MAXIMUS, INC.
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MMS Q2 2026 request
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| Metric | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
| Revenue (Q) | — | — | — |
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| Clinical Services | 530,808 | 503,963 | +5.3% |
| Employment & Other | 60,008 | 78,989 | -24.0% |
| Program Operations | 644,892 | 690,772 | -6.6% |
| Technology Solutions | 70,259 | 88,062 | -20.2% |
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| Outside the U.S. · Operating Segments | 137,070 | 141,509 | -3.1% |
| U.S. Federal Services · Operating Segments | 753,143 | 777,927 | -3.2% |
| U.S. Services · Operating Segments | 415,754 | 442,350 | -6.0% |
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| Revenue | 1,305,967 | 1,361,786 | -4.1% |
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| International government agencies | 134,847 | 138,724 | -2.8% |
| New York state government agencies | 147,360 | 155,949 | -5.5% |
| Other U.S. state government agencies | 272,787 | 287,184 | -5.0% |
| Other, including local municipalities and commercial customers | 16,085 | 20,346 | -20.9% |
| Total U.S. state government agencies | 420,147 | 443,133 | -5.2% |
| U.S. federal government agencies | 734,888 | 759,583 | -3.3% |
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| Change In Accounting Method Accounted For As Change In Estimate | 519 | 3,804 | -86.4% |
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| Cost-plus | 343,924 | 334,499 | +2.8% |
| Fixed Price Contract | 165,608 | 185,009 | -10.5% |
| Performance-based | 733,098 | 714,406 | +2.6% |
| Time And Materials Contract | 63,337 | 127,872 | -50.5% |
| Cost of Revenue (Q) | — | — | — |
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| Outside the U.S. · Operating Segments | 120,760 | 116,516 | +3.6% |
| U.S. Federal Services · Operating Segments | 527,698 | 575,869 | -8.4% |
| U.S. Services · Operating Segments | 315,245 | 330,580 | -4.6% |
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| Cost of Revenue | 963,703 | 1,022,965 | -5.8% |
| Gross Profit (Q) | — | — | — |
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| Outside the U.S. · Operating Segments | 16,310 | 24,993 | -34.7% |
| U.S. Federal Services · Operating Segments | 225,445 | 202,058 | +11.6% |
| U.S. Services · Operating Segments | 100,509 | 111,770 | -10.1% |
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| Gross Profit | 342,264 | 338,821 | +1.0% |
| Selling, General & Administrative (Q) | — | — | — |
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| Selling, General & Administrative | 173,479 | 162,857 | +6.5% |
| Amortization Of Intangible Assets (Q) | — | — | — |
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| Amortization Of Intangible Assets | 20,298 | 22,996 | -11.7% |
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| Material Reconciling Items | 20,298 | 22,996 | -11.7% |
| Operating Income (Q) | — | — | — |
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| Operating Income | 148,487 | 152,968 | -2.9% |
| Interest Expense (Q) | — | — | — |
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| Interest Expense | 22,111 | 21,469 | +3.0% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Other Non-Operating Income (Expense) | -158 | -963 | +83.6% |
| Income Before Taxes (Q) | — | — | — |
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| Income Before Taxes | 126,534 | 132,462 | -4.5% |
| Income Tax Expense (Benefit) (Q) | — | — | — |
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| Income Tax Expense (Benefit) | 28,471 | 35,893 | -20.7% |
| Net Income (Q) | — | — | — |
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| Retained Earnings | 98,063 | 96,569 | +1.5% |
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| Net Income | 98,063 | 96,569 | +1.5% |
| EPS (Basic) (Q) | — | — | — |
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| EPS (Basic) | 1.81 | 1.7 | +6.5% |
| EPS (Diluted) (Q) | — | — | — |
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| EPS (Diluted) | 1.8 | 1.69 | +6.5% |
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| Change In Accounting Method Accounted For As Change In Estimate | 0.01 | 0.05 | -80.0% |
| Wtd Avg Shares (Basic) (Q) | — | — | — |
