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Maximus
Maximus (MMS) investor relations material
Maximus Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Q1 FY26 revenue was $1.35 billion, down 4.1% year-over-year, with net income rising to $93.9 million from $41.2 million and adjusted diluted EPS up to $1.85 from $1.61.
Adjusted EBITDA margin improved to 12.7% from 11.2%, driven by strong U.S. Federal Services performance and technology adoption.
Divestiture of the U.S. child support business generated a $9 million gain; prior year included $38 million in divestiture-related charges.
Strategic focus remains on technology-driven solutions, especially AI and automation, to enhance service delivery and financial performance.
Execution was resilient despite the government shutdown, with a strong pipeline and ongoing tech transformation.
Financial highlights
Q1 revenue was $1.35 billion, down 4.1% year-over-year, mainly due to divestitures and lower volumes.
Adjusted EBITDA was $170.4 million, up from $156.6 million; adjusted EBITDA margin rose to 12.7% from 11.2%.
Net income increased to $93.9 million, with diluted EPS of $1.70, up from $0.69.
Free cash flow was a net outflow of $251 million, reflecting seasonality and delayed collections.
Total debt at quarter-end was $1.58 billion; net leverage ratio at 1.8x, below the 2–3x target range.
Outlook and guidance
FY26 revenue guidance narrowed to $5.2–$5.35 billion, reflecting divestiture and updated new work assumptions.
Adjusted EBITDA margin guidance raised to ~14%; adjusted EPS guidance increased to $8.05–$8.35.
Free cash flow guidance maintained at $450–$500 million.
Segment margin guidance: U.S. Federal Services 16.5–17%, U.S. Services 10.5–11%, Outside the U.S. 1–3%.
Effective tax rate for FY26 expected between 24.5% and 25.5%.
What is the timeline for AI's margin contribution?
What actions address rising DSO and cash outflow?
What drives Outside US segment margin recovery?
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Next Maximus earnings date
Q2 20266 May, 2026
Maximus
Next Maximus earnings date
Q2 20266 May, 2026
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Frequently asked questions
Maximus Inc. provides business process services for government health and human services programs. Its offerings include program management, case handling, health assessments, and technology solutions to support federal, state, and local agencies. The company is headquartered in Tysons, Virginia, and its shares are listed on the NYSE.
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