Filing Flows › Manhattan Associates (MANH) › Q4 2025
Manhattan Associates (MANH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 4, 2026
Manhattan Associates (MANH) reported revenue of $270M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before. Operating margin was 24.8%, net earnings $52.0M (19.2% of revenue).
Manhattan Associates, Q4 2025: revenue $270M (+6% year over year), operating margin 24.8%, net earnings $52.0M, operating cash flow $147M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $270M | -2% | +6% |
| Operating profit | $67.0M | -12% | +10% |
| Net earnings | $52.0M | -11% | +8% |
| Operating cash flow | $147M | +58% | +40% |
| Free cash flow | $142M | +63% | +40% |
What changed
Revenue was $270.4M in Q4 2025, up 6% year over year and down 2% from the previous quarter. Service Other was the largest line at 44% of revenue.
Operating profit was $67.0M, a 24.8% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 24% margin then. Total costs grew 4% against revenue growth of 6%. The fastest-growing cost line was Research & development (+17%). Net earnings were $52.0M, up 8% year over year. The effective tax rate was 24.1%.
Operating cash flow was $147.1M (up 40% year over year), 283% of net earnings. Non-cash charges added back $1.5M of depreciation and amortization and $30.6M of share-based compensation. Working capital and other items added $63.0M. Capital expenditures of $4.7M left free cash flow of $142.4M.
Questions
What was Manhattan Associates' revenue in the fourth quarter 2025?
Manhattan Associates (MANH) reported revenue of $270M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before.
Was Manhattan Associates profitable in the fourth quarter 2025?
Operating profit was $67.0M (24.8% of revenue) and net earnings $52.0M.