Manhattan Associates Expects 2026 Revenue of $1.176–$1.178 Billion
Key Facts
Manhattan Associates raised its 2026 revenue forecast to a range of $1.176 billion to $1.178 billion, with expected annual growth of 9%, according to its third-quarter earnings release. The update came with quarterly revenue of $306.2 million, compared with $275.8 million in the third quarter of 2025. CEO Eric Clark said the company posted "another record bookings quarter" amid strong demand. He added that cloud revenue exceeded services revenue for the first time and that quarterly revenue topped $300 million. The company also raised its forecast for remaining performance obligation growth to 21% in 2026, from its previous range of 18% to 20%.
Cloud subscription revenue was $134.4 million in the third quarter, compared with $104.9 million in the same period of 2025. Meanwhile, services revenue was $134.4 million, compared with $133.0 million a year earlier. The comparison shows cloud subscription revenue increased while services revenue remained close to its previous level. Adjusted diluted earnings per share were $1.55, compared with $1.36 in the third quarter of 2025. GAAP diluted earnings per share were $1.04, compared with $0.96 in the same period.
Remaining performance obligations, or RPO, reached $2.59 billion on September 30, 2026, up from $2.47 billion on June 30. According to the company’s disclosure, the measure includes non-cancelable cloud subscription contracts with terms of more than one year. The company said more than 99% of its RPO represents native cloud subscriptions under non-cancelable contracts with terms exceeding one year. Maintenance contracts, which typically have a one-year term, are not included in the measure. Raising the RPO growth forecast to 21% puts the estimate above the previous range of 18% to 20% for the same year.
Operating cash flow did not keep pace with the year-over-year improvement in revenue and earnings per share: it was $68.6 million in the third quarter, compared with $93.1 million in the third quarter of 2025. After the results were announced on Tuesday, the company’s shares rose 10.9% in after-hours trading, according to Investing.com. The stock had closed at $236.4 on October 26, 2026, according to EL7 data. The closing price is separate from the share move after the earnings announcement, which recorded a gain in extended trading. The available data did not include the stock’s trading range during the October 26 session.