Manhattan Associates reported consolidated Q4 revenue of $270.4 million, up 5.7% from $255.8 million a year earlier. GAAP diluted EPS rose to $0.86 from $0.77, while non-GAAP adjusted EPS increased to $1.21 from $1.17. Cloud subscription revenue climbed 20.2% to $108.6 million, reflecting continued customer migration to the company’s SaaS platform. Services revenue edged up to $120.0 million from $119.5 million, offsetting a steep decline in license sales, which fell to $2.6 million from $5.5 million in Q4 2024.

GAAP operating income improved to $67.0 million, compared with $60.7 million last year, while adjusted operating income was $91.4 million versus $90.3 million in Q4 2024. Days Sales Outstanding held steady at 73 days, supporting robust working capital management. The company noted record fourth-quarter cloud bookings, driven by new deployments of its Warehouse Management and Order Management systems, and cited growing uptake of its newly released AI-powered agents.

Operating cash flow jumped 40.4% to $147.0 million from $104.7 million in the prior year quarter, boosting year-end cash balances to $328.7 million from $263.6 million at September 30, 2025. During Q4, Manhattan repurchased 415,925 shares for $75.0 million under its share buyback program, and the board replenished the repurchase authorization to $100.0 million in January 2026. Full-year operating cash flow reached $389.5 million, up from $295.0 million in 2024.

The company provided full-year 2026 revenue guidance of $1,133 million to $1,153 million, representing 5% to 7% growth. GAAP operating margin is forecast at 24.1% to 24.7%, with adjusted operating margin of 34.5% to 35.0% after excluding equity-based compensation. GAAP EPS is expected between $3.37 and $3.53, while non-GAAP adjusted EPS is anticipated to range from $5.04 to $5.20. Management cited an expanded go-to-market footprint and continued strength in cloud subscriptions as key drivers for the coming year.