US Market News
2月前
Manhattan Associates Reports First Quarter ResultsApril 21, 2026 4:06 PM
Business Wire
RPO Increased 24% over Prior Year
Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $282.2 million for the first quarter ended March 31, 2026, compared to $262.8 million in Q1 2025. GAAP diluted earnings per share for Q1 2026 was $0.82 compared to $0.85 in Q1 2025. Non-GAAP adjusted diluted earnings per share for Q1 2026 was $1.24 compared to $1.19 in Q1 2025.
“Manhattan is off to a strong start to 2026. On solid and broad-based demand, we accelerated our Q1 revenue growth and delivered better than expected bookings,” said Manhattan Associates president and CEO Eric Clark.
“While macro volatility persists, Manhattan’s fundamentals are solid. With a strong pipeline across our product suite, numerous opportunities to drive growth, and our unmatched ability to consistently deliver leading innovation to the supply chain commerce universe, we are optimistic about our long-term growth opportunity,” Mr. Clark concluded.
FIRST QUARTER 2026 FINANCIAL SUMMARY:
Consolidated total revenue was $282.2 million for Q1 2026, compared to $262.8 million for Q1 2025.
Cloud subscription revenue was $117.1 million for Q1 2026, compared to $94.3 million for Q1 2025.
License revenue was $2.2 million for Q1 2026, compared to $9.3 million for Q1 2025.
Services revenue was $125.7 million for Q1 2026, compared to $121.1 million for Q1 2025.
GAAP diluted earnings per share was $0.82 for Q1 2026, compared to $0.85 for Q1 2025.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.24 for Q1 2026, compared to $1.19 for Q1 2025.
GAAP operating income was $64.9 million for Q1 2026, compared to $63.2 million for Q1 2025.
Adjusted operating income, a non-GAAP measure, was $91.5 million for Q1 2026, compared to $91.3 million for Q1 2025.
Cash flow from operations was $84.0 million for Q1 2026, compared to $75.3 million for Q1 2025. Days Sales Outstanding was 72 days at March 31, 2026, and 73 days at December 31, 2025.
Cash totaled $226.1 million at March 31, 2026, compared to $328.7 million at December 31, 2025.
RPO increased to $2.35 billion as of March 31, 2026, compared to $2.23 billion as of December 31, 2025.
During the three months ended March 31, 2026, the Company repurchased 1,043,312 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $150.0 million. In March 2026, our Board of Directors approved an increase to the Company’s share repurchase authority from $100 million to $500 million. As of the end of the quarter, approximately $350.0 million remained under the existing March 2026 repurchase authority.
2026 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2026:
Guidance Range - 2026 Full Year
($'s in millions, except operating margin and EPS)
$ Range
% Growth Range
Total revenue
$1,147
$1,157
6
%
7
%
Operating Margin:
GAAP operating margin
24.6
%
24.9
%
Equity-based compensation
10.3
%
10.2
%
Adjusted operating margin(1)
34.9
%
35.1
%
Diluted earnings per share (EPS):
GAAP EPS
$3.55
$3.63
-1
%
1
%
Equity-based compensation
1.70
1.70
Tax deficiency of stock awards vested (2)
0.04
0.04
Adjusted EPS(1)
$5.29
$5.37
5
%
6
%
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation,
expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable.
(2) The Company expects the tax deficiency on stock vesting to occur primarily in the first quarter of 2026.
Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its first quarter financial results will be held today, April 21, 2026, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ second quarter 2026 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three months ended March 31, 2026.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense – net of insurance recoveries, related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader, providing supply chain and omnichannel commerce solutions with unmatched AI capabilities. We design, build and offer best-in-class, AI-powered, cloud-based solutions that drive resilience and efficiency for businesses. We enable enterprises to uniquely unify front-end sales with back-end supply chain execution.
