Manhattan Associates
MANH · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
Manhattan Associates reported revenue of $1.1B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $280M, an operating margin of 25.9%, and net income was $220M. Operating cash flow of $389M less capital expenditure of $15M left free cash flow of $374M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $664M | $767M | $929M | $1B | $1.1B |
| Cost of revenue | $298M | $358M | $431M | $471M | $472M |
| Gross profit | $366M | $409M | $498M | $571M | $609M |
| Research & development | $98M | $112M | $127M | $138M | $145M |
| Operating income | $134M | $153M | $210M | $262M | $280M |
| Net interest incomeBanks | $68,000 | $596,000 | $5M | $6M | $4M |
| Pre-tax income | $134M | $158M | $214M | $267M | $286M |
| Income tax | $24M | $29M | $37M | $48M | $66M |
| Net income | $110M | $129M | $177M | $218M | $220M |
| Diluted EPS | 1.72 | 2.03 | 2.82 | 3.51 | 3.60 |
| Diluted shares | 64M | 63M | 63M | 62M | 61M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $264M | $225M | $271M | $266M | $329M |
| Receivables | $124M | $167M | $181M | $205M | $215M |
| Current assets | $408M | $415M | $479M | $503M | $583M |
| Net PP&E | $14M | $13M | $12M | $14M | $23M |
| Goodwill | $62M | $62M | $62M | $62M | $62M |
| Total assets | $540M | $570M | $673M | $758M | $839M |
| Payables | $20M | $26M | $25M | $27M | $22M |
| Deferred revenue | $153M | $209M | $238M | $278M | $337M |
| Current liabilities | $249M | $316M | $366M | $400M | $456M |
| Shareholders' equity | $251M | $227M | $278M | $299M | $315M |
| Backlog (remaining obligations) | $699M | $1.1B | $1.4B | $1.8B | $2.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $185M | $180M | $246M | $295M | $389M |
| Capital expenditure | $4M | $7M | $5M | $9M | $15M |
| Free cash flow | $181M | $173M | $241M | $286M | $374M |
| Depreciation & amortisation | $8M | $7M | $6M | $6M | $6M |
| Stock-based compensation | $43M | $59M | $72M | $93M | $111M |
| Share buybacks | $120M | $204M | $196M | $286M | $315M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.6% | 21.1% | 12.2% | 3.7% |
| Operating income growth (YoY) | – | 13.7% | 37.4% | 24.6% | 7.0% |
| EPS growth (YoY) | – | 18.0% | 38.9% | 24.5% | 2.6% |
| Gross margin | 55.1% | 53.3% | 53.6% | 54.8% | 56.3% |
| Operating margin | 20.2% | 19.9% | 22.6% | 25.1% | 25.9% |
| Net margin | 16.6% | 16.8% | 19.0% | 20.9% | 20.3% |
| Return on equityBlank when equity is negative | 44.1% | 56.9% | 63.5% | 73.0% | 69.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 46.2% | 60.0% | 68.3% | 73.2% | 73.0% |
| Free cash flow margin | 27.3% | 22.6% | 26.0% | 27.5% | 34.6% |
| Cash conversion (CFO ÷ net income) | 1.68x | 1.39x | 1.39x | 1.35x | 1.77x |
| Receivable days | 68 | 79 | 71 | 72 | 72 |
| Payable days | 24 | 26 | 21 | 21 | 17 |
| Current ratio | 1.64x | 1.32x | 1.31x | 1.26x | 1.28x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.