MANHNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Manhattan Associates, Inc

Manhattan Associates designs and sells cloud-based software for supply chain execution, omnichannel commerce, and inventory optimization. Its Manhattan Active applications help retailers, wholesalers, manufacturers, and logistics providers manage warehouses, transportation, order fulfillment, store operations, and point-of-sale workflows through subscription SaaS, software licenses, maintenance, professional services, and hardware.

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Revenue1,081m USD
+3.7 %y/y
Operating profit (EBIT)280m USD
+7.0 %y/y
EBIT margin25.9%
+0.8 ppy/y
Net income220m USD
+0.7 %y/y
Free cash flow374m USD
+30.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02505007501,0001,250m USD2020: 586 m USD2020: EBIT 114 m USD20202021: 664 m USD2021: EBIT 134 m USD20212022: 767 m USD2022: EBIT 153 m USD20222023: 929 m USD2023: EBIT 210 m USD20232024: 1,042 m USD2024: EBIT 262 m USD20242025: 1,081 m USD2025: EBIT 280 m USD20251,081280
RevenueOperating profit (EBIT)
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Business

Share of revenue
Cloud subscriptions38 %

SaaS and hosted access to Manhattan Active applications delivered on a subscription basis.

Professional services47 %

Implementation, solutions planning, consulting, training, and related reimbursements.

Maintenance12 %

Support and software enhancements tied mainly to legacy perpetual license customers.

Software licenses1 %

Perpetual or term software license sales for customers not yet on cloud subscriptions.

Hardware sales2 %

Complementary hardware sold with software deployments, including devices and related equipment.

Products

Reported · share of revenue
46.5%37.7%12.0%FY2025100 %
  • Services and other46.5 %
  • Cloud Subscriptions37.7 %
  • Maintenance12.0 %
  • Hardware2.4 %
  • License and Maintenance1.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Manhattan sells primarily to enterprises that run complex physical and digital supply chains, especially retailers, wholesalers, manufacturers, distributors, and logistics providers. Customers buy its software to improve fulfillment speed, inventory visibility, transportation efficiency, and store or warehouse productivity across multiple channels.

Retailers and omnichannel merchants

Buy Manhattan Active Omni, POS, order management, and inventory visibility tools to coordinate store and digital fulfillment.

Wholesalers and distributors

Use warehouse, transportation, and planning software to optimize inventory, labor, and distribution networks.

Manufacturers

Buy supply chain planning and execution software to forecast demand and allocate inventory across channels.

Logistics providers and carriers

Use transportation, yard, and warehouse management tools to improve service levels and reduce freight costs.

Large enterprise brands

Adopt cloud subscriptions and professional services to replace legacy systems with a unified platform.

Strategy

Manhattan is investing heavily in its Unified Omnichannel Commerce and Digital Supply Chain platforms to deepen its cloud transition and expand recurring revenue. It is also using cash for global hiring and share repurchases, while maintaining a debt-free balance sheet and no credit facilities.

Invest in Unified Omnichannel Commerce and Digital Supply Chain R&DShort term

Product depth and innovation are central to winning enterprise supply chain and retail accounts.

Convert legacy customers to cloud subscriptionsMedium term

Recurring SaaS revenue improves visibility and reduces dependence on declining maintenance revenue.

Expand global execution through partners and local officesMedium term

Localized implementation capability helps sell complex software across regions and industries.

Geography

Q1/2026

Manhattan reports three geographic segments: the Americas, EMEA, and APAC, with revenue based on the location of sale. International revenue was about 35% of total revenue in 2025, and the company maintains offices across Europe, Asia-Pacific, Latin America, and North America to support implementation and customer service.

Americas57 %
Other countries (US filing)26 %
Europe, Middle East and Africa14 %
Asia Pacific3.7 %

Share of the revenue the company reports by geography.

Risks

The business depends on continued cloud subscription growth and on customers buying professional services to implement and expand deployments. It also faces cybersecurity, AI adoption, and third-party software risks, while macro uncertainty can delay services demand and force restructuring.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on cloud subscription renewals and expansion1Cybersecurity and data protection failures2AI adoption and product-output quality3Third-party software and infrastructure reliance4Services demand volatility and restructuring risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on cloud subscription renewals and expansionImpact: HighLikelihood: Medium

    Future revenue growth relies on retaining cloud customers and selling additional services around those deployments.

    Exposure: Cloud subscriptions and professional services

  2. Cybersecurity and data protection failuresImpact: HighLikelihood: Medium

    The company stores and processes customer and internal data, so a breach could harm reputation and trigger legal claims.

    Exposure: Hosted software and customer data

  3. AI adoption and product-output qualityImpact: MediumLikelihood: Medium

    Generative and agentic AI features may be rejected by regulated customers or produce inaccurate outputs.

    Exposure: Embedded AI features in software products

  4. Third-party software and infrastructure relianceImpact: MediumLikelihood: Medium

    External vendors can affect product availability, defect remediation, and support continuity.

    Exposure: Cloud tools and embedded software components

  5. Services demand volatility and restructuring riskImpact: MediumLikelihood: Medium

    Implementation demand can weaken in periods of macro uncertainty, forcing capacity adjustments.

    Exposure: Professional services workforce

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Accounting

Judgemental items
Revenue recognition across multiple deliverables

Different timing for SaaS, licenses, maintenance, services, and hardware affects reported revenue mix and comparability.

Impact: Cloud subscriptions recognized over time; services and implementation timing can shift quarterly results

Maintenance revenue decline

Maintenance is tied to legacy perpetual licenses and is expected to fall as cloud adoption rises.

Impact: Mix shift can change gross margin and recurring revenue profile

Restructuring expense

The company eliminated about 100 positions in 2025 to align services capacity with demand.

Impact: One-time severance and outplacement costs reduce operating income

Stock-based compensation

CEO hiring and broader compensation programs increased G&A expense in 2025.

Impact: Can distort operating expense trends and profitability comparisons

Acquired intangible assets

Past acquisitions created intangible assets that require amortization and potential impairment review.

Impact: Amortization and impairment can affect earnings and book value

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Last updated: 24/09/2026