Filing Flows › Maximus (MMS) › Q2 FY26 › vs Q2 FY25
Maximus (MMS) Q2 FY26 vs Q2 FY25 (year over year)
Maximus's revenue fell $55.8M (-4%) from $1.4B in Q2 FY25 to $1.3B in Q2 FY26. The biggest changes: Program Operations −$45.9M (-7%); Clinical Services +$26.8M (+5%); Employment & Other −$19.0M (-24%). Gross margin 26.2% against 24.9% (+1.3 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 26.2% | 24.9% | +1.3 pts |
| Operating margin | 11.4% | 11.2% | +0.1 pts |
| Net margin | 7.5% | 7.1% | +0.4 pts |
| Free cash flow margin | 13.7% | 1.9% | +11.8 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Program Operations | $645M | $691M | −$45.9M | -7% |
| Clinical Services | $531M | $504M | $26.8M | +5% |
| Technology Solutions | $70.3M | $88.1M | −$17.8M | -20% |
| Employment & Other | $60.0M | $79.0M | −$19.0M | -24% |
| Revenue | $1.3B | $1.4B | −$55.8M | -4% |
| Gross profit | $342M | $339M | $3.4M | +1% |
| Cost of revenue | $964M | $1.0B | −$59.3M | -6% |
| Operating profit | $148M | $153M | −$4.5M | -3% |
| Operating expenses | $194M | $186M | $7.9M | +4% |
| Pre-tax earnings | $127M | $132M | −$5.9M | -4% |
| Other expense, net | $22.0M | $20.5M | $1.4M | +7% |
| SG&A | $173M | $163M | $10.6M | +7% |
| Other operating costs | $20.3M | $23.0M | −$2.7M | -12% |
| Net earnings | $98.1M | $96.6M | $1.5M | +2% |
| Income tax | $28.5M | $35.9M | −$7.4M | -21% |
| Depreciation & amortization | $12.3M | $9.4M | $2.9M | +31% |
| Share-based compensation | $9.9M | $12.6M | −$2.7M | -22% |
| Working capital & other | $69.2M | −$75.9M | $145M | — |
| Operating cash flow | $190M | $42.7M | $147M | +344% |
| Free cash flow (OCF − capex) | $179M | $25.5M | $154M | +602% |
| Capital expenditures | $10.5M | $17.2M | −$6.7M | -39% |
Questions
How much did Maximus's revenue grow year over year in Q2 FY26?
Maximus's revenue fell $55.8M (-4%) from $1.4B in Q2 FY25 to $1.3B in Q2 FY26.
What drove Maximus's revenue change in Q2 FY26?
Program Operations −$45.9M (-7%); Clinical Services +$26.8M (+5%); Employment & Other −$19.0M (-24%).