Maximus, Inc. (MMS) stock

MMSNYSEServices-Business Services, NECFiscal year ends September 30

Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026Score 22/3051% below fair value

$64.71−0.16 (-0.25%)

Close on Nov 13, 2026Market cap $3.39BP/E 9.6Yield 1.85%

Earnings

Maximus's quarterly results as reported in its earnings releases, with the company's own outlook. Hover a number to see the sentence it came from.

Next report

Feb 4, 2027

Q1 FY2027 · estimated, before the open

Revenue, Q3 FY2026

$1.28B

-5.2% on a year earlier

adjusted diluted earnings per share, Q3 FY2026

$2.22

$2.16 a year earlier

Latest guidance

Raised

Aug 6, 2026 · 8 items

Quarterly results

Revenue and earnings per share from each of Maximus's earnings releases, newest first

Quarter	Reported	Revenue	YoY	EPS	Adj. EPS	Source
Q1 FY2027ended Dec 31, 2026	Feb 4, 2027Expected	–	–	–	–	–
Q4 FY2026ended Sep 30, 2026	Oct 20, 2026before the open	–	–	–	–	Release
Q3 FY2026ended Jun 30, 2026	Aug 6, 2026before the open	$1.28B	-5.2%	$1.95	$2.22	Release
Q2 FY2026ended Mar 31, 2026	May 7, 2026before the open	$1.31B	-3.7%	$1.80	$2.07	Release
Q1 FY2026ended Dec 31, 2025	Feb 5, 2026before the open	$1.35B	-3.6%	$1.70	$1.85	Release
Q4 FY2025ended Sep 30, 2025	Nov 20, 2025before the open	$1.32B	-0.1%	$1.32	$1.62	Release
Q3 FY2025ended Jun 30, 2025	Aug 7, 2025before the open	$1.35B	+3.1%	$1.86	$2.16	Release
Q2 FY2025ended Mar 31, 2025	May 8, 2025before the open	$1.36B	+0.7%	$1.69	$2.01	Release
Q1 FY2025ended Dec 31, 2024	Feb 6, 2025before the open	$1.40B	+5.3%	$0.69	$1.61	Release
Q4 FY2024ended Sep 30, 2024	Nov 20, 2024after the close	$1.32B	+4.8%	$1.19	$1.46	Release
Q3 FY2024ended Jun 30, 2024	Aug 7, 2024after the close	$1.31B	+10.1%	$1.46	$1.74	Release
Q2 FY2024ended Mar 31, 2024	May 8, 2024after the close	$1.35B	+11.6%	$1.31	$1.57	Release
Q1 FY2024ended Dec 31, 2023	Feb 7, 2024after the close	$1.33B	+6.4%	$1.04	$1.34	Release
Q4 FY2023ended Sep 30, 2023	Nov 16, 2023after the close	$1.26B	+7.0%	$0.96	$1.29	Release
Q3 FY2023ended Jun 30, 2023	Aug 3, 2023after the close	$1.19B	+5.3%	$0.50	$0.78	Release
Q2 FY2023ended Mar 31, 2023	May 8, 2023during market hours	$1.21B	+2.5%	$0.52	$0.80	Release
Q1 FY2023ended Dec 31, 2022	Feb 13, 2023during market hours	$1.25B	+8.7%	$0.65	$0.94	Release
Q4 FY2022ended Sep 30, 2022	Nov 28, 2022during market hours	$1.18B	+6.4%	$1.13	$1.40	Release
Q3 FY2022ended Jun 30, 2022	Aug 8, 2022during market hours	$1.13B	–	$0.51	$0.78	Release
Q2 FY2022ended Mar 31, 2022	May 9, 2022after the close	$1.18B	–	$0.80	$1.07	Release
Q1 FY2022ended Dec 31, 2021	Feb 7, 2022after the close	$1.15B	–	$0.85	$1.12	Release
Q4 FY2021ended Sep 30, 2021	Nov 22, 2021during market hours	$1.11B	–	$0.83	$1.08	Release
Q3 FY2021ended Jun 30, 2021	Aug 10, 2021during market hours	–	–	–	–	Filing
Q2 FY2021ended Mar 31, 2021	May 10, 2021during market hours	–	–	–	–	Filing
Q1 FY2021ended Dec 31, 2020	Feb 8, 2021during market hours	–	–	–	–	Filing
Q4 FY2020ended Sep 30, 2020	Nov 23, 2020during market hours	–	–	–	–	Filing

Figures as first announced; later restatements appear under Financials. Expected dates are estimated from the company's past reporting pattern.