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| Wtd Avg Shares (Basic) | 54,242 | 56,892 | -4.7% |
| Wtd Avg Shares (Diluted) (Q) | — | — | — |
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| Wtd Avg Shares (Diluted) | 54,585 | 57,057 | -4.3% |
| Common Stock Dividends Per Share Cash Paid (Q) | — | — | — |
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| Common Stock Dividends Per Share Cash Paid | 0.33 | 0.3 | +10.0% |
| Comprehensive Income (Q) | — | — | — |
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| Comprehensive Income | 96,034 | 97,748 | -1.8% |
| Other Comprehensive Income (Q) | — | — | — |
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| Other Comprehensive Income | -2,029 | 1,179 | -272.1% |
| Depreciation And Amortization (Q) | — | — | — |
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| Outside the U.S. · Operating Segments | 867 | 1,602 | -45.9% |
| U.S. Federal Services · Operating Segments | 7,300 | 3,677 | +98.5% |
| U.S. Services · Operating Segments | 4,161 | 4,161 | 0.0% |
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| Depreciation And Amortization | 12,328 | 9,440 | +30.6% |
Balance Sheet
| Metric | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Cash & Cash Equivalents | 157,452 | 108,059 | +45.7% |
| Accounts Receivable (Q) | — | — | — |
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| Accounts Receivable | 1,114,960 | — | — |
| Prepaid Expenses & Other Current Assets (Q) | — | — | — |
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| Prepaid Expenses & Other Current Assets | 171,644 | 119,313 | +43.9% |
| Total Current Assets (Q) | — | — | — |
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| Total Current Assets | 1,508,848 | 1,328,267 | +13.6% |
| Non-Current Assets | |||
| Property, Plant & Equipment (Q) | — | — | — |
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| Property, Plant & Equipment | 27,178 | 34,883 | -22.1% |
| Operating Lease Right-of-Use Assets (Q) | — | — | — |
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| Operating Lease Right-of-Use Assets | 84,097 | 118,302 | -28.9% |
| Goodwill (Q) | — | — | — |
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| Goodwill | 1,780,507 | 1,780,726 | -0.0% |
| Intangible Assets (Q) | — | — | — |
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| Intangible Assets | 497,342 | 584,229 | -14.9% |
| Assets Held In Trust Noncurrent (Q) | — | — | — |
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| Assets Held In Trust Noncurrent | 58,472 | 52,523 | +11.3% |
| Deferred Tax Assets (Q) | — | — | — |
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| Deferred Tax Assets | 7,590 | 10,035 | -24.4% |
| Other Non-Current Assets (Q) | — | — | — |
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| Other Non-Current Assets | 9,820 | 19,027 | -48.4% |
| Total Assets (Q) | — | — | — |
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| Total Assets | 4,239,174 | 4,199,772 | +0.9% |
| Other Assets | |||
| Income Tax Receivable (Q) | — | — | — |
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| Income Tax Receivable | 64,792 | 3,491 | +1756.0% |
| Capitalized Computer Software Net (Q) | — | — | — |
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| Capitalized Computer Software Net | 202,583 | 210,980 | -4.0% |
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| Technology Equipment | 32.9 | 40.9 | -19.6% |
| Capitalized Contract Cost Net (Q) | — | — | — |
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| Capitalized Contract Cost Net | 62,737 | 60,800 | +3.2% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current (Q) | — | — | — |
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| Accounts Payable And Accrued Liabilities Current | 281,984 | 306,445 | -8.0% |
| Employee Related Liabilities Current (Q) | — | — | — |
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| Employee Related Liabilities Current | 152,362 | 165,350 | -7.9% |
| Deferred Revenue (Current) (Q) | — | — | — |
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| Deferred Revenue (Current) | 37,910 | 79,447 | -52.3% |
| Accrued Income Taxes Current (Q) | — | — | — |
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| Accrued Income Taxes Current | 959 | 17,677 | -94.6% |
| Current Portion of Long-Term Debt (Q) | — | — | — |
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| Current Portion of Long-Term Debt | 63,930 | 47,055 | +35.9% |
