Manhattan Associates, Inc. (MANH): Business Model Canvas [Dec-2025 Updated]

You're digging into Manhattan Associates, Inc.'s (MANH) current business engine, and honestly, the story isn't just about supply chain software anymore; it's a masterclass in cloud transition. After two decades analyzing these plays, I can tell you this shift is real: their cloud subscription revenue hit a solid $104.9 million in Q3 2025, showing the market is buying in. Plus, with over $2.1 billion locked up in their Remaining Performance Obligation (RPO), the future revenue is well-contracted. If you want to see exactly how they are structuring this high-growth, Agentic AI-infused model-from their key partnerships to their new revenue streams-dive into the full Business Model Canvas breakdown below. It's definitely worth your time.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Key Partnerships

You're looking at the structure of Manhattan Associates, Inc. (MANH) partnerships as of late 2025. These alliances are critical for extending reach and embedding the Manhattan Active solutions deeper into the commerce and cloud ecosystems. Here's the breakdown of the key relationships shaping their business.

Google Cloud: Strategic alliance for cloud infrastructure and AI development

The relationship with Google Cloud is foundational, as the server-side full stack for Manhattan Active solutions runs exclusively on Google Cloud Platform. This deep integration supports core services like Google Kubernetes Engine (GKE), Google Cloud SQL, and Google Big Query. Manhattan Associates was recognized with the 2025 Google Cloud Business Applications Partner of the Year Award for Supply Chain and Logistics, underscoring this strategic alignment, especially around Agentic AI and Generative AI within the Manhattan Active Suite. This alliance is a significant go-to-market channel, with Manhattan solutions available on the Google Cloud Marketplace.

Here are the latest financial figures tied to this cloud strategy:

Metric	Q3 2025 Value	Year-over-Year Change
Cloud Subscription Revenue	$104.9 million	21% growth
Total Revenue (Q3 2025)	$275.8 million	3% growth
Expected Sustainable Cloud Growth Rate	20% (for 2026 forecast)	N/A

The availability on the Marketplace lets customers simplify billing and apply Manhattan spend toward existing Google Cloud purchase commitments. Honestly, this structure helps accelerate digital transformation for clients.

Shopify: Integration of Manhattan Active Order Management into the Shopify App Store

Manhattan Associates, Inc. announced in May 2025 that a connector app for Manhattan Active Order Management is available in the Shopify App Store. This is a unique arrangement; Manhattan is the first Enterprise Order Management System (OMS) to build directly into Shopify with a native app, and Shopify is the only commerce platform with this level of integration. This partnership is designed to give enterprise brands the operational depth of Manhattan with the speed and user experience of Shopify.

• Provides connectivity for real-time network inventory.
• Offers order fulfillment status visibility.
• Supports Shop Pay as a payment method integration.
• Enables multi-node fulfillment logic for enterprises.

This integration supports complex fulfillment methods like pickup in store and same-day delivery for brands using Shopify.

Manhattan Value Partner (MVP) Program: Global network of system integrators and consultants

The Manhattan Value Partner (MVP) Program is a global network of trusted third-party integrators and consultants. These partners bring specialized vertical industry knowledge or technical expertise to customer engagements, supporting and complementing Manhattan Associates, Inc.'s supply chain solutions. The company recognized its top performers at Momentum 2025 in June, highlighting collaboration and innovation.

Award recipients in 2025 included major players:

• Services & Engagement Winners: IBM Consulting and 4SiGHT Supply Chain Group.
• Technology & Solution Winners: Google Cloud and Honeywell.

For instance, IBM Consulting was recognized for supporting successful implementations and expanding into new technical areas like rapid deployment of autonomous mobile robots. Deloitte Consulting was also cited for strategic insight and execution excellence.

Technology Innovators: Collaboration for complementary software and hardware solutions

Manhattan Associates, Inc. actively collaborates with technology innovators to ensure its platform remains comprehensive and state-of-the-art. This involves integrating complementary software and hardware to enhance solutions like Manhattan Active Warehouse Management (MAWM). The focus is on extending capabilities through specialized technology.