Current guidance

Maximus's latest outlook for periods it has not reported yet, compared with what it said before

Metric	Period	Guidance	Before	Change	Given
Revenue	FY2026	$5.20B – $5.35B	$5.20B – $5.35B	Reaffirmed	Aug 6, 2026
Operating incomeGAAP	FY2026	$600.00M – $622.00M	–	New	Feb 5, 2026
Operating incomenon-GAAP	FY2026	$579.00M – $601.00M	–	New	Nov 20, 2025
adjusted EBITDA marginnon-GAAP	FY2026	13.7%	14%	Lowered	Aug 6, 2026
full-year operating margin for the U.S. Federal Services Segment	FY2026	16.5% – 17%	17.5%	Raised	Aug 6, 2026
Adjusted EBITDAnon-GAAP	FY2026	$739.00M – $761.00M	$727.00M – $749.00M	Raised	May 7, 2026
adjusted EBITDA marginnon-GAAP	FY2026	14.2%	–	New	May 7, 2026
Diluted EPSGAAP	FY2026	$7.27 – $7.57	$7.09 – $7.39	Raised	May 7, 2026
adjusted diluted earnings per sharenon-GAAP	FY2026	$7.90 – $8.20	$8.25 – $8.55	Lowered	Aug 6, 2026
Free cash flownon-GAAP	FY2026	$425.00M – $475.00M	$450.00M – $500.00M	Lowered	Aug 6, 2026
Cash flows from operating activitiesGAAP	FY2026	$485.00M – $535.00M	$485.00M – $535.00M	Raised	May 7, 2026
full fiscal year tax rate	FY2026	24% – 24.5%	–	Lowered	Aug 6, 2026
full-year tax rate	FY2026	24.5% – 25.5%	–	New	Feb 5, 2026
Interest expense	FY2026	$88.00M	$84.00M	Raised	Aug 6, 2026
Net incomeGAAP	FY2026	$394.00M – $411.00M	–	Lowered	May 7, 2026
Net income marginGAAP	FY2026	7.6% – 7.7%	–	New	May 7, 2026
tax rate	FY2026	24% – 25%	–	Lowered	May 7, 2026

Guidance vs results

The last range Maximus gave before each report, against the figure it then reported. Full years add up the four quarters.

Period	Metric	Guidance	Actual	Result
FY2025	adjusted diluted earnings per share	$7.35 – $7.55	$7.40Σ4Q	Within range
FY2025	EPS (GAAP)	$5.51 – $5.71	$5.56Σ4Q	Within range
FY2025	Revenue	$5.38B – $5.48B	$5.43BΣ4Q	Within range

