0001092699-26-000063
SEC filingSPS Commerce Q2营收超指引上限，AI产品MAX带来增长动能，但净利因业务剥离大幅下滑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $197.8M | $187.4M | +6% |
| Gross Margin | 70.2% | 68.1% | +210bps |
| Operating Income | $8.4M | $26.5M | -68% |
| Net Income | $6.9M | $19.7M | -65% |
| Diluted EPS (GAAP) | $0.19 | $0.52 | -63% |
| Non-GAAP Income | $46.4M | $38.0M | +22% |
| Non-GAAP Diluted EPS | $1.27 | $1.00 | +27% |
| Adjusted EBITDA | $66.6M | $56.1M | +19% |
| Adjusted EBITDA Margin | 34% | 30% | +400bps |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Revenue | $196.3M - $198.3M | GAAP |
| Q3 2026 | Net Income per Diluted Share | $0.72 - $0.76 | GAAP |
| Q3 2026 | Non-GAAP Income per Diluted Share | $1.20 - $1.23 | Non-GAAP |
| Q3 2026 | Adjusted EBITDA | $67.4M - $69.4M | Non-GAAP |
| FY 2026 | Revenue | $788.4M - $793.4M | GAAP |
| FY 2026 | Net Income per Diluted Share | $2.24 - $2.33 | GAAP |
| FY 2026 | Non-GAAP Income per Diluted Share | $4.84 - $4.93 | Non-GAAP |
| FY 2026 | Adjusted EBITDA | $264.6M - $269.1M | Non-GAAP |
简评
SPS Commerce 二季度营收 $197.8M，同比增长 6%，超出指引上限，主要受核心业务 upsell/cross-sell 动能驱动。毛利率从 68.1% 提升至 70.2%，Adjusted EBITDA 利润率达 34%，同比提升 400 个基点，显示运营杠杆持续释放。Non-GAAP 每股收益 $1.27，同比增长 27%，反映盈利能力强劲。然而，GAAP 净利仅 $6.9M，同比大幅下滑 65%，主因 6 月 30 日完成剥离 3P Revenue Recovery 业务产生 $23.5M 亏损，属一次性项目。
管理层强调 AI 产品 MAX 已为 beta 用户带来显著价值，单个客户三个月内节省数十万美元，夏季将向所有 Fulfillment 客户推出，是未来增长的重要催化剂。CFO 指出公司"exceeding our margin expansion goals"，同时推进 AI 战略。全年指引考虑剥离影响，营收预期 $788.4M-$793.4M（同比增 5%-6%），Adjusted EBITDA 利润率中点 34%，较 2025 年提升约 300 个基点。Q2 回购 $51.2M，上半年累计回购 $98.4M，持续回报股东。