Filing Flows › Maximus (MMS) › Q3 FY26
Maximus (MMS) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Aug 6, 2026
Maximus (MMS) reported revenue of $1.3B for the third quarter fiscal 2026 (Q3 FY26), -5% from a year earlier and -2% from the quarter before. Operating margin was 12.6%, net earnings $104M (8.1% of revenue).
Maximus, Q3 FY26: revenue $1.3B (-5% year over year), operating margin 12.6%, net earnings $104M, operating cash flow −$125M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -2% | -5% |
| Gross profit | $349M | +2% | -3% |
| Operating profit | $161M | +9% | -3% |
| Net earnings | $104M | +6% | -2% |
| Operating cash flow | −$125M | -166% | — |
What changed
Revenue was $1.3B in Q3 FY26, down 5% year over year and down 2% from the previous quarter. Program Operations was the largest line at 47% of revenue. Employment & Other lost $0.03B year over year (down 32%), 38% of the total change.
Gross margin was 27.3%, up 0.6 points from Q3 FY25. Operating profit was $0.16B, a 12.6% margin (up 0.3 points year over year). Operating expenses fell 3% while revenue fell 5%. Net earnings were $0.10B, down 2% year over year. The effective tax rate was 25.0%.
Operating cash flow was −$0.12B. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.25B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.14B.
Questions
What was Maximus' revenue in the third quarter fiscal 2026?
Maximus (MMS) reported revenue of $1.3B for the third quarter fiscal 2026 (Q3 FY26), -5% from a year earlier and -2% from the quarter before.
Was Maximus profitable in the third quarter fiscal 2026?
Operating profit was $161M (12.6% of revenue) and net earnings $104M.
Source: Maximus 10-Q on SEC EDGAR.