0001092699-26-000057 | 11-K | XBRL Viewer

EBP, Schedule of Asset Held for Investment [Line Items]

Form 5500, Schedule H, Part IV, Line 4(i) Schedule of Assets (Held at End of Year)

SPS COMMERCE, INC.

401(K) RETIREMENT SAVINGS PLAN

EIN: 41-2015217, Plan: 001

Form 5500, Schedule H, Part IV, Line 4(i)

Schedule of Assets (Held at End of Year)

As of December 31, 2025

Identity of issuer, borrower, lessor, or similar party

Description of investment including maturity date, rate of interest, collateral, par, or maturity value

Cost

Current value

Collective trust funds

Vanguard

Target Retirement 2055 Fund

37,114,282

Vanguard

Target Retirement 2050 Fund

33,428,634

Vanguard

Target Retirement 2045 Fund

30,463,895

Vanguard

Target Retirement 2060 Fund

18,064,883

Vanguard

Target Retirement 2040 Fund

13,314,586

Vanguard

Target Retirement 2035 Fund

12,269,543

Vanguard

Target Retirement 2030 Fund

10,395,498

Vanguard

Target Retirement 2065 Fund

6,469,746

Vanguard

Target Retirement 2025 Fund

2,953,520

Prudential

Total Return Bond Fund

2,059,033

Union Bank and Trust Company

Morley Stable Value Fund

1,978,692

Vanguard

Target Retirement Income Fund

1,275,476

Vanguard

Target Retirement 2020 Fund

568,917

Vanguard

Target Retirement 2070 Fund

189,844

170,546,549

Mutual funds

Fidelity

Institutional 500 Index Fund

31,661,967

J.P. Morgan

Large Cap Growth Fund

12,657,101

Fidelity

Mid-Cap Index Fund

7,262,551

Fidelity

MFS Research International Fund

6,054,830

Fidelity

MFS Value Fund

4,633,621

Fidelity

Small Cap Growth Index Fund

3,534,899

Fidelity

Small Cap Value Index Fund

3,140,478

Fidelity

US Bond Index Fund

2,444,609

Fidelity

Total International Index Fund

2,289,161

Fidelity

Small Cap Index Fund

405,166

PIMCO

Income Institutional Fund

359,156

Principal

Mid-Cap Fund

154,919

John Hancock

Disciplined Value Mid-Cap Fund

53,231

74,651,689

SPS Commerce Stock

SPS Commerce, Inc.

Common Stock

10,714,050

Participant loans

Interest from 4.25% to 9.50% maturing through 2031

1,611,115

257,523,403

* Represents a party-in-interest

** Historical cost information not required for participant-directed investments

Party-in-Interest Transactions	12 Months Ended
Dec. 31, 2025
EBP 001
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Party-in-Interest Transactions	Party-in-Interest Transactions The Plan held 120,207 shares and 105,326 shares of common stock of the Company, the sponsoring employer, valued at $10.7 million and $19.4 million at December 31, 2025 and 2024, respectively. The investment and transactions in this investment qualify as party-in-interest transactions which are exempt from the prohibited transaction rules of ERISA. Plan investments include shares of mutual funds managed by Fidelity, the custodian as defined by the Plan; therefore, transactions in these investments qualify as exempt party-in-interest transactions. Certain employees of the Plan Sponsor provide administrative services to the Plan. These services are provided at no cost to the Plan. Party-in-interest transactions also include loans made to participants.

