80.02
Granted	38,984	195.76
Exercised	(94,338)	49.91
Forfeited	(2,094)	158.63
Outstanding at December 31, 2024	289,374	104.86
Granted	63,352	139.95
Exercised	(73,571)	62.55
Forfeited	(17,752)	160.86
Outstanding at December 31, 2025	261,403	121.47

Of the total outstanding options at December 31, 2025, 0.2 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $107.94 per share and a weighted average remaining contractual life of 2.6 years.

The table below presents additional information related to our stock options:


	Year Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Fair value of options vested	$	1,816	$	1,982	$	1,996
Intrinsic value of options exercised	4,438		13,934		31,227
Intrinsic value of options outstanding	2,029		23,387		37,474
Weighted-average fair value per share of options granted	48.55		69.11		56.47

The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2025		2024		2023
Life (in years)	3.9		4.1		4.1
Volatility	37.1	%	36.6	%	39.3	%
Dividend yield	—		—		—
Risk-free interest rate	4.2	%	4.3	%	4.0	%

Performance Share Units, Restricted Stock Units and Awards, and Deferred Stock Units

We grant PSU awards with certain target performance levels. These awards are earned based upon our Company’s total shareholder return as compared to an indexed total shareholder return over the course of a fiscal based three-year performance period, starting in the year of grant. Earned awards vest in the quarter following the conclusion of the performance period. Expense is recognized on a straight-line basis over the performance period, regardless of whether the market condition is satisfied as the likelihood of the market condition being met is included in the fair-value measurement of the award.

RSUs generally vest over four years and, upon vesting, the holder is entitled to receive shares of our common stock.

RSAs vest over one year and, upon vesting, the holder is entitled to receive shares of our common stock. In lieu of RSAs, a participant may elect to receive DSUs with one year vesting, but the participant directs delayed receipt of common shares of up to ten years after the end of service to us.

Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:


	#	Weighted Average Grant Date Fair Value ($/share)
Outstanding at December 31, 2022	712,158	103.93
Granted	416,377	163.55
Vested and common stock issued	(344,087)	77.52
Forfeited	(11,034)	122.97
Outstanding at December 31, 2023	773,414	147.50
Granted	413,619	185.54
Vested and common stock issued	(462,481)	130.03
Forfeited	(35,030)	180.59
Outstanding at December 31, 2024	689,522	180.35
Granted	704,205	123.33
Vested and common stock issued	(286,554)	148.21
Forfeited	(100,756)	169.55
Outstanding at December 31, 2025	1,006,417	150.69

The number of PSUs, RSUs, RSAs, and DSUs outstanding at December 31, 2025 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the agreements.

Employee Stock Purchase Plan

Our ESPP activity was as follows:


	Year Ended December 31,
(in thousands, except shares)	2025		2024		2023
Amounts for shares purchased	$	9,584	$	9,827	$	8,114
Shares purchased	98,594		61,979		63,641

A total of 1.5 million shares of common stock are remaining for issuance under the plan at December 31, 2025.

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:


	Year Ended December 31,
	2025		2024		2023
Life (in years)	0.5		0.5		0.5
Volatility	37.4	%	33.1	%	36.4	%
Dividend yield	—		—		—
Risk-free interest rate	4.3	%	5.3	%	4.9	%

Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs [Roll Forward]
Balance, beginning of year	$ 85,914	$ 82,750
Incurred deferred costs	94,627	90,482
Amortized deferred costs	(93,129)	(87,318)
Balance, end of year	$ 87,412	$ 85,914

Stockholders' Equity - Summary of Repurchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Oct. 29, 2025	Dec. 31, 2024
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase		$ 100,000
Share Value Repurchased	$ 177,949		$ 99,748
Common Stock \| 2022 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	50,000
Share Value Repurchased	40,471
Unused & Expired Share Repurchase Value	9,529
Common Stock \| 2024 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	100,000
Share Value Repurchased	99,990
Share Value Available for Future Repurchase	10
Common Stock \| 2025 Program
Schedule Of Stockholders Equity [Line Items]
Share Value Authorized for Repurchase	100,000
Share Value Repurchased	15,000
Share Value Available for Future Repurchase	$ 85,000

Income Taxes - Summary of 2025 U.S. Federal Statutory Income Tax Rate Effective Tax Rate of Amounts and Percentages (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. statutory federal income tax	$ 26,005
Tax credits
Research and development credit	(6,921)
Other	(140)
Nontaxable or nondeductible items
Nondeductible compensation	3,307
Other	110
Uncertain tax positions	1,619
Effect of cross-border tax laws	(273)
U.S. state and local income taxes, net of federal effect	6,391
Foreign tax effects	398
Total	$ 30,496	$ 22,422	$ 19,739
Increase (decrease) resulting from:
U.S. statutory federal income tax	21.00%	21.00%	21.00%
Tax credits
Research and development credit	(5.60%)	(1.50%)	(1.50%)
Other	(0.10%)
Nontaxable or nondeductible items
Nondeductible compensation	2.70%	3.20%	4.70%
Other	0.10%
Uncertain tax positions	1.30%
Effect of cross-border tax laws	(0.20%)
U.S. state and local income taxes, net of federal effect	5.10%	5.70%	5.10%
Foreign tax effects	0.30%
Effective tax rate	24.60%	22.50%	23.10%

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Components of Computation of Basic and Diluted Net Income Per Share

The components and computation of basic and diluted net income per share were as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Numerator
Net income	$	93,339	$	77,054	$	65,824
Denominator
Weighted average common shares outstanding, basic	37,881		37,306		36,646
Options to purchase common stock and ESPP	61		150		265
PSUs, RSUs, RSAs, and DSUs	50		400		564
Weighted average common shares outstanding, diluted	37,992		37,856		37,475
Net income per share
Basic	$	2.46	$	2.07	$	1.80
Diluted	$	2.46	$	2.04	$	1.76

Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share

The number of outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive was as follows:


	Year Ended December 31,
(in thousands)	2025	2024	2023
Anti-dilutive shares	511	55	36

General (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2025		2024
Internally developed software	$	94,859	$	73,617
Computer equipment	25,462		27,890
Leasehold improvements	15,044		14,999
Office equipment and furniture	9,159		8,796
Property and equipment, cost	144,524		125,302
Less: accumulated depreciation and amortization	(101,407)		(87,755)
Total property and equipment, net	$	43,117	$	37,547

Schedule of Estimated Useful Lives of Intangible Assets

The estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Customer relationships			7-10 years
Developed technology			5-10 years

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2025, the following officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted written plans for the sale of our securities that are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act:

Name

Title

Adoption Date

Earliest Sale Date

Expiration or Termination Date

Aggregate Number of Shares of the Company's Common Stock to be Sold(1)

Dan Juckniess

Chief Revenue Officer

December 5, 2025

January 5, 2026

March 15, 2026

23,960

Jamie Thingelstad

Chief Technology Officer

November 4, 2025

February 24, 2026

March 31, 2026

7,218

(1) The number of shares is the maximum number of shares to be sold but the actual activity may be lower. Transaction(s) may be contingent upon future events such as performance factors, tax withholding obligations, and/or future market price(s).

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Dan Juckniess [Member]

Trading Arrangements, by Individual

Name

Dan Juckniess

Title

Chief Revenue Officer

Rule 10b5-1 Arrangement Adopted

true

December 5, 2025

March 15, 2026

100 days

23,960

Jamie Thingelstad [Member]

Trading Arrangements, by Individual

Name

Jamie Thingelstad

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

November 4, 2025

March 31, 2026

147 days

7,218

Income Taxes - Summary of Income Taxes Paid (Net of Refunds Received), by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense Benefit [Line Items]
Federal	$ 16,600
Cash paid for income taxes	28,892	$ 27,097	$ 29,207
California
Income Tax Expense Benefit [Line Items]
State	1,610
Other
Income Tax Expense Benefit [Line Items]
State	5,070
Canada
Income Tax Expense Benefit [Line Items]
Foreign	4,919
Other
Income Tax Expense Benefit [Line Items]
Foreign	$ 693

Income Taxes - Summary of Percentage of Domestic Revenue and Domestic Income Before Income Taxes (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Before Income Tax \| Geographic Concentration Risk \| Domestic income before income taxes
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	98.00%	92.00%	94.00%

- Definition

+ References + Details

Other Income and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Other Income and Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Investment income	$ 4,649	$ 10,582	$ 7,660
Realized gain from investments held and foreign currency impact on cash and investments	388	115	1,726
Other income (expense), net	495	(104)	(1,071)
Total other income, net	$ 5,532	$ 10,593	$ 8,315

Business Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Acquisitions

Carbon6 Technologies, Inc.

On December 30, 2024, we entered into a definitive agreement to acquire all of the outstanding equity ownership interests of Carbon6 Technologies, Inc. ("Carbon6"), a provider of software tools to Amazon.com, Inc. sellers, including specialized offerings for revenue recovery for both first-party ("1P") and third-party ("3P") suppliers. The acquisition became effective on February 4, 2025 ("Close"). Pursuant to the definitive agreement, the total consideration transferred was $210.2 million, net of cash acquired. The consideration was comprised of $142.5 million paid in cash, net of cash acquired, and 378,100 shares of SPS common stock (valued at $67.7 million, determined at acquisition Close based on the price of SPS common stock). The shares were issued from SPS treasury shares. The goodwill associated with the acquisition is not deductible for income tax purposes.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of SPS and Carbon6 assuming the acquisition was completed as of the beginning of the prior fiscal year, January 1, 2024. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined companies would have been, nor are they indicative of future results of operations.

The pro forma results reflect certain adjustments, such as one-time acquisition-related costs, incremental impact for amortization of acquired intangibles, and the elimination of debt extinguishment and interest costs. The adjustments do not reflect synergies or costs that would have been expected to result from the integration of the acquisition.

