MMS earnings analysis
What we found in MMS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Maximus reported Q2 2026 revenue of $1.31 billion, a decline of 4.1% year-over-year, missing consensus estimates. Diluted EPS was $1.80, slightly below expectations of $1.98, while the company raised its full-year adjusted EPS guidance to between $8.25 and $8.55, signaling long-term confidence despite current quarter challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q2 2026 revenue was $1.31 billion, down 4.1% from $1.36 billion in Q2 2025.
- EPS Adjustment
- Diluted EPS for Q2 2026 was $1.80, a slight increase from $1.69 in Q2 2025.
- Improved Gross Margin
- Gross margin improved to 26.2% in Q2 2026 from 24.9% in Q2 2025.
- Guidance Raise
- Full-year adjusted EPS guidance increased to $8.25-$8.55 from previous guidance.
- Strong Cash Position
- As of March 31, 2026, cash and cash equivalents were $157.5 million.
- Free Cash Flow Recovery
- Free cash flow improved to -$71.6 million in H1 2026 from -$77.5 million in H1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Miss
- Q2 2026 revenue of $1.31 billion missed consensus of $1.32 billion.
- Segment Operating Challenges
- U.S. Services Segment saw revenue fall 6.0% year-over-year.
- Impairment Charge Impact
- Recorded a $6.9 million impairment charge on a capitalized software asset.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.8
- Gross margin
- 26.2%
- Operating margin
- 11.4%
- Segment
- U.S. Federal Services
- Segment
- U.S. Services
- Segment
- Outside the U.S.
What they said about what is next.
Guidance increase noted in MD&A; expectation of revenue between $5.2B and $5.35B, adjusted EPS raised slightly.
The filing reads worse than the one before it.
What came before.
- 10-Q · February 5, 2026
- Maximus reported Q1 revenue of $1,345,046,000 and diluted EPS of $1.70, with operating income rising to $146,210,000 and gross profit increasing to $318,670,000 versus the year-ago quarter. However, operating cash flow…
- 10-K · November 20, 2025
- Maximus positions itself as a tech-enabled services provider to government agencies with a strategic focus on tech-enabled customer service, health/clinical services, and technology modernization. The company reports a…
- 10-Q · August 7, 2025
- Maximus, Inc. reported a strong Q3 FY2025, with revenue of $1.35 billion, a slight decrease of 0.7% compared to Q2 but a 2.5% increase from the prior year. The diluted EPS rose significantly to $1.86, up from $1.69 in…
- 10-Q · May 8, 2025
- Maximus reported quarterly revenue of $1,361,786 (table, in thousands), up from $1,348,357 in the prior-year quarter, with gross margin expanding to 24.9% from 23.6% and operating margin expanding to 11.2% from 9.5%.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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