Our commitment to innovation, cloud-native platform and API-first architecture create simpler experiences and faster paths to value for our customers. We empower them to preempt and react to emerging trends and global disruptions with technical expertise and operational confidence, transforming challenges into competitive advantage. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2026 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including as a result of global instability due to military conflict, including the military conflict involving the United States, Israel, and Iran, as well as the ongoing war between Russia and Ukraine, disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; risks associated with our use of generative and agentic artificial intelligence; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
(unaudited)
(unaudited)
Revenue:
Cloud subscriptions
$117,123
$94,306
Software license
2,234
9,292
Maintenance
30,592
32,144
Services
125,717
121,127
Hardware
6,549
5,918
Total revenue
282,215
262,787
Costs and expenses:
Cost of cloud subscriptions, maintenance and services
126,077
114,358
Cost of software license
564
209
Research and development
37,346
35,298
Sales and marketing
27,752
21,061
General and administrative
23,706
24,219
Depreciation and amortization
1,833
1,541
Restructuring expense
-
2,929
Total costs and expenses
217,278
199,615
Operating income
64,937
63,172
Other income, net
4,337
1,337
Income before income taxes
69,274
64,509
Income tax provision
19,979
11,927
Net income
$49,295
$52,582
Basic earnings per share
$0.83
$0.86
Diluted earnings per share
$0.82
$0.85
Weighted average number of shares:
Basic
59,688
60,870
Diluted
60,038
61,527
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Operating income
$64,937
$63,172
Equity-based compensation (a)
26,524
28,826
Unusual health insurance claim (c)
-
(3,658
)
Restructuring expense (d)
-
2,929
Adjusted operating income (Non-GAAP)
$91,461
$91,269
Income tax provision
$19,979
$11,927
Equity-based compensation (a)
3,698
4,340
Tax (deficiency) benefit of stock awards vested (b)
(2,177
)
3,542
Unusual health insurance claim (c)
-
(883
)
Restructuring expense (d)
-
707
Adjusted income tax provision (Non-GAAP)
$21,500
$19,633
Net income
$49,295
$52,582
Equity-based compensation (a)
22,826
24,486
Tax deficiency (benefit) of stock awards vested (b)
2,177
(3,542
)
Unusual health insurance claim (c)
-
(2,775
)
Restructuring expense (d)
-
2,222
Adjusted net income (Non-GAAP)
$74,298
$72,973
Diluted EPS
$0.82
$0.85
Equity-based compensation (a)
0.38
0.40
Tax deficiency (benefit) of stock awards vested (b)
0.04
(0.06
)
Unusual health insurance claim (c)
-
(0.05
)
Restructuring expense (d)
-
0.04
Adjusted diluted EPS (Non-GAAP)
$1.24
$1.19
Fully diluted shares
60,038
61,527
(a)
Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives.
Three Months Ended March 31,
2026
2025
Cost of services
$11,586
$11,425
Research and development
6,387
5,958
Sales and marketing
3,668
2,306
General and administrative
4,883
9,137
Total equity-based compensation
$26,524
$28,826
(b)
Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting.
(c)
In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. During the fourth quarter of 2025, we settled the remaining balance of the claim and recorded $6.2 million of benefit as the final payment was much lower than the cost estimates previously provided by our health insurance provider. Based on the uncommonly large magnitude and nature of the claim and timing of related insurance recoveries, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.