Guidance history

Every forecast Maximus put in an earnings release, newest first

Given	Metric	Period	Guidance	Change
Aug 6, 2026	adjusted diluted earnings per share	FY2026	$7.90 – $8.20	Lowered
Aug 6, 2026	Free cash flow	FY2026	$425.00M – $475.00M	Lowered
Aug 6, 2026	full-year operating margin for the U.S. Federal Services Segment	FY2026	16.5% – 17%	Raised
Aug 6, 2026	full-year fiscal 2026 operating margin for the U.S. Services Segment	FY2026	9.5% – 10%	Lowered
Aug 6, 2026	adjusted EBITDA margin	FY2026	13.7%	Lowered
Aug 6, 2026	full fiscal year tax rate	FY2026	24% – 24.5%	Lowered
Aug 6, 2026	Interest expense	FY2026	$88.00M	Raised
Aug 6, 2026	Revenue	FY2026	$5.20B – $5.35B	Reaffirmed
May 7, 2026	adjusted EBITDA margin	FY2026	14.2%	New
May 7, 2026	Adjusted EBITDA	FY2026	$739.00M – $761.00M	Raised
May 7, 2026	adjusted diluted earnings per share	FY2026	$8.25 – $8.55	Raised
May 7, 2026	Diluted EPS	FY2026	$7.27 – $7.57	Raised
May 7, 2026	free cash flow	FY2026	$450.00M – $500.00M	Reaffirmed
May 7, 2026	operating margin	FY2026	17.5%	Raised
May 7, 2026	operating margin	FY2026	10%	Lowered
May 7, 2026	tax rate	FY2026	24% – 25%	Lowered
May 7, 2026	Net income margin	FY2026	7.6% – 7.7%	New
May 7, 2026	Interest expense	FY2026	$84.00M	Raised
May 7, 2026	Net income	FY2026	$394.00M – $411.00M	Lowered
May 7, 2026	Cash flows from operating activities	FY2026	$485.00M – $535.00M	Raised
May 7, 2026	Revenue	FY2026	$5.20B – $5.35B	Reaffirmed
Feb 5, 2026	Adjusted EBITDA	FY2026	$727.00M – $749.00M	Raised
Feb 5, 2026	adjusted diluted earnings per share	FY2026	$8.05 – $8.35	Raised
Feb 5, 2026	Diluted EPS	FY2026	$7.09 – $7.39	Raised
Feb 5, 2026	Free cash flow	FY2026	$450.00M – $500.00M	Reaffirmed
Feb 5, 2026	Operating income	FY2026	$600.00M – $622.00M	New
Feb 5, 2026	segment operating margin for the U.S. Federal Services Segment	FY2026	16.5% – 17%	New
Feb 5, 2026	operating margin for the U.S. Services Segment	FY2026	10.5% – 11%	Lowered
Feb 5, 2026	operating margin for the Outside the U.S. Segment	FY2026	1% – 3%	Lowered
Feb 5, 2026	adjusted EBITDA margin	FY2026	14%	Raised
Feb 5, 2026	full-year tax rate	FY2026	24.5% – 25.5%	New
Feb 5, 2026	Interest expense	FY2026	$75.00M	New
Feb 5, 2026	Cash flows from operating activities	FY2026	$485.00M – $535.00M	Lowered
Feb 5, 2026	revenue	FY2026	$5.20B – $5.35B	Lowered
Nov 20, 2025	Adjusted EBITDA	FY2026	$718.00M – $740.00M	New
Nov 20, 2025	adjusted diluted earnings per share	FY2026	$7.95 – $8.25	New
Nov 20, 2025	Diluted EPS	FY2026	$6.87 – $7.17	New
Nov 20, 2025	free cash flow	FY2026	$450.00M – $500.00M	New
Nov 20, 2025	Operating income	FY2026	$579.00M – $601.00M	New
Nov 20, 2025	adjusted EBITDA margin	FY2026	13.7%	New
Nov 20, 2025	Cash flows from operating activities	FY2026	$490.00M – $540.00M	New
Nov 20, 2025	revenue	FY2026	$5.23B – $5.43B	New
Aug 7, 2025	adjusted EBITDA margin	FY2025	13%	New
Aug 7, 2025	Adjusted EBITDA	FY2025	$699.00M – $715.00M	New
Aug 7, 2025	adjusted diluted earnings per share	FY2025	$7.35 – $7.55	New
Aug 7, 2025	Diluted EPS	FY2025	$5.51 – $5.71	New
Aug 7, 2025	Free cash flow	FY2025	$370.00M – $390.00M	New
Aug 7, 2025	Operating income	FY2025	$527.00M – $543.00M	New
Aug 7, 2025	operating margin	FY2025	15%	New
Aug 7, 2025	operating margin	FY2025	10.5%	Lowered
Aug 7, 2025	weighted average shares outstanding	FY2025	58	New
Aug 7, 2025	tax rate	FY2025	28% – 29%	New
Aug 7, 2025	Interest expense	FY2025	$81.00M	New
Aug 7, 2025	Cash flows from operating activities	FY2025	$440.00M – $460.00M	Raised
