Filing Flows › Maximus (MMS) › Q1 FY26
Maximus (MMS) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 5, 2026
Maximus (MMS) reported revenue of $1.3B for the first quarter fiscal 2026 (Q1 FY26), -4% from a year earlier and +2% from the quarter before. Operating margin was 10.9%, net earnings $93.9M (7.0% of revenue).
Maximus, Q1 FY26: revenue $1.3B (-4% year over year), operating margin 10.9%, net earnings $93.9M, operating cash flow −$244M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +2% | -4% |
| Gross profit | $319M | -4% | +6% |
| Operating profit | $146M | +19% | +68% |
| Net earnings | $93.9M | +25% | +128% |
| Operating cash flow | −$244M | -138% | — |
What changed
Revenue was $1.3B in Q1 FY26, down 4% year over year and up 2% from the previous quarter. Program Operations was the largest line at 50% of revenue. Program Operations lost $0.05B year over year (down 7%), 89% of the total change.
Gross margin was 23.7%, up 2.2 points from a year earlier. Operating profit was $0.15B, a 10.9% margin (up 4.7 points year over year). Operating expenses fell 20% while revenue fell 4%. Net earnings were $0.09B, up 128% year over year. The effective tax rate was 25.6%.
Operating cash flow was −$0.24B. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.36B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.25B.
Questions
What was Maximus' revenue in the first quarter fiscal 2026?
Maximus (MMS) reported revenue of $1.3B for the first quarter fiscal 2026 (Q1 FY26), -4% from a year earlier and +2% from the quarter before.
Was Maximus profitable in the first quarter fiscal 2026?
Operating profit was $146M (10.9% of revenue) and net earnings $93.9M.
Source: Maximus 10-Q on SEC EDGAR.