Operating margins remain disciplined within a 23% to 28% range despite revenue growth decelerating to 7.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 1.1B | 1.08B | 1.04B | 928.73M | 767.08M | 663.64M | 586.37M | 617.95M | 559.16M | 594.6M | 604.56M | 556.37M | 492.1M | 414.52M | 376.25M | 329.25M | 297.12M | 246.67M | 337.2M | 337.4M | 288.87M | 246.4M | 214.92M | 196.81M | 175.72M | 151.27M | 133.1M | 81.3M | 62.1M | 32.5M |
| Revenue Growth % | 4.78% | 3.75% | 12.23% | 21.07% | 15.59% | 13.18% | -5.11% | 10.51% | -5.96% | -1.65% | 8.66% | 13.06% | 18.72% | 10.17% | 14.27% | 10.82% | 20.45% | -26.85% | -0.06% | 16.8% | 17.23% | 14.65% | 9.2% | 12% | 16.16% | 13.65% | 63.71% | 30.92% | 91.08% | - |
| Cost of Goods Sold | 489.19M | 478.66M | 477.28M | 436.37M | 364.9M | 305.74M | 278.83M | 292.95M | 249.49M | 254.79M | 258.97M | 243.19M | 218.96M | 186.98M | 167.38M | 146.38M | 137.95M | 118.88M | 164.64M | 160.98M | 136.99M | 113.33M | 100.79M | 78.81M | 67.56M | 61.81M | 51.42M | 37.5M | 26.3M | 14.1M |
| COGS % of Revenue | - | 44.26% | 45.79% | 46.99% | 47.57% | 46.07% | 47.55% | 47.41% | 44.62% | 42.85% | 42.84% | 43.71% | 44.49% | 45.11% | 44.49% | 44.46% | 46.43% | 48.19% | 48.82% | 47.71% | 47.42% | 45.99% | 46.9% | 40.04% | 38.45% | 40.86% | 38.64% | 46.13% | 42.35% | 43.38% |
| Gross Profit | 611.63M | 602.74M | 565.07M | 492.36M | 402.18M | 357.9M | 307.54M | 325M | 309.66M | 339.81M | 345.59M | 313.18M | 273.15M | 227.54M | 208.87M | 182.87M | 159.16M | 127.79M | 172.56M | 176.42M | 151.88M | 133.07M | 114.13M | 118M | 108.16M | 89.46M | 81.67M | 43.8M | 35.8M | 18.4M |
| Gross Margin % | 55.56% | 55.74% | 54.21% | 53.01% | 52.43% | 53.93% | 52.45% | 52.59% | 55.38% | 57.15% | 57.16% | 56.29% | 55.51% | 54.89% | 55.51% | 55.54% | 53.57% | 51.81% | 51.18% | 52.29% | 52.58% | 54.01% | 53.1% | 59.96% | 61.55% | 59.14% | 61.36% | 53.87% | 57.65% | 56.62% |
| Gross Profit Growth % | - | 6.67% | 14.77% | 22.42% | 12.37% | 16.38% | -5.37% | 4.95% | -8.87% | -1.67% | 10.35% | 14.66% | 20.04% | 8.94% | 14.22% | 14.89% | 24.55% | -25.95% | -2.19% | 16.16% | 14.13% | 16.6% | -3.28% | 9.1% | 20.9% | 9.54% | 86.46% | 22.35% | 94.57% | - |
| Operating Expenses | 330.06M | 320M | 303.48M | 282.48M | 249.48M | 223.57M | 193.48M | 209.07M | 175.78M | 151.24M | 151.28M | 151.73M | 146.03M | 127.86M | 128.8M | 124.02M | 117.24M | 102.76M | 136.73M | 133.37M | 116.5M | 96.49M | 82.52M | 86.59M | 71.38M | 65.81M | 55.38M | 43.3M | 26.5M | 10M |
| OpEx % of Revenue | - | 29.59% | 29.11% | 30.42% | 32.52% | 33.69% | 33% | 33.83% | 31.44% | 25.44% | 25.02% | 27.27% | 29.67% | 30.84% | 34.23% | 37.67% | 39.46% | 41.66% | 40.55% | 39.53% | 40.33% | 39.16% | 38.4% | 43.99% | 40.62% | 43.5% | 41.61% | 53.26% | 42.67% | 30.77% |
