Manhattan Associates (MANH) Q4 2025 earnings summary

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.