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…
Earnings analysis · 10-Q
MMS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.8
- Segment
- U.S. Federal Services
- Segment
- U.S. Services
- Segment
- Outside the U.S.
What stood out
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Revenue Decline
Q2 2026 revenue was $1.31 billion, down 4.1% from $1.36 billion in Q2 2025.
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EPS Adjustment
Diluted EPS for Q2 2026 was $1.80, a slight increase from $1.69 in Q2 2025.
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Improved Gross Margin
Gross margin improved to 26.2% in Q2 2026 from 24.9% in Q2 2025.
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Guidance Raise
Full-year adjusted EPS guidance increased to $8.25-$8.55 from previous guidance.
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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.
What to watch
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Revenue Miss
Q2 2026 revenue of $1.31 billion missed consensus of $1.32 billion.
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Segment Operating Challenges
U.S. Services Segment saw revenue fall 6.0% year-over-year.
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Impairment Charge Impact
Recorded a $6.9 million impairment charge on a capitalized software asset.
Management's outlook
Guidance increase noted in MD&A; expectation of revenue between $5.2B and $5.35B, adjusted EPS raised slightly.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.