Plan Description - Vesting Schedule of Employer Contribution (Details) - EBP 001	12 Months Ended
Dec. 31, 2025
Hire date prior to January 1, 2018, immediately
EBP, Description of Plan [Line Items]
Vesting Percentage	100.00%
Hire date January 1, 2018 or after, less than two years of service
EBP, Description of Plan [Line Items]
Vesting Percentage	0.00%
Employer contribution, requisite service period	2 years
Hire date January 1, 2018 or after, two years or more of service
EBP, Description of Plan [Line Items]
Vesting Percentage	100.00%
Employer contribution, requisite service period	2 years

Summary of Significant Accounting Policies (Policies) - EBP 001	12 Months Ended
	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of Accounting	Basis of Accounting The accompanying financial statements have been prepared using the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Investment Valuation and Income (Loss) Recognition	Investment Valuation and Income (Loss) Recognition The Plan’s investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note C for discussion of fair value measurements. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis of accounting. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
Administrative Expenses	Administrative Expenses Plan administrative expenses, including investment fees, transaction fees, and investment management services, are charged to participant accounts as a percentage of assets invested. Plan administration fees, including audit and legal fees, are paid by the Plan Sponsor.
Benefits Paid to Participants & Contributions	Benefits Paid to Participants & Contributions Benefits paid to participants are recorded by the Plan when paid. Contributions are recorded by the Plan when paid.
Risk and Uncertainties and Concentration of Market Risk	Risks and Uncertainties The Plan invests in various investment securities that are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ balances and the amounts reported in the Statements of Net Assets Available for Benefits. Concentration of Market Risk At December 31, 2025 and 2024, 4% and 9% of the Plan’s net assets, respectively, were invested in the common stock of the Company. The underlying value of the Company’s common stock is entirely dependent upon the performance of the Company and the market’s evaluation of such performance. It is possible that changes in the fair value of the Company’s common stock in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Notes Receivable from Participants	Notes Receivable from Participants Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Delinquent notes are reclassified as distributions in the quarter subsequent to when a participant misses a scheduled repayment. No allowance for credit losses has been recorded as of December 31, 2025 and 2024.

Disclosure of accounting policy for use of estimate in preparation of financial statement of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Party-in-Interest Transactions (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investment, common stock value	$ 255,912,288	$ 211,089,047
SPS Commerce, Inc. common stock
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Investment, number of common stock (in shares)	120,207	105,326
Investment, common stock value	$ 10,714,050	$ 19,378,857

Fair value of investment, excluding plan interest in master trust, held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)). Includes, but is not limited to, derivative, investment measured at net asset value per share as practical expedient, and insurance contract not meeting fully-benefit responsive investment criteria.

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Fair Value Measurements - Schedule of Investment at Fair Value and NAV (Details) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	$ 255,912,288	$ 211,089,047
SPS Commerce, Inc. common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	10,714,050	19,378,857
Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	74,651,689	62,109,137
Common collective trust funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	170,546,549	129,601,053
Fair Value, Inputs, Level 1, Level 2, and Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	85,365,739	81,487,994
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| SPS Commerce, Inc. common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	10,714,050	19,378,857
Fair Value, Inputs, Level 1, Level 2, and Level 3 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	74,651,689	62,109,137
Level 1
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	85,365,739	81,487,994
Level 1 \| SPS Commerce, Inc. common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	10,714,050	19,378,857
Level 1 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	74,651,689	62,109,137
Level 2
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
Level 2 \| SPS Commerce, Inc. common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
Level 2 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
Level 3
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
Level 3 \| SPS Commerce, Inc. common stock
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
Level 3 \| Mutual funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	0	0
NAV \| Common collective trust funds
EBP, Investment, Fair Value and NAV [Line Items]
Total investments	$ 170,546,549	$ 129,601,053

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

Schedule of Investment at Fair Value and NAV

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Common stock	$	10,714,050	$	—	$	—	$	10,714,050
Mutual funds	74,651,689		—		—		74,651,689
Total assets in the fair value hierarchy	$	85,365,739	$	—	$	—	$	85,365,739
Common collective trust funds, measured at NAV							170,546,549
Investments at fair value							$	255,912,288

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Common stock	$	19,378,857	$	—	$	—	$	19,378,857
Mutual funds	62,109,137		—		—		62,109,137
Total assets in the fair value hierarchy	$	81,487,994	$	—	$	—	$	81,487,994
Common collective trust funds, measured at NAV							129,601,053
Investments at fair value							$	211,089,047

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.