| Selling, General & Admin | 181.12M | 174.94M | 165.79M | 155.66M | 137.61M | 125.94M | 109.2M | 121.46M | 103.88M | 93.54M | 96.55M | 97.87M | 97.07M | 83.31M | 84.1M | 81.65M | 76.73M | 66.08M | 88.32M | 86.77M | 75.03M | 62.35M | 53.7M | 54.91M | 47.36M | 41.16M | 33.17M | 28M | 15.8M | 6.5M |
| SG&A % of Revenue | - | 16.18% | 15.9% | 16.76% | 17.94% | 18.98% | 18.62% | 19.66% | 18.58% | 15.73% | 15.97% | 17.59% | 19.73% | 20.1% | 22.35% | 24.8% | 25.82% | 26.79% | 26.19% | 25.72% | 25.97% | 25.3% | 24.98% | 27.9% | 26.95% | 27.21% | 24.92% | 34.44% | 25.44% | 20% |
| Research & Development | 147.11M | 145.06M | 137.69M | 126.81M | 111.88M | 97.63M | 84.28M | 87.61M | 71.9M | 57.7M | 54.74M | 53.86M | 48.95M | 44.55M | 44.7M | 42.37M | 40.51M | 36.68M | 48.41M | 46.59M | 41.47M | 34.14M | 28.82M | 27.36M | 20.78M | 19.41M | 16.11M | 10.2M | 9M | 3M |
| R&D % of Revenue | - | 13.41% | 13.21% | 13.65% | 14.58% | 14.71% | 14.37% | 14.18% | 12.86% | 9.7% | 9.05% | 9.68% | 9.95% | 10.75% | 11.88% | 12.87% | 13.63% | 14.87% | 14.36% | 13.81% | 14.36% | 13.85% | 13.41% | 13.9% | 11.83% | 12.83% | 12.1% | 12.55% | 14.49% | 9.23% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.32M | 3.24M | 5.24M | 6.1M | 5.1M | 1.7M | 500K |
| Operating Income | 281.56M | 282.74M | 261.6M | 209.88M | 152.7M | 134.33M | 114.06M | 115.92M | 133.89M | 185.65M | 194.31M | 161.45M | 127.12M | 101.29M | 80.07M | 61.36M | 41.93M | 21.14M | 25.96M | 43.06M | 30.75M | 30.28M | 31.42M | 30.52M | 36.78M | 23.65M | 26.29M | 500K | 9.3M | 8.4M |
| Operating Margin % | 25.58% | 26.15% | 25.1% | 22.6% | 19.91% | 20.24% | 19.45% | 18.76% | 23.94% | 31.22% | 32.14% | 29.02% | 25.83% | 24.43% | 21.28% | 18.64% | 14.11% | 8.57% | 7.7% | 12.76% | 10.65% | 12.29% | 14.62% | 15.51% | 20.93% | 15.63% | 19.75% | 0.61% | 14.98% | 25.85% |
| Operating Income Growth % | - | 8.08% | 24.64% | 37.45% | 13.67% | 17.77% | -1.61% | -13.42% | -27.88% | -4.46% | 20.35% | 27% | 25.51% | 26.49% | 30.49% | 46.36% | 98.31% | -18.57% | -39.7% | 40% | 1.58% | -3.63% | 2.93% | -17% | 55.51% | -10.05% | 5158.2% | -94.62% | 10.71% | - |
| EBITDA | 288.17M | 289.05M | 267.9M | 215.63M | 159.36M | 142.25M | 123.01M | 123.91M | 142.5M | 194.71M | 203.4M | 169.21M | 133.5M | 107.11M | 85.71M | 68.65M | 51.09M | 32.56M | 38.66M | 56.67M | 44M | 42.35M | 42.2M | 41.79M | 45.35M | 35.02M | 32.39M | 5.6M | 11M | 8.9M |
| EBITDA Margin % | 26.18% | 26.73% | 25.7% | 23.22% | 20.78% | 21.43% | 20.98% | 20.05% | 25.48% | 32.75% | 33.64% | 30.41% | 27.13% | 25.84% | 22.78% | 20.85% | 17.19% | 13.2% | 11.47% | 16.8% | 15.23% | 17.19% | 19.64% | 21.23% | 25.81% | 23.15% | 24.34% | 6.89% | 17.71% | 27.38% |
