MANH

MKT CAP:$8B

Manhattan Associates, Inc.

Market Cap

$8B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$135.24-$32.04 (-19.15%)

Apr 23, 2026

Company Details

Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that pr...

CEO

Eric A. Clark

IPO Date

Apr 23, 1998

Website

www.manh.com

Key Metrics TTM

Revenue

$1.1B

+4.8% YoY

Net Income

$217M

EPS (Diluted)

$3.57

Free Cash Flow

$380M

Revenue / Share

$18.34

Gross Margin

55.6%

Operating Margin

25.6%

Net Margin

19.7%

FCF Margin

34.5%

P/S

7.7x

P/E

38.9x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$282M+7.4%EPS $0.82

FY 2025

Feb 4, 2026

$1.1B+3.7%EPS $3.60

Q4 2025

Feb 4, 2026

$270M+5.7%EPS $0.86

Q3 2025

Oct 24, 2025

$276M+3.4%EPS $0.96

Q2 2025

Jul 25, 2025

$272M+2.7%EPS $0.93

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$192M	$102M	$37M
Q3 22	$198M	$100M	$37M
Q4 22	$198M	$107M	$45M
Q1 23	$221M	$116M	$47M
Q2 23	$231M	$121M	$50M
Q3 23	$238M	$127M	$53M
Q4 23	$238M	$130M	$59M
Q1 24	$255M	$134M	$58M
Q2 24	$265M	$144M	$68M
Q3 24	$267M	$146M	$75M
Q4 24	$256M	$141M	$61M
Q1 25	$263M	$148M	$63M
Q2 25	$272M	$155M	$74M
Q3 25	$276M	$154M	$76M
Q4 25	$270M	$147M	$67M
Q1 26	$282M	$156M	$65M

Valuation

Quarter	P/S	P/E
Q2 22	10.5x	63.0x
Q3 22	11.4x	75.7x
Q4 22	9.7x	57.8x
Q1 23	12.0x	70.6x
Q2 23	14.3x	83.2x
Q3 23	13.8x	73.9x
Q4 23	13.4x	70.6x
Q1 24	15.8x	79.4x
Q2 24	15.1x	73.3x
Q3 24	16.7x	78.3x
Q4 24	15.9x	75.7x
Q1 25	10.0x	48.6x
Q2 25	11.4x	54.4x
Q3 25	11.8x	58.3x
Q4 25	9.8x	48.4x
Q1 26	7.1x	36.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$53M	$52M
Q3 22	$40M	$38M
Q4 22	$55M	$53M
Q1 23	$59M	$58M
Q2 23	$41M	$40M
Q3 23	$59M	$57M
Q4 23	$88M	$86M
Q1 24	$55M	$52M
Q2 24	$73M	$71M
Q3 24	$62M	$61M
Q4 24	$105M	$102M
Q1 25	$75M	$74M
Q2 25	$74M	$70M
Q3 25	$93M	$87M
Q4 25	$147M	$142M
Q1 26	$84M	$80M

Capital Expenditures

Quarter	CapEx
Q2 22	$1M
Q3 22	$2M
Q4 22	$2M
Q1 23	$666.0K
Q2 23	$1M
Q3 23	$1M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$1M
Q4 24	$3M
Q1 25	$891.0K
Q2 25	$4M
Q3 25	$6M
Q4 25	$5M
Q1 26	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+15.5%	+22.0%
Q3 22	+17.1%	+27.3%
Q4 22	+15.5%	+6.3%
Q1 23	+23.5%	+20.0%
Q2 23	+20.4%	+16.7%
Q3 23	+20.4%	+14.7%
Q4 23	+20.3%	+16.9%
Q1 24	+15.2%	+13.2%
Q2 24	+14.8%	+9.2%
Q3 24	+11.8%	+3.6%
Q4 24	+7.4%	+8.8%
Q1 25	+3.2%	+1.4%
Q2 25	+2.7%	+0.8%
Q3 25	+3.4%	+4.4%
Q4 25	+5.7%	+4.2%
Q1 26	+7.4%	+8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$16M	8.1%
Q3 22	$15M	7.3%
Q4 22	$15M	7.6%
Q1 23	$17M	7.5%
Q2 23	$18M	7.8%
Q3 23	$19M	8.0%
Q4 23	$18M	7.5%
Q1 24	$22M	8.7%
Q2 24	$25M	9.3%
Q3 24	$24M	8.9%
Q4 24	$23M	8.8%
Q1 25	$29M	11.0%
Q2 25	$24M	8.9%
Q3 25	$52M	18.8%
Q4 25	$0	0.0%
Q1 26	$27M	9.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$28M	$19M	$18M
Q3 22	$29M	$18M	$16M
Q4 22	$27M	$18M	$17M
Q1 23	$31M	$20M	$18M
Q2 23	$32M	$20M	$19M
Q3 23	$33M	$21M	$18M
Q4 23	$31M	$20M	$20M
Q1 24	$35M	$21M	$20M
Q2 24	$35M	$21M	$19M
Q3 24	$34M	$20M	$17M
Q4 24	$33M	$27M	$20M
Q1 25	$35M	$24M	$21M
Q2 25	$35M	$26M	$20M
Q3 25	$36M	$24M	$18M
Q4 25	$39M	$19M	$22M
Q1 26	$37M	$24M	$28M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	15.5%	20.3%	35.9
Q3 22	17.1%	19.4%	36.5
Q4 22	15.5%	23.3%	38.8
Q1 23	23.5%	22.0%	45.5
Q2 23	20.4%	22.4%	42.8
Q3 23	20.4%	23.0%	43.4
Q4 23	20.3%	25.7%	46.0
Q1 24	15.2%	23.2%	38.4
Q2 24	14.8%	26.3%	41.1
Q3 24	11.8%	28.8%	40.6
Q4 24	7.4%	24.4%	31.7
Q1 25	3.2%	25.7%	29.0
Q2 25	2.7%	27.9%	30.6
Q3 25	3.4%	29.0%	32.5
Q4 25	5.7%	25.9%	31.6
Q1 26	7.4%	23.7%	31.1

