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Maximus (MMS) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 6, 2026 · Maximus (MMS) Q3 FY26 earnings results →

Q3 FY26 Revenue down 5% year over year to $1.3B · 8¢ of every $1 of revenue kept as net profit · operating margin 12.6%

Maximus made $1.3B in Q3 FY26 (-5% Y/Y): Program Operations $603M, Clinical Services $553M, Technology Solutions $67.2M. Operating margin 12.6%, net earnings $104M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$1.3B
Year over year-5%
Operating margin12.6%
Net earnings$104M
Operating cash flow−$125M

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Maximus Q3 FY26 revenue breakdown: Sankey diagram of revenue (Program Operations, Clinical Services, Technology Solutions, Employment & Other), costs, profit and cash flow
Maximus Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.3B in Q3 FY26, down 5% year over year and down 2% from the previous quarter. Program Operations was the largest line at 47% of revenue. Employment & Other lost $0.03B year over year (down 32%), 38% of the total change.

Gross margin was 27.3%, up 0.6 points from Q3 FY25. Operating profit was $0.16B, a 12.6% margin (up 0.3 points year over year). Operating expenses fell 3% while revenue fell 5%. Net earnings were $0.10B, down 2% year over year. The effective tax rate was 25.0%.

Operating cash flow was −$0.12B. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.25B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.14B.

Quarterly history

Maximus revenue by quarterMaximus revenue by quarter$1.3BQ4 FY24$1.4BQ2 FY25$1.3BQ3 FY25$1.3BQ4 FY25$1.3BQ1 FY26$1.3BQ2 FY26$1.3BQ3 FY26
Maximus net earnings by quarterMaximus net earnings by quarter$72.5MQ4 FY24$96.6MQ2 FY25$106MQ3 FY25$75.3MQ4 FY25$93.9MQ1 FY26$98.1MQ2 FY26$104MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 6, 2026$1.3B-5%12.6%$104M−$125M
Q2 FY2610-QMay 7, 2026$1.3B-4%11.4%$98.1M$190M
Q1 FY2610-QFeb 5, 2026$1.3B-4%10.9%$93.9M−$244M
Q4 FY2510-KNov 20, 2025$1.3B+0.2%9.3%$75.3M$649M
Q3 FY2510-QAug 7, 2025$1.3B+2%12.3%$106M−$183M
Q2 FY2510-QMay 8, 2025$1.4B+1%11.2%$96.6M$42.7M
Q4 FY2410-KNov 21, 2024$1.3B+4%8.5%$72.5M$164M

Charts

Maximus: revenue growth, year over year and quarter over quarterMaximus: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 FY24+1%+3%Q2 FY25+2%-1%Q3 FY25+0%-2%Q4 FY25-4%+2%Q1 FY26-4%-3%Q2 FY26-5%-2%Q3 FY26
Latest (Q3 FY26): Y/Y -5%, Q/Q -2%.
Maximus: where the cash came from (+) and went (−), TTM to Q3 FY26Maximus: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$470MBuybacks−$346MDividends−$68.3MOther financing$49.3MCash drawn (+) / kept (−)−$47.9MCapital spending−$36.3MAsset & business sales$21.2MNet borrowing (+) / repaid (−)−$20.9MTaxes on employees’ shares−$17.3MOther investing−$2.5MExchange rates−$917K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Maximus: profit against cash, quarter by quarterMaximus: profit against cash, quarter by quarterNet incomeOperating cash flow$72.5M$164MQ4 FY24$41.2M−$80.0MQ1 FY25$96.6M$42.7MQ2 FY25$106M−$183MQ3 FY25$75.3M$649MQ4 FY25$93.9M−$244MQ1 FY26$98.1M$190MQ2 FY26$104M−$125MQ3 FY26
Latest (Q3 FY26): Net income $104M, Operating cash flow −$125M.
Maximus: diluted shares by fiscal yearMaximus: diluted shares by fiscal year63MFY2062MFY2162MFY2261MFY2361MFY2458MFY25
-8.5% since FY20: buybacks shrank the count.
Maximus: long-term debt falling due (FY25)Maximus: long-term debt falling due (FY25)$55.6M2026$72.5M2027$78.1M2028$667M2029$5.0M2030$469MLater
Cash $222M, short-term investments —, long-term debt — at 2025-09-30.
Maximus in its industry: growth against margin (87 companies, SIC 7389)Maximus in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBATNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDMMS (-5%, 13%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Maximus

Maximus, a Virginia corporation established in 1975 and celebrating its 50th anniversary this year, is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens, as well as citizens in the U.K., Canada, and the Middle East, amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that improve government’s effectiveness in serving its citizens.

In its own words, from its 10-K, filed Nov 20, 2025.

Maximus against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -5% against the peers' median +10%. Operating margin: 12.6% against the peers' median 12.6%.

CompanyQuarterRevenueY/YOp. margin
MMS MaximusQ3 FY26$1.3B-5%12.6%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%

Source: Maximus 10-Q on SEC EDGAR · CIK 1032220 · Services-Business Services, NEC

13F: who owns MMS and who is buying

Largest holders of MMS (13F)Largest holders of MMS (13F)Vanguard Group$538MBlackRock$400MFMR LLC$298MVanguard Portfolio Management LLC$182MFuller & Thaler Asset Management$145MState Street$138MVanguard Capital Management LLC$127MDimensional Fund Advisors LP$127MGeode Capital Management, LLC$84.8MBoston Partners$49.2M
Funds' net buying of MMS by quarter (13F)Funds' net buying of MMS by quarter (13F)$18.0M2024-09$13.7M2024-12−$401M2025-03$3.6M2025-06−$89.6M2025-09$255M2025-12−$162M2026-03−$150M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MMS

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Maximus（MMS）财报

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