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Maximus MMS Program Operations — Revenue

Other product segments

Clinical Services
$553.08M-1.3%
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 program operations — revenue?
Maximus (MMS) reported program operations — revenue of $602.81M in Q2 2026.
How has Maximus's program operations — revenue changed year-over-year?
Maximus's program operations — revenue decreased by 3.9% year-over-year, from $626.98M to $602.81M.
What is the long-term trend for Maximus's program operations — revenue?
Over 4 years (2021 to 2025), Maximus's program operations — revenue has grown at a -1.0% compound annual growth rate (CAGR), from $2.76B to $2.65B.
What does program operations — revenue mean?
This metric represents the total gross income generated by the core service delivery segment responsible for managing government-sponsored health and human services programs. It reflects the scale of operations and the company's ability to capture market share within its primary business vertical. Tracking this revenue stream is essential for assessing the segment's growth trajectory and its contribution to the overall enterprise top-line performance.

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