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Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (Statement) - EBP 001 - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets
Non-interest bearing cash	$ 1,920	$ 2,142
Investments, at fair value
Total investments	255,912,288	211,089,047
Other receivables	4,721	0
Notes receivable from participants	1,611,115	1,261,443
Total receivables	1,615,836	1,261,443
Net assets available for benefits	257,530,044	212,352,632
Mutual funds
Investments, at fair value
Total investments	74,651,689	62,109,137
SPS Commerce, Inc. common stock
Investments, at fair value
Total investments	10,714,050	19,378,857
Common collective trust funds
Investments, at fair value
Total investments	$ 170,546,549	$ 129,601,053

Plan Description

12 Months Ended

Dec. 31, 2025

EBP, Description of Plan [Line Items]

Plan Description

The following description of the SPS Commerce, Inc. 401(k) Retirement Savings Plan (the “Plan”) is provided for general informational purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan, established on December 20, 1995, is a defined contribution plan subject to the provisions of ERISA and was most recently restated on May 1, 2024 when the Plan adopted the Fidelity Pre-Approved Defined Contribution Plan document. SPS Commerce, Inc. is the Plan administrator and sponsor (further referred to herein as the “Company,” “Plan Administrator,” or “Plan Sponsor”).

In May 2025, and in connection with the Company’s prior acquisition of all of the outstanding equity ownership interests of SupplyPike, Inc. (“SupplyPike”), the Company transferred the net assets from the defined contribution retirement plan that SupplyPike's eligible employees were participating in (the “SupplyPike Plan”) into the Plan. Total net assets transferred into the Plan were $5.9 million. Participants in the SupplyPike Plan became eligible in the Plan in January 2025.

Eligibility

All regular employees, upon attaining age 21, may become participants in the Plan on the first day of each Plan month for both participant deferrals and Company matching contributions. Additionally, participants are eligible to receive Company discretionary nonelective contributions on the first day of the month following one year of eligible service if they are employed as of the last day of the plan year.

Funding Policy

Pretax and Roth contributions made pursuant to participant election deferrals are permitted in whole percentages from 1% to 80% of the participant’s compensation, subject to limits established by law. Participants who will be age 50 or older by the end of the Plan year are permitted to make catch-up contributions. Participants may also make rollover contributions to the Plan from other qualified plans.

The Company matches half of the participant’s elective deferrals, up to the first 6% of the participant’s pre-tax compensation for each pay period. Half of the match is in Company stock, which is purchased in the open market by Fidelity Management Trust Company (“Fidelity”) and immediately deposited into the participant’s 401(k) account. The other half of the match is allocated in the same manner as the participant investment election(s).

The Company may make discretionary nonelective contributions at the discretion of the Company’s Board of Directors. No discretionary employer contributions were made during the year ended December 31, 2025.

Participants’ 401(k) Accounts

Participants’ accounts are credited with their contributions, employer matching contributions, discretionary employer contributions, earnings or losses thereon, and charged with an allocation of administrative expenses. Expense allocations are either pro-rata to each participant or based on each participant’s account balance, as defined by the Plan. The benefit to which a participant is entitled is the benefit which can be provided from the participant’s vested account.

Vesting

Each participant is fully vested in the portion of the participant’s account that relates to participant contributions and earnings thereon. Vesting in the employer matching and discretionary nonelective contribution portions of participant accounts, plus actual earnings thereon, is based on hire date and years of vesting service, as defined in the Plan document as follows:


Hire Date and Years of Service	Vesting Percentage
Hire date prior to January 1, 2018
immediately		100	%
Hire date January 1, 2018 or after
less than two years of service		0	%
two years or more of service		100	%

Plan participants from defined contribution retirement plans merged into the Plan are generally fully vested in all balances transferred into the Plan. All contributions made after entering the Plan follow normal Plan vesting terms, as noted above.

