How Manhattan Associates makes money

Period

FY2025

How does Manhattan Associates make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Manhattan Associates Inc. · FY2025 · year ended 2025-12-31

Revenue$1.1BGross profit$609M · 56%Cost of revenue$472M · 44%Operating income$280M · 26%Operating expenses$329M · 30%R&D$145M · 13%SG&A$94M · 9%Selling & marketing$81M · 8%Other opex$9M · 1%Pre-tax income$286M · 26%Other income$6M · 1%Net income$220M · 20%Income tax$66M · 6%Service Other$503M · 47%Cloud Subscriptions$408M · 38%Maintenance$130M · 12%Hardware$25M · 2%License & Maintenance$15M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.