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Maximus MMS Clinical Services — Revenue

Other product segments

Program Operations
$602.81M-3.9%
Technology Solutions
$67.24M-15.1%
Employment & Other
$55.85M-31.8%

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Other financials

Income statement

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Revenue$1.3B-5.1%
Gross profit$348.8M-3.0%
Operating income$161.4M-2.6%
Net income$103.6M-2.3%
EPS (diluted)$1.95+4.8%

Balance sheet

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Cash & equivalents$57.0M-4.7%
Total debt$1.7B-2.7%
Total equity$1.7B-1.8%
Total assets$4.4B-2.1%

Cash flow

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Operating cash flow-$125.0M+31.6%
CapEx$12.0M-22.6%
Free cash flow-$137.0M+30.9%

Valuation

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Market cap$3.06B-27.4%
Enterprise value$4.74B-20.2%
P/E8.3×-5.1×
P/S0.6×-0.2×

Profitability

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Gross margin25.6%+1.6pp
Operating margin11%+1.5pp
Net margin7.1%+1.2pp
FCF margin4.1%-1.5pp

Returns & leverage

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Return on equity21.1%+3.5pp
Debt / equity1×0.0×
Current ratio2.4×+0.1×

Where this comes from

Reported directly by Maximus in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Maximus’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 10:47 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001032220-26-000035
Line itemFor the Three Months Ended / June 30, 2026For the Three Months Ended / June 30, 2025For the Nine Months Ended / June 30, 2026For the Nine Months Ended / June 30, 2025
Program Operations$602,807%$626,981%$1,924,106%$2,045,720%
Clinical Services553,075%560,360%1,607,602%1,535,849%
Employment & Other55,852%81,906%186,025%274,513%
Technology Solutions67,237%79,153%212,251%256,779%
Total revenue$1,278,971$1,348,400$3,929,984$4,112,861

Item 1. Financial Statements

FAQ

What is Maximus's clinical services — revenue?
Maximus (MMS) reported clinical services — revenue of $553.08M in Q2 2026.
How has Maximus's clinical services — revenue changed year-over-year?
Maximus's clinical services — revenue decreased by 1.3% year-over-year, from $560.36M to $553.08M.
What is the long-term trend for Maximus's clinical services — revenue?
Over 4 years (2021 to 2025), Maximus's clinical services — revenue has grown at a 31.6% compound annual growth rate (CAGR), from $699.42M to $2.1B.
What does clinical services — revenue mean?
This metric represents the total gross income generated specifically from the Clinical Services business segment. It reflects the scale and market demand for the company's clinical operations, including health assessments and related professional services. Tracking this revenue stream helps investors evaluate the growth trajectory and relative contribution of the clinical division to the overall corporate top-line performance.

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