Manhattan Associates (MANH) financial statements
Manhattan Associates reported revenue of $1.1B in fiscal 2025, up 6.7% a year over 9 years.
Net income was $220M and the operating margin 25.9%, against 32.1% in 2016.
Free cash flow was $374M, and the company returned $315M in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Manhattan Associates's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $605M | $595M | $559M | $618M | $586M | $664M | $767M | $929M | $1.0B | $1.1B |
| Cost of revenue | $250M | $246M | $241M | $285M | $270M | $298M | $358M | $431M | $471M | $472M |
| Gross profit | $355M | $349M | $318M | $333M | $316M | $366M | $409M | $498M | $571M | $609M |
| Research and development | $55M | $58M | $72M | $88M | $84M | $98M | $112M | $127M | $138M | $145M |
| Selling, general and admin | $97M | $94M | $104M | $121M | $109M | $126M | $138M | $156M | $166M | $175M |
| Operating income | $194M | $186M | $134M | $116M | $114M | $134M | $153M | $210M | $262M | $280M |
| Pre-tax income | $196M | $185M | $136M | $116M | $114M | $134M | $158M | $214M | $267M | $286M |
| Income tax | $72M | $68M | $32M | $30M | $27M | $24M | $29M | $37M | $48M | $66M |
| Net income | $124M | $116M | $105M | $86M | $87M | $110M | $129M | $177M | $218M | $220M |
| EPS (diluted) | $1.72 | $1.68 | $1.58 | $1.32 | $1.36 | $1.72 | $2.03 | $2.82 | $3.51 | $3.60 |
| Diluted shares | 72M | 69M | 66M | 65M | 64M | 64M | 63M | 63M | 62M | 61M |
| Gross margin | 58.7% | 58.7% | 56.9% | 53.9% | 54.0% | 55.1% | 53.3% | 53.6% | 54.8% | 56.3% |
| Operating margin | 32.1% | 31.2% | 23.9% | 18.8% | 19.5% | 20.2% | 19.9% | 22.6% | 25.1% | 25.9% |
| Net margin | 20.5% | 19.6% | 18.7% | 13.9% | 14.9% | 16.6% | 16.8% | 19.0% | 20.9% | 20.3% |
Balance sheet
Fiscal years, from Manhattan Associates's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $96M | $126M | $101M | $111M | $205M | $264M | $225M | $271M | $266M | $329M |
| Receivables | $100M | $92M | $100M | $101M | $109M | $124M | $167M | $181M | $205M | $215M |
| Total current assets | $207M | $228M | $215M | $232M | $334M | $408M | $415M | $479M | $503M | $583M |
| Property, plant and equipment | $17M | $15M | $14M | $23M | $18M | $14M | $13M | $12M | $14M | $23M |
| Goodwill | $62M | $62M | $62M | $62M | $62M | $62M | $62M | $62M | $62M | $62M |
| Total assets | $297M | $315M | $307M | $372M | $465M | $540M | $570M | $673M | $758M | $839M |
| Total current liabilities | $118M | $124M | $145M | $182M | $197M | $249M | $316M | $366M | $400M | $456M |
| Total liabilities | $128M | $140M | $160M | $230M | $247M | $289M | $343M | $395M | $458M | $525M |
| Shareholders' equity | $169M | $175M | $147M | $142M | $219M | $251M | $227M | $278M | $299M | $315M |
| Net debt | -$96M | -$126M | -$99M | -$111M | -$205M | -$264M | -$225M | -$271M | -$266M | -$329M |
Cash flow
Fiscal years, from Manhattan Associates's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $139M | $164M | $137M | $147M | $141M | $185M | $180M | $246M | $295M | $389M |
| Capital spending | $7M | $6M | $7M | $15M | $3M | $4M | $7M | $5M | $9M | $15M |
| Free cash flow | $133M | $158M | $130M | $132M | $138M | $181M | $173M | $241M | $286M | $374M |
| Stock-based compensation | $16M | $16M | $20M | $32M | $33M | $43M | $59M | $72M | $93M | $111M |
| Share buybacks (net) | -$168M | -$132M | -$149M | -$121M | -$44M | -$120M | -$204M | -$196M | -$286M | -$315M |
| Free cash flow margin | 21.9% | 26.6% | 23.3% | 21.3% | 23.6% | 27.3% | 22.6% | 26.0% | 27.5% | 34.6% |
Questions
What was Manhattan Associates's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Manhattan Associates generate?
$374M in fiscal 2025 (operating cash flow minus capital spending).
From Manhattan Associates's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.