Pro forma consolidated revenue and net income are as follows:


	Year Ended December 31,
(unaudited, in thousands)		2025		2024
Revenue		$	755,686	$	680,890
Net income		92,926		72,266

SupplyPike

Effective July 31, 2024, we acquired SupplyPike, Inc. ("SupplyPike"), an automated invoice deduction management and prevention solution, through the purchase of all of the outstanding equity ownership interests of SupplyPike. Pursuant to the definitive agreement and plan of merger, the total consideration transferred at close was $205.8 million, net of cash acquired. The consideration was comprised of $118.6 million paid in cash, net of cash acquired, and 404,587 shares of SPS common stock (valued at $87.2 million, determined at acquisition close based on the price of SPS common stock). The shares were issued from SPS treasury shares. The goodwill associated with the acquisition is not deductible for income tax purposes.

Purchase Price Allocation

We accounted for each of the Carbon6 and SupplyPike acquisitions as a business combination. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the respective acquisition dates.

The following table presents the purchase consideration and estimated fair values of acquired assets and liabilities recorded in the Company's consolidated balance sheet as of the acquisition dates:


(in thousands)	Carbon6(1)		SupplyPike(2)
Cash paid	$	144,855	$	124,769
Equity consideration	67,672		87,156
Total consideration	$	212,527	$	211,925

Estimated fair value of assets and liabilities acquired:
Cash	$	2,306	$	6,118
Accounts receivable	5,868		2,020
Other assets, current and non-current	8,695		1,712
Intangible assets
Customer relationships	44,535		62,967
Developed technology	29,370		21,090
Deferred revenue	(604)		(2,462)
Other liabilities, current and non-current	(10,162)		(2,644)
Deferred income tax liabilities, net	(3,753)		(10,705)
Total fair value of assets and liabilities acquired	$	76,255	$	78,096

Goodwill	$	136,272	$	133,829

The following table summarizes the preliminary estimated useful lives for each acquired intangible asset:


	Carbon6(1)	SupplyPike(2)
Customer relationships	8.0 years	9.0 years
Developed technology	9.0 years	8.0 years

(2) The purchase accounting for the SupplyPike acquisition is finalized.

Other Acquisition Activity

Traverse Systems

Effective May 8, 2024, we entered into an asset purchase agreement to acquire certain assets of Traverse Systems, an industry-leading provider in retailer supply chain performance and vendor management. Total consideration transferred at close was $29.4 million, which was comprised of $25.0 million paid in cash and 22,874 shares of SPS common stock (valued at $4.4 million, determined at acquisition close based on the price of SPS common stock). The shares were issued from SPS treasury shares.

We accounted for the acquisition as a business combination. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Assets acquired primarily comprised of subscriber relationships and developed technology intangible assets, totaling $7.7 million and $3.6 million of estimated fair value, respectively, and $18.4 million was allocated to goodwill. The remainder of the consideration transferred was allocated to net assets acquired other than the intangible assets. The purchase accounting for the acquisition was finalized in the year ended December 31, 2024. The goodwill associated with the acquisition is deductible for income tax purposes.

Vision33

Effective April 10, 2024, the Company entered into an asset purchase agreement to acquire Vision33's SAP Business One SPS Integration Technology. Pursuant to the definitive agreement, the purchase price, denominated in Canadian dollars ("CAD"), was $5.8 million CAD ($4.3 million U.S. dollars ("USD") at the agreement date exchange rate), of which $4.5 million CAD ($3.3 million USD) was paid in cash at close, with the remainder payable in cash within two years, subject to certain closing conditions. Assets acquired were primarily comprised of developed technology and subscriber relationships, totaling $1.7 million USD and $0.4 million USD of estimated fair value, respectively. The remainder of the consideration transferred, $2.2 million USD, was allocated to goodwill. The purchase accounting for the acquisition was finalized in the year ended December 31, 2024. The goodwill associated with the acquisition is deductible for income tax purposes.

- Definition

The entire disclosure for business combination.

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+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2025		2024
Internally developed software	$	94,859	$	73,617
Computer equipment	25,462		27,890
Leasehold improvements	15,044		14,999
Office equipment and furniture	9,159		8,796
Property and equipment, cost	144,524		125,302
Less: accumulated depreciation and amortization	(101,407)		(87,755)
Total property and equipment, net	$	43,117	$	37,547

Depreciation and amortization expense of property and equipment was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Depreciation and amortization expense	$	21,089	$	18,721	$	18,631

Property and equipment, net located at subsidiary and office locations outside of the U.S. was as follows:


	December 31,
	2025		2024
International property and equipment	26	%	18	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Operating lease cost	$	3,709	$	3,420	$	3,123
Variable lease cost	2,767		3,685		3,771
	$	6,476	$	7,105	$	6,894

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	6,555	$	5,209	$	5,022
Right-of-use assets obtained in exchange for operating lease liabilities	580		3,158		1,147

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to operating leases was as follows:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term	11.0 years		2.4 years
Weighted-average discount rate	6.0	%	4.3	%

Schedule of Future Minimum Payments Under Operating Leases

At December 31, 2025, our future minimum payments under operating leases were as follows:


(in thousands)

2026			4,668
2027			(21,307)
2028			1,348
2029			2,893
2030			2,951
Thereafter			35,466
Total future gross payments			26,019
Less: imputed interest			(18,827)
Total operating lease liabilities			7,192

Summary of Remaining Purchase Commitments and Estimated Purchase Timing

At December 31, 2025, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
2026			11,030
2027			3,491
2028			2,288
2029			1,360
2030			92

Total estimated future purchases			18,261

Stockholders' Equity - Summary of Stock Repurchase Activity by Year (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Number of shares repurchased (in shares)	969,965	205,331	0
Total share repurchased cost	$ 115,010	$ 37,567	$ 0
Average total cost per repurchased share (in dollars per share)	$ 118.57	$ 182.96	$ 0

Goodwill and Intangible Assets, Net - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 37,169	$ 23,510	$ 16,116

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

In October 2025, we executed the sixth amendment to our lease agreement (the "Amendment") for our current headquarters located in Minneapolis, Minnesota where we lease approximately 198,000 square feet effective October 1, 2025. The Amendment extends the lease term to end in July 2043 and provides approximately $33 million of lease incentives, which were included in the initial measurement of the operating lease right-of-use asset. The Company expects to utilize approximately $23 million of these lease incentives during the year ending December 31, 2027, with the remaining balance to be utilized thereafter.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Operating lease cost	$	3,709	$	3,420	$	3,123
Variable lease cost	2,767		3,685		3,771
	$	6,476	$	7,105	$	6,894

Supplemental cash flow information related to operating leases was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	6,555	$	5,209	$	5,022
Right-of-use assets obtained in exchange for operating lease liabilities	580		3,158		1,147

Supplemental balance sheet information related to operating leases was as follows:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term	11.0 years		2.4 years
Weighted-average discount rate	6.0	%	4.3	%

Future minimum lease payments under operating leases are presented net of lease incentives deemed payable at lease commencement. At December 31, 2025, our future minimum payments under operating leases were as follows:


(in thousands)

2026			4,668
2027			(21,307)
2028			1,348
2029			2,893
2030			2,951
Thereafter			35,466
Total future gross payments			26,019
Less: imputed interest			(18,827)
Total operating lease liabilities			7,192

Purchase Commitments

We have entered into separate noncancelable agreements with computing infrastructure, productivity software, customer relationship management, and performance and security data analytics vendors for services through 2030. At December 31, 2025, our remaining purchase commitments and estimated purchase timing were as follows:


(in thousands)
2026			11,030
2027			3,491
2028			2,288
2029			1,360
2030			92

Total estimated future purchases			18,261

Contingencies

We may be involved in various claims and legal actions in the normal course of business. We believe that the outcome of any such claim or legal action is not expected to have a material adverse effect on our financial position or results of operations.

Retirement Contributions (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Summary of Total Contribution to the Plan

Our total contributions were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Retirement contributions	$	8,518	$	7,849	$	6,627

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG, LLP
Auditor Location	Minneapolis, MN

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Our provision (benefit) for income taxes was comprised of the following components:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Current
Federal	$	3,370	$	20,988	$	20,168
State	6,911		6,147		4,221
Foreign	1,737		3,161		2,103
Deferred
Federal	19,091		(5,256)		(5,425)
State	1,859		(1,466)		(390)
Foreign	(2,472)		(1,152)		(938)
Total	$	30,496	$	22,422	$	19,739

We define domestic and foreign income before income taxes as the consolidated income before income taxes that was attributable to either our subsidiaries based in the U.S. ("domestic"), or attributable to our subsidiaries outside of the U.S. ("foreign"). The percentage of consolidated income before income taxes attributable to our domestic subsidiaries was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic income before income taxes	98	%	92	%	94	%

The following table reconciles the U.S. federal statutory income tax rate with our effective tax rate and includes both the reporting currency amounts and percentages for each category of the reconciliation:


	Year Ended December 31,
	2025
(in thousands)	Amount		Percent
U.S. statutory federal income tax	$	26,005	21.0	%
Increase (decrease) resulting from:
Tax credits
Research and development credit	(6,921)		(5.6)
Other	(140)		(0.1)
Nontaxable or nondeductible items

Nondeductible compensation	3,307		2.7
Other	110		0.1
Uncertain tax positions	1,619		1.3
Effect of cross-border tax laws	(273)		(0.2)



U.S. state and local income taxes, net of federal effect(1)	6,391		5.1


Foreign tax effects	398		0.3

Total	$	30,496	24.6	%

(1) U.S. state and local income taxes in California, New York, Illinois, Pennsylvania, and Wisconsin make up the majority (greater than 50%) of the tax effect in this category.

