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How Maximus (MMS) makes money

Maximus (MMS) made $1.3B of revenue in the third quarter fiscal 2026 (Q3 FY26), -5% from a year earlier. Program Operations brought in $603M (47%); Clinical Services brought in $553M (43%); Technology Solutions brought in $67.2M (5%). Of every dollar of revenue, 27¢ was left as gross profit, 13¢ was left as operating profit, 8¢ was left as net earnings.

Drawing the Sankey…

Maximus revenue by segment, Q3 FY26Maximus revenue by segment, Q3 FY26Program Operations$603MClinical Services$553MTechnology Solutions$67.2MEmployment & Other$55.9M
Maximus: revenue by line, Q2 FY25 to Q3 FY26Maximus: revenue by line, Q2 FY25 to Q3 FY26Program OperationsClinical ServicesTechnology SolutionsEmployment & OtherProgram Operations: $603M latest$603MClinical Services: $553M latest$553MTechnology Solutions: $67.2M latestEmployment & Other: $55.9M latestQ2 FY25Q3 FY25Q1 FY26Q2 FY26Q3 FY26
Clinical Services went from 37% of revenue in Q2 FY25 to 43% in Q3 FY26, the largest shift in the mix.
Maximus revenue by quarterMaximus revenue by quarter$1.3BQ4 FY24$1.4BQ2 FY25$1.3BQ3 FY25$1.3BQ4 FY25$1.3BQ1 FY26$1.3BQ2 FY26$1.3BQ3 FY26
Maximus: where each dollar of revenue goesMaximus: where each dollar of revenue goesCost of revenue73¢Gross profit27¢Operating expenses15¢Operating profit13¢Income tax3¢Net earnings8¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Program Operations$603M47.1%-7%-4%
Clinical Services$553M43.2%+4%-1%
Technology Solutions$67.2M5.3%-4%-15%
Employment & Other$55.9M4.4%-7%-32%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$1.3B100.0%
Cost of revenue$930M72.7%
Gross profit$349M27.3%
Operating expenses$187M14.7%
Operating profit$161M12.6%
Income tax$34.6M2.7%
Net earnings$104M8.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$1.3B-5%
Q2 FY26$1.3B-4%
Q1 FY26$1.3B-4%
Q4 FY25$1.3B+0.2%
Q3 FY25$1.3B+2%
Q2 FY25$1.4B+1%
Q4 FY24$1.3B+4%

From Maximus' 10-Q filed Aug 6, 2026 (on EDGAR).

Questions

How does Maximus make money?

Maximus (MMS) made $1.3B of revenue in the third quarter fiscal 2026 (Q3 FY26), -5% from a year earlier. Program Operations brought in $603M (47%); Clinical Services brought in $553M (43%); Technology Solutions brought in $67.2M (5%). Of every dollar of revenue, 27¢ was left as gross profit, 13¢ was left as operating profit, 8¢ was left as net earnings.

What is Maximus' biggest business?

Program Operations: $603M in the third quarter fiscal 2026, 47% of revenue, -4% from a year earlier.

What is Maximus' profit margin?

Net earnings were $104M, 8.1% of revenue, in the third quarter fiscal 2026; the operating margin was 12.6%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.