| EBITDA Growth % | 5.37% | 7.9% | 24.24% | 35.31% | 12.03% | 15.64% | -0.73% | -13.04% | -26.81% | -4.27% | 20.2% | 26.75% | 24.64% | 24.97% | 24.86% | 34.37% | 56.9% | -15.78% | -31.78% | 28.8% | 3.9% | 0.36% | 0.99% | -7.86% | 29.51% | 8.11% | 478.41% | -49.09% | 23.6% | - |
| D&A (Non-Cash Add-back) | 6.61M | 6.32M | 6.3M | 5.75M | 6.66M | 7.91M | 8.95M | 7.99M | 8.61M | 9.06M | 9.09M | 7.76M | 6.38M | 5.83M | 5.64M | 7.28M | 9.16M | 11.42M | 12.7M | 13.62M | 13.25M | 12.07M | 10.78M | 11.26M | 8.57M | 11.37M | 6.1M | 5.1M | 1.7M | 500K |
| EBIT | 286.32M | 285.89M | 261.6M | 209.88M | 152.7M | 134.33M | 114.06M | 115.92M | 133.89M | 188.57M | 196.11M | 162.84M | 128M | 101.29M | 81.04M | 58.84M | 41.93M | 25.02M | 35.84M | 43.06M | 32.26M | 36.59M | 31.61M | 31.42M | 36.78M | 23.65M | 23.29M | 500K | 9.3M | 8.4M |
| Net Interest Income | 2.44M | 4.39M | 6.03M | 5.3M | 596K | 168K | 98K | 715K | 1.07M | 1.17M | 1.16M | 1.33M | 1.27M | 1.17M | 1.06M | 1.07M | 636K | 368K | 1.82M | 3.39M | 3.44M | 3.8M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.44M | 4.39M | 6.03M | 5.3M | 596K | 168K | 98K | 715K | 1.07M | 1.17M | 1.16M | 1.33M | 1.27M | 1.17M | 1.06M | 1.07M | 636K | 368K | 1.82M | 3.39M | 3.45M | 3.83M | 2.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 34K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.09M | 3.16M | 5.22M | 3.79M | 5.42M | -261K | -285K | 153K | 2.34M | -812K | 1.8M | 1.4M | 874K | 1.82M | 965K | 1.86M | -143K | -756K | 5.54M | 4.61M | 3.64M | 2.68M | 3.26M | 2.75M | 2.8M | 2.06M | -283K | 1.2M | 1M | 100K |
| Pretax Income | 290.66M | 285.89M | 266.81M | 213.67M | 158.12M | 134.07M | 113.78M | 116.08M | 136.23M | 184.83M | 196.11M | 162.84M | 128M | 103.11M | 81.04M | 63.23M | 41.78M | 20.39M | 31.51M | 47.67M | 34.39M | 32.95M | 34.67M | 33.27M | 39.58M | 25.71M | 26.01M | 1.7M | 10.3M | 8.5M |
| Pretax Margin % | 26.4% | 26.44% | 25.6% | 23.01% | 20.61% | 20.2% | 19.4% | 18.78% | 24.36% | 31.09% | 32.44% | 29.27% | 26.01% | 24.87% | 21.54% | 19.2% | 14.06% | 8.26% | 9.34% | 14.13% | 11.91% | 13.37% | 16.13% | 16.9% | 22.52% | 17% | 19.54% | 2.09% | 16.59% | 26.15% |
| Income Tax | 74M | 65.95M | 48.45M | 37.1M | 29.16M | 23.6M | 26.54M | 30.32M | 31.54M | 68.35M | 71.87M | 59.37M | 46M | 35.81M | 29.18M | 18.32M | 13.72M | 3.82M | 8.71M | 16.91M | 15.06M | 14.32M | 12.57M | 11.43M | 14.38M | 9.52M | 9.74M | 600K | 3M | 100K |
| Effective Tax Rate % | 25.46% | 23.07% | 18.16% | 17.36% | 18.44% | 17.6% | 23.32% | 26.12% | 23.15% | 36.98% | 36.65% | 36.46% | 35.94% | 34.73% | 36.01% | 28.97% | 32.84% | 18.76% | 27.64% | 35.49% | 43.79% | 43.45% | 36.24% | 34.34% | 36.34% | 37.04% | 37.45% | 35.29% | 29.13% | 1.18% |
| Net Income | 216.66M | 219.95M | 218.36M | 176.57M | 128.96M | 110.47M | 87.24M | 85.76M | 104.69M | 116.48M | 124.23M | 103.47M | 82M | 67.3M | 51.85M | 44.91M | 28.06M | 16.56M | 22.8M | 30.75M | 19.33M | 18.64M | 22.11M | 21.84M | 25.2M | 16.19M | 16.27M | 1.1M | 7.3M | 8.3M |
