SPS Commerce reported first quarter 2025 financial results with 21% year-over-year revenue growth, marking its 97th consecutive quarter of topline growth. Revenue reached $181.5 million, driven by a 23% rise in recurring revenue. Net income was $22.2 million ($0.58 per diluted share), up from $18.0 million ($0.48) a year prior. On a non-GAAP basis, income per diluted share was $1.00 versus $0.86. Adjusted EBITDA rose 22% to $54.4 million. The company also repurchased $40 million in shares during the quarter.

For Q2 2025, revenue is expected between $184.5 million and $186.2 million, with non-GAAP EPS between $0.87 and $0.90. Full-year 2025 guidance includes revenue of $758.5–$763.0 million and non-GAAP EPS of $3.86–$3.93. Despite macro uncertainty, SPS remains confident in growth and margin expansion due to strong demand for its supply chain solutions.