SPS Commerce just filed Q3 2026 numbers that show profit power stepping up while sentiment stepped back. The stock dropped about 3% today to US$82.99, even as adjusted EBITDA reached US$70.9m with a 36% margin in a software model where cash generation and efficiency carry real weight.

That gap between a softer one day reaction and firmer profitability is the story. Traders focused on the headline revenue print. Longer term holders will likely be weighing the margin expansion and free cash flow strength against the impact of the Amazon policy change that clipped reported top line.

Love the SPS Commerce margin strength but uneasy about how a policy shift can affect headline revenue. Compare it with a curated group of peers from our list…