Filing Flows › Maximus (MMS) › Q3 FY26 › vs Q3 FY25
Maximus (MMS) Q3 FY26 vs Q3 FY25 (year over year)
Maximus's revenue fell $69.4M (-5%) from $1.3B in Q3 FY25 to $1.3B in Q3 FY26. The biggest changes: Employment & Other −$26.1M (-32%); Program Operations −$24.2M (-4%); Technology Solutions −$11.9M (-15%). Gross margin 27.3% against 26.7% (+0.6 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Gross margin | 27.3% | 26.7% | +0.6 pts |
| Operating margin | 12.6% | 12.3% | +0.3 pts |
| Net margin | 8.1% | 7.9% | +0.2 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Program Operations | $603M | $627M | −$24.2M | -4% |
| Clinical Services | $553M | $560M | −$7.3M | -1% |
| Technology Solutions | $67.2M | $79.2M | −$11.9M | -15% |
| Employment & Other | $55.9M | $81.9M | −$26.1M | -32% |
| Revenue | $1.3B | $1.3B | −$69.4M | -5% |
| Gross profit | $349M | $360M | −$10.7M | -3% |
| Cost of revenue | $930M | $989M | −$58.7M | -6% |
| Operating profit | $161M | $166M | −$4.2M | -3% |
| Operating expenses | $187M | $194M | −$6.5M | -3% |
| Pre-tax earnings | $138M | $143M | −$4.8M | -3% |
| Other expense, net | $23.3M | $22.7M | $565K | +2% |
| SG&A | $167M | $171M | −$3.6M | -2% |
| Other operating costs | $20.2M | $23.0M | −$2.8M | -12% |
| Net earnings | $104M | $106M | −$2.4M | -2% |
| Income tax | $34.6M | $37.0M | −$2.4M | -7% |
| Operating cash sources | $248M | $309M | −$61.2M | -20% |
| Depreciation & amortization | $11.9M | $9.6M | $2.3M | +24% |
| Share-based compensation | $7.4M | $10.7M | −$3.4M | -32% |
| Cash used in operations | $125M | $183M | −$57.7M | -32% |
| Working capital & other | $248M | $309M | −$61.2M | -20% |
Questions
How much did Maximus's revenue grow year over year in Q3 FY26?
Maximus's revenue fell $69.4M (-5%) from $1.3B in Q3 FY25 to $1.3B in Q3 FY26.
What drove Maximus's revenue change in Q3 FY26?
Employment & Other −$26.1M (-32%); Program Operations −$24.2M (-4%); Technology Solutions −$11.9M (-15%).