Rule of 40

Revenue Segments

Quarter	Cloud Subscriptions	Hardware	License And Maintenance	Maintenance	Service Other	License and Maintenance	Service, Other
Q2 22	$42M	$8M	$5M	$36M	$101M	—	—
Q3 22	$45M	$7M	$6M	$36M	$103M	—	—
Q4 22	$52M	$7M	$5M	$35M	$100M	—	—
Q1 23	$57M	$7M	—	$36M	—	$5M	$116M
Q2 23	$61M	$6M	—	$36M	—	$4M	$125M
Q3 23	$65M	$6M	—	$35M	—	$4M	$128M
Q4 23	$71M	$5M	—	$37M	—	$5M	$119M
Q1 24	$78M	$7M	—	$35M	—	$3M	$132M
Q2 24	$82M	$8M	—	$35M	—	$3M	$137M
Q3 24	$86M	$5M	—	$34M	—	$4M	$137M
Q4 24	$90M	$7M	—	$34M	—	$5M	$119M
Q1 25	$94M	$6M	—	$32M	—	$9M	$121M
Q2 25	$100M	$7M	—	$35M	—	$2M	$129M
Q3 25	$105M	$6M	—	$30M	—	$1M	$133M
Q4 25	$109M	$7M	—	$32M	—	$3M	$120M

Revenue by Geography

Quarter	Americas	Asia Pacific	E M E A
Q2 22	$152M	$8M	$32M
Q3 22	$157M	$10M	$32M
Q4 22	$156M	$9M	$33M
Q1 23	$171M	$11M	$40M
Q2 23	$179M	$11M	$41M
Q3 23	$187M	$11M	$41M
Q4 23	$183M	$11M	$45M
Q1 24	$196M	$12M	$47M
Q2 24	$206M	$12M	$47M
Q3 24	$206M	$13M	$48M
Q4 24	$194M	$13M	$49M
Q1 25	$195M	$13M	$56M
Q2 25	$207M	$14M	$52M
Q3 25	$207M	$15M	$54M
Q4 25	$203M	$14M	$54M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$214M	$0	$214M
Q3 22	$197M	$0	$197M
Q4 22	$225M	$0	$225M
Q1 23	$182M	$0	$182M
Q2 23	$153M	$0	$153M
Q3 23	$182M	$0	$182M
Q4 23	$271M	$0	$271M
Q1 24	$208M	$0	$208M
Q2 24	$203M	$0	$203M
Q3 24	$215M	$0	$215M
Q4 24	$266M	$0	$266M
Q1 25	$206M	$0	$206M
Q2 25	$231M	$0	$231M
Q3 25	$264M	$0	$264M
Q4 25	$329M	$0	$329M
Q1 26	$226M	$0	$226M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	63M	-0.7%	-1.3%
Q3 22	63M	-0.4%	-1.7%
Q4 22	63M	-0.2%	-1.9%
Q1 23	63M	-0.4%	-1.7%
Q2 23	62M	-0.5%	-1.6%
Q3 23	62M	-0.2%	-1.4%
Q4 23	63M	+0.4%	-0.8%
Q1 24	62M	-0.1%	-0.4%
Q2 24	62M	-0.6%	-0.5%
Q3 24	62M	-0.3%	-0.6%
Q4 24	62M	+0.1%	-0.9%
Q1 25	62M	-0.8%	-1.5%
Q2 25	61M	-0.7%	-1.7%
Q3 25	61M	-0.2%	-1.6%
Q4 25	61M	-0.5%	-2.2%
Q1 26	60M	-1.0%	-2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$91.4K	2K
Q3 22	$94.3K	2K
Q4 22	$79.2K	3K
Q1 23	$88.4K	3K
Q2 23	$92.4K	3K
Q3 23	$95.4K	3K
Q4 23	$88.2K	3K
Q1 24	$94.3K	3K
Q2 24	$98.3K	3K
Q3 24	$98.8K	3K
Q4 24	$93.0K	3K
Q1 25	$95.6K	3K
Q2 25	$99.1K	3K
Q3 25	$100.3K	3K
Q4 25	$104.0K	3K
Q1 26	$108.5K	3K

Revenue / Employee