Aug 7, 2025	revenue	FY2025	$5.38B – $5.48B	New
May 8, 2025	Adjusted EBITDA	FY2025	$611.00M – $636.00M	Raised
May 8, 2025	adjusted diluted earnings per share	FY2025	$6.30 – $6.60	Raised
May 8, 2025	Diluted EPS	FY2025	$4.45 – $4.75	Raised
May 8, 2025	Free cash flow guidance	FY2025	$355.00M – $385.00M	Reaffirmed
May 8, 2025	Operating income	FY2025	$439.00M – $464.00M	Raised
May 8, 2025	full-year fiscal 2025 margin for the U.S. Federal Services Segment	FY2025	12.5% – 13%	New
May 8, 2025	full-year fiscal 2025 margin expectation for the U.S. Services Segment	FY2025	11%	Lowered
May 8, 2025	Adjusted EBITDA margin	FY2025	11.7%	Raised
May 8, 2025	Interest expense	FY2025	$78.00M	Raised
May 8, 2025	Cash flows from operating activities	FY2025	$427.00M – $457.00M	Lowered
May 8, 2025	Full year revenue	FY2025	$5.25B – $5.40B	Lowered
Feb 6, 2025	purchases of property and equipment and capitalized software costs	FY2025	$80.00M	New
Feb 6, 2025	Adjusted EBITDA	FY2025	$578.00M – $602.00M	New
Feb 6, 2025	adjusted diluted earnings per share	FY2025	$5.90 – $6.20	Raised
Feb 6, 2025	Diluted EPS	FY2025	$4.09 – $4.39	New
Feb 6, 2025	Free cash flow	FY2025	$355.00M – $385.00M	Raised
Feb 6, 2025	Operating income	FY2025	$405.00M – $429.00M	New
Feb 6, 2025	adjusted EBITDA margin	FY2025	11.2%	Raised
Feb 6, 2025	weighted average shares outstanding	FY2025	58	New
Feb 6, 2025	full year tax rate	FY2025	28% – 29%	New
Feb 6, 2025	Interest expense	FY2025	$75.00M	New
Feb 6, 2025	Cash flows from operating activities	FY2025	$435.00M – $465.00M	New
Nov 20, 2024	Adjusted diluted earnings per share	FY2025	$5.70 – $6.00	New
Nov 20, 2024	Free cash flow	FY2025	$345.00M – $375.00M	New
Nov 20, 2024	adjusted EBITDA margin	FY2025	11%	New
Nov 20, 2024	Revenue	FY2025	$5.28B – $5.43B	New
Aug 7, 2024	Adjusted diluted earnings per share	FY2024	$6.00 – $6.20	Raised
Aug 7, 2024	Free cash flow	FY2024	$350.00M – $380.00M	Raised
Aug 7, 2024	Adjusted operating income	FY2024	$570.00M – $590.00M	Raised
Aug 7, 2024	Interest expense	FY2024	$80.00M	Raised
Aug 7, 2024	Revenue	FY2024	$5.25B – $5.35B	Raised
May 8, 2024	Adjusted diluted earnings per share	FY2024	$5.65 – $5.85	Raised
May 8, 2024	Free cash flow	FY2024	$330.00M – $370.00M	Raised
May 8, 2024	Adjusted operating income	FY2024	$540.00M – $560.00M	Raised
May 8, 2024	Interest expense	FY2024	$77.00M	Raised
May 8, 2024	Revenue	FY2024	$5.15B – $5.25B	Raised
Feb 7, 2024	Adjusted diluted earnings per share	FY2024	$5.20 – $5.50	Raised
Feb 7, 2024	Free cash flow	FY2024	$300.00M – $350.00M	Raised
Feb 7, 2024	Adjusted operating income	FY2024	$503.00M – $528.00M	Raised
Feb 7, 2024	weighted average shares outstanding	FY2024	62 – 62.2	Lowered
Feb 7, 2024	effective income tax rate	FY2024	24.5% – 25.5%	Reaffirmed
Feb 7, 2024	interest expense	FY2024	$73.00M	New
Feb 7, 2024	Revenue guidance	FY2024	$5.05B – $5.20B	New
Nov 15, 2023	Adjusted diluted earnings per share	FY2024	$5.05 – $5.35	New
Nov 15, 2023	Free cash flow	FY2024	$290.00M – $340.00M	New
Nov 15, 2023	Adjusted operating income	FY2024	$488.00M – $513.00M	New
Nov 15, 2023	adjusted operating margin	FY2024	9.8%	New
Nov 15, 2023	organic growth	FY2024	+5%	New
Nov 15, 2023	weighted average shares outstanding	FY2024	62.2 – 62.3	New
Nov 15, 2023	effective income tax rate	FY2024	24.5% – 25.5%	New
Nov 15, 2023	interest expense	FY2024	$70.00M	New
Nov 15, 2023	revenue	FY2024	$5.05B – $5.20B	New
Aug 2, 2023	Adjusted diluted earnings per share	FY2023	$3.74 – $3.94	Lowered
Aug 2, 2023	Free cash flow	FY2023	$190.00M – $230.00M	Lowered
