Manhattan Associates Inc (MANH.O): 2Q26 Quick Take: Bookings Momentum Continues with Strong Beat Flowed to Guide

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Manhattan Associates Inc (MANH.O): 2Q26 Quick Take: Bookings Momentum Continues with Strong Beat Flowed to Guide

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28 Jul 2026 16:38:31 ET │ 11 pages

Manhattan Associates Inc (MANH.O)

2Q26 Quick Take: Bookings Momentum Continues with Strong Beat

Flowed to Guide

CITI'S TAKE Buy

Price (28 Jul 26 16:00) US$168.17MANH reported strong Q2 results, with a +$33M RPO beat vs. consensus

Target price US$193.00 (+$126M NNRPO q/q), 3.5% rev beat (vs. 4Q avg of 2.5%), a $5M Cloud rev

beat (accel to 26% y/y), a $3M adj EBIT beat, and a $6M FCF beat. The Expected share price return 14.8%

FY26 rev guide was raised to $1,160M-$1,166M from $1,1147M-$1,157M Expected dividend yield 0.0%

(+7-8% y/y; midpoint +$11M vs. the +$11M Q2 beat), the FY adj EBIT Expected total return 14.8%

margin guide raised to 35.0% midpoint vs. 35.2% prior (+10bps), and adj Market Cap US$9,950M

EPS guided to $5.47 midpoint vs. $5.33 prior (+$0.09). On the call, we are

looking for color on the deal/macro environment, an updated view on the

renewals impact on bookings for the quarter/year & early learnings on

contract duration/pricing/cross-sell, the pace of cloud conversions, a George Kurosawa, CFAAC

view on Services trajectory drivers, adoption trends for agentic AI products +1-415-658-4247

and an early view into monetization, and color on the margin implications george.kurosawa@citi.com

of the recent 6% RIF. Steven Enders, CFA

+1-415-951-1745

Call Information — MANH reports after market close on 7/28 with the call at steven.enders@citi.com

4:30pmET // Webcast available here

Implications — We anticipate a positive reaction on another quarter of

demonstrated bookings momentum and acceleration in Cloud revenue growth.

EPS (US$) Q1 Q2 Q3 Q4 FY FC Cons VA Cons

2025A 1.19A 1.31A 1.36A 1.21A 5.06A 5.06A na