Manhattan Associates Inc reports results on Tuesday 27 October, after the market closes. The company is selling more but keeping less of each sale. Revenue over the twelve months to Q2 2026 was $1.1 billion, which rose 6.5% on the year before.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $1.36 | $1.19 |
| Dec '25 | $1.21 | $1.13 |
| Mar '26 | $1.24 | $1.11 |
| Jun '26 | $1.39 | $1.32 |
What analysts expect
Analysts have been raising their forecasts going into the report. For the quarter, the average EPS estimate is $1.46, in a range from $1.44 to $1.51, while the average revenue estimate stands at $297.0 million. Meanwhile, the analysts’ average estimate for full-year EPS is $5.50, which would be up 8.6% on last year (based on 10 analysts). That estimate has risen 2.5% over the past 90 days. Of the analysts’ recommendations, 9 are positive, 2 neutral and 0 negative.
Company guidance
In its latest earnings release, management set full year 2026 Adjusted EPS guidance at $5.44 to $5.50. In its latest earnings release, management set full year 2026 GAAP EPS guidance at $3.59 to $3.65. Alongside that, in its latest earnings release, management set full year 2026 Total revenue guidance at $1.2 billion to $1.2 billion.
Earnings surprise model
The model estimates EPS could land above the analysts’ average estimate by 4.5%. Its estimated chance of an EPS beat is 75.0%, based on the last 4 quarters. The model shrinks the median recent surprise toward zero and uses a neutral prior for beat frequency; this small sample is a reference estimate, not company guidance.
Track record against estimates
The company reported EPS above the analysts’ average estimate in 4 of the last 4 quarters. Last quarter, EPS of $1.39 compared with an estimate of $1.32, above it by 5.3%.
The trends going in
Profit and cash are telling different stories: cash flow rose while earnings fell. That growth rate was up 1.7 percentage points on the rate a quarter earlier. The trailing gross margin was 55.8%, while the trailing operating margin was 24.3%, down 1.5 percentage points from a year earlier. The trailing net margin was 18.7%. Net income over the twelve months was $210.2 million, which fell 4.9% on the year before.
The cash picture
Operating cash flow over the twelve months was $414.9 million, up 31.2% on the year before. Capital spending was $15.7 million, or 1.4% of revenue. Free cash flow, operating cash flow less capital spending, was $399.2 million, up 29.9% on the year before. Free cash flow was 35.4% of revenue (the free-cash-flow margin), up 6.4 percentage points from a year earlier. The average diluted share count fell 2.5% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 35.4% is above every one of the company’s own past quarterly readings, which have ranged from 14.6% to 34.6%. Today’s operating margin of 24.3% is higher than 56% of past readings (12.9% to 32.3%). Today’s twelve-month revenue growth rate of 6.5% is higher than 33% of past readings (−6.6% to 21.1%).
Questions this report will answer
Whether the pick-up in revenue growth continues. Whether results land above or below the analysts’ expectations set out above. Alongside that, whether margins hold at the trailing levels above. The next filing will show whether the trends above continue, slow or reverse.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 24.4%, and 5 percentage points higher would raise it by 31.8%. A free-cash-flow margin 1 percentage point lower would lower it by 2.8%.