| Operating Lease Liability Current (Q) | — | — | — |
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| Operating Lease Liability Current | 35,400 | 38,788 | -8.7% |
| Other Liabilities Current (Q) | — | — | — |
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| Other Liabilities Current | 109,142 | 66,475 | +64.2% |
| Total Current Liabilities (Q) | — | — | — |
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| Total Current Liabilities | 681,687 | 721,237 | -5.5% |
| Non-Current Liabilities | |||
| Contract With Customer Liability Noncurrent (Q) | — | — | — |
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| Contract With Customer Liability Noncurrent | 37,662 | 36,431 | +3.4% |
| Deferred Tax Liabilities (Q) | — | — | — |
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| Deferred Tax Liabilities | 212,703 | 166,632 | +27.6% |
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 1,471,816 | 1,445,746 | +1.8% |
| Deferred Compensation Liability Classified Noncurrent (Q) | — | — | — |
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| Deferred Compensation Liability Classified Noncurrent | 58,171 | 52,321 | +11.2% |
| Operating Lease Liabilities (Q) | — | — | — |
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| Operating Lease Liabilities | 56,640 | 88,487 | -36.0% |
| Other Non-Current Liabilities (Q) | — | — | — |
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| Other Non-Current Liabilities | 23,534 | 21,444 | +9.7% |
| Total Liabilities (Q) | — | — | — |
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| Total Liabilities | 2,542,213 | 2,532,298 | +0.4% |
| Stockholders' Equity | |||
| Common Stock Value Outstanding (Q) | — | — | — |
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| Common Stock Value Outstanding | 639,269 | 616,315 | +3.7% |
| Accumulated Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -21,055 | -18,375 | -14.6% |
| Retained Earnings (Q) | — | — | — |
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| Retained Earnings | 1,078,747 | 1,069,534 | +0.9% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent | 2,182 | — | — |
| Accumulated Other Comprehensive Income | -21,055 | -18,375 | -14.6% |
| Accumulated Translation Adjustment | -23,237 | — | — |
| Common Stock Including Additional Paid In Capital | 639,269 | 616,315 | +3.7% |
| Retained Earnings | 1,078,747 | 1,069,534 | +0.9% |
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| Total Stockholders' Equity | 1,696,961 | 1,667,474 | +1.8% |
| Total Liabilities & Equity (Q) | — | — | — |
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| Total Liabilities & Equity | 4,239,174 | 4,199,772 | +0.9% |
Cash Flow Statement
| Metric | YTD Q2 2026 | YTD Q2 2025 | YoY |
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| Operating Activities | |||
| Depreciation Of Fixed Assets And Amortization Of Capitalized Software (YTD) | — | — | — |
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| Depreciation Of Fixed Assets And Amortization Of Capitalized Software | 25,217 | 17,895 | +40.9% |
| Impairment Of Long Lived Assets Held For Use (YTD) | — | — | — |
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| Impairment Of Long Lived Assets Held For Use | 6,914 | — | — |
| Impairment Of Long Lived Assets Held For Use (Q) | — | — | — |
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| Technology Equipment | 6.9 | — | — |
| Amortization Of Financing Costs And Discounts (YTD) | — | — | — |
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| Amortization Of Financing Costs And Discounts | 1,472 | 1,310 | +12.4% |
| Deferred Income Taxes (YTD) | — | — | — |
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| Deferred Income Taxes | 67,781 | -590 | +11588.3% |
| Stock-Based Compensation (YTD) | — | — | — |
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| Stock-Based Compensation | 16,918 | 19,575 | -13.6% |
| Gain Loss On Sale Of Business (YTD) | — | — | — |
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| Gain Loss On Sale Of Business | -8,985 | 39,343 | -122.8% |
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| Material Reconciling Items | -8,985 | 39,343 | -122.8% |
| Change in Accounts Receivable (YTD) | — | — | — |
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| Change in Accounts Receivable | -222,665 | -234,882 | +5.2% |