The following table reconciles the U.S. federal statutory income tax rate with our effective tax rate:


	Year Ended December 31,
	2024		2023
U.S. statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	5.7		5.1
Tax impact of stock activity	(4.9)		(5.6)
Nondeductible compensation	3.2		4.7
Research and development credit	(1.5)		(1.5)
Foreign derived intangible income	(1.3)		(1.3)
Other	0.3		0.7
Effective tax rate	22.5	%	23.1	%

The significant components of our deferred income tax assets and liabilities were as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Deferred income tax assets
Net operating loss and credit carryforwards	$	15,699	$	10,722
Stock-based compensation expense	5,766		7,110
Accrued expenses	6,595		6,600
Operating lease liabilities	1,592		2,977
Research and development capitalized	17,686		26,788
Other deferred income tax assets	3,579		3,026
Gross deferred income tax assets	50,917		57,223
Less: valuation allowance	(4,343)		(2,965)
Total net deferred income tax assets	$	46,574	$	54,258

Deferred income tax liabilities
Deferred costs	$	(22,811)	$	(21,537)
Right-of-use assets	(1,051)		(1,893)
Depreciation and amortization	(53,768)		(44,556)
Other deferred income tax liabilities	(1,652)		(1,308)
Total deferred income tax liabilities	(79,282)		(69,294)
Net deferred income tax liabilities	$	(32,708)	$	(15,036)

Tax loss carryforwards, net of Section 382 limitations, were as follows:


	Year Ended December 31,
(in millions)	2025
Federal
Operating loss carryforwards	$	36.8
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.1
Federal operating loss carryforwards, net of Section 382 limitations	$	30.7

Other
State operating loss carryforwards	$	40.4
Foreign loss carryforwards	14.9
Total loss carryforwards, net of Section 382 limitations	$	86.0

As of December 31, 2025, our federal net operating loss carryforwards, if not used, will begin to expire in 2028. Federal net operating losses generated after December 31, 2018 will carry forward indefinitely. State operating loss carryforwards begin to expire in 2026 and all foreign loss carryforwards are indefinite in expiration.

During the year ended December 31, 2025, we recorded an uncertain tax position. The activity for the uncertain tax position was as follows:


	Year Ended December 31,
(in thousands)	2025
Balance, beginning of year	$	—

Changes from uncertain tax positions taken in current period	1,619


Balance, end of year	$	1,619

Income taxes paid (net of refunds received), by jurisdiction, were as follows:


	Year Ended December 31,
(in thousands)	2025
Federal	$	16,600
State
California	1,610
Other	5,070
Foreign
Canada	4,919
Other	693
	$	28,892

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation - Summary of Fair Value Estimation of Common Stock, Assumptions (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	6 months	6 months	6 months
Volatility	37.40%	33.10%	36.40%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.30%	5.30%	4.90%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Summary of Tax Loss Carryforwards, Net of Section 382 Limitations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	$ 86.0
Federal
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	36.8
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.1
Federal operating loss carryforwards, net of Section 382 limitations	30.7
State operating loss carryforwards
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	40.4
Foreign loss carryforwards
Income Tax Expense Benefit [Line Items]
Operating loss carryforwards	$ 14.9

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options (#)
Beginning balance (in shares)	289,374	346,822	562,697
Granted (in shares)	63,352	38,984	42,215
Exercised (in shares)	(73,571)	(94,338)	(254,353)
Forfeited (in shares)	(17,752)	(2,094)	(3,737)
Ending balance (in shares)	261,403	289,374	346,822
Weighted Average Exercise Price ($/share)
Beginning balance (in dollars per share)	$ 104.86	$ 80.02	$ 56.24
Granted (in dollars per share)	139.95	195.76	152.68
Exercised (in dollars per share)	62.55	49.91	38.75
Forfeited (in dollars per share)	160.86	158.63	129.43
Ending balance (in dollars per share)	$ 121.47	$ 104.86	$ 80.02

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Summary of Repurchase Agreements

Details of the programs and activity thereunder through December 31, 2025 were as follows:

(in thousands)

Effective Date

Expiration Date

Share Value Authorized for Repurchase

Share Value Repurchased

Unused & Expired Share Repurchase Value

Share Value Available for Future Repurchase

2022 Program

August 2022

July 2024

50,000

40,471

9,529

N/A

2024 Program

August 2024

July 2026

100,000

99,990

N/A

2025 Program

December 2025

December 2027

100,000

15,000

N/A

85,000

The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2025		2024		2023
Number of shares repurchased	969,965		205,331		—
Total share repurchased cost	$	115,010	$	37,567	$	—
Average total cost per repurchased share	$	118.57	$	182.96	$	—

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 85.5
Unrecognized stock-based compensation, expected to be recognized, weighted average period	2 years 4 months 24 days
Shares available for grant (in shares)	11.6
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Stock options contractual term range	7 years
Outstanding and exercisable options (in shares)	0.2
Weighted average exercise price (in dollars per share)	$ 107.94
Weighted average remaining contractual life	2 years 7 months 6 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years	3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Award receipt delay	10 years
PSUs, RSUs, RSAs and DSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested at period end (in shares)	0.1

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 320,050	$ 255,255
Accumulated Amortization	(107,248)	(71,543)
Foreign Currency Translation	3,013	(2,418)
Total future amortization	$ 215,815	$ 181,294
Weighted Average Remaining Amortization Period	6 years 4 months 24 days	6 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 214,451	$ 178,147
Accumulated Amortization	(70,050)	(47,432)
Foreign Currency Translation	2,019	(1,715)
Total future amortization	$ 146,420	$ 129,000
Weighted Average Remaining Amortization Period	6 years 7 months 6 days	7 years 3 months 18 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 105,599	$ 77,108
Accumulated Amortization	(37,198)	(24,111)
Foreign Currency Translation	994	(703)
Total future amortization	$ 69,395	$ 52,294
Weighted Average Remaining Amortization Period	6 years 1 month 6 days	5 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Commitments and Contingencies - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 6,555	$ 5,209	$ 5,022
Right-of-use assets obtained in exchange for operating lease liabilities	$ 580	$ 3,158	$ 1,147

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Activity in Goodwill

The activity in goodwill was as follows:


	Year Ended December 31,
(in thousands)	2025
Balance, beginning of year	$	399,180
Addition from business acquisitions	136,272
Foreign currency translation	6,570
Remeasurement from provisional purchase accounting amount and other(1)	(303)
Balance, end of year	$	541,719

(1) Refer to Note B – Business Acquisitions for further information.

Summary of Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2025
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	214,451	$	(70,050)	$	2,019	$	146,420	6.6 years
Developed technology	105,599		(37,198)		994		69,395		6.1 years
	$	320,050	$	(107,248)	$	3,013	$	215,815	6.4 years


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	178,147	$	(47,432)	$	(1,715)	$	129,000	7.3 years
Developed technology	77,108		(24,111)		(703)		52,294		5.7 years
	$	255,255	$	(71,543)	$	(2,418)	$	181,294	6.9 years

Summary of Amortization Expense of Intangible Assets

Amortization expense of intangible assets was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Amortization expense	$	37,169	$	23,510	$	16,116

Summary of Estimated Annual Amortization Expense Related to Intangible Assets

The estimated future annual amortization expense related to intangible assets is as follows:


(in thousands)
2026	$	37,456
2027	36,991
2028	35,654
2029	29,191
2030	26,992
Thereafter	49,531
Total future amortization	$	215,815

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

The components and computation of basic and diluted net income per share were as follows:


	Year Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Numerator
Net income	$	93,339	$	77,054	$	65,824
Denominator
Weighted average common shares outstanding, basic	37,881		37,306		36,646
Options to purchase common stock and ESPP	61		150		265
PSUs, RSUs, RSAs, and DSUs	50		400		564
Weighted average common shares outstanding, diluted	37,992		37,856		37,475
Net income per share
Basic	$	2.46	$	2.07	$	1.80
Diluted	$	2.46	$	2.04	$	1.76

The number of outstanding potential common shares that were excluded from the calculation of diluted net income per share as they were anti-dilutive was as follows:


	Year Ended December 31,
(in thousands)	2025	2024	2023
Anti-dilutive shares	511	55	36

General - Narrative (Details)	12 Months Ended
General - Narrative (Details)	Dec. 31, 2025 period
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business description, commerce intelligence period	20 years
Deferred commission expected amortization period	2 years
Purchase price as a percentage of fair market value	85.00%
Number of offering periods	2
Stock plan offering period	6 months

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Summary of Allowance for Credit Losses Activity Included in Accounts Receivable Net

The allowance for credit losses activity, included in accounts receivable, net, was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Balance, beginning of year	$	4,179	$	3,320	$	3,066
Provision for credit losses	9,918		7,683		5,707
Write-offs, net of recoveries	(6,968)		(6,824)		(5,453)
Balance, end of year	$	7,129	$	4,179	$	3,320

Income Taxes - Summary of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets
Net operating loss and credit carryforwards	$ 15,699	$ 10,722
Stock-based compensation expense	5,766	7,110
Accrued expenses	6,595	6,600
Operating lease liabilities	1,592	2,977
Research and development capitalized	17,686	26,788
Other deferred income tax assets	3,579	3,026
Gross deferred income tax assets	50,917	57,223
Less: valuation allowance	(4,343)	(2,965)
Total net deferred income tax assets	46,574	54,258
Deferred income tax liabilities
Deferred costs	(22,811)	(21,537)
Right-of-use assets	(1,051)	(1,893)
Depreciation and amortization	(53,768)	(44,556)
Other deferred income tax liabilities	(1,652)	(1,308)
Total deferred income tax liabilities	(79,282)	(69,294)
Net deferred income tax liabilities	$ (32,708)	$ (15,036)

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contributions to Foundation
Related Party Transaction [Line Items]
Foundation contributions	$ 3,000	$ 3,250	$ 2,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Commitments and Contingencies - Summary of Remaining Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 11,030
2027	3,491
2028	2,288
2029	1,360
2030	92
Total estimated future purchases	$ 18,261

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated in the consolidated statements of comprehensive income as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of revenues	$	11,423	$	11,043	$	10,169
Operating expenses
Sales and marketing	10,943		12,547		9,774
Research and development	8,403		9,094		7,200
General and administrative	22,959		21,873		18,365
	$	53,728	$	54,557	$	45,508