| Net Margin % | 19.68% | 20.34% | 20.95% | 19.01% | 16.81% | 16.65% | 14.88% | 13.88% | 18.72% | 19.59% | 20.55% | 18.6% | 16.66% | 16.23% | 13.78% | 13.64% | 9.44% | 6.71% | 6.76% | 9.11% | 6.69% | 7.56% | 10.29% | 11.1% | 14.34% | 10.7% | 12.22% | 1.35% | 11.76% | 25.54% |
| Net Income Growth % | -0.22% | 0.73% | 23.67% | 36.92% | 16.73% | 26.63% | 1.72% | -18.08% | -10.12% | -6.24% | 20.06% | 26.19% | 21.85% | 29.78% | 15.47% | 60.03% | 69.43% | -27.35% | -25.86% | 59.08% | 3.73% | -15.71% | 1.21% | -13.3% | 55.66% | -0.5% | 1378.91% | -84.93% | -12.05% | - |
| Net Income (Continuing) | 216.66M | 219.95M | 218.36M | 176.57M | 128.96M | 110.47M | 87.24M | 85.76M | 104.69M | 116.48M | 124.23M | 103.47M | 82M | 67.3M | 51.85M | 44.91M | 28.06M | 16.56M | 22.8M | 30.75M | 19.33M | 18.64M | 21.63M | 21.84M | 25.2M | 16.19M | 16.27M | 1.1M | 7.3M | 8.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.61 | 3.60 | 3.51 | 2.82 | 2.03 | 1.72 | 1.36 | 1.32 | 1.58 | 1.68 | 1.72 | 1.40 | 1.08 | 0.86 | 0.64 | 0.52 | 0.31 | 0.18 | 0.23 | 0.28 | 0.17 | 0.16 | 0.18 | 0.17 | 0.21 | 0.13 | 0.13 | 0.01 | 0.07 | 0.10 |
| EPS Growth % | 2% | 2.56% | 24.47% | 38.92% | 18.02% | 26.47% | 3.03% | -16.46% | -5.95% | -2.33% | 22.86% | 29.63% | 25.58% | 34.38% | 23.08% | 67.74% | 72.22% | -21.74% | -17.86% | 64.71% | 6.25% | -11.11% | 5.88% | -19.05% | 61.54% | 0% | 1150% | -85.66% | -27.5% | - |
| EPS (Basic) | - | 3.64 | 3.56 | 2.86 | 2.05 | 1.74 | 1.37 | 1.33 | 1.58 | 1.68 | 1.73 | 1.41 | 1.09 | 0.88 | 0.66 | 0.55 | 0.33 | 0.18 | 0.24 | 0.29 | 0.18 | 0.16 | 0.18 | 0.19 | 0.22 | 0.15 | 0.16 | 0.01 | 0.08 | 0.11 |
| Diluted Shares Outstanding | 60.04M | 61.05M | 62.18M | 62.61M | 63.41M | 64.32M | 64.33M | 65.1M | 66.43M | 69.42M | 72.06M | 74.04M | 75.84M | 77.93M | 81.08M | 85.97M | 89.8M | 90.23M | 97.31M | 109.32M | 111.88M | 117.19M | 124.27M | 130.42M | 121.8M | 122.97M | 121.81M | 106.21M | 100.69M | 83M |
| Basic Shares Outstanding | 59.69M | 60.47M | 61.3M | 61.82M | 62.77M | 63.45M | 63.54M | 64.4M | 66.2M | 69.17M | 71.67M | 73.44M | 75M | 76.66M | 78.64M | 81.82M | 85.99M | 89.54M | 96.21M | 104.7M | 108.73M | 114.76M | 120.22M | 117.56M | 114.61M | 107.69M | 99.27M | 100M | 91.25M | 79.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 160.27% | 61.45% |
Implementation Talent Bottleneck
As indicated by recent quarterly filings, Manhattan Associates has experienced a notable deceleration in top-line expansion, with year-over-year revenue growth slowing from 20.3% in 2023Q4 to 7.4% by 2026Q1, suggesting that the transition to a cloud-native subscription model may be encountering market saturation or elongated sales cycles.
