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Dec 31, 2025
Manhattan Associates Q4 2025 Earnings Report
Manhattan Associates reported strong fourth quarter results with increased revenue and RPO bookings, driven by cloud subscription growth and market share gains.
Key Takeaways
Manhattan Associates delivered a robust fourth quarter in 2025, with total revenue reaching $270.4 million, an increase from $255.8 million in Q4 2024. The company's RPO bookings surged by 25% over the prior year, primarily fueled by a significant rise in cloud subscription revenue. GAAP diluted EPS was $0.86, and non-GAAP adjusted diluted EPS stood at $1.21, reflecting continued business momentum and market leadership.
Total revenue for Q4 2025 increased to $270.4 million from $255.8 million in Q4 2024.
Cloud subscription revenue grew significantly to $108.6 million in Q4 2025, up from $90.3 million in Q4 2024.
GAAP diluted earnings per share for Q4 2025 was $0.86, compared to $0.77 in Q4 2024.
Adjusted diluted earnings per share (non-GAAP) for Q4 2025 was $1.21, an increase from $1.17 in Q4 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Manhattan Associates projects continued growth for the full year 2026, with total revenue expected to be between $1,133 million and $1,153 million. The company anticipates GAAP EPS to range from $3.37 to $3.53, and adjusted EPS to be between $5.04 and $5.20.
Positive Outlook
- Total revenue growth projected between 5% and 7% for FY 2026.
- Adjusted operating margin expected to be strong, ranging from 34.5% to 35.0%.
- Adjusted EPS growth projected between 0% and 3% for FY 2026.
- Company enters 2026 with an expanded go-to-market footprint and numerous growth opportunities.
- Newly released AI agents are expected to help deliver optimal results for customers.
Challenges Ahead
- GAAP EPS is projected to decrease between 6% and 2% for FY 2026.
- Equity-based compensation continues to impact GAAP operating margin and EPS.
- Excess tax benefit on stock vesting is expected to be minimal at $(0.02) for FY 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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