Filing Flows › Maximus (MMS) › Q2 FY26 › vs Q1 FY26
Maximus (MMS) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Maximus's revenue fell $39.1M (-3%) from $1.3B in Q1 FY26 to $1.3B in Q2 FY26. The biggest changes: Program Operations −$31.5M (-5%); Employment & Other −$10.2M (-14%); Clinical Services +$7.1M (+1%). Gross margin 26.2% against 23.7% (+2.5 pts).
Maximus, Q2 FY26: revenue $1.3B (-4% year over year), operating margin 11.4%, net earnings $98.1M, operating cash flow $190M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 26.2% | 23.7% | +2.5 pts |
| Operating margin | 11.4% | 10.9% | +0.5 pts |
| Net margin | 7.5% | 7.0% | +0.5 pts |
| Free cash flow margin | 13.7% | -18.6% | +32.3 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Program Operations | $645M | $676M | −$31.5M | -5% |
| Clinical Services | $531M | $524M | $7.1M | +1% |
| Technology Solutions | $70.3M | $74.8M | −$4.5M | -6% |
| Employment & Other | $60.0M | $70.2M | −$10.2M | -14% |
| Revenue | $1.3B | $1.3B | −$39.1M | -3% |
| Gross profit | $342M | $319M | $23.6M | +7% |
| Cost of revenue | $964M | $1.0B | −$62.7M | -6% |
| Operating profit | $148M | $146M | $2.3M | +2% |
| Operating expenses | $194M | $172M | $21.3M | +12% |
| Pre-tax earnings | $127M | $126M | $267K | +0.2% |
| Other expense, net | $22.0M | $19.9M | $2.0M | +10% |
| SG&A | $173M | $152M | $21.3M | +14% |
| Other operating costs | $20.3M | $20.3M | −$2K | 0% |
| Net earnings | $98.1M | $93.9M | $4.1M | +4% |
| Income tax | $28.5M | $32.3M | −$3.9M | -12% |
| Depreciation & amortization | $12.3M | $12.9M | −$561K | -4% |
| Share-based compensation | $9.9M | $7.0M | $2.9M | +41% |
| Working capital & other | $69.2M | −$358M | $427M | — |
| Operating cash flow | $190M | −$244M | $434M | — |
| Free cash flow (OCF − capex) | $179M | −$251M | $430M | — |
| Capital expenditures | $10.5M | $6.3M | $4.2M | +68% |
Questions
How much did Maximus's revenue grow quarter over quarter in Q2 FY26?
Maximus's revenue fell $39.1M (-3%) from $1.3B in Q1 FY26 to $1.3B in Q2 FY26.
What drove Maximus's revenue change in Q2 FY26?
Program Operations −$31.5M (-5%); Employment & Other −$10.2M (-14%); Clinical Services +$7.1M (+1%).