The shift toward ratable revenue recognition appears to be masking the underlying demand for the Manhattan Active platform, yet the consistent decline in growth rates warrants caution. Investors should monitor whether this deceleration reflects a fundamental cooling in warehouse automation demand or merely the expected friction of a business model transformation.
Based on reported financial data, Manhattan Associates maintains a gross margin profile hovering near 55%, a figure that reflects the high-touch, labor-intensive nature of its professional services arm, which remains a critical component of the company's ability to deploy complex supply chain software for its enterprise client base.
While this margin level is lower than pure-play SaaS peers, it appears to be a structural reality of the company's best-of-breed implementation requirements. The stability of these margins suggests that management has successfully managed the cost of specialized human capital despite broader inflationary pressures in the technology labor market.
According to the provided income statement data, Manhattan Associates has demonstrated significant operating discipline, with operating margins consistently remaining in the 23% to 28% range, indicating that the company is effectively scaling its overhead costs even as revenue growth rates have moderated over the last ten quarters.
The ability to maintain robust operating margins while continuing to invest in R&D suggests that the company is successfully leveraging its microservices-based architecture to drive efficiency. This operational efficiency appears to be a key differentiator, allowing the firm to generate strong profitability without sacrificing its long-term competitive moat.
As evidenced by the quarterly income statements, Manhattan Associates' net income is subject to significant volatility driven by fluctuating stock-based compensation expenses, which reached $51.9 million in 2025Q3, potentially obscuring the underlying cash-generative capacity of the core software business for investors evaluating true operational performance.
The lumpy nature of these non-cash charges suggests that EPS figures should be interpreted with caution, as they do not always align with the company's cash flow generation. Analysts should focus on normalized earnings metrics to better understand the sustainability of the company's profitability in the face of these periodic compensation spikes.
Based on an analysis of the company's reliance on internal consultants, a potential bottleneck exists where the inability to scale professional services headcount could prevent the conversion of the growing Remaining Performance Obligation into recognized revenue, posing a significant risk to the company's near-term financial performance targets.
Short-sellers may focus on this dependency, arguing that the company's growth is constrained by its own labor-intensive delivery model rather than market demand. If the company fails to automate its implementation processes, it may struggle to maintain its current growth trajectory in an increasingly competitive and talent-constrained environment.
Quick answers to the most common questions about buying MANH stock.
For fiscal year 2025, Manhattan Associates, Inc. (MANH) reported total revenue of $1.08B. This represents a 3227.4% increase compared to $32.5M in 1997.
Manhattan Associates, Inc. (MANH) is profitable, generating $219.9M in net income for the fiscal year ending 2025 with a net profit margin of 20.3%.
Manhattan Associates, Inc. (MANH) reported an operating income of $282.7M, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Manhattan Associates, Inc. (MANH) generated $602.7M in gross profit for the year, representing a gross profit margin of 55.7%. This demonstrates the company's core pricing power and production efficiency.