Stock-based compensation expense by grant type or plan was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Stock options	$	1,948	$	2,059	$	1,947
PSUs	8,314		8,192		11,886
RSUs & DSUs	37,356		38,064		26,185
RSAs	113		442		472
ESPP	2,953		2,910		2,488
401(k) stock match	3,044		2,890		2,530
	$	53,728	$	54,557	$	45,508

Summary of Stock Option Activity

Our stock option activity was as follows:


	Options (#)	Weighted Average Exercise Price ($/share)
Outstanding at December 31, 2022	562,697	56.24
Granted	42,215	152.68
Exercised	(254,353)	38.75
Forfeited	(3,737)	129.43
Outstanding at December 31, 2023	346,822	80.02
Granted	38,984	195.76
Exercised	(94,338)	49.91
Forfeited	(2,094)	158.63
Outstanding at December 31, 2024	289,374	104.86
Granted	63,352	139.95
Exercised	(73,571)	62.55
Forfeited	(17,752)	160.86
Outstanding at December 31, 2025	261,403	121.47

Summary of Additional Information Related to Stock Options

The table below presents additional information related to our stock options:


	Year Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Fair value of options vested	$	1,816	$	1,982	$	1,996
Intrinsic value of options exercised	4,438		13,934		31,227
Intrinsic value of options outstanding	2,029		23,387		37,474
Weighted-average fair value per share of options granted	48.55		69.11		56.47

Summary of Weighted Average Fair Value Per Share of Options Granted, Assumptions

The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2025		2024		2023
Life (in years)	3.9		4.1		4.1
Volatility	37.1	%	36.6	%	39.3	%
Dividend yield	—		—		—
Risk-free interest rate	4.2	%	4.3	%	4.0	%

Summary of PSU, RSU, RSA, and DSU

Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:


	#	Weighted Average Grant Date Fair Value ($/share)
Outstanding at December 31, 2022	712,158	103.93
Granted	416,377	163.55
Vested and common stock issued	(344,087)	77.52
Forfeited	(11,034)	122.97
Outstanding at December 31, 2023	773,414	147.50
Granted	413,619	185.54
Vested and common stock issued	(462,481)	130.03
Forfeited	(35,030)	180.59
Outstanding at December 31, 2024	689,522	180.35
Granted	704,205	123.33
Vested and common stock issued	(286,554)	148.21
Forfeited	(100,756)	169.55
Outstanding at December 31, 2025	1,006,417	150.69

Summary of ESPP Activity

Our ESPP activity was as follows:


	Year Ended December 31,
(in thousands, except shares)	2025		2024		2023
Amounts for shares purchased	$	9,584	$	9,827	$	8,114
Shares purchased	98,594		61,979		63,641

Summary of Fair Value Estimation of Common Stock, Assumptions

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:


	Year Ended December 31,
	2025		2024		2023
Life (in years)	0.5		0.5		0.5
Volatility	37.4	%	33.1	%	36.4	%
Dividend yield	—		—		—
Risk-free interest rate	4.3	%	5.3	%	4.9	%

Business Acquisitions - Summary of Estimated Useful Lives for each acquired Intangible Asset (Details)	Feb. 04, 2025	Jul. 31, 2024
Customer relationships \| Carbon6
Business Combination [Line Items]
Intangible assets useful life	8 years
Customer relationships \| SupplyPike
Business Combination [Line Items]
Intangible assets useful life		9 years
Developed technology \| Carbon6
Business Combination [Line Items]
Intangible assets useful life	9 years
Developed technology \| SupplyPike
Business Combination [Line Items]
Intangible assets useful life		8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 144,524	$ 125,302
Less: accumulated depreciation and amortization	(101,407)	(87,755)
Total property and equipment, net	43,117	37,547
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	94,859	73,617
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	25,462	27,890
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	15,044	14,999
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 9,159	$ 8,796

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Allowance for Credit Losses

The allowance for credit losses activity, included in accounts receivable, net, was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Balance, beginning of year	$	4,179	$	3,320	$	3,066
Provision for credit losses	9,918		7,683		5,707
Write-offs, net of recoveries	(6,968)		(6,824)		(5,453)
Balance, end of year	$	7,129	$	4,179	$	3,320

Business Acquisitions - Summary of Pro Forma Consolidated Revenue and Net Income (Details) - Carbon6 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Revenue	$ 755,686	$ 680,890
Net income	$ 92,926	$ 72,266

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	Feb. 10, 2026	Oct. 29, 2025
Schedule Of Stockholders Equity [Line Items]
Share repurchase program, authorized amount		$ 100.0
Subsequent Event
Schedule Of Stockholders Equity [Line Items]
Share repurchase program, additional authorized amount	$ 200.0
Share repurchase program, authorized amount	$ 300.0

Net Income Per Share - Components and Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income	$ 93,339	$ 77,054	$ 65,824
Denominator
Weighted average common shares outstanding, basic (in shares)	37,881	37,306	36,646
Options to purchase common stock and ESPP (in shares)	61	150	265
PSUs, RSUs, RSAs, and DSUs (in shares)	50	400	564
Weighted average common shares outstanding, diluted (in shares)	37,992	37,856	37,475
Net income per share
Basic (in dollars per share)	$ 2.46	$ 2.07	$ 1.80
Diluted (in dollars per share)	$ 2.46	$ 2.04	$ 1.76

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Programs

Our Board of Directors has authorized multiple non-concurrent programs to repurchase our common stock. Details of the programs and activity thereunder through December 31, 2025 were as follows:

(in thousands)

Effective Date

Expiration Date

Share Value Authorized for Repurchase

Share Value Repurchased

Unused & Expired Share Repurchase Value

Share Value Available for Future Repurchase

2022 Program

August 2022

July 2024

50,000

40,471

9,529

N/A

2024 Program

August 2024

July 2026

100,000

99,990

N/A

2025 Program

December 2025

December 2027

100,000

15,000

N/A

85,000

Share repurchases are accounted for as the trade date occurs and are reflected in the condensed consolidated financial statements net of the costs incurred to acquire the shares. Share repurchases that have not yet settled in cash are included in accounts payable in the condensed consolidated balance sheet. The share repurchase activity by period was as follows:


	Year Ended December 31,
(in thousands, except shares and per share amounts)	2025		2024		2023
Number of shares repurchased	969,965		205,331		—
Total share repurchased cost	$	115,010	$	37,567	$	—
Average total cost per repurchased share	$	118.57	$	182.96	$	—

On February 10, 2026 (announced February 12, 2026), our Board of Directors approved an additional $200.0 million in repurchase authority under our previously announced share repurchase program ("2025 Program" within the tables above) that was approved on October 29, 2025 to repurchase up to $100.0 million of our common stock, excluding costs to obtain, for a total authorized repurchase amount of $300.0 million. Under the program, purchases may be made from time to time in the open market or in privately negotiated purchases, or both. The share repurchase program became effective December 1, 2025 and expires on December 1, 2027.

Treasury Stock Reissuances

In connection with the acquisitions of Carbon6, Traverse Systems, and SupplyPike, the Company re-issued treasury shares as part of the purchase consideration (see Note B – Business Acquisitions for further information).

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

General - Summary of Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2025
Customer relationships \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	7 years
Customer relationships \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	10 years
Developed technology \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	5 years
Developed technology \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	10 years

Stock-Based Compensation - Summary of Additional Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Fair value of options vested	$ 1,816	$ 1,982	$ 1,996
Intrinsic value of options exercised	4,438	13,934	31,227
Intrinsic value of options outstanding	$ 2,029	$ 23,387	$ 37,474
Weighted-average fair value per share of options granted (in dollars per share)	$ 48.55	$ 69.11	$ 56.47

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 53,728	$ 54,557	$ 45,508
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,948	2,059	1,947
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	8,314	8,192	11,886
RSUs & DSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	37,356	38,064	26,185
RSAs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	113	442	472
ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,953	2,910	2,488
401(k) stock match
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	3,044	2,890	2,530
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	11,423	11,043	10,169
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	10,943	12,547	9,774
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	8,403	9,094	7,200
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 22,959	$ 21,873	$ 18,365

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs [Abstract]

Summary of Deferred Costs Activity

The deferred costs activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Balance, beginning of year	$	85,914	$	82,750
Incurred deferred costs	94,627		90,482
Amortized deferred costs	(93,129)		(87,318)
Balance, end of year	$	87,412	$	85,914

Stock-Based Compensation - Summary of PSU, RSU, RSA, and DSU (Details) - PSUs, RSUs, RSAs and DSUs - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
#
Beginning balance (in shares)	689,522	773,414	712,158
Granted (in shares)	704,205	413,619	416,377
Vested and common stock issued (in shares)	(286,554)	(462,481)	(344,087)
Forfeited (in shares)	(100,756)	(35,030)	(11,034)
Ending balance (in shares)	1,006,417	689,522	773,414
Weighted Average Grant Date Fair Value ($/share)
Beginning balance (in dollars per share)	$ 180.35	$ 147.50	$ 103.93
Granted (in dollars per share)	123.33	185.54	163.55
Vested and common stock issued (in dollars per share)	148.21	130.03	77.52
Forfeited (in dollars per share)	169.55	180.59	122.97
Ending balance (in dollars per share)	$ 150.69	$ 180.35	$ 147.50

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Provision (Benefit) for Income Taxes

Our provision (benefit) for income taxes was comprised of the following components:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Current
Federal	$	3,370	$	20,988	$	20,168
State	6,911		6,147		4,221
Foreign	1,737		3,161		2,103
Deferred
Federal	19,091		(5,256)		(5,425)
State	1,859		(1,466)		(390)
Foreign	(2,472)		(1,152)		(938)
Total	$	30,496	$	22,422	$	19,739

Summary of Percentage of Domestic Revenue and Domestic Income Before Income Taxes

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic revenue	84	%	83	%	84	%

No single jurisdiction outside of the U.S. had revenues in excess of 10%.

