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Manhattan Associates cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$67.6M in Q3 2026 · $380M over twelve months

Operating cash flow$68.6M
Capital spending−$991K
Free cash flow+$67.6M
Cash / net income1.1×
Cash conversion cycle55 days

Analysis

In Q3 2026, Manhattan Associates generated $68.6M of operating cash flow and spent $991K on capital projects, leaving free cash flow of $67.6M. That is $19.6M less than in Q3 2025 ($87.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $390M; the largest uses were buybacks ($434M), capital spending ($10.8M); the cash balance fell by $64.1M.

Operating cash flow was $68.6M against net income of $61.3M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: receivables −$49.4M, stock-based pay +$34.2M, income taxes payable +$17.7M.

Its cash conversion cycle was 55 days (receivables 73 + inventory 0 − payables 18).

Free cash flow

Manhattan Associates: free cash flow by quarterManhattan Associates: free cash flow by quarter$102MQ4 2024$74.4MQ1 2025$70.1MQ2 2025$87.2MQ3 2025$142MQ4 2025$79.9MQ1 2026$89.7MQ2 2026$67.6MQ3 2026
Operating cash flow less capital spending.
Manhattan Associates: operating cash flow against capital spendingManhattan Associates: operating cash flow against capital spendingOperating cash flowCapital spending$105M$3.1MQ4 2024$75.3M$891KQ1 2025$74.0M$4.0MQ2 2025$93.1M$5.9MQ3 2025$147M$4.7MQ4 2025$84.0M$4.1MQ1 2026$90.7M$1.0MQ2 2026$68.6M$991KQ3 2026
Latest (Q3 2026): Operating cash flow $68.6M, Capital spending $991K.

Capital allocation, year by year

Manhattan Associates: where the cash came from (up) and went (down), by fiscal yearManhattan Associates: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingBuybacksFY2021: Operating cash flow $185MFY2021: Capital spending −$4.0MFY2021: Buybacks −$120M$185MFY2021FY2022: Operating cash flow $180MFY2022: Capital spending −$6.6MFY2022: Buybacks −$204M$180MFY2022FY2023: Operating cash flow $246MFY2023: Capital spending −$4.7MFY2023: Buybacks −$196M$246MFY2023FY2024: Operating cash flow $295MFY2024: Capital spending −$8.7MFY2024: Buybacks −$286M$295MFY2024FY2025: Operating cash flow $389MFY2025: Capital spending −$15.5MFY2025: Buybacks −$315M$389MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were buybacks ($1.1B) and capital spending ($39.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$199M
Debtnone
Net cash$199M

Manhattan Associates funds itself: free cash flow was $380M over the last twelve months, with $199M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Manhattan Associates: sources (+) and uses (−) of cash, Q3 2026Manhattan Associates: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$68.6MBuybacks−$50.5MCash drawn (+) / kept (−)−$13.3MExchange rates−$3.8MCapital spending−$991K
Manhattan Associates: sources (+) and uses (−) of cash, TTM to Q3 2026Manhattan Associates: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$434MOperating cash flow$390MCash drawn (+) / kept (−)$64.1MCapital spending−$10.8MExchange rates−$9.8M

From profit to cash

Manhattan Associates: net income to operating cash flow, Q3 2026Manhattan Associates: net income to operating cash flow, Q3 2026Net income$61.3MDepreciation & amortization$1.7MStock-based pay$34.2MDeferred taxes−$7.8MReceivables−$49.4MDeferred revenue$11.0MPrepaid and other assets−$2.0MIncome taxes payable$17.7MOperating cash flow$68.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202673—1855
Q2 202668—1949
Q1 202670—1655
Q4 202574—1657
Q3 202572—1754
Q2 202570—1951
Q1 202571—2051
Q4 202473—2053

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$68.6M−$991K−$50.5M−$13.3M$67.6M
Q2 2026$90.7M−$1.0M−$127M$40.0M$89.7M
Q1 2026$84.0M−$4.1M−$179M$103M$79.9M
Q4 2025$147M−$4.7M−$77.0M−$65.2M$142M
Q3 2025$93.1M−$5.9M−$51.5M−$33.0M$87.2M
Q2 2025$74.0M−$4.0M−$50.2M−$24.7M$70.1M
Q1 2025$75.3M−$891K−$136M$60.4M$74.4M
Q4 2024$105M−$3.1M−$45.2M−$51.3M$102M

Manhattan Associates: income statement and cash flow

Manhattan Associates, Q3 2026: revenue $306M (+11% year over year), operating margin 26.5%. The chart follows the revenue to costs, profit and cash.

Manhattan Associates: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.