Filing Flows › Maximus (MMS) › Q2 FY26
Maximus (MMS) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 7, 2026
Maximus (MMS) reported revenue of $1.3B for the second quarter fiscal 2026 (Q2 FY26), -4% from a year earlier and -3% from the quarter before. Operating margin was 11.4%, net earnings $98.1M (7.5% of revenue).
Maximus, Q2 FY26: revenue $1.3B (-4% year over year), operating margin 11.4%, net earnings $98.1M, operating cash flow $190M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -3% | -4% |
| Gross profit | $342M | +7% | +1% |
| Operating profit | $148M | +2% | -3% |
| Net earnings | $98.1M | +4% | +2% |
| Operating cash flow | $190M | — | +344% |
| Free cash flow | $179M | — | +602% |
What changed
Revenue was $1.3B in Q2 FY26, down 4% year over year and down 3% from the previous quarter. Program Operations was the largest line at 49% of revenue. Program Operations lost $0.05B year over year (down 7%), 82% of the total change.
Gross margin was 26.2%, up 1.3 points from Q2 FY25. Operating profit was $0.15B, a 11.4% margin (up 0.1 points year over year). Operating expenses grew 4% against a revenue fall of 4%. Net earnings were $0.10B, up 2% year over year. The effective tax rate was 22.5%.
Operating cash flow was $0.19B (up 344% year over year), 193% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $0.01B left free cash flow of $0.18B.
Questions
What was Maximus' revenue in the second quarter fiscal 2026?
Maximus (MMS) reported revenue of $1.3B for the second quarter fiscal 2026 (Q2 FY26), -4% from a year earlier and -3% from the quarter before.
Was Maximus profitable in the second quarter fiscal 2026?
Operating profit was $148M (11.4% of revenue) and net earnings $98.1M.
Source: Maximus 10-Q on SEC EDGAR.