(d)
In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which had been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31, 2026
December 31, 2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
226,133
$
328,747
Accounts receivable, net
227,110
214,679
Prepaid expenses and other current assets
62,573
39,912
Total current assets
515,816
583,338
Property and equipment, net
25,269
23,120
Operating lease right-of-use assets
47,431
50,443
Goodwill, net
62,241
62,244
Deferred income taxes
43,763
75,900
Other assets
46,018
44,343
Total assets
$
740,538
$
839,388
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
22,415
$
22,182
Accrued compensation and benefits
58,415
69,309
Accrued and other liabilities
30,571
26,570
Deferred revenue
355,909
337,049
Income taxes payable
90
803
Total current liabilities
467,400
455,913
Operating lease liabilities, long-term
55,685
56,180
Other non-current liabilities
12,278
12,530
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2026 and 2025
-
-
Common stock, $0.01 par value; 200,000,000 shares authorized; 59,164,492 and 59,845,291 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
591
598
Retained earnings
240,577
345,097
Accumulated other comprehensive loss
(35,993
)
(30,930
)
Total shareholders' equity
205,175
314,765
Total liabilities and shareholders' equity
$
740,538
$
839,388
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended March 31,
2026
2025
(unaudited)
(unaudited)
Operating activities:
Net income
$
49,295
$
52,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,833
1,541
Equity-based compensation
26,524
28,826
Gain on disposal of equipment
(156
)
(98
)
Deferred income taxes
31,854
2,133
Unrealized foreign currency (gain) loss
(2,212
)
781
Changes in operating assets and liabilities:
Accounts receivable, net
(13,217
)
(3,321
)
Other assets
(9,651
)
(11,959
)
Accounts payable, accrued and other liabilities
(4,044
)
(18,807
)
Income taxes
(15,790
)
6,482
Deferred revenue
19,609
17,100
Net cash provided by operating activities
84,045
75,260
Investing activities:
Purchase of property and equipment
(4,103
)
(891
)
Net cash used in investing activities
(4,103
)
(891
)
Financing activities:
Repurchase of common stock
(179,387
)
(136,447
)
Net cash used in financing activities
(179,387
)
(136,447
)
Foreign currency impact on cash
(3,169
)
1,721
Net change in cash and cash equivalents
(102,614
)
(60,357
)
Cash and cash equivalents at beginning of period
328,747
266,230
Cash and cash equivalents at end of period
$
226,133
$
205,873
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
GAAP Diluted EPS
$0.85
$0.93
$0.96
$0.86
$3.60
$0.82
Adjustments to GAAP:
Equity-based compensation
0.40
0.35
0.40
0.43
1.57
0.38
Tax deficiency (benefit) of stock awards vested
(0.06
)
-
(0.01
)
-
(0.06
)
0.04
Restructuring expense
(0.05
)
0.04
-
(0.08
)
(0.09
)
-
Unusual health insurance claim
0.04
-
-
-
0.04
-
Adjusted Diluted EPS
$1.19
$1.31
$1.36
$1.21
$5.06
$1.24
Fully Diluted Shares
61,527
61,074
60,954
60,642
61,054
60,038
2. Revenues and operating income by reportable segment are as follows (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Revenue:
Americas
$194,615
$206,606
$206,659
$202,546
$810,426
$214,550
EMEA
55,542
52,301
53,975
53,978
215,796
53,663
APAC
12,630
13,514
15,161
13,865
55,170
14,002
$262,787
$272,421
$275,795
$270,389
$1,081,392
$282,215
GAAP Operating Income:
Americas
$33,862
$48,051
$45,783
$39,875
$167,571
$39,005
EMEA
23,703
19,807
22,877
21,686
88,073
19,670
APAC
5,607
5,930
7,168
5,451
24,156
6,262
$63,172
$73,788
$75,828
$67,012
$279,800
$64,937
Adjustments (pre-tax):
Americas:
Equity-based compensation
$28,826
$24,275
$27,577
$30,585
$111,263
$26,524
Unusual health insurance claim
(3,658
)
3,000
-
(6,224
)
(6,882
)
-
Restructuring expense
2,929
8
-
-
2,937
-
$28,097
$27,283
$27,577
$24,361
$107,318
$26,524
Adjusted non-GAAP Operating Income:
Americas
$61,959
$75,334
$73,360
$64,236
$274,889
$65,529
EMEA
23,703
19,807
22,877
21,686
88,073
19,670
APAC
5,607
5,930
7,168
5,451
24,156
6,262
$91,269
$101,071
$103,405
$91,373
