Maximus, Inc. specializes in delivering business process services (BPS) tailored for governmental health and human welfare initiatives. Its operations are structured into ...
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Est. EPS $8.01 · Revenue $5.23B · 2 analysts
Est. EPS $1.92 · Revenue $1.41B · 1 analysts
Est. EPS $2.27 · Revenue $1.38B · 1 analysts
Est. EPS $2.25 · Revenue $1.35B · 1 analysts
$1.26 per share
$1.26 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $5.4B | +2.4% | -2.1% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $319.0M | +3.9% | +5.6% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +23.0% | +5.3% | +10.6% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +10.6% | +14.6% | +11.0% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +5.9% | +1.6% | +7.9% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $366.2M | -8.7% | -176.5% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +6.7% | -10.8% | -178.1% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 86.3% | +24.5% | +3.7% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.64x | +10.1% | +9.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $4.1B | -1.5% | +3.0% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 5.51 vs 7.45 | -26.0% | 1.95 vs 2.21 | -11.6% |
| Revenue Surprise | $5.4B vs $5.5B | -0.4% | $1.3B vs $1.3B | -3.7% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Apr 20, 2026 | Moellering Elizabeth | officer: General Counsel and Corp. Sec. | Common Stock | — | 0 | — |
| Mar 17, 2026 | Madsen Jan | director | Common Stock | D | 742 | $72.25 |
| Mar 10, 2026 | Madsen Jan | director | Common Stock | A | 3,215 | — |
| Mar 10, 2026 | HALEY JOHN J | director | Common Stock | A | 7,009 | — |
| Mar 10, 2026 | Altman Anne K. | director | Common Stock | A | 3,062 | — |
Operator: Greetings, and welcome to the Maximus Fiscal 2026 Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce James Francis, Vice President of Investor Relations. Please go ahead. James Francis: Good morning, and thanks for joining us. With me today is Bruce Caswell, President and CEO; and David Mutryn, CFO. I'd like to remind everyone that a number of statements being made today will be forward-looking in nature. Please remember that such statements are only predictions. Actual events and results may differ materially as a result of risks we face, including those discussed in Item 1A of our most recent Form 10-K. We encourage you to review the information contained in our recent filings with the SEC and our earnings release. The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances, except required by law. Today's presentation also contains non-GAAP financial information. For a reconciliation of the non-GAAP measures presented, please see the company's most recent Forms 10-Q and 10-K. And with that, I'll hand the call over to David. David Mutryn: Thanks, James, and good morning. We are pleased to report strong third quarter results today, which demonstrate solid execution and support of our customers' important missions. I'll begin by reviewing the third quarter results and also address the customer-directed contract modification that impacts our near-term outlook. I'll move to our forecast for the remainder of this fiscal year and conclude with early thoughts on fiscal year 2027, which precedes formal guidance this November. For the third quarter, Maximus reported revenue of $1.28 billion, which was in line with our expectations and enables us to reiterate full year revenue guidance. The prior year period benefited from higher temporary natural disaster support and also contained temporary clinical volume surges in primarily the U.S. Federal Services segment. On the bottom line, adjusted EBITDA margin was 15.0% and adjusted EPS was $2.22 for the quarter, which compares to 14.7% and $2.16, respectively, for the prior year period. Across fiscal year 2026, we've driven margin improvement through strong execution and selective deployment of efficiency-enhancing technology and have not had to rely as much on incremental or surge volumes that defined the prior fiscal year. Let's go to the segment results. Third quarter revenue for U.S. Federal Services was $721 million and in line with our revenue expectations for the segment. As I shared before, the prior year period benefited from elevated natural disaster support that has not recurred at the same levels and was responsible for close to half of the revenue change. The remaining portion of the year-over-year revenue decline was primarily attributable to the temporary clinical volume surges. The operating income margin …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Bruce L. Caswell | President, Chief Executive Officer & Director | USD 4,348,491 | Male | 1967 | Active |
David Mutryn | Chief Financial Officer & Treasurer | USD 2,096,532 | Male | 1983 | Active |
Ilene R. Baylinson | General Manager of Health Services U.S. | USD 1,450,995 | Female | 1958 | Active |
Michelle F. Link | Chief Human Resources Officer | USD 1,353,296 | Female | 1975 | Active |
Jason Tone | Senior VP of Technology & Consulting Services of Healthcare | — | Male | — | Active |
Jericho Seguin | Chief Corporate Development Officer | — | Male | — | Active |
Mike Raker | Chief Technology Officer | — | Male | — | Active |
Elizabeth Moellering | General Counsel & Corporate Secretary | — | Female | — | Active |
Derrick Pledger | Chief Digital & Information Officer (CDIO) | — | Male | — | Active |
Theresa D. Golinvaux | Principal Accounting Officer, Senior Vice President & Corporate Controller | — | Female | 1975 | Active |
Bank of America Corp DE lessened its position in Maximus, Inc. (NYSE: MMS) by 19.6% during the undefined quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 563,486 shares of the health services provider's stock after selling 137,118 shares during the quarter. Bank of America Corp
Maximus faces an earnings reset as paused VA incentives cut profit and cash-flow guidance, testing whether service and tech gains can rebuild momentum.
Maximus trades at a deep earnings discount, but federal procurement delays and weak award conversion cloud the timing of a recovery.
Maximus NYSE: MMS reported fiscal 2026 third-quarter revenue of $1.28 billion, with adjusted EBITDA margin of 15.0% and adjusted diluted earnings per share of $2.22. Revenue was in line with the company's expectations, while adjusted EBITDA margin improved from 14.7% a year earlier and adjusted EPS rose from $2.16.
MMS beats fiscal Q3 earnings estimates but misses on revenues, while higher margins contrast with softer sales and reduced 2026 profit guidance.