The percentage of consolidated income before income taxes attributable to our domestic subsidiaries was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic income before income taxes	98	%	92	%	94	%

Summary of U.S. Federal Statutory Income Tax Rate Effective Tax Rate of Amounts and Percentages


	Year Ended December 31,
	2025
(in thousands)	Amount		Percent
U.S. statutory federal income tax	$	26,005	21.0	%
Increase (decrease) resulting from:
Tax credits
Research and development credit	(6,921)		(5.6)
Other	(140)		(0.1)
Nontaxable or nondeductible items

Nondeductible compensation	3,307		2.7
Other	110		0.1
Uncertain tax positions	1,619		1.3
Effect of cross-border tax laws	(273)		(0.2)



U.S. state and local income taxes, net of federal effect(1)	6,391		5.1


Foreign tax effects	398		0.3

Total	$	30,496	24.6	%

(1) U.S. state and local income taxes in California, New York, Illinois, Pennsylvania, and Wisconsin make up the majority (greater than 50%) of the tax effect in this category.

The following table reconciles the U.S. federal statutory income tax rate with our effective tax rate:


	Year Ended December 31,
	2024		2023
U.S. statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect	5.7		5.1
Tax impact of stock activity	(4.9)		(5.6)
Nondeductible compensation	3.2		4.7
Research and development credit	(1.5)		(1.5)
Foreign derived intangible income	(1.3)		(1.3)
Other	0.3		0.7
Effective tax rate	22.5	%	23.1	%

Summary of Significant Components of Deferred Tax Assets (Liabilities)

The significant components of our deferred income tax assets and liabilities were as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Deferred income tax assets
Net operating loss and credit carryforwards	$	15,699	$	10,722
Stock-based compensation expense	5,766		7,110
Accrued expenses	6,595		6,600
Operating lease liabilities	1,592		2,977
Research and development capitalized	17,686		26,788
Other deferred income tax assets	3,579		3,026
Gross deferred income tax assets	50,917		57,223
Less: valuation allowance	(4,343)		(2,965)
Total net deferred income tax assets	$	46,574	$	54,258

Deferred income tax liabilities
Deferred costs	$	(22,811)	$	(21,537)
Right-of-use assets	(1,051)		(1,893)
Depreciation and amortization	(53,768)		(44,556)
Other deferred income tax liabilities	(1,652)		(1,308)
Total deferred income tax liabilities	(79,282)		(69,294)
Net deferred income tax liabilities	$	(32,708)	$	(15,036)

Summary of Tax Loss Carryforwards, Net of Section 382 Limitations

Tax loss carryforwards, net of Section 382 limitations, were as follows:


	Year Ended December 31,
(in millions)	2025
Federal
Operating loss carryforwards	$	36.8
Operating loss carryforwards expected to expire unused due to Section 382 limitations	6.1
Federal operating loss carryforwards, net of Section 382 limitations	$	30.7

Other
State operating loss carryforwards	$	40.4
Foreign loss carryforwards	14.9
Total loss carryforwards, net of Section 382 limitations	$	86.0

Summary of Uncertain Tax Position

During the year ended December 31, 2025, we recorded an uncertain tax position. The activity for the uncertain tax position was as follows:


	Year Ended December 31,
(in thousands)	2025
Balance, beginning of year	$	—

Changes from uncertain tax positions taken in current period	1,619


Balance, end of year	$	1,619

Summary of Income Taxes Paid (Net of Refunds Received), by Jurisdiction

Income taxes paid (net of refunds received), by jurisdiction, were as follows:


	Year Ended December 31,
(in thousands)	2025
Federal	$	16,600
State
California	1,610
Other	5,070
Foreign
Canada	4,919
Other	693
	$	28,892

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2022		36,158,046
Beginning balance at Dec. 31, 2022	$ 537,073	$ 38	$ (128,892)	$ 476,117	$ 193,221	$ (3,411)
Beginning balance (in shares) at Dec. 31, 2022			2,151,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	42,975			42,975
Shares issued pursuant to stock awards (in shares)		598,361
Shares issued pursuant to stock awards	9,856	$ 1		9,855
Employee stock purchase plan activity (in shares)		63,641
Employee stock purchase plan activity	$ 8,114			8,114
Repurchases of common stock, net of costs (in shares)	0
Repurchases of common stock, net of costs	$ 0
Net income	65,824				65,824
Foreign currency translation adjustments	3,393					3,393
Unrealized gain on investments, net of tax	1,932					1,932
Reclassification of gain on investments into earnings, net of tax	(1,692)					(1,692)
Ending balance (in shares) at Dec. 31, 2023		36,820,048
Ending balance at Dec. 31, 2023	667,475	$ 39	$ (128,892)	537,061	259,045	222
Ending balance (in shares) at Dec. 31, 2023			2,151,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	51,668			51,668
Shares issued pursuant to stock awards (in shares)		557,151
Shares issued pursuant to stock awards	4,714	$ 1		4,713
Employee stock purchase plan activity (in shares)		61,979
Employee stock purchase plan activity	$ 9,827			9,827
Repurchases of common stock, net of costs (in shares)	205,331	205,331	205,331
Repurchases of common stock, net of costs	$ (37,567)		$ (37,567)
Reissuances of treasury stock (in shares)		427,461	427,461
Reissuances of treasury stock	91,424		$ 66,711	24,713
Net income	77,054				77,054
Foreign currency translation adjustments	(9,384)					(9,384)
Unrealized gain on investments, net of tax	1,089					1,089
Reclassification of gain on investments into earnings, net of tax	$ (1,610)					(1,610)
Ending balance (in shares) at Dec. 31, 2024	37,661,308	37,661,308
Ending balance at Dec. 31, 2024	$ 854,690	$ 40	$ (99,748)	627,982	336,099	(9,683)
Ending balance (in shares) at Dec. 31, 2024	1,928,968		1,928,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 50,629			50,629
Shares issued pursuant to stock awards (in shares)		359,540
Shares issued pursuant to stock awards	4,600	$ 0		4,600
Employee stock purchase plan activity (in shares)		98,594
Employee stock purchase plan activity	9,584			9,584
Shares withheld for net share settlement (in shares)		10,338	10,338
Shares withheld for net share settlement	$ (843)		$ (843)
Repurchases of common stock, net of costs (in shares)	969,965	969,965	969,965
Repurchases of common stock, net of costs	$ (115,010)		$ (115,010)
Reissuances of treasury stock (in shares)		378,100	378,100
Reissuances of treasury stock	67,594		$ 37,652	29,942
Net income	93,339				93,339
Foreign currency translation adjustments	9,310					9,310
Unrealized gain on investments, net of tax	0
Reclassification of gain on investments into earnings, net of tax	$ 0
Ending balance (in shares) at Dec. 31, 2025	37,517,239	37,517,239
Ending balance at Dec. 31, 2025	$ 973,893	$ 40	$ (177,949)	$ 722,737	$ 429,438	$ (373)
Ending balance (in shares) at Dec. 31, 2025	2,531,171		2,531,171

General

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

Business Description

SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic.

Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SPS Commerce, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Foreign Currency Translation

The functional currency of our foreign operations is generally the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts using current exchange rates in effect as of the balance sheet date and for revenue and expense accounts using an average exchange rate during the year. The translation adjustments are deferred as a component of other comprehensive income (expense) within the consolidated statements of comprehensive income and the consolidated statements of stockholders' equity. Gains or losses resulting from transactions denominated in foreign currencies are included in other income, net in our consolidated statements of comprehensive income.

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Business Combinations

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

Assets acquired include tangible and intangible assets. We use estimates and assumptions that we believe are reasonable as a part of the purchase price allocation, which includes the process to determine the fair value of purchased intangible assets and the process to determine the value of any contingent consideration liabilities. We value identifiable intangible assets using variants of the income approach, such as the relief-from-royalty and multi-period excess earnings methods. The income approach uses estimates such as future expected cash flows from acquired customers and developed technology from a market participant perspective, useful lives, and discount rates to estimate the fair values of the identifiable intangible assets. We record the acquisition-date fair value of any contingent liabilities, such as earn-out provisions, as part of the consideration transferred, if present. The unsettled earn-out liability, if any, is subsequently remeasured at each reporting date at fair value through earnings.

While we believe these estimates and assumptions are reasonable, they are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of the assets acquired and the liabilities assumed. Any such adjustments would be recorded as an offset to goodwill or a working capital purchase price adjustment as applicable. Upon the conclusion of the measurement period or final determination of the fair values, whichever comes first, any subsequent adjustments would be recorded in our consolidated statements of comprehensive income.

Segment Information

The single operating and reporting segment we have is Supply Chain Management Solutions. This segment derives revenues from customers by providing access to our cloud-based supply chain management services, primarily under subscription-based service arrangements.

Our Chief Executive Officer acts as the Company’s chief operating decision maker (“CODM”). Our CODM primarily reviews revenue, consolidated net income, and consolidated Adjusted EBITDA for purposes of allocating resources and evaluating financial performance. These measures are used to monitor budget versus actual results as well as trends versus historical performance, which are the CODM's primary considerations to assess performance. The CODM does not use an asset measure to allocate resources or evaluate the consolidated performance. There are no segment managers who are held accountable by the CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Adjusted EBITDA is a non-GAAP financial measure also reported in Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents in financial institutions in excess of federally insured limits, accounts receivable, and investments. Cash and cash equivalents are held with financial institutions that we believe are subject to minimal risk. Concentrations of credit risk with respect to accounts receivable are subject to the financial condition of our customers, which are routinely assessed for potential credit losses. We believe that the receivable credit risk exposure is limited. Our investment policy limits the amount of credit exposure with any one financial institution or commercial issuer and sets requirements regarding credit rating and investment maturities to safeguard liquidity and minimize risk.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of less than 90 days.