$387,118
$91,461
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Revenue
$(1,591
)
$2,724
$2,652
$3,833
$7,618
$5,975
Costs and expenses
(1,966
)
1,180
738
906
858
2,646
Operating income
375
1,544
1,914
2,927
6,760
3,329
Foreign currency gains (losses) in other income
131
(65
)
1,596
9
1,671
3,229
$506
$1,479
$3,510
$2,936
$8,431
$6,558
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Operating income
$785
$514
$832
$1,409
$3,540
$1,045
Foreign currency gains (losses) in other income
15
140
1,978
742
2,875
3,449
Total impact of changes in the Indian Rupee
$800
$654
$2,810
$2,151
$6,415
$4,494
4. Other income includes the following components (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Interest income
$1,101
$852
$1,007
$1,429
$4,389
$951
Foreign currency gains (losses)
130
(65
)
1,597
9
1,671
3,229
Other non-operating income (expense)
106
(72
)
-
(1
)
33
157
Total other income (loss)
$1,337
$715
$2,604
$1,438
$6,094
$4,337
5. Capital expenditures are as follows (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Capital expenditures
$891
$3,980
$5,928
$4,658
$15,457
$4,103
6. Stock Repurchase Activity (in thousands):
2025
2026
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
Shares purchased under publicly-announced buy-back program
539
263
233
416
1,451
1,043
Shares withheld for taxes due upon vesting of restricted stock
179
3
8
2
192
198
Total shares purchased
718
266
241
418
1,643
1,241
Total cash paid for shares purchased under publicly-announced buy-back program
$100,000
$49,596
$49,947
$74,996
$274,539
$149,983
Total cash paid for shares withheld for taxes due upon vesting of restricted stock
36,447
595
1,602
398
39,042
29,404
Total cash paid for excise tax
-
-
-
1,581
1,581
-
Total cash paid for shares repurchased
$136,447
$50,191
$51,549
$76,975
$315,162
$179,387
7. Remaining Performance Obligations
We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
Remaining Performance Obligations
$1,891,384
$2,013,495
$2,076,628
$2,232,234
$2,347,952
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421438075/en/
Michael Bauer
VP, Investor Relations
Manhattan Associates, Inc.
678-597-7538
mbauer@manh.com
Devika Goel
Director, Corporate Communications
Manhattan Associates, Inc.
678-597-6754
dgoel@manh.com
Original: Manhattan Associates Reports First Quarter Results
US Market News
4月前
Manhattan Associates Reports Fourth Quarter ResultsJanuary 27, 2026 9:06 PM
Business Wire
RPO Bookings Increased 25% over Prior Year
Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $270.4 million for the fourth quarter ended December 31, 2025, compared to $255.8 million in Q4 2024. GAAP diluted earnings per share for Q4 2025 was $0.86 compared to $0.77 in Q4 2024. Non-GAAP adjusted diluted earnings per share for Q4 2025 was $1.21 compared to $1.17 in Q4 2024.
“Manhattan's business momentum continues to strengthen. We delivered record fourth quarter cloud bookings, and our industry leading solutions are gaining market share,” said Manhattan Associates president and CEO Eric Clark.
“Manhattan enters 2026 with an expanded go-to-market footprint and numerous opportunities to drive growth from new and existing customers. Our global team is dedicated to our customers’ success, and we are excited for our newly released AI agents to help deliver optimal results for our entire Active customer community,” Mr. Clark concluded.
FOURTH QUARTER 2025 FINANCIAL SUMMARY:
Consolidated total revenue was $270.4 million for Q4 2025, compared to $255.8 million for Q4 2024.
Cloud subscription revenue was $108.6 million for Q4 2025, compared to $90.3 million for Q4 2024.
License revenue was $2.6 million for Q4 2025, compared to $5.5 million for Q4 2024.
Services revenue was $120.0 million for Q4 2025, compared to $119.5 million for Q4 2024.
GAAP diluted earnings per share was $0.86 for Q4 2025, compared to $0.77 for Q4 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $1.21 for Q4 2025, compared to $1.17 for Q4 2024.
GAAP operating income was $67.0 million for Q4 2025, compared to $60.7 million for Q4 2024.