Forfeitures

Upon a participant’s termination, the unvested portion of the participant’s employer account is forfeited. Forfeitures remain in the Plan and are used to pay administrative expenses. Any remaining amounts are used to reduce future employer contributions payable under the Plan.

Notes Receivable from Participants

Participants may borrow from their accounts a minimum of $1,000 and a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Note terms range from one to five years and are secured by the balance in the participant’s account. A participant may have longer payment terms as determined by the Plan Administrator if the note is for the purchase of a principal residence. Participant notes receivable bear fixed interest based on the prevailing interest rates charged by other lending institutions for loans which would be made under similar circumstances. Principal and interest are paid ratably through payroll deductions for active participants. A participant may only have one outstanding loan at one time.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants shall be 100% vested in their accounts.

Benefits Paid to Participants

Upon termination of service due to death, disability, retirement, termination of employment, or other reasons as defined in the Plan, the participant may elect to receive an amount equal to the value of the participant’s vested interest in his or her account in the form of a lump-sum amount, in approximately equal installment payments, or rollover the entire vested portion to a qualified plan, depending on the participant’s account balance.

If the vested account balance does not exceed $1,000, a lump-sum distribution will be made. If the value of a separated participant’s vested balance is between $1,000 and $5,000, the Plan requires the vested balance to be transferred to an individual qualified retirement account. If the vested balance exceeds $5,000, a participant may elect to keep the vested account balance in the Plan, receive a lump-sum distribution, or rollover the entire vested portion to a qualified plan.

Participants are permitted withdrawals from their Plan accounts for financial hardships or upon attainment of age 59 1/2. Hardship withdrawals must be approved by the Plan Administrator.

Investment Options

Except for the Company stock portion of the Company matching contribution, all Plan investments are participant directed. Participants may direct the investment of their account balance into various funds and may transfer assets in their accounts between funds on a daily basis, including the Company stock portion of the Company matching contribution.

Plan Description - Narrative (Details) - EBP 001	12 Months Ended
Plan Description - Narrative (Details) - EBP 001	Dec. 31, 2025 USD ($) year loan
EBP, Description of Plan [Line Items]
Total net assets transferred into the Plan	$ 5,894,591
Minimum age to participate \| year	21
Requisite service period	1 year
Maximum annual compensation to total compensation, percentage	80.00%
Employer contribution, matching percentage	50.00%
Compensation matched percentage	6.00%
Minimum borrowing amount	$ 1,000
Maximum borrowing amount	$ 50,000
Maximum borrowing to total account, percentage	50.00%
Number of borrowing \| loan	1
Involuntary cash-out limit	$ 1,000
Involuntary transfer to a qualified plan limit	$ 5,000
Minimum
EBP, Description of Plan [Line Items]
Automatic deferral rate	1.00%
Borrowing term	1 year
Maximum
EBP, Description of Plan [Line Items]
Borrowing term	5 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

EBP, Investment, Fair Value and NAV [Line Items]

Fair Value Measurements

The Plan measures certain financial assets at fair value on a recurring basis based on a fair value hierarchy that requires the Plan 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 may be 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.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.

Common Stock: Valued at quoted market prices, as they are actively traded.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Common collective trust funds: Valued at the NAV of shares held by the Plan based on the fair value of its underlying assets reported in the fund’s audited financial statements. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it was determined to be probable that the funds will sell the underlying investments for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner.

The preceding methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Common stock	$	10,714,050	$	—	$	—	$	10,714,050
Mutual funds	74,651,689		—		—		74,651,689
Total assets in the fair value hierarchy	$	85,365,739	$	—	$	—	$	85,365,739
Common collective trust funds, measured at NAV							170,546,549
Investments at fair value							$	255,912,288

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Common stock	$	19,378,857	$	—	$	—	$	19,378,857
Mutual funds	62,109,137		—		—		62,109,137
Total assets in the fair value hierarchy	$	81,487,994	$	—	$	—	$	81,487,994
Common collective trust funds, measured at NAV							129,601,053
Investments at fair value							$	211,089,047

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.

The entire disclosure for fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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