Investments

Securities classified as available for sale are carried at fair value and the unrealized gains and losses on these investments, net of taxes, are included in accumulated other comprehensive gain (loss) in the consolidated balance sheets. Realized gains or losses are included in other income (expense), net in the consolidated statements of comprehensive income, on a specific identification basis. Certain securities accrue interest that is included in other income (expense), net as investment income. Investment income includes interest earned on securities, net of amortization of premiums and accretion of discounts from the purchase of available for sale securities, and interest earned on our cash and cash equivalents. If a determination has been made that the fair value of a marketable security is below its amortized cost basis, the portion of the unrealized loss that corresponds to a credit-related factor is realized through a credit allowance on the marketable security and the equivalent expense is realized in other income (expense), net in the consolidated statements of comprehensive income.

Fair Value Measurements

The carrying amounts of our short-term financial instruments, which include cash, cash equivalents, accounts receivable, and accounts payable, approximates fair value due to their short-term nature.

Recurring Fair Value Measurements

We measure certain financial assets at fair value on a recurring basis based on a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that are used to measure fair value are:

•Level 1 – quoted prices in active markets for identical assets or liabilities.

•Level 2 – observable inputs other than Level 1 prices, such as (a) quoted prices for similar assets or liabilities, (b) quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or (c) model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 – unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

Nonrecurring Fair Value Measurements

We measure certain assets and liabilities at fair value on a nonrecurring basis, including long-lived assets, goodwill, and indefinite-lived intangible assets.

Accounts Receivable

Accounts receivable are initially recorded upon the sale and invoicing of products to customers. Credit is granted in the normal course of business without collateral. Accounts receivable are stated net of allowances for credit losses, which represent estimated losses resulting from customers not making required payments on accounts receivables. When determining the allowance, we pool our outstanding accounts receivable invoices based on the contractual due date of payment. We take several factors into consideration for estimated credit losses by pool, primarily our historical credit losses, with additional adjustments made for current and future macro-economic conditions and retail bankruptcy trends. We write-off accounts receivable when they are determined to be uncollectible. Changes in the allowance are recorded as bad debt expense and are included in general and administrative expense in our consolidated statements of comprehensive income.

Property and Equipment

Property and equipment, including assets acquired under lease obligations, are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense is calculated using the straight-line method over the estimated useful lives, commencing on the earlier date in which the asset is placed in service or ready for its intended use.

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Significant additions or improvements extending asset lives beyond one year are capitalized, while repairs and maintenance are charged to expense as incurred. The assets and related accumulated depreciation and amortization are adjusted for asset retirements and disposals with the resulting gain or loss included in our consolidated statements of comprehensive income.

We capitalize and amortize eligible costs to acquire or generate internally developed software that are incurred during the application development stage, which include costs related to the design of the chosen path, coding, installation of the hardware necessary to run the software, and any testing done before the operational stage. Costs incurred during the preliminary project stage and post-implementation stage are expensed as incurred. Additionally, maintenance of internally developed software is expensed as incurred.

Leases

We determine if an arrangement is a lease at inception. Operating leases with initial terms longer than 12 months are included in operating lease right-of-use assets, current operating lease liabilities, and non-current operating lease liabilities in our consolidated balance sheets.

Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the implicit interest rate when readily determinable. We estimate the discount rate for a similar collateralized asset by estimating costs of borrowing. The operating lease ROU asset also includes any lease payments made and lease incentives that have been or are deemed probable to be incurred. The options to extend our leases are not recognized as part of our ROU assets and lease liabilities unless it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For all leases, we combine non-lease components with the related lease components and account for it as a single lease component. The ROU assets are subject to the same impairment process as our long-lived assets. Additionally, we review our lease liabilities for remeasurement whenever there is a triggering event or when relevant facts and circumstances change.

Variable lease payments primarily consist of common area maintenance charges and real estate taxes, which are based on our pro rata share of actual costs incurred by the landlord. These variable lease payments are excluded from the measurement of our operating lease right-of-use assets and lease liabilities and are recognized as lease cost in the period in which the obligation for those payments is incurred.

Research and Development

Research and development costs primarily include development, maintenance, and data conversion activities related to our cloud-based supply chain management products and are expensed as incurred. Research and development costs are net of amounts capitalized as internally developed software.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is attributed to a trained workforce and other buyer-specific value resulting from expected synergies, including long-term cost savings, which are not included in the fair values of identifiable assets.

We test goodwill for impairment annually at November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is conducted by comparing the fair value of the net assets with the carrying amount of the reporting unit. We determine the fair value of our single reporting unit based on our market capitalization at the testing date. If the carrying amount exceeds the fair value of the reporting unit, we would recognize an impairment loss in the consolidated statements of comprehensive income, to the extent that the carrying amount exceeds fair value.

Intangible Assets

Assets acquired in business combinations may include identifiable intangible assets such as customer relationships and developed technology. We recognize the fair value of the identifiable intangible assets acquired separately from goodwill. We have determined the fair value and useful lives of our purchased intangible assets using certain estimates and assumptions that we believe are reasonable. The purchased intangible assets are being amortized on a straight-line basis over their estimated useful lives.

The estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Customer relationships			7-10 years
Developed technology			5-10 years

Impairment of Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of a long-lived asset is not recoverable if the carrying amount of an asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets at the date it is tested for recoverability, whether in use or under development. An impairment loss is measured and recorded as an expense in the consolidated statements of comprehensive income as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Revenue Recognition

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services.

We determine revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, we satisfy a performance obligation

See Note C for further descriptions of our revenue recognition policy.

Deferred Costs

Deferred costs are those that are incurred to fulfill or obtain customer contracts and that are considered incremental and recoverable costs. These consist primarily of customer implementation costs and certain commissions paid to sales personnel and referral partners, respectively, at contract inception. These costs are deferred and amortized over the expected period of benefit which we have determined primarily to be two years.

Customer implementation costs are based on actual costs incurred. Related amortization expense is included in cost of revenues in the consolidated statements of comprehensive income.

Sales commissions are calculated based on estimated annual recurring revenue to be generated over the customer’s initial contract period. Related amortization expense is included in sales and marketing expenses in the consolidated statements of comprehensive income.

Stock-Based Compensation

Stock-based compensation includes grants of incentive and nonqualified stock options, performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”), employee stock purchase plan (“ESPP”) activity, and 401(k) stock match and is used to compensate employees, executive officers, and non-employee directors.

We recognize the cost of all stock-based payments based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award or the award performance period, except for expenses relating to retirement-eligible employees that have not given their required notice, which is recognized on a pro-rata basis over the notice period prior to retirement. For all awards, we recognize forfeitures as they occur.

RSAs result in the issuance of new shares of common stock when granted. For other stock-based awards, new shares of common stock are issued when the award is exercised, vested, or released according to the terms of the agreement.

Our ESPP allows participating employees to purchase shares of our common stock at a discount through payroll deductions. The plan is available to all employees subject to certain eligibility requirements. Participating employees may purchase common stock, on a voluntary after-tax basis, at a price that is the lower of 85% of the fair market value of our common stock at the beginning or end of each stock purchase period. The plan is a Type B plan, so the number of shares a participants can acquire is variable. Participants purchase more shares as the stock price decreases, up to the total amount originally elected to withhold at the beginning of the offering period. The plan consists of two six-month offering periods, beginning on January 1 and July 1 of each calendar year.

The fair value of stock options and ESPP activity is estimated using the Black-Scholes option valuation model. The fair value for RSAs, RSUs, and DSUs is the closing market value of the underlying stock on the date of grant less the purchase price (if any). The fair value of PSUs is estimated using a Monte Carlo simulation.

Judgment is required in determining the expected volatility of common stock and the expected term individuals will hold their share-based awards prior to exercising. The expected volatility of the options is based on the historical volatility of our common stock. The expected term of the options is derived from historical data on option holder exercises and post-vesting employment termination behavior.

Additional valuation inputs include our expected non-issuance of future common stock dividends and the risk-free interest rate that is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equaling the expected life at the grant date. For PSUs, the Monte Carlo simulation utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award.

Share Repurchases and Reissuances

Share repurchases, reflected as treasury stock on the consolidated balance sheets, are accounted for as the trade date occurs and are reflected net of the costs incurred to acquire the shares. Share repurchases that have not yet settled in cash are included in accounts payable in the consolidated balance sheets. Treasury stock reissuances are accounted for using the specific identification method, with gains (or losses to the extent of previously recognized gains) recognized in additional paid-in capital and any remaining loss recorded in retained earnings in the consolidated financial statements.

Income Taxes

We account for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax positions are reduced by a valuation allowance when, in our judgment, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax positions are net by jurisdiction on the consolidated balance sheet.

We assess our ability to realize our deferred tax assets at the end of each reporting period. Realization of our deferred tax assets is contingent upon future taxable earnings. Accordingly, this assessment requires estimates and judgment. If the estimates of future taxable income vary from actual results, our assessment regarding the realization of these deferred tax assets could change. Future changes in the estimated amount of deferred taxes expected to be realized will be reflected in our consolidated financial statements in the period the estimate is changed, with a corresponding adjustment to our operating results.

We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would “more likely than not” sustain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.

We are subject to income taxes for U.S. federal and various state and international jurisdictions. We are generally subject to U.S. federal and state tax examinations for most prior tax years due to our net operating loss and research & development credit carryforwards and the utilization of the carryforwards in years still open under statute. The deferred tax asset for the federal net operating loss carryforward is reported net of the Section 382 limitations.

When applicable, the Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Income Per Share

Basic net income per share has been computed using the weighted average number of shares of common stock outstanding during each period. Diluted net income per share also includes the impact of our outstanding potential common shares. Potential common shares that are anti-dilutive are excluded from the calculation of diluted net income per share.

Accounting Pronouncements Recently Adopted

Standard

Date of Issuance

Description

Date of Adoption

Effect on the Financial Statements

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

December 2023

This amendment requires that an entity disclose specific categories in the effective tax rate reconciliation table as well as provide disclosure of disaggregated information related to income tax expense, income before income taxes, and income taxes paid.

2025

The prospective adoption resulted in additional disclosure in our Annual Report on
Form 10-K for the year ended December 31, 2025. See Note L, Income Taxes, for further discussion on the adoption of the ASU.

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Date of Required Adoption

Effect on the Financial Statements

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)

November 2024

This amendment requires that an entity disclose in its notes to financial statements specified information about certain costs and expenses.