Partner Type	Example Partner Mentioned	Area of Complementary Solution
Cloud Infrastructure/AI	Google Cloud	Cloud-native architecture, Agentic AI foundation
Hardware/Voice Solutions	Honeywell	Voice solutions integration
System Integrators	IBM Consulting	Extension development, AMR deployment

The development of out-of-the-box AI agents, like the intelligent Store Manager, relies on this ecosystem of specialized technology providers. Finance: draft 13-week cash view by Friday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Key Activities

You're looking at the core engine room of Manhattan Associates, Inc., the activities that drive their value proposition in late 2025. This isn't about marketing fluff; it's about where the dollars and engineering hours are actually going to keep that Manhattan Active platform ahead.

Research and Development (R&D): Heavy investment in Agentic AI and cloud-native solutions

Manhattan Associates, Inc. is clearly prioritizing R&D to fuel its next-generation offerings. For the nine months ended September 30, 2025, Research and Development expenses totaled $17,848 thousand, up from $15,812 thousand for the same period in 2024. This spending directly supports the rollout of Agentic AI, which was a major focus at Momentum 2025.

The investment is focused on embedding intelligence directly into the platform:

• Agentic AI, powered by large language models, is set for general availability starting in Fall 2025.
• The company launched Agent Foundry™, a toolkit for customers and partners to build custom AI agents.
• The architecture underpinning this innovation is the cloud-native, all-microservice API architecture of Manhattan Active solutions.

Software Development: Building and maintaining the unified Manhattan Active platform

The core activity here is the continuous enhancement and maintenance of the unified Manhattan Active platform, which is designed to eliminate system-to-system integration complexity. This unification is showing tangible results in sales effectiveness.

The success of the unified platform is evident in cross-sell metrics:

• In the past five quarters, 80% of Manhattan Associates, Inc. customers who purchased its Transportation Management System (TMS) also bought its warehouse management product, or had already done so.
• Manhattan Associates, Inc. is recognized as a 17-time Leader in Gartner's Magic Quadrant for WMS, specifically for its cloud-native, microservices-based warehouse management solutions.

Professional Services: Implementation and consulting for complex supply chain deployments

Professional Services remains a significant, albeit fluctuating, revenue driver, focusing on getting complex supply chain deployments live. You need to watch the services revenue closely, as it is more susceptible to macro uncertainty and tariff-related delays.

Here are the recent and guided financial figures for this activity:

Period/Guidance	Services Revenue Amount
Q3 2025 Actual	$133.0 million
Q2 2025 Actual	$129 million
Q1 2025 Actual	$121 million
Q3 2024 Actual	$137.0 million
Full Year 2025 Guidance (Midpoint)	$497 million

Still, management expects services to grow in 2026.

Cloud Conversions and Renewals: Proactive programs to migrate legacy customers to the cloud

Migrating existing customers from legacy licenses to the cloud is a critical activity, directly impacting the highly valued subscription revenue stream. The company has launched specific programs to accelerate this shift, and the results are strong, with a 70% win rate cited for new sales opportunities.

The financial metrics for this cloud focus are compelling:

• Cloud subscription revenue for Q3 2025 was $104.9 million.
• The average contract duration for cloud subscriptions is nearing six years.
• Full Year 2025 Cloud Revenue Guidance midpoint is $408.5 million.
• Manhattan Associates, Inc. expects 20% cloud revenue growth in 2026.

To support this, in Q3 2025, the company advanced its conversion program with fixed-fee, fixed-timeline offers and launched a dedicated renewal team. Maintenance Revenue for the full year 2025 guidance showed an expected decline of 14% at the midpoint due to attrition to the cloud.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Key Resources

You're looking at the core assets that power Manhattan Associates, Inc. (MANH) right now, late in 2025. These aren't just line items on a balance sheet; they are the engines driving their recurring revenue and market position.