| Change in Prepaid & Other Assets (YTD) | — | — | — |
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| Change in Prepaid & Other Assets | 5,963 | 7,943 | -24.9% |
| Increase Decrease In Deferred Charges (YTD) | — | — | — |
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| Increase Decrease In Deferred Charges | 438 | -1,915 | +122.9% |
| Increase Decrease In Accounts Payable And Accrued Liabilities (YTD) | — | — | — |
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| Increase Decrease In Accounts Payable And Accrued Liabilities | -14,238 | 5,943 | -339.6% |
| Increase Decrease In Employee Related Liabilities (YTD) | — | — | — |
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| Increase Decrease In Employee Related Liabilities | -73,431 | -48,001 | -53.0% |
| Change in Deferred Revenue (YTD) | — | — | — |
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| Change in Deferred Revenue | -21,602 | -11,293 | -91.3% |
| Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable (YTD) | — | — | — |
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| Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable | -74,463 | -6,465 | -1051.8% |
| Increase Decrease In Operating Lease Right Of Use Assets And Liabilities (YTD) | — | — | — |
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| Increase Decrease In Operating Lease Right Of Use Assets And Liabilities | -1,473 | -2,363 | +37.7% |
| Increase Decrease In Other Operating Capital Net (YTD) | — | — | — |
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| Increase Decrease In Other Operating Capital Net | 4,674 | -7,578 | +161.7% |
| Net Cash from Operations (YTD) | — | — | — |
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| Net Cash from Operations | -54,876 | -37,282 | -47.2% |
| Investing Activities | |||
| Payments To Acquire Productive Assets (YTD) | — | — | — |
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| Payments To Acquire Productive Assets | -16,772 | -40,198 | +58.3% |
| Proceeds From Divestiture Of Businesses (YTD) | — | — | — |
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| Proceeds From Divestiture Of Businesses | 12,895 | 736 | +1652.0% |
| Net Cash from Investing (YTD) | — | — | — |
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| Net Cash from Investing | -3,877 | -41,627 | +90.7% |
| Financing Activities | |||
| Payments Of Ordinary Dividends (YTD) | — | — | — |
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| Payments Of Ordinary Dividends | -34,159 | -34,961 | +2.3% |
| Share Repurchases (YTD) | — | — | — |
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| Share Repurchases | -155,002 | -306,443 | +49.4% |
| Tax Withholding for Share Compensation (YTD) | — | — | — |
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| Tax Withholding for Share Compensation | -17,325 | -16,441 | -5.4% |
| Proceeds From Issuance Of Debt (YTD) | — | — | — |
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| Proceeds From Issuance Of Debt | 665,000 | 959,000 | -30.7% |
| Debt Repayments (YTD) | — | — | — |
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| Debt Repayments | -465,000 | -597,639 | +22.2% |
| Proceeds From Payments For Other Financing Activities (YTD) | — | — | — |
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| Proceeds From Payments For Other Financing Activities | 50,109 | -1,181 | +4342.9% |
| Net Cash from Financing (YTD) | — | — | — |
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| Net Cash from Financing | 43,623 | 677 | +6343.6% |
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| Income Taxes Paid (YTD) | — | — | — |
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| Income Taxes Paid | 67,349 | 70,397 | -4.3% |
| Interest Paid (YTD) | — | — | — |
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| Interest Paid | 41,395 | 38,767 | +6.8% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (YTD) | — | — | — |
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| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -632 | -1,593 | +60.3% |
| Net Change in Cash (YTD) | — | — | — |
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| Net Change in Cash | -15,762 | -79,825 | +80.3% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 244,697 | 155,938 | +56.9% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.