Adjusted operating income, a non-GAAP measure, was $91.4 million for Q4 2025, compared to $90.3 million for Q4 2024.
Cash flow from operations was $147.0 million for Q4 2025, compared to $104.7 million for Q4 2024. Days Sales Outstanding was 73 days at both December 31, 2025 and at September 30, 2025.
Cash totaled $328.7 million at December 31, 2025, compared to $263.6 million at September 30, 2025.
During the three months ended December 31, 2025, the Company repurchased 415,925 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $75.0 million. In January 2026, our Board of Directors replenished the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.
FULL YEAR 2025 FINANCIAL SUMMARY:
Consolidated total revenue for the twelve months ended December 31, 2025, was $1,081.4 million, compared to $1,042.4 million for the twelve months ended December 31, 2024.
Cloud subscription revenue was $408.1 million for the twelve months ended December 31, 2025, compared to $337.2 million for the twelve months ended December 31, 2024.
License revenue was $14.8 million for the twelve months ended December 31, 2025, compared to $15.1 million for the twelve months ended December 31, 2024.
Services revenue was $503.0 million for the twelve months ended December 31, 2025, compared to $525.5 million for the twelve months ended December 31, 2024.
GAAP diluted earnings per share for the twelve months ended December 31, 2025, was $3.60, compared to $3.51 for the twelve months ended December 31, 2024.
Adjusted diluted earnings per share, a non-GAAP measure, was $5.06 for the twelve months ended December 31, 2025, compared to $4.72 for the twelve months ended December 31, 2024.
GAAP operating income was $279.8 million for the twelve months ended December 31, 2025, compared to $261.6 million for the twelve months ended December 31, 2024.
Adjusted operating income, a non-GAAP measure, was $387.1 million for the twelve months ended December 31, 2025, compared to $361.8 million for the twelve months ended December 31, 2024.
Cash flow from operations was $389.5 million for the twelve months ended December 31, 2025, compared to $295.0 million for the twelve months ended December 31, 2024.
During the twelve months ended December 31, 2025, the Company repurchased 1,451,019 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $274.5 million. In January 2026, our Board of Directors replenished the Company’s share repurchase authority to an aggregate of $100.0 million of our common stock.
2026 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2026:
Guidance Range - 2026 Full Year
($'s in millions, except operating margin and EPS)
$ Range
% Growth Range
Total revenue
$1,133
$1,153
5%
7%
Operating Margin:
GAAP operating margin
24.1%
24.7%
Equity-based compensation
10.4%
10.3%
Adjusted operating margin(1)
34.5%
35.0%
Diluted earnings per share (EPS):
GAAP EPS
$3.37
$3.53
-6%
-2%
Equity-based compensation
1.69
1.69
Excess tax benefit on stock vesting(2)
(0.02)
(0.02)
Adjusted EPS(1)
$5.04
$5.20
0%
3%
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation and the related income tax effects, if applicable.
(2) Excess tax benefit on stock vesting expected to occur primarily in the first quarter of 2026.
Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its fourth quarter and twelve months ended December 31, 2025 financial results will be held today, January 27, 2026, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ first quarter 2026 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three and twelve months ended December 31, 2025.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense – net of insurance recoveries, related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology, and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.