2027

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

July 2025

This amendment allows for entities to elect a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

2026
(optional)

We are currently evaluating the election of the practical expedient, but do not expect a material impact on our financial statements and related disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

September 2025

This amendment modernizes the accounting for software costs under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software by removing all references to software development project stages. The amendment requires an entity to begin capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended.

2028

We are currently evaluating the adoption on our financial statements and related disclosures.

ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvement

December 2025

The amendments in this update result in a comprehensive list of interim disclosures that are required by GAAP. The objective of the amendments is to provide clarity about the current requirements, rather than
evaluate whether to expand or reduce interim disclosure requirements.

2028

We are currently evaluating the adoption on our interim financial statements and related disclosures.

Retirement Contributions - Narrative (Details)	12 Months Ended
Retirement Contributions - Narrative (Details)	Dec. 31, 2025
Retirement Benefits [Abstract]
Maximum allowable contribution by employee percentage	80.00%
Defined benefit plan employer matching contribution percent	50.00%
Maximum annual contribution per employee, percent	6.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 151,355	$ 241,017
Accounts receivable	75,295	56,214
Allowance for credit losses	(7,129)	(4,179)
Accounts receivable, net	68,166	52,035
Deferred costs	66,693	65,342
Other assets	49,090	23,513
Total current assets	335,304	381,907
Property and equipment, net	43,117	37,547
Operating lease right-of-use assets	5,025	8,192
Goodwill	541,719	399,180
Intangible assets, net	215,815	181,294
Other assets
Deferred costs, non-current	20,719	20,572
Deferred income tax assets	493	505
Other assets, non-current	7,667	2,033
Total assets	1,169,859	1,031,230
Current liabilities
Accounts payable	13,757	8,577
Accrued compensation	47,577	47,160
Accrued expenses	13,074	12,108
Deferred revenue	75,590	74,256
Operating lease liabilities	4,353	4,583
Total current liabilities	154,351	146,684
Other liabilities
Deferred revenue, non-current	5,288	6,189
Operating lease liabilities, non-current	2,839	7,885
Deferred income tax liabilities	33,201	15,541
Other liabilities, non-current	287	241
Total liabilities	195,966	176,540
Commitments and contingencies (Note I)
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value; 110,000,000 shares authorized; 40,048,410 and 39,590,276 shares issued; and 37,517,239 and 37,661,308 shares outstanding, respectively	40	40
Treasury stock, at cost; 2,531,171 and 1,928,968 shares, respectively	(177,949)	(99,748)
Additional paid-in capital	722,737	627,982
Retained earnings	429,438	336,099
Accumulated other comprehensive loss	(373)	(9,683)
Total stockholders’ equity	973,893	854,690
Total liabilities and stockholders’ equity	$ 1,169,859	$ 1,031,230

Retirement Contributions - Summary of Total Contribution to the Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement contributions	$ 8,518	$ 7,849	$ 6,627

Goodwill and Intangible Assets, Net - Schedule of Activity in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill [Roll Forward]
Balance, beginning of year	$ 399,180
Addition from business acquisitions	136,272
Foreign currency translation	6,570
Remeasurement from provisional purchase accounting amount and other	(303)
Balance, end of year	$ 541,719

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Other Income and Expense

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Income and Expense

Other income, net included the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Investment income	$	4,649	$	10,582	$	7,660
Realized gain from investments held and foreign currency impact on cash and investments	388		115		1,726
Other income (expense), net	495		(104)		(1,071)
Total other income, net	$	5,532	$	10,593	$	8,315

Business Acquisitions - Narrative (Details) $ in Thousands, $ in Millions						12 Months Ended
	Feb. 04, 2025 USD ($) shares	Jul. 31, 2024 USD ($) shares	May 08, 2024 USD ($) shares	Apr. 10, 2024 USD ($)	Apr. 10, 2024 CAD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Payments to acquire businesses, net of cash acquired						$ 142,628	$ 147,924	$ 70,218
Goodwill						$ 541,719	$ 399,180
Carbon6
Business Combination [Line Items]
Consideration transferred, net of cash acquired	$ 210,200
Payments to acquire businesses, net of cash acquired	$ 142,500
Number of shares issued in business combination (in shares) \| shares	378,100
Value of common stock transferred	$ 67,672
Total consideration	212,527
Cash paid	144,855
Goodwill	136,272
Carbon6 \| Customer relationships
Business Combination [Line Items]
Intangible assets	44,535
Carbon6 \| Developed technology
Business Combination [Line Items]
Intangible assets	$ 29,370
SupplyPike
Business Combination [Line Items]
Consideration transferred, net of cash acquired		$ 205,800
Payments to acquire businesses, net of cash acquired		$ 118,600
Number of shares issued in business combination (in shares) \| shares		404,587
Value of common stock transferred		$ 87,156
Total consideration		211,925
Cash paid		124,769
Goodwill		133,829
SupplyPike \| Customer relationships
Business Combination [Line Items]
Intangible assets		62,967
SupplyPike \| Developed technology
Business Combination [Line Items]
Intangible assets		$ 21,090
Traverse Systems
Business Combination [Line Items]
Number of shares issued in business combination (in shares) \| shares			22,874
Value of common stock transferred			$ 4,400
Total consideration			29,400
Cash paid			25,000
Goodwill			18,400
Traverse Systems \| Customer relationships
Business Combination [Line Items]
Assets acquired			7,700
Traverse Systems \| Developed technology
Business Combination [Line Items]
Assets acquired			$ 3,600
Vision33's SAP Business One SPS Integration Technology
Business Combination [Line Items]
Total consideration				$ 4,300	$ 5.8
Cash paid				3,300	$ 4.5
Goodwill				$ 2,200
Business acquisition, remainder payable term				2 years	2 years
Vision33's SAP Business One SPS Integration Technology \| Customer relationships
Business Combination [Line Items]
Intangible assets				$ 400
Vision33's SAP Business One SPS Integration Technology \| Developed technology
Business Combination [Line Items]
Intangible assets				$ 1,700

Commitments and Contingencies - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,709	$ 3,420	$ 3,123
Variable lease cost	2,767	3,685	3,771
Total lease expense	$ 6,476	$ 7,105	$ 6,894

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

The SPS Commerce Foundation (the “Foundation”) is a Minnesota non-profit organization exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code. The Foundation was formed in 2015 to engage in, advance, support, promote, and administer charitable activities. The directors of the Foundation are also our executive officers. These directors receive no compensation from the Foundation or us for the management services performed for the Foundation. The Foundation is not a subsidiary of ours and the financial results of the Foundation are not consolidated with our financial statements. We have no current legal obligations for future commitments to the Foundation. Contributions to the Foundation were recorded in general and administrative expense in our consolidated statements of comprehensive income. The activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Foundation contributions	$	3,000	$	3,250	$	2,300

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have an established security program and framework based on ISO/IEC 27001 (“Security Program”) and maintain ISO/IEC 27001:2022, SOC 1 Type 2, and multiple SOC 2 Type 2 certifications. The Security Program has been established to allow management oversight of cybersecurity risks, institute directives and principles for information security, ensure alignment to regulatory and contractual cybersecurity obligations, and enable timely incident response and remediation. Our information security team has implemented and continues to maintain various technical, physical, and administrative controls as the foundation of our Security Program, which are designed to help us identify, manage, prevent, and mitigate risks from cybersecurity threats, including, but not limited to, incident detection systems and response plans, vulnerability management tools and processes, risk assessments, disaster recovery and business continuity plans, access controls, asset management, logging and monitoring, security awareness training, and third-party risk management programs. Our information security team actively monitor and evaluate our networks, systems, data, and security risk profile to identify and assess cybersecurity risks. We use a variety of methods to identify and evaluate these risks using manual and automated tools and processes, including, network scans, vulnerability and maturity assessments, and subscribing to services and reports providing threat intelligence. In doing so, risks are assessed for criticality, prioritized in context of our business, and communicated to stakeholders for engagement as needed. We use a variety of third-party service providers to support and execute on our Security Program. These third parties provide cybersecurity consulting services, cybersecurity software, penetration testing, audits, and other professional services to aid us in identifying, assessing, and managing risks from cybersecurity threats. The Security Program is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2023, has over 10 years of experience leading cybersecurity programs in a large, publicly traded, international enterprise, and is a Certified Information Systems Security Professional ("CISSP"). Our Executive Security Steering Committee ("ESSC"), comprised of selected members of leadership, assesses and manages any material risks from cybersecurity threats and manages our Security Program. The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management. While we have experienced cybersecurity incidents and expect to continue to be subject to such incidents, to date, we have not experienced any cybersecurity incidents that have materially affected our business, financial condition, or operations. However, we are subject to ongoing risks from cybersecurity threats that could materially affect us, including our business, financial condition, or results of operations, as further described in Part I, Item 1A, “Risk Factors” of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Security Program has been established to allow management oversight of cybersecurity risks, institute directives and principles for information security, ensure alignment to regulatory and contractual cybersecurity obligations, and enable timely incident response and remediation.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee of our Board of Directors oversees our risk management processes related to cybersecurity risks and is regularly informed of such risks through presentations or reports from our CISO. Through committee reports, the Audit Committee apprises the full Board of Directors of any significant cybersecurity updates. In addition, our security incident response plan includes reporting certain cybersecurity incidents to our Audit Committee. Finally, our Board of Directors reviews cybersecurity risks on an annual basis, including discussing with management, our CISO, and members of the ESSC our strategy surrounding prevention, detection, mitigation, and remediation of potential security threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Security Program is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2023, has over 10 years of experience leading cybersecurity programs in a large, publicly traded, international enterprise, and is a Certified Information Systems Security Professional ("CISSP"). Our Executive Security Steering Committee ("ESSC"), comprised of selected members of leadership, assesses and manages any material risks from cybersecurity threats and manages our Security Program. The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Executive Security Steering Committee ("ESSC"), comprised of selected members of leadership, assesses and manages any material risks from cybersecurity threats and manages our Security Program. The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management.
Cybersecurity Risk Role of Management [Text Block]	The Security Program is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2023, has over 10 years of experience leading cybersecurity programs in a large, publicly traded, international enterprise, and is a Certified Information Systems Security Professional ("CISSP"). Our Executive Security Steering Committee ("ESSC"), comprised of selected members of leadership, assesses and manages any material risks from cybersecurity threats and manages our Security Program. The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Security Program is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2023, has over 10 years of experience leading cybersecurity programs in a large, publicly traded, international enterprise, and is a Certified Information Systems Security Professional ("CISSP"). Our Executive Security Steering Committee ("ESSC"), comprised of selected members of leadership, assesses and manages any material risks from cybersecurity threats and manages our Security Program. The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Security Program is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2023, has over 10 years of experience leading cybersecurity programs in a large, publicly traded, international enterprise, and is a Certified Information Systems Security Professional ("CISSP").
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO and information security team provide regular updates to the ESSC on our Security Program and, in accordance with our security incident response plan, escalate applicable cybersecurity threats or incidents to the ESSC for review and management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 4,179	$ 3,320	$ 3,066
Provision for credit losses	9,918	7,683	5,707
Write-offs, net of recoveries	(6,968)	(6,824)	(5,453)
Balance, end of year	$ 7,129	$ 4,179	$ 3,320