The Manhattan Active Platform is the foundation. It's their cloud-native, version-less software suite, meaning every customer gets the latest updates automatically, which is a big deal for keeping the technology current without painful upgrade cycles. This architecture is built on microservices, helping it stay flexible for modern supply chain demands.

• Cloud-native architecture delivering quarterly updates to all customers.
• Built on a microservices-based framework.
• Recognized as a 17-time Leader in Gartner's Magic Quadrant for WMS.

Next, you have the Intellectual Property, which is the proprietary code behind their core offerings. This IP is what makes their Warehouse Management, Transportation Management, and Order Management solutions perform the way they do. It's the secret sauce that keeps their cloud subscription revenue humming along at a strong clip.

The human element, Highly Skilled Talent, is another critical resource. Manhattan Associates, Inc. has built a team with deep expertise in supply chain, omnichannel commerce, and increasingly, AI engineering to power new features like agentic AI within the platform. You can see the scale of this resource with their employee base, which is reported to be over 4000+ people.

The success of these resources is clearly visible in the financial outputs from the third quarter of 2025. Here's a quick look at the operational scale as of September 30, 2025:

Metric	Value (Q3 2025)
Total Revenue	$275.8 million
Cloud Subscription Revenue	$104.9 million
Cloud Revenue YoY Growth	21%
Adjusted Operating Margin	37.5%

Finally, the most concrete measure of contracted future value tied to these resources is the Remaining Performance Obligation (RPO). As of the end of Q3 2025, this figure stood at over $2.1 billion. Honestly, that number gives you incredible visibility into committed, contracted future revenue, with management noting that about 38% of that RPO is expected to be recognized as revenue over the next 24 months.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why large enterprises choose Manhattan Associates, Inc. (MANH) for their most critical logistics needs right now, late in 2025. It boils down to unification, next-generation automation, a modern platform, and proven scale.

Unified Supply Chain Commerce: Single platform for WMS, TMS, and OMS, reducing complexity.

The value here is ditching siloed systems for one platform, the Manhattan Active Supply Chain Execution suite. This unification is driving tangible results; cross-selling since launching the unified platform has far exceeded what was possible with the prior technology stack. The market recognizes this leadership across the core execution components.

Manhattan Associates, Inc. (MANH) is a 17-time Leader in Gartner's Magic Quadrant for Warehouse Management Systems (WMS). For Order Management Systems (OMS), Manhattan Active Omni received the highest possible score in 20 out of the 27 Current Offering criteria in the 2025 Forrester Wave™. That's deep capability across the board. Honestly, having one system for Warehouse, Transportation, and Order Management just simplifies everything.

Here's a snapshot of the WMS footprint as of 2025:

Metric	Value	Context
Total Global WMS Customers (2025)	Over 364 companies	Companies using MANH WMS tool
US WMS Customers	235 companies	Represents 72.53% of the global base
Largest Customer Employee Size Segment	10,000+ employees	147 companies fall in this bracket

Agentic AI Innovation: Autonomous AI agents for labor optimization and real-time decision-making.

The shift to Agentic AI is happening now, moving beyond simple chatbots to autonomous, goal-driven agents. These agents are designed to coordinate tasks and respond to complex requests without constant human intervention. Some of these solutions are already in production, handling thousands of user queries daily.

The full suite, including the Agent Foundry™ platform for custom agent development, is scheduled for general availability in Fall 2025. This means the value proposition is moving from pilot to widespread deployment this year. Think of the Labor Optimizer Agent or the Intelligent Store Manager-these are designed to directly impact operational efficiency through automation.

Always Current Software: Cloud-native, version-less architecture eliminates costly upgrades.

This is the foundation that lets the AI and unification work so well. The architecture is cloud-native and built entirely on microservices, meaning features are delivered continuously, not in big, disruptive upgrade projects. You get no upgrades, ever. That's a huge cost avoidance for you.

Demand for this modern approach is clear in the financials. Cloud subscription revenue growth was 21% in Q3 2025, following 22% growth in Q2 2025. The company is sticking to a forecast of 20% cloud revenue growth for 2026 as well. The adjusted operating margin hit 37.5% in Q3 2025, showing the operating leverage of this scalable cloud model.