Manhattan Associates designs, builds, and delivers leading edge cloud solutions so that across the store, through your network, or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2026 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; risks associated with our use of generative and agentic artificial intelligence; global instability, including the wars in Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(unaudited)
(unaudited)
Revenue:
Cloud subscriptions
$108,558
$90,330
$408,138
$337,203
Software license
2,643
5,452
14,819
15,085
Maintenance
32,279
33,568
129,972
138,304
Services
120,011
119,482
503,044
525,517
Hardware
6,898
6,969
25,419
26,243
Total revenue
270,389
255,801
1,081,392
1,042,352
Costs and expenses:
Cost of cloud subscriptions, maintenance and services
121,522
112,739
471,405
469,659
Cost of software license
223
253
934
1,321
Research and development
38,533
32,996
145,062
137,689
Sales and marketing
22,078
20,307
81,175
75,976
General and administrative
19,489
27,187
93,762
89,810
Depreciation and amortization
1,532
1,631
6,317
6,301
Restructuring expense
-
-
2,937
-
Total costs and expenses
203,377
195,113
801,592
780,756
Operating income
67,012
60,688
279,800
261,596
Other income, net
1,438
1,996
6,094
5,218
Income before income taxes
68,450
62,684
285,894
266,814
Income tax provision
16,497
14,668
65,946
48,450
Net income
$51,953
$48,016
$219,948
$218,364
Basic earnings per share
$0.87
$0.79
$3.64
$3.56
Diluted earnings per share
$0.86
$0.77
$3.60
$3.51
Weighted average number of shares:
Basic
60,036
60,999
60,473
61,303
Diluted
60,642
62,009
61,054
62,183
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Operating income
$67,012
60,688
$279,800
261,596
Equity-based compensation (a)
30,585
22,592
111,263
93,206
Unusual health insurance claim (c)
(6,224)
7,002
(6,882)
7,002
Restructuring expense (d)
-
-
2,937
Adjusted operating income (Non-GAAP)
$91,373
$90,282
$387,118
$361,804
Income tax provision
$16,497
14,668
65,946
48,450
Equity-based compensation (a)
4,498
3,160
15,247
14,127
Tax benefit of stock awards vested (b)
4
57
3,928
9,120
Unusual health insurance claim (c)
(1,501)
1,690
(1,660)
1,690
Restructuring expense (d)
-
-
708
-
Adjusted income tax provision (Non-GAAP)
$19,498
19,575
84,169
73,387
Net income
$51,953
48,016
219,948
218,364
Equity-based compensation (a)
26,087
19,432
96,016
79,079
Tax benefit of stock awards vested (b)
(4)
(57)
(3,928)
(9,120)
Unusual health insurance claim (c)
(4,723)
5,312
(5,222)
5,312
Restructuring expense (d)
-
-
2,229
-
Adjusted net income (Non-GAAP)
$73,313
72,703
309,043
293,635
Diluted EPS
$0.86
$0.77
$3.60
$3.51
Equity-based compensation (a)
0.43
0.31
1.57
1.27
Tax benefit of stock awards vested (b)
-
-
(0.06)
(0.15)
Unusual health insurance claim (c)
(0.08)
0.09
(0.09)
0.09
Restructuring expense (d)
-
-
0.04
-
Adjusted diluted EPS (Non-GAAP)
$1.21
$1.17
$5.06
$4.72
Fully diluted shares
60,642
62,009
61,054
62,183
a)
Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives.
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Cost of services
$12,275
$10,049
$45,630
$41,531
Research and development
6,744
4,948
24,592
20,760
Sales and marketing
3,400
2,149
9,094
8,444
General and administrative
8,166
5,446
31,947
22,471
Total equity-based compensation
$30,585
$22,592
$111,263
$93,206
(b)
Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting.
(c)
In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. During the fourth quarter of 2025, we settled the remaining balance of the claim and recorded $6.2 million of benefit as the final payment was much lower than the cost estimates previously provided by our health insurance provider. Based on the uncommonly large magnitude and nature of the claim and timing of related insurance recoveries, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results.