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2027 USD ($)	Oct. 31, 2025 USD ($) ft²
Lessee Lease Description [Line Items]
Operating lease, leased area \| ft²		198,000
Lease incentives		$ 33
Forecast
Lessee Lease Description [Line Items]
Lease incentives, expects to be utilized during future period	$ 23

Commitments and Contingencies -Summary of Supplemental Balance Sheet Information Related to Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	11 years	2 years 4 months 24 days
Weighted-average discount rate	6.00%	4.30%

General - Summary of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Internally developed software
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	3 years
Computer equipment
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	3 years
Office equipment and furniture \| Minimum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	5 years
Office equipment and furniture \| Maximum
Schedule of Accounting Policies [Line Items]
Estimated Useful Life	7 years

General (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description

Basis of Presentation

Foreign Currency Translation

Use of Estimates

Business Combinations

Segment Information

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of less than 90 days.

Investments

Fair Value Measurements

The carrying amounts of our short-term financial instruments, which include cash, cash equivalents, accounts receivable, and accounts payable, approximates fair value due to their short-term nature.

Recurring Fair Value Measurements

•Level 1 – quoted prices in active markets for identical assets or liabilities.

•Level 3 – unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

Nonrecurring Fair Value Measurements

We measure certain assets and liabilities at fair value on a nonrecurring basis, including long-lived assets, goodwill, and indefinite-lived intangible assets.

Accounts Receivable

Property and Equipment

The estimated useful lives of property and equipment were as follows:


			Estimated Useful Life
Internally developed software			3 years
Computer equipment			3 years
Office equipment and furniture			5-7 years
Leasehold improvements			Shorter of the useful life of the asset or the remaining term of the lease

Leases

Research and Development

Goodwill

Intangible Assets

The estimated useful lives for intangible assets were as follows:


			Estimated Useful Life
Customer relationships			7-10 years
Developed technology			5-10 years

Impairment of Long-Lived Assets

Revenue Recognition

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services.

We determine revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, we satisfy a performance obligation

See Note C for further descriptions of our revenue recognition policy.

Deferred Costs

Customer implementation costs are based on actual costs incurred. Related amortization expense is included in cost of revenues in the consolidated statements of comprehensive income.

Stock-Based Compensation

Share Repurchases and Reissuances

Income Taxes

When applicable, the Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Income Per Share

Accounting Pronouncements Recently Adopted and Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Recently Adopted

Standard

Date of Issuance

Description

Date of Adoption

Effect on the Financial Statements

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

December 2023

2025

Accounting Pronouncements Not Yet Adopted

Standard

Date of Issuance

Description

Date of Required Adoption

Effect on the Financial Statements

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)

November 2024

This amendment requires that an entity disclose in its notes to financial statements specified information about certain costs and expenses.

2027

We are currently evaluating the adoption on our financial statements and anticipate the impact will result in additional disclosure.

ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

July 2025

2026
(optional)

We are currently evaluating the election of the practical expedient, but do not expect a material impact on our financial statements and related disclosures.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)

September 2025

2028

We are currently evaluating the adoption on our financial statements and related disclosures.

ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvement

December 2025

2028

We are currently evaluating the adoption on our interim financial statements and related disclosures.

Revenue - Summary of Deferred Revenue Liability Relating to Set-Up Fees (Details) - Set-Up Fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Revenue Arrangement [Roll Forward]
Balance, beginning of year	$ 16,735	$ 17,603
Invoiced set-up fees	14,486	16,915
Recognized set-up fees	(16,596)	(17,783)
Balance, end of year	$ 14,625	$ 16,735

Fair Value Measurements (Details) - Cash equivalents: - Money market funds - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Financial Instruments [Line Items]
Amortized Cost	$ 117,685	$ 178,417
Unrealized Gains (Losses), net	0	0
Fair Value	$ 117,685	$ 178,417

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

We derive our revenues from the following revenue streams:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Recurring revenues:
Fulfillment	$	637,648	$	523,704	$	436,702
Analytics	56,017		55,717		51,703
Other	24,310		20,668		13,608
Recurring revenues	717,975		600,089		502,013
One-time revenues	33,530		37,676		34,897
Total revenue	$	751,505	$	637,765	$	536,910

Revenues are the amount that reflects the consideration we are contractually and legally entitled to, as well as the amount we expect to collect, in exchange for those services.

Revenue by Geographic Area

Domestic revenue, which we define as revenue that was attributable to customers based within the U.S. was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic revenue	84	%	83	%	84	%

No single jurisdiction outside of the U.S. had revenues in excess of 10%.

Recurring Revenues

We define recurring revenue as active contracts during the reporting period under which the customer regularly pays us fees for subscription-based and reoccurring services. All components of the contracts that are not expected to recur (primarily set ups and professional services) are excluded from recurring revenue.

Revenue for subscription-based services is recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our contracts primarily range from monthly to annual and generally allow the customer to cancel the contract for any reason with 30 to 90 days’ notice. Timing of billings varies by customer and by contract type and are either in advance or within 30 days of the service being performed. Given that the recurring revenue contracts are generally for one year or less, we have applied the optional exemption to not disclose information about the remaining performance obligations for recurring revenue contracts.

One-time Revenues

One-time revenues consist of set-up fees and miscellaneous fees from customers.

Set-up revenues

Set-up fees, a component of our revenue, are specific for each connection a customer has with a trading partner. These nonrefundable fees are necessary for our customers to utilize our services and do not provide any standalone value. Many of our customers have connections with numerous trading partners.

Set-up fees constitute a material renewal option right that provide customers a significant future incentive that would not be otherwise available to that customer unless they entered into the contract, as the set-up fees will not be incurred again upon contract renewal. As such, set-up fees and related costs are deferred and recognized ratably, generally over two years, which is the estimated period for which a material right is present for our customers.


	Year Ended December 31,
(in thousands)	2025		2024
Balance, beginning of year	$	16,735	$	17,603
Invoiced set-up fees	14,486		16,915
Recognized set-up fees	(16,596)		(17,783)
Balance, end of year	$	14,625	$	16,735

Miscellaneous one-time revenues

Miscellaneous one-time fees primarily consist of professional services and testing and certification.

The contract period for these one-time fees is for one year or less and recognized at the time service is provided. We have applied the optional exemption to not disclose information about the remaining performance obligations for miscellaneous one-time fee contracts since they have original durations of one year or less.

Deferred Revenue

In the year ended December 31, 2025, we recognized revenue of $74.3 million from amounts included in deferred revenue at December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net - Summary of Percentage of Property and Equipment Net Located at Subsidiary and Office Locations Outside of United States (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
International property and equipment \| Geographic Concentration Risk \| International property and equipment
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	26.00%	18.00%

- Definition

+ References + Details

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The activity in goodwill was as follows:


	Year Ended December 31,
(in thousands)	2025
Balance, beginning of year	$	399,180
Addition from business acquisitions	136,272
Foreign currency translation	6,570
Remeasurement from provisional purchase accounting amount and other(1)	(303)
Balance, end of year	$	541,719

(1) Refer to Note B – Business Acquisitions for further information.

Intangible Assets

Intangible assets, net consisted of the following:


	December 31, 2025
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	214,451	$	(70,050)	$	2,019	$	146,420	6.6 years
Developed technology	105,599		(37,198)		994		69,395		6.1 years
	$	320,050	$	(107,248)	$	3,013	$	215,815	6.4 years


	December 31, 2024
($ in thousands)	Gross Carrying Amount		Accumulated Amortization		Foreign Currency Translation		Net		Weighted Average Remaining Amortization Period
Customer relationships	$	178,147	$	(47,432)	$	(1,715)	$	129,000	7.3 years
Developed technology	77,108		(24,111)		(703)		52,294		5.7 years
	$	255,255	$	(71,543)	$	(2,418)	$	181,294	6.9 years

Amortization expense of intangible assets was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Amortization expense	$	37,169	$	23,510	$	16,116

The estimated future annual amortization expense related to intangible assets is as follows:


(in thousands)
2026	$	37,456
2027	36,991
2028	35,654
2029	29,191
2030	26,992
Thereafter	49,531
Total future amortization	$	215,815

Net Income Per Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	511	55	36

Stock-Based Compensation - Summary of ESPP Activity (Details) - Employee Stock Purchase Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts for shares purchased	$ 9,584	$ 9,827	$ 8,114
Shares purchased (in shares)	98,594	61,979	63,641

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Weighted Average Fair Value Per Share of Options Granted, Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Life (in years)	3 years 10 months 24 days	4 years 1 month 6 days	4 years 1 month 6 days
Volatility	37.10%	36.60%	39.30%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	4.20%	4.30%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details