Manhattan Associates
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Manhattan Associates (MANH) investor relations material

Manhattan Associates Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Jan, 2026

Executive summary

  • Achieved record results in Q4 and full year 2025, with strong performance in cloud bookings, RPO, total revenue, operating income, free cash flow, and EPS.

  • Strategic investments in platform, products, and people, including new AI agent offerings and key leadership hires, drove momentum.

  • Expanded partner programs, reorganized global sales, and entered 2026 with an expanded go-to-market footprint, contributing to robust new logo acquisition and market share gains.

Financial highlights

  • Q4 2025 revenue was $270.4M, up 6% year-over-year; full-year 2025 revenue reached $1,081.4M, up 4%.

  • Q4 cloud revenue grew 20% to $109M; full-year cloud revenue up 21% to $408.1M.

  • Adjusted Q4 EPS increased to $1.21; full-year adjusted EPS up 7% to $5.06.

  • RPO at year-end reached $2.23B, up 25% year-over-year and 7% sequentially.

  • Q4 operating cash flow up 40% to $147M; full-year operating cash flow up 32% to $389.5M.

Outlook and guidance

  • 2026 RPO guidance: $2.62B–$2.68B, representing 18%–20% growth.

  • 2026 total revenue expected at $1.133B–$1.153B (midpoint 10% growth ex-license/maintenance, 6% all-in).

  • Cloud revenue projected to rise 21% to $492M; services revenue to increase 3% to $517M.

  • Adjusted operating margin for 2026 expected at 34.5%–35%; adjusted EPS guidance $5.04–$5.20.

  • Maintenance revenue to decline 19% to $105.5M; license revenue about $1M per quarter.

What factors underpin RPO growth and outlook?
Why 2026 Adj EPS growth lags revenue?
What drives EMEA and APAC revenue growth?
AI Agent monetization strategy and adoption
Services growth outlook and AI agent impact
Ramped ARR impact on renewal strategy
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Frequently asked questions

Manhattan Associates Inc is a software company that provides supply chain and omnichannel commerce solutions. The company develops cloud-based and on-premise platforms for inventory management, warehouse operations, order fulfillment, and transportation logistics. Its products are used by retailers, wholesalers, and manufacturers to optimize supply chain efficiency. Manhattan Associates Inc is headquartered in Atlanta, Georgia, and its shares are listed on the NASDAQ.

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