(d)
In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which has been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2025
December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents
$
328,747
$
266,230
Accounts receivable, net
214,679
205,475
Prepaid expenses and other current assets
39,912
31,559
Total current assets
583,338
503,264
Property and equipment, net
23,120
13,971
Operating lease right-of-use assets
50,443
47,923
Goodwill
62,244
62,226
Deferred income taxes
75,900
94,505
Other assets
44,343
35,662
Total assets
$
839,388
$
757,551
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
22,182
$
26,615
Accrued compensation and benefits
69,309
72,180
Accrued and other liabilities
26,570
22,275
Deferred revenue
337,049
277,970
Income taxes payable
803
1,264
Total current liabilities
455,913
400,304
Operating lease liabilities, long-term
56,180
47,794
Other non-current liabilities
12,530
10,327
Shareholders' equity:
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024
-
-
Common stock, $.01 par value; 200,000,000 shares authorized; 59,845,291 and 60,921,191 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
598
609
Retained earnings
345,097
329,439
Accumulated other comprehensive loss
(30,930
)
(30,922
)
Total shareholders' equity
314,765
299,126
Total liabilities and shareholders' equity
$
839,388
$
757,551
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2025
2024
Operating activities:
Net income
$
219,948
$
218,364
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
6,317
6,301
Equity-based compensation
111,263
93,206
(Gain) Loss on disposal of equipment
(21
)
(133
)
Deferred income taxes
18,342
(28,689
)
Unrealized foreign currency loss (gain)
(253
)
(380
)
Changes in operating assets and liabilities:
Accounts receivable, net
(3,583
)
(26,702
)
Other assets
(14,729
)
(4,157
)
Accounts payable, accrued and other liabilities
(229
)
1,248
Income taxes
319
(6,242
)
Deferred revenue
52,096
42,187
Net cash provided by operating activities
389,470
295,003
Investing activities:
Purchases of property and equipment
(15,457
)
(8,675
)
Net cash used in investing activities
(15,457
)
(8,675
)
Financing activities:
Purchase of common stock
(315,162
)
(286,366
)
Net cash used in financing activities
(315,162
)
(286,366
)
Foreign currency impact on cash
3,666
(4,473
)
Net change in cash and cash equivalents
62,517
(4,511
)
Cash and cash equivalents at beginning of period
266,230
270,741
Cash and cash equivalents at end of period
$
328,747
$
266,230
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
GAAP Diluted EPS
$0.86
$0.85
$1.03
$0.77
$3.51
$0.85
$0.93
$0.96
$0.86
$3.60
Adjustments to GAAP:
Equity-based compensation
0.30
0.34
0.33
0.31
1.27
0.40
0.35
0.40
0.43
1.57
Tax benefit of stock awards vested
(0.13)
(0.01)
(0.01)
-
(0.15)
(0.06)
-
(0.01)
-
(0.06)
Unusual health insurance claim
-
-
-
0.09
0.09
(0.05)
0.04
-
(0.08)
(0.09)
Restructuring expense
-
-
-
-
-
0.04
-
-
-
0.04
Adjusted Diluted EPS
$1.03
$1.18
$1.35
$1.17
$4.72
$1.19
$1.31
$1.36
$1.21
$5.06
Fully Diluted Shares
62,493
62,118
61,948
62,009
62,183
61,527
61,074
60,954
60,642
61,054
2. Revenues and operating income by reportable segment are as follows (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Revenue:
Americas
$196,312
$205,955
$205,852
$194,367
$802,486
$194,615
$206,606
$206,659
$202,546
$810,426
EMEA
46,620
46,918
48,082
48,903
190,523
55,542
52,301
53,975
53,978
215,796
APAC
11,620
12,445
12,747
12,531
49,343
12,630
13,514
15,161
13,865
55,170
$254,552
$265,318
$266,681
$255,801
$1,042,352
$262,787
$272,421
$275,795
$270,389
$1,081,392
GAAP Operating Income:
Americas
$36,687
$45,300
$49,033
$36,323
$167,343
$33,862
$48,051
$45,783
$39,875
$167,571
EMEA
15,884
17,195
20,521
18,896
72,496
