Filing Flows › Maximus (MMS) › Q3 FY26 › vs Q2 FY26
Maximus (MMS) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Maximus's revenue fell $27.0M (-2%) from $1.3B in Q2 FY26 to $1.3B in Q3 FY26. The biggest changes: Program Operations −$42.1M (-7%); Clinical Services +$22.3M (+4%); Employment & Other −$4.2M (-7%). Gross margin 27.3% against 26.2% (+1.1 pts).
Maximus, Q3 FY26: revenue $1.3B (-5% year over year), operating margin 12.6%, net earnings $104M, operating cash flow −$125M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 27.3% | 26.2% | +1.1 pts |
| Operating margin | 12.6% | 11.4% | +1.3 pts |
| Net margin | 8.1% | 7.5% | +0.6 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Program Operations | $603M | $645M | −$42.1M | -7% |
| Clinical Services | $553M | $531M | $22.3M | +4% |
| Technology Solutions | $67.2M | $70.3M | −$3.0M | -4% |
| Employment & Other | $55.9M | $60.0M | −$4.2M | -7% |
| Revenue | $1.3B | $1.3B | −$27.0M | -2% |
| Gross profit | $349M | $342M | $6.5M | +2% |
| Cost of revenue | $930M | $964M | −$33.5M | -3% |
| Operating profit | $161M | $148M | $12.9M | +9% |
| Operating expenses | $187M | $194M | −$6.4M | -3% |
| Pre-tax earnings | $138M | $127M | $11.6M | +9% |
| Other expense, net | $23.3M | $22.0M | $1.3M | +6% |
| SG&A | $167M | $173M | −$6.3M | -4% |
| Other operating costs | $20.2M | $20.3M | −$111K | -0.5% |
| Net earnings | $104M | $98.1M | $5.5M | +6% |
| Income tax | $34.6M | $28.5M | $6.1M | +21% |
| Operating cash sources | $248M | −$69.2M | $317M | — |
| Depreciation & amortization | $11.9M | $12.3M | −$454K | -4% |
| Share-based compensation | $7.4M | $9.9M | −$2.5M | -26% |
| Cash used in operations | $125M | −$190M | $315M | — |
| Working capital & other | $248M | −$69.2M | $317M | — |
Questions
How much did Maximus's revenue grow quarter over quarter in Q3 FY26?
Maximus's revenue fell $27.0M (-2%) from $1.3B in Q2 FY26 to $1.3B in Q3 FY26.
What drove Maximus's revenue change in Q3 FY26?
Program Operations −$42.1M (-7%); Clinical Services +$22.3M (+4%); Employment & Other −$4.2M (-7%).