Global Scale and Resilience: Mission-critical solutions for large, complex global operations.

When you are managing global supply chains, you need assurance that future revenue is locked in and that the provider is financially sound. The Remaining Performance Obligation (RPO), which is your committed future revenue stream, ended Q3 2025 at $2.1 billion, up 23% year-over-year in bookings. That backlog gives you serious visibility.

The company's full-year 2025 total revenue guidance is now set between $1.073 billion and $1.077 billion. Plus, Manhattan Associates, Inc. (MANH) remains debt-free since its founding in 1990. They even refilled the share buyback authorization back up to $100 million in October 2025, signaling management conviction in the stock's value despite market noise.

The geographic reach supporting this scale includes significant customer presence outside the US:

• United Kingdom customers: 24
• France customers: 17
• Total international WMS customers: Over 129 companies (364 total minus 235 US)

Finance: draft 13-week cash view by Friday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Customer Relationships

You're looking at how Manhattan Associates, Inc. keeps its large enterprise customer base engaged and growing its subscription base, especially as services revenue faces headwinds. Here's the data on their customer relationship strategies as of late 2025.

Dedicated Renewal Teams

Manhattan Associates, Inc. manages customer lifecycle through a focus on subscription migration and retention, evidenced by the shift in revenue mix. The company's full-year 2025 guidance projected Maintenance Revenue to represent a 14% decline at the midpoint due to attrition to the cloud, though a later update suggested a 7% decline due to the same factor. This highlights the active management of legacy contracts moving to the cloud subscription model. The reliance on cloud revenue growth, which hit 22% year-over-year in Q2 2025 and 21% year-over-year in Q3 2025, shows where retention efforts are focused-securing the recurring revenue stream.

The customer base remains concentrated but diversified enough to avoid single-customer risk:

Metric	Value/Period	Data Point
Top Five Customers Revenue Share (FY 2024)	12%	Of total revenue for the year ended December 31, 2024.
Largest Single Customer Share (FY 2024)	Not more than 10%	Of total revenue in 2024, 2023 and 2022.
Net New Logos Cloud Bookings (Q2 2025)	More than 70%	Of new cloud bookings in Q2 2025.

Professional Services Engagement

The Professional Services arm is high-touch, built on 30 years of implementation knowledge, but it experienced a contraction in the first nine months of 2025. Services revenue for the nine months ended September 30, 2025, was $383.0 million, down from $406.0 million for the same period in 2024. This decline was also seen in Q3 2025, where services revenue was $133.0 million compared to $137.0 million in Q3 2024. Honestly, this dip is partly attributed to customer behavior, with around 10% of customers with ongoing implementations scaling back planned services work for the year. The full-year 2025 guidance for Services Revenue was projected to be between $494 million and $500 million (midpoint $497 million). The team delivers expertise through industry-specific best-practices protocols.

• Q2 2025 Services Revenue: $129 million, a 6% YoY decline.
• Q4 2024 Services Revenue: $119.5 million, a mere 0.3% growth year-over-year.
• Consulting personnel assist customers in various areas, including enterprise commerce operations.

Annual Momentum Conference

The annual user conference, Manhattan Momentum 2025, serves as a major community-building and innovation showcase event. This year, it took place in Las Vegas from May 19 through Thursday, May 22. The event highlighted the appointment of Eric Clark as the new president and CEO and emphasized Agentic AI advancements. The conference agenda included over 70 educational sessions covering topics like transportation management and omnichannel commerce. The Discovery Center featured over 60 trade show exhibitors.

Key customer participation and focus areas at Momentum 2025 included:

• Featured customer success stories from top brands like Foot Locker, PacSun and Staples.
• Showcased Agentic AI, with initial agents like the Intelligent Store Manager already in production.
• Announced Agent Foundry, a toolkit for customers and partners to build custom AI agents.
• The theme was New Horizons, focusing on platform unification and AI deployment.