23,703
19,807
22,877
21,686
88,073
APAC
5,059
5,693
5,536
5,469
21,757
5,607
5,930
7,168
5,451
24,156
$57,630
$68,188
$75,090
$60,688
$261,596
$63,172
$73,788
$75,828
$67,012
$279,800
Adjustments (pre-tax):
Americas:
Equity-based compensation
$22,095
$24,666
$23,853
$22,592
$93,206
$28,826
$24,275
$27,577
$30,585
$111,263
Unusual health insurance claim
-
-
-
7,002
7,002
(3,658)
3,000
-
(6,224)
(6,882)
Restructuring expense
-
-
-
-
-
2,929
8
-
-
2,937
$22,095
$24,666
$23,853
$29,594
$100,208
$28,097
$27,283
$27,577
$24,361
$107,318
Adjusted non-GAAP Operating Income:
Americas
$58,782
$69,966
$72,886
$65,917
$267,551
$61,959
$75,334
$73,360
$64,236
$274,889
EMEA
15,884
17,195
20,521
18,896
72,496
23,703
19,807
22,877
21,686
88,073
APAC
5,059
5,693
5,536
5,469
21,757
5,607
5,930
7,168
5,451
24,156
$79,725
$92,854
$98,943
$90,282
$361,804
$91,269
$101,071
$103,405
$91,373
$387,118
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Revenue
$648
$(531)
$936
$316
$1,369
$(1,591)
$2,724
$2,652
$3,833
$7,618
Costs and expenses
176
(673)
211
(227)
(513)
(1,966)
1,180
738
906
858
Operating income
472
142
725
543
1,882
375
1,544
1,914
2,927
6,760
Foreign currency gains (losses) in other income
(564)
(577)
(331)
519
(953)
131
(65)
1,596
9
1,671
$(92)
$(435)
$394
$1,062
$929
$506
$1,479
$3,510
$2,936
$8,431
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Operating income
$185
$307
$261
$302
$1,055
$785
$514
$832
$1,409
$3,540
Foreign currency gains (losses) in other income
164
41
284
1,283
1,772
15
140
1,978
742
2,875
Total impact of changes in the Indian Rupee
$349
$348
$545
$1,585
$2,827
$800
$654
$2,810
$2,151
$6,415
4. Other income includes the following components (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Interest income
$1,414
$1,503
$1,636
$1,476
$6,029
$1,101
$852
$1,007
$1,429
$4,389
Foreign currency gains (losses)
(564)
(577)
(331)
519
(953)
130
(65)
1,597
9
1,671
Other non-operating income (expense)
146
(12)
7
1
142
106
(72)
-
(1)
33
Total other income
$996
$914
$1,312
$1,996
$5,218
$1,337
$715
$2,604
$1,438
$6,094
5. Capital expenditures are as follows (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Capital expenditures
$2,321
$2,217
$1,009
$3,128
$8,675
$891
$3,980
$5,928
$4,658
$15,457
6. Stock Repurchase Activity (in thousands):
2024
2025
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Full Year
Shares purchased under publicly-announced buy-back program
294
343
194
156
987
539
263
233
416
1,451
Shares withheld for taxes due upon vesting of restricted stock
165
3
8
2
178
179
3
8
2
192
Total shares purchased
459
346
202
158
1,165
718
266
241
418
1,643
Total cash paid for shares purchased under publicly-announced buy-back program
$73,411
$74,999
$49,687
$43,539
$241,636
$100,000
$49,596
$49,947
$74,996
$274,539
Total cash paid for shares withheld for taxes due upon vesting of restricted stock
40,423
713
1,917
569
43,622
36,447
595
1,602
398
39,042
Total cash paid for excise tax
-
-
-
1,108
1,108
-
-
-
1,581
1,581
Total cash paid for shares repurchased
$113,834
$75,712
$51,604
$45,216
$286,366
$136,447
$50,191
$51,549
$76,975
$315,162
7. Remaining Performance Obligations
We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
Remaining Performance Obligations
$1,516,430
$1,601,531
$1,686,421
$1,780,400
$1,891,384
$2,013,495
$2,076,628
$2,232,234
View source version on businesswire.com: https://www.businesswire.com/news/home/20260127602098/en/
Michael Bauer
Senior Director,
Investor Relations
Manhattan Associates, Inc.
678-597-7538
mbauer@manh.com
Devika Goel
Senior Manager,
Public Relations
Manhattan Associates, Inc.
678-597-6754
dgoel@manh.com
Original: Manhattan Associates Reports Fourth Quarter Results
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