Every 10-Q that Maximus (MMS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MMS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MMS filings page.
Maximus, Inc. reported slightly lower revenue but stronger profitability for the quarter ended March 31, 2026. Quarterly revenue was $1.31 billion, down from $1.36 billion a year ago, while net income edged up to $98.1 million and diluted EPS rose to $1.80 from $1.69.
For the first six months, revenue declined 4.1% to $2.65 billion, but net income increased to $192.0 million from $137.8 million as gross margin improved to 24.9% and operating margin to 11.1%. Adjusted EBITDA for the six months reached $358.4 million, reflecting lower cost of revenue, divestiture gains, and a capitalized software impairment charge of $6.9 million.
The U.S. Federal Services segment expanded operating margin to 17.0% despite modest revenue declines, while U.S. Services and Outside the U.S. saw revenue and margin pressure, with the international segment posting an operating loss. Operating cash flow was negative $54.9 million, driven partly by delayed collections on a large U.S. federal contract, and days sales outstanding increased. Maximus repurchased about 1.8 million shares for $142.0 million, ended with a Consolidated Net Total Leverage Ratio of 1.75x, and the board declared a quarterly dividend of $0.33 per share.
Maximus, Inc. reported lower quarterly revenue but sharply higher profitability for the three months ended December 31, 2025. Revenue was $1,345,046 (in thousands), down 4.1% year over year, yet gross margin improved to 23.7% from 21.5% and operating margin rose to 10.9% from 6.2%.
Net income more than doubled to $93,943 (in thousands), with diluted EPS increasing to $1.70 from $0.69. Adjusted EBITDA rose to $170,414 (in thousands), and adjusted diluted EPS reached $1.85 versus $1.61. U.S. Federal Services led performance with a 16.5% operating margin, while U.S. Services and Outside the U.S. saw revenue and margin pressure.
Cash flow was weak: operating activities used $244,402 (in thousands), reflecting slower collections, a government shutdown, and contract-related delays. Debt grew to $1,579,375 (in thousands), though the consolidated net total leverage ratio remained moderate at 1.79. The company sold its U.S. child support business for about $14.0 million, recognized a $9.0 million gain, continued share repurchases, and maintained a $0.30 quarterly dividend, with a subsequent dividend of $0.33 declared for March 2026.