Customer-Centric R&D

Manhattan Associates, Inc. emphasizes continuous investment in R&D, with a stated goal to enhance its core supply chain, omnichannel commerce, and inventory solutions. The company reported spending $138 Million on R&D in 2024, and has spent approximately $1 Billion on R&D since 2010. This investment directly fuels customer-requested features, such as the Agentic AI suite, which is designed to drive autonomous decision-making. The company is committed to a quarterly release cadence for new feature deployments. The development efforts focus on adding functionality, integrating solutions, and enhancing operability across platforms.

The R&D roadmap, as unveiled at Momentum 2025, included:

• Agentic AI assistants and Agent Foundry set for general availability starting Fall 2025.
• New features released since the prior Momentum included trailer weight balancing and generative AI for action assistance.
• The WMS solution now embeds labor management and slotting optimization capabilities.

Finance: finalize the Q4 2025 services revenue forecast by next Tuesday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Channels

You're looking at how Manhattan Associates, Inc. (MANH) gets its software and services into the hands of its customers as of late 2025. It's a mix of direct selling, a strong partner ecosystem, and modern cloud marketplaces. Honestly, the numbers show a clear push toward the cloud, which impacts how all these channels operate.

Direct Sales Force: This is where the company drives its core enterprise deals. The focus here is clearly on selling the unified platform, Manhattan Active Supply Chain Execution. Management noted that their sales execution improved significantly, with win rates against their top 5 competitors consistent at over 70% in Q2 2025. Furthermore, more than 70% of their new cloud bookings were generated from net new logos in that same quarter, indicating the direct sales team is successfully bringing in fresh business, not just upselling existing accounts. They even had their largest deal of the quarter influenced by Google Cloud Marketplace, showing that even direct sales are leveraging new digital routes.

Partner Channel: Manhattan Associates relies on its Manhattan Value Partner (MVP) network for implementation and technology integration. This channel is critical for scaling service delivery and embedding their technology deeper into customer environments. Key partners like IBM Consulting and Deloitte Consulting were recognized with 2025 MVP Excellence Awards for driving customer value realization and strategic insight, respectively. Google Cloud also received an MVP award for its role in Gen AI and cloud technologies, highlighting the strategic nature of this partnership. Manhattan Associates supports over 1,200 customers worldwide, a reach that the MVP network definitely helps maintain.

The sales motion is clearly benefiting from platform unification; in the last five quarters leading up to Q2 2025, 80% of Manhattan Associates customers who bought their Transportation Management System (TMS) also purchased their warehouse management product.

Here's a quick look at the revenue segmentation based on the 2025 guidance and Q2 2025 actuals. The Services group, which often includes partner-led implementation revenue, saw a dip in Q2, but the overall guidance suggests a significant portion of the business is shifting to subscriptions.

Channel/Revenue Type	Q2 2025 Actual Amount	FY 2025 Guidance Midpoint
Total Revenue	$272.4 million	$1.073 billion
Cloud Subscription Revenue	$100.4 million (up 22% YoY)	$408.5 million
Services Revenue	$129 million (down 6% YoY)	$497 million (midpoint of $494M-$500M)
Maintenance Revenue	Not explicitly stated for Q2	$119 million (midpoint of $118M-$120M)

Cloud Marketplaces: This is a growing route to market, especially for new cloud bookings. Manhattan Associates announced that its solutions are now available on the Google Cloud Marketplace. This strategy is paying dividends; the company reported that the largest deal signed in Q2 2025 was influenced by this platform, and they have a growing pipeline of similar deals. This channel helps accelerate deployment on Google Cloud's infrastructure.

Online App Stores: Manhattan Associates is using specific app stores to distribute targeted functionality, particularly for omnichannel retail clients. They announced that the connector app to Manhattan Active Order Management is now available in the Shopify App Store. This integration provides out-of-the-box connectivity for real-time network inventory, order fulfillment status visibility, and supports Shop Pay. Several enterprise-class retailers were already live using this connector app as of May 2025.

