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Manhattan Associates Reports Second Quarter Results

RPO Bookings Increased 26% over Prior Year

ATLANTA--(BUSINESS WIRE)-- Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $272.4 million for the second quarter ended June 30, 2025. GAAP diluted earnings per share for Q2 2025 was $0.93 compared to $0.85 in Q2 2024. Non-GAAP adjusted diluted earnings per share for Q2 2025 was $1.31 compared to $1.18 in Q2 2024.

鈥淢anhattan delivered record second quarter results. Solid demand drove Q2 cloud revenue growth of 22% and RPO surpassing the $2 billion milestone,鈥� said Manhattan Associates president and CEO Eric Clark.

鈥淲hile the global macro environment remains challenging, we believe our cloud platform leadership advantage positions Manhattan as the clear choice for modern supply chain commerce solutions. We remain optimistic about our business fundamentals and our sustained growth opportunity. As technology and innovation cycles continue to accelerate, our unified cloud platform allows us to increase our leadership advantage over our competitors, expand our addressable market, and drive optimal results for our customers,鈥� Mr. Clark concluded.

SECOND QUARTER 2025 FINANCIAL SUMMARY:

• Consolidated total revenue was $272.4 million for Q2 2025, compared to $265.3 million for Q2 2024.
  • Cloud subscription revenue was $100.4 million for Q2 2025, compared to $82.4 million for Q2 2024.
  • License revenue was $1.5 million for Q2 2025, compared to $3.1 million for Q2 2024.
  • Services revenue was $128.9 million for Q2 2025, compared to $136.8 million for Q2 2024.
• GAAP diluted earnings per share was $0.93 for Q2 2025, compared to $0.85 for Q2 2024.
• Adjusted diluted earnings per share, a non-GAAP measure, was $1.31 for Q2 2025, compared to $1.18 for Q2 2024.
• GAAP operating income was $73.8 million for Q2 2025, compared to $68.2 million for Q2 2024.
• Adjusted operating income, a non-GAAP measure, was $101.1 million for Q2 2025, compared to $92.9 million for Q2 2024.
• Cash flow from operations was $74.0 million for Q2 2025, compared to $73.3 million for Q2 2024. Days Sales Outstanding was 70 days at June 30, 2025, compared to 72 days at March 31, 2025.
• Cash totaled $230.6 million at June 30, 2025, compared to $205.9 million at March 31, 2025.
• During the three months ended June 30, 2025, the Company repurchased 262,341 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $49.6 million. In July 2025, our Board of Directors replenished the Company鈥檚 remaining share repurchase authority to an aggregate of $100.0 million of our common stock.

SIX MONTH 2025 FINANCIAL SUMMARY:

• Consolidated total revenue for the six months ended June 30, 2025, was $535.2 million, compared to $519.9 million for the six months ended June 30, 2024.
  • Cloud subscription revenue was $194.7 million for the six months ended June 30, 2025, compared to $160.4 million for the six months ended June 30, 2024.
  • License revenue was $10.8 million for the six months ended June 30, 2025, compared to $5.9 million for the six months ended June 30, 2024.
  • Services revenue was $250.0 million for the six months ended June 30, 2025, compared to $269.0 million for the six months ended June 30, 2024.
• GAAP diluted earnings per share for the six months ended June 30, 2025, was $1.78, compared to $1.71 for the six months ended June 30, 2024.
• Adjusted diluted earnings per share, a non-GAAP measure, was $2.50 for the six months ended June 30, 2025, compared to $2.21 for the six months ended June 30, 2024.
• GAAP operating income was $137.0 million for the six months ended June 30, 2025, compared to $125.8 million for the six months ended June 30, 2024.
• Adjusted operating income, a non-GAAP measure, was $192.3 million for the six months ended June 30, 2025, compared to $172.6 million for the six months ended June 30, 2024.
• Cash flow from operations was $149.3 million for the six months ended June 30, 2025, compared to $128.0 million for the six months ended June 30, 2024.
• During the six months ended June 30, 2025, the Company repurchased 801,669 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors, for a total investment of $149.6 million. In July 2025, our Board of Directors replenished the Company鈥檚 remaining share repurchase authority to an aggregate of $100.0 million of our common stock.

2025 GUIDANCE

Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2025:

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 鈥渇orward-looking statements鈥� 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 . 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鈥� conference call regarding its second quarter financial results will be held today, July 22, 2025, 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 . 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鈥� third quarter 2025 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鈥檚 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鈥� ability to understand and compare the Company鈥檚 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鈥檚 Form 8-K earnings release filing for the three and six months ended June 30, 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 related to an unusual health insurance claim, and restructuring expense 鈥� 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鈥檚 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 .

This press release contains 鈥渇orward-looking statements鈥� relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under 鈥�2025 Guidance鈥� and statements identified by words such as 鈥渕ay,鈥� 鈥渆xpect,鈥� 鈥渇orecast,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渃ould,鈥� 鈥渟eek,鈥� 鈥減roject,鈥� 鈥渆stimate,鈥� 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鈥� technology and customer implementations; global instability, including the wars in Ukraine and the Middle East; and the other risk factors set forth in Item 1A of the Company鈥檚 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.

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Michael Bauer

Senior Director,

Investor Relations

Manhattan Associates, Inc.

678-597-7538

[email protected]



Devika Goel

Senior Manager,

Public Relations

Manhattan Associates, Inc.

678-597-6754

[email protected]

Source: Manhattan Associates Inc.