Manhattan Associates Inc (MANH.O): 2Q26 Recap: Conversion Activity Supports Bookings Momentum

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Manhattan Associates Inc (MANH.O): 2Q26 Recap: Conversion Activity Supports Bookings Momentum

Manhattan Associates Inc (MANH.O)

29 July 2026 Citi Research

MANH 2Q26 Earnings Recap

Management Callback Notes

n The strong cloud performance was attributed to solid execution and a high

volume of deals, with upsell activity in particular, (raising subscription tiers

and/or adding products), contributing to the revenue uplift.

n cRPO as a % of total RPO is expected to remain around 39% for the next few

quarters, supported initiatives to accelerate implementation ramp timelines and

impacted by renewal duration (slightly shorter than overall duration).

n MANH is seeing a high volume of 5-year renewals relative to the overall book at

5.5-6 years, noting strong 1H performance from the renewal team both in

introducing price uplifts and driving cross-sell/up-sell.

n The initial cohort of customers for agentic AI products is not yet contributing

significant revenue, and the impact is expected to remain small for 2H26. The

contract and margin structures for these products are largely in line with the rest

of the business. The go-forward revenue impact will depend in large part on

which of the three usage-based subscription tiers customers tend to choose

and how quickly they ramp.

n The new Editions packaging options provides a more accessible on-ramp for

customers who do not require the full complexity of the flagship Active WMS

product. This allows MANH to sell a middle-tier edition at a lower price point

while preserving margins and opening up opportunities for cross-sell of

products like AI agents and TMS. This strategy should also help convert legacy

on-prem customers who previously found the higher price point to be a barrier.