The focus on these digital storefronts helps enterprise brands using Shopify gain global inventory visibility across stores, distribution centers, and in-transit trucks, which is key for driving sales and margin through optimized fulfillment.

• The Shopify connector app supports best-in-class store fulfillment methods like pickup in store, curbside pickup, and same-day delivery.
• The availability of Manhattan Active Order Management on the Shopify App Store directly supports the goal of creating consistent experiences from demand through fulfillment for enterprise brands.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Manhattan Associates, Inc. (MANH) solutions as of late 2025. These are the entities that need to tame complex supply chains and nail the omnichannel experience.

Large Enterprise Retailers are a primary focus, needing the unified commerce solutions that Manhattan Associates offers. The company's solutions are designed to optimize everything from the distribution center to the point of sale (POS) effectiveness for these large players. The customer base includes many of the world's premier and most profitable brands.

Global Wholesalers and Manufacturers form another key segment. These businesses rely on Manhattan Associates to manage high-volume, complex supply chain operations, often utilizing the Warehouse Management System (WMS) for efficient utilization of a single distribution center across direct-to-consumer, retail replenishment, and high-volume wholesale fulfillment. The total global customer base for Manhattan Associates, Inc. (MANH) exceeded 1,200 as of the end of 2024.

Third-Party Logistics (3PL) Providers are also served, sometimes through indirect sales channels like reseller agreements, which help extend market coverage and provide access to trained implementation personnel. These firms manage logistics for their own clients using Manhattan Associates' software.

The customer base is geographically diverse, though heavily weighted toward the Americas. Based on a total revenue snapshot of approximately $1.04B, the geographic distribution shows this concentration:

Geographic Region	Revenue Amount	Percentage of Total Revenue
Americas	$802.49M	77.0%
EMEA	$190.52M	18.3%
Asia Pacific	$49.34M	4.7%

The international revenue, which includes all sales outside the United States, was approximately $346.2 million for the year ended December 31, 2024, making up about 33% of the total revenue for that year. Still, the Americas region drives the vast majority of recognized revenue.

It's important to note the concentration risk, or lack thereof, within the top accounts. For the year ended December 31, 2024, the top five customers in aggregate accounted for 12% of total revenue. Honestly, no single customer has accounted for more than 10% of total revenue across 2024, 2023, and 2022.

• Customer types include retailers, wholesalers, manufacturers, and logistics providers.
• Top five customers represented 12% of FY2024 revenue.
• The Americas segment accounts for 77.0% of the geographic revenue base.
• International revenue represented 33% of total revenue in FY2024.
• New cloud bookings in Q2 2025 showed that more than 70% came from net new logos.

Finance: draft a sensitivity analysis on revenue concentration if the top five customers were to shrink by 15% by next Tuesday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Manhattan Associates, Inc. as they push their cloud-native platform. The cost structure is heavily weighted toward talent and platform development, which makes sense for a software company focused on innovation.

Personnel Costs: This is definitely the biggest bucket. Manhattan Associates, Inc. explicitly stated they are making targeted investments in their people to capitalize on market opportunity. Personnel costs cover the engineering, sales, and professional services talent required to build, sell, and deploy the Manhattan Active solutions. Substantially all of their customers use some portion of their Professional Services, which are typically billed by the hour under time and materials contracts, meaning the cost of that service talent directly impacts profitability. The company appointed a new COO, ex-Microsoft FastTrack, to scale conversions and renewals, which signals an investment in service delivery personnel efficiency.

Research and Development (R&D) Expenses: Costs here are for enhancing industry-leading solutions, including the Manhattan Active platform and new features like Agentic AI, which entered early access across products in Q3 2025. For the full fiscal year ended December 31, 2024, Manhattan Associates, Inc. reported R&D expenses of $137,689 thousand. R&D expenses primarily consist of salaries and other personnel-related costs for the people involved in these activities. The company is clearly prioritizing this spend to maintain its leadership position, as evidenced by the continued focus on cloud-native, microservices-based solutions.