Aug 2, 2023	Adjusted operating income	FY2023	$387.00M – $401.00M	Lowered
Aug 2, 2023	revenue	FY2023	$4.88B – $4.98B	Narrowed
May 8, 2023	Adjusted diluted earnings per share	FY2023	$4.00 – $4.30	Reaffirmed
May 8, 2023	free cash flow	FY2023	$225.00M – $275.00M	Reaffirmed
May 8, 2023	adjusted operating income	FY2023	$415.00M – $440.00M	Reaffirmed
May 8, 2023	Revenue	FY2023	$4.85B – $5.00B	New
Feb 13, 2023	Adjusted diluted earnings per share	FY2023	$4.00 – $4.30	Raised
Feb 13, 2023	Free cash flow	FY2023	$225.00M – $275.00M	Reaffirmed
Feb 13, 2023	Adjusted operating income	FY2023	$415.00M – $440.00M	Raised
Feb 13, 2023	revenue	FY2023	$4.85B – $5.00B	Raised
Nov 28, 2022	Adjusted diluted earnings per share	FY2023	$3.70 – $4.00	New
Nov 28, 2022	Free cash flow	FY2023	$225.00M – $275.00M	New
Nov 28, 2022	Adjusted operating income	FY2023	$390.00M – $415.00M	New
Nov 28, 2022	weighted average shares outstanding	FY2023	61.2 – 61.3	New
Nov 28, 2022	effective income tax rate	FY2023	24.5% – 25.5%	New
Nov 28, 2022	interest expense	FY2023	$85.00M – $95.00M	New
Nov 28, 2022	revenue	FY2023	$4.75B – $4.90B	New
Aug 8, 2022	diluted earnings per share adjusting for amortization of intangible assets	FY2022	$3.95 – $4.15	Lowered
Aug 8, 2022	Diluted earnings per share	FY2022	$2.85 – $3.05	Lowered
Aug 8, 2022	free cash flow	FY2022	$170.00M – $210.00M	Lowered
Aug 8, 2022	weighted average shares outstanding	FY2022	61.8 – 62	Lowered
Aug 8, 2022	effective income tax rate	FY2022	25% – 25.5%	Raised
Aug 8, 2022	cash flows from operations	FY2022	$220.00M – $260.00M	Raised
Aug 8, 2022	interest expense	FY2022	$42.00M	Lowered
Aug 8, 2022	revenue	FY2022	$4.55B – $4.65B	New
May 9, 2022	diluted earnings per share adjusting for amortization of intangible assets	FY2022	$4.07 – $4.57	Lowered
May 9, 2022	Diluted earnings per share (DEPS)	FY2022	$3.00 – $3.50	Lowered
May 9, 2022	free cash flow	FY2022	$175.00M – $250.00M	Lowered
May 9, 2022	weighted average shares outstanding	FY2022	62 – 62.2	Lowered
May 9, 2022	effective income tax rate	FY2022	24.5% – 25.5%	Lowered
May 9, 2022	cash flows from operations	FY2022	$225.00M – $300.00M	Lowered
May 9, 2022	interest expense	FY2022	$40.00M – $42.00M	Lowered
May 9, 2022	revenue	FY2022	$4.50B – $4.70B	Reaffirmed
Feb 7, 2022	Diluted earnings per share adjusting for amortization of intangible assets	FY2022	$5.07 – $5.37	Reaffirmed
Feb 7, 2022	Diluted earnings per share	FY2022	$4.00 – $4.30	Reaffirmed
Feb 7, 2022	free cash flow	FY2022	$225.00M – $275.00M	Reaffirmed
Feb 7, 2022	weighted average shares outstanding	FY2022	62.5 – 62.6	Reaffirmed
Feb 7, 2022	effective income tax rate	FY2022	25% – 26%	Reaffirmed
Feb 7, 2022	interest expense	FY2022	$33.00M – $35.00M	New
Feb 7, 2022	Cash flows from operations	FY2022	$275.00M – $325.00M	Raised
Feb 7, 2022	revenue	FY2022	$4.50B – $4.70B	Raised
Nov 22, 2021	diluted earnings per share	FY2022	$5.07 – $5.37	New
Nov 22, 2021	Diluted earnings per share	FY2022	$4.00 – $4.30	New
Nov 22, 2021	free cash flow	FY2022	$225.00M – $275.00M	New
Nov 22, 2021	weighted average shares outstanding	FY2022	62.5 – 62.6	New
Nov 22, 2021	effective income tax rate	FY2022	25% – 26%	New
Nov 22, 2021	Cash flows from operations	FY2022	$275.00M – $325.00M	New
Nov 22, 2021	interest expense	FY2022	$30.00M – $33.00M	Lowered
Nov 22, 2021	revenue	FY2022	$4.40B – $4.60B	New

Read from the company's earnings releases; each figure links to its sentence on hover. “Raised” and “Lowered” compare with the previous range for the same metric and period.