SPS Commerce Q2 revenue and Adjusted EBITDA beat guidance; divests 3P Revenue Recovery business

SPS COMMERCE INC

Revenue $197.8M (+6% YoY); recurring revenue up 6%; Adjusted EBITDA $66.6M (+19%).
GAAP net income $6.9M ($0.19 diluted) vs $19.7M ($0.52) a year ago; non-GAAP income $46.4M ($1.27).
Divested 3P Revenue Recovery business on June 30; reduces H2 2026 revenue by ~$10.5M, neutral to Adjusted EBITDA.
FY2026 guidance: revenue $788.4-793.4M (5-6% growth); Adjusted EBITDA margin ~34% (+300 bps YoY).
Share repurchases of $51.2M in Q2; CEO highlights AI agentic capabilities (MAX) launching to all Fulfillment customers.

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