Cloud Infrastructure Costs: While specific cloud infrastructure expenses, like Google Cloud spend, aren't itemized separately in the high-level results, this cost is embedded within the overall cost of revenue and operating expenses. The massive growth in cloud subscription revenue-which hit $104.9 million in Q3 2025, up 21% year-over-year-directly correlates with increased multi-tenant cloud environment operational costs. The shift from Maintenance Revenue (projected to decline by a midpoint of 7% in FY2025) to Cloud Revenue is a structural shift in how these costs are recognized and scaled.

Sales and Marketing Expenses: Manhattan Associates, Inc. is strategically investing in its sales and marketing teams and improving go-to-market partnerships to drive pipeline and conversions. For the fiscal year ended December 31, 2024, the Sales, General and Admin expenses were $165,786 thousand. This spend supports global go-to-market strategies aimed at increasing the adoption of Manhattan Active solutions across the customer base. The strong win rates of approximately 70% in Q3 2025 suggest these sales investments are yielding results in booking breadth.

Here's a quick look at the latest reported expense figures and key operating metrics:

Metric	Value (FY Ended 12/31/2024)	Value (Q3 2025)
Total Revenue	$1,042.352 million	$275.8 million
Research and Development Expenses	$137.689 million	Not Separately Itemized
Sales, General and Admin Expenses	$165.786 million	Not Separately Itemized
Total Operating Expenses	Not Available	$199.97 million
Adjusted Operating Margin	Not Available	37.5%

The cost structure is managed to maintain high profitability, as seen by the 37.5% Adjusted Operating Margin in Q3 2025, even while investing heavily. You can see the commitment to talent and platform development in the expense categories that drive the product.

• R&D investment supports the Manhattan Active platform development.
• Personnel costs cover engineering, sales, and professional services talent.
• Sales and Marketing drives global go-to-market execution.
• Cloud Infrastructure scales with 21% cloud revenue growth.

Finance: draft 13-week cash view by Friday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Revenue Streams

When you look at how Manhattan Associates, Inc. (MANH) makes its money, it's clear the shift to the cloud is the main story, but the older revenue types still play a part in the overall picture. Honestly, the composition of their revenue tells you exactly where the company is focusing its energy and where the market is valuing their offerings most highly right now.

The revenue streams are segmented into four primary buckets, reflecting the transition from traditional software sales to a modern, subscription-based model. You can see the immediate impact of this transition in the quarterly figures.

Here's a breakdown of the key components that make up the top line for Manhattan Associates, Inc. (MANH):

• Cloud Subscription Revenue: This is the engine for growth, representing fees for access to their Manhattan Active solutions. Q3 2025 hit $104.9 million, showing solid momentum.
• Services Revenue: These are the fees you pay for getting the software running-implementation, consulting, and training services. For Q3 2025, this stream brought in $133.0 million.
• Maintenance Revenue: This is the recurring income from customers still on legacy, on-premise software deployments. We are looking at a midpoint figure for FY 2025 of $128 million for this stream.
• License Revenue: This is the declining stream from selling perpetual, one-time licenses for on-premise software. It was only $1.4 million in Q3 2025.

To give you a clearer picture of the Q3 2025 performance across these streams, here's the quick math in a table format:

Revenue Stream	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)	Nine Months Ended Sep 30, 2025 Amount (in millions)
Cloud Subscriptions	$104.9	$86.5	$299.6
Services	$133.0	$137.0	$383.0
License	$1.4	$3.8	$12.2
Total Consolidated Revenue	$275.8	$266.7	$811.0

The story here is the cloud. That Cloud Subscription Revenue of $104.9 million in the third quarter represented a 21% growth rate, which is what CEO Eric Clark highlighted. Services revenue, at $133.0 million for the quarter, was better than expected, even though it was slightly lower than the prior year's Q3. The total revenue for Q3 2025 landed at $275.8 million, and the company is projecting the full fiscal year 2025 revenue to be around $1.08 billion at the midpoint. You should definitely keep an eye on the RPO Bookings, which grew 23% year-over-year, as that feeds the future subscription pipeline.