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Maximus MMS U.S. Services — Cost of revenue

Other segment segments

Outside the U.S.
$120M0.0%

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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$3.1B-33.5%
Enterprise value$4.77B-25.2%
P/E8.4×-6.4×
P/S0.6×-0.3×

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 / equity0.0×
Current ratio2.4×+0.1×

Where this comes from

Reported directly by Maximus in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

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
(dollars in thousands)U.S. Federal Services% (1 )U.S. Services% (1 )Outside the U.S.% (1 )Total
Revenue$$720,991$$418,227$$139,753$$1,278,971
Cost of revenue498,72069.2%311,44974.5%119,99985.9%930,168
Gross profit222,27130.8%106,77825.5%19,75414.1%348,803
Other segment items (2)88,23112.2%61,58914.7%18,54813.3%168,368
Segment operating income$$134,04018.6%$$45,18910.8%$$1,2060.9%180,435
Divestiture-related gains/(charges) (3)1,162
Other (4)18

Item 1. Financial Statements

FAQ

What is Maximus's U.S. services — cost of revenue?
Maximus (MMS) reported U.S. services — cost of revenue of $311.45M in Q2 2026.
How has Maximus's U.S. services — cost of revenue changed year-over-year?
Maximus's U.S. services — cost of revenue decreased by 6.7% year-over-year, from $333.89M to $311.45M.
What is the long-term trend for Maximus's U.S. services — cost of revenue?
Over 2 years (2023 to 2025), Maximus's U.S. services — cost of revenue has grown at a -2.9% compound annual growth rate (CAGR), from $1.43B to $1.35B.
What does U.S. services — cost of revenue mean?
Includes the direct costs attributable to the production and delivery of services within the U.S. Services segment. Monitoring this helps evaluate the direct expense burden associated with maintaining current revenue streams.

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