Adjusted EPS was $1.31, up 11%, and GAAP EPS was $0.93, up 9%.
Cloud revenue grew 22% to $100 million, driving top-line outperformance and earnings leverage.
Deferred revenue increased 16% to $300 million, and the company ended the quarter with $231 million in cash and zero debt.
Manhattan Associates delivered better-than-expected Q2 2025 results with total revenue of $272 million, up 3% year-over-year.
Operating cash flow increased 1% to $74 million, with year-to-date operating cash flow up 17% to $149 million.
Remaining performance highlights include RPO increasing 26% year-over-year to $2.01 billion, adjusted operating profit of $101 million with a 37.1% margin, up 210 basis points year-over-year.
Services revenue declined 6% to $129 million, reflecting customer budget constraints and timing shifts.
The company repurchased $50 million in shares during the quarter, totaling $150 million year-to-date, with a replenished $100 million share repurchase authority approved by the Board.
Adjusted EBITDA nearly doubled to $1.020 billion, achieving an 81% adjusted EBITDA margin.
Free cash flow rose 72% year-over-year to $768 million, slightly lower than the previous quarter due to timing of bond interest and tax payments.
Q2 2025 revenue increased 77% year-over-year to approximately $1.260 billion, driven primarily by the core gaming advertising business.
Share repurchases totaled approximately 900,000 shares at a cost of $341 million, funded through free cash flow.
The sale of the Apps business to Tripledot Studios was completed during the quarter, with proceeds of $425 million included in cash and cash equivalents.
Weighted average diluted shares outstanding reduced from 346 million in Q4 2024 to 342 million in Q2 2025.
Dafinchi