Filing Flows › Manhattan Associates (MANH) › Q2 2026 › vs Q2 2025
Manhattan Associates (MANH) Q2 2026 vs Q2 2025 (year over year)
Manhattan Associates's revenue rose $25.4M (+9%) from $272M in Q2 2025 to $298M in Q2 2026. The biggest changes: Cloud Subscriptions +$26.3M (+26%); Maintenance −$4.5M (-13%); Service Other +$4.1M (+3%). Operating margin 22.2% against 27.1% (-4.8 pts).
Manhattan Associates, Q2 2026: revenue $298M (+9% year over year), operating margin 22.2%, net earnings $50.4M, operating cash flow $90.7M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 22.2% | 27.1% | -4.8 pts |
| Net margin | 16.9% | 20.8% | -3.9 pts |
| Free cash flow margin | 30.1% | 25.7% | +4.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Service Other | $133M | $129M | $4.1M | +3% |
| Cloud Subscriptions | $127M | $100M | $26.3M | +26% |
| Maintenance | $30.5M | $35.1M | −$4.5M | -13% |
| Hardware | $5.6M | $6.5M | −$936K | -14% |
| License and Maintenance | $1.9M | $1.5M | $395K | +26% |
| Revenue | $298M | $272M | $25.4M | +9% |
| Other income, net | $983K | $715K | $268K | +37% |
| Operating profit | $66.2M | $73.8M | −$7.6M | -10% |
| Costs & expenses | $232M | $199M | $32.9M | +17% |
| Pre-tax earnings | $67.2M | $74.5M | −$7.3M | -10% |
| Cost of revenue | $129M | $116M | $13.2M | +11% |
| Research & development | $34.8M | $34.9M | −$106K | -0.3% |
| Sales & marketing | $30.7M | $20.0M | $10.7M | +54% |
| General & admin | $26.7M | $26.0M | $765K | +3% |
| Other operating costs | $9.9M | $1.6M | $8.3M | +522% |
| Net earnings | $50.4M | $56.8M | −$6.4M | -11% |
| Income tax | $16.9M | $17.7M | −$861K | -5% |
| Depreciation & amortization | $1.6M | $1.6M | $48K | +3% |
| Share-based compensation | $29.4M | $24.3M | $5.1M | +21% |
| Working capital & other | $9.3M | −$8.6M | $17.9M | — |
| Operating cash flow | $90.7M | $74.0M | $16.6M | +22% |
| Free cash flow (OCF − capex) | $89.7M | $70.1M | $19.6M | +28% |
| Capital expenditures | $1.0M | $4.0M | −$3.0M | -75% |
Questions
How much did Manhattan Associates's revenue grow year over year in Q2 2026?
Manhattan Associates's revenue rose $25.4M (+9%) from $272M in Q2 2025 to $298M in Q2 2026.
What drove Manhattan Associates's revenue change in Q2 2026?
Cloud Subscriptions +$26.3M (+26%); Maintenance −$4.5M (-13%); Service Other +$4.1M (+3%).