Form 8-K

8-K — MAXIMUS, INC.

Accession: 0001032220-26-000033

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001032220

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mms-20260806.htm (Primary)

EX-99.1 (mms-2026x06x30x8kxex991.htm)

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8-K

8-K (Primary)

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0001032220FALSE00010322202026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 6, 2026

Maximus, Inc.

(Exact name of registrant as specified in its charter)

Virginia 1-12997 54-1000588

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1600 Tysons Boulevard McLean , VA 22102

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including the area code ( 703 ) 251-8500

No Change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, no par value MMS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, the Company issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press release dated August 6, 2026

104 Inline XBRL for the cover page of this Current Report on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Maximus, Inc.

(Registrant)

Date: August 6, 2026 /s/ Elizabeth Moellering

Elizabeth Moellering

General Counsel and Corporate Secretary

EX-99.1

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Document

FOR IMMEDIATE RELEASE CONTACT: James Francis, VP - IR

IR@maximus.com

Date: August 6, 2026

Maximus Reports Fiscal Year 2026 Third Quarter Results

Strong earnings performance reflects disciplined execution

(Tysons, Va. - August 6, 2026) - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three and nine months ended June 30, 2026.

Highlights for the third quarter of fiscal year 2026 include:

•Revenue of $1.28 billion, compared to $1.35 billion for the prior year period, was in line with expectations and supports our full year revenue guidance outlook.

•Diluted earnings per share were $1.95 and adjusted diluted earnings per share were $2.22, compared to $1.86 and $2.16, respectively, for the prior year period.

•Revenue guidance is reiterated and expected to range between $5.2 billion and $5.35 billion for fiscal year 2026.

•Earnings guidance for fiscal year 2026 is updated to reflect a temporary customer-directed contractual modification on a major federal program. Adjusted diluted earnings per share are now expected to range between $7.90 and $8.20 per share, and adjusted EBITDA margin is expected to be approximately 13.7% for fiscal year 2026.

•Free cash flow guidance is updated to range between $425 million and $475 million.

•Repurchases of Maximus common stock in the quarter totaled 0.75 million shares for $50.4 million.

•A quarterly cash dividend of $0.33 per share is payable on August 31, 2026, to shareholders of record on August 14, 2026.

"Our third quarter results demonstrate the resilience of the Maximus business and our ability to deliver strong earnings performance while continuing to invest in long-term growth opportunities," said Bruce Caswell, President and Chief Executive Officer.

Caswell continued, "More broadly, we continue to see encouraging demand signals across our markets, increased adoption of AI-enabled solutions, growing interest in our SNAP-related offerings, and a substantial opportunity set in the defense and national security markets."

Third Quarter Results

Revenue for the third quarter of fiscal year 2026 was $1.28 billion and was consistent with our expectations entering the quarter. Prior year period revenue was $1.35 billion and benefited from elevated natural disaster support activity as well as temporary clinical volume surges within the U.S. Federal Services Segment.

For the third quarter of fiscal year 2026, operating margin was 12.6% and adjusted EBITDA margin was 15.0%. This compares to margins of 12.3% and 14.7%, respectively, for the prior year period. Diluted earnings per share were $1.95, and adjusted diluted earnings per share were $2.22. This compares to $1.86 and $2.16, respectively, for the prior year period.

Consolidated earnings improved over the prior year period primarily due, in part, to ongoing efficiency initiatives across multiple program areas, including broader deployment of automation and AI-enabled tools.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal year 2026 was $721 million. Prior year period revenue of $761 million benefited from elevated natural disaster response work and temporary clinical volume surges that did not recur at the same level in the current quarter.

The segment operating margin for the third quarter of fiscal year 2026 was 18.6%, compared to 18.1% reported for the prior year period. Productivity improvements, technology-enabled efficiencies, and stable performance across core program areas contributed to the improvement.

During the quarter, we received notification from a major customer regarding a temporary contractual modification effective July 1, 2026, through December 31, 2026, which affects profitability expectations for the remainder of fiscal year 2026. This is reflected in updated fiscal year 2026 guidance as well as the full-year operating margin for the U.S. Federal Services Segment, which is now expected to range between 16.5% and 17.0%.

U.S. Services Segment

U.S. Services Segment revenue for the third quarter of fiscal year 2026 was $418 million and was consistent with our expectation for continued sequential improvement as we progress toward the positive revenue growth anticipated by the end of the fiscal year. The prior year period segment revenue was $440 million.

The segment operating margin for the third quarter of fiscal year 2026 was 10.8%, reflecting continued progression throughout the fiscal year, and compares to the prior year period segment operating margin of 10.2%. The full-year fiscal 2026 operating margin for the U.S. Services Segment is expected to range between 9.5% and 10.0%.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal year 2026 was $140 million, compared to $147 million in the prior year period. Variances in volumes across several programs, including both clinical and employment services contracts, were primarily responsible for the year-over-year revenue change.

The segment operating margin for the third quarter of fiscal year 2026 was 0.9%, compared to 4.0% reported for the prior year period. With the segment still expected to break even for fiscal year 2026, we continue to focus on driving growth and further margin improvement through the successful conversion of this segment's sales pipeline.

Sales and Pipeline

Year-to-date signed contract awards at June 30, 2026, totaled $1.25 billion, and contracts pending (awarded but unsigned) totaled $1.35 billion.

The sales pipeline at June 30, 2026, totaled $50.4 billion, comprised of approximately $2.86 billion in proposals pending, $2.42 billion in proposals in preparation, and $45.1 billion in opportunities we are tracking. New work opportunities represent approximately 57% of the total sales pipeline, and U.S. Federal Services Segment opportunities represent approximately 55% of the total sales pipeline.

Balance Sheet and Cash Flows

At June 30, 2026, unrestricted cash and cash equivalents totaled $57 million, and gross debt was $1.65 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the quarter ended June 30, 2026, as calculated on a trailing twelve-month basis in accordance with our credit agreement, was 2.0x, compared to 1.8x at March 31, 2026. The ratio remains within our target net leverage ratio of 2x to 3x.

For the third quarter of fiscal year 2026, cash used in operating activities totaled $125 million, and free cash flow was an outflow of $137 million. DSO were 98 days at June 30, 2026. Collections from a major federal customer accelerated during July, and we continue to expect DSO to finish fiscal year 2026 below 70 days.

During the third quarter of fiscal year 2026, we purchased approximately 0.75 million shares of Maximus common stock totaling $50.4 million. In May 2026, the Board of Directors authorized a refresh to the repurchase program for Maximus common stock up to an aggregate of $400 million. As of June 30, 2026, the entire $400 million authorization remained available for future repurchases.

On July 6, 2026, our Board of Directors declared a quarterly cash dividend of $0.33 for each share of our common stock outstanding. The dividend is payable on August 31, 2026, to shareholders of record on August 14, 2026.

Fiscal Year 2026 Guidance Update

We reiterate our fiscal year 2026 revenue guidance, which is expected to range between $5.2 billion and $5.35 billion, with results anticipated toward the lower end of the range.

We are updating fiscal year 2026 earnings guidance to account for the temporary contractual modification. We now expect our adjusted EBITDA margin to be approximately 13.7% and adjusted diluted earnings per share to range between $7.90 and $8.20 per share for fiscal year 2026.

We now expect free cash flow to range between $425 million and $475 million for fiscal year 2026, which corresponds to the earnings guidance change.

Interest expense is estimated to be $88 million, and the full fiscal year tax rate is expected to range between 24.0% and 24.5% for fiscal year 2026.

Conference Call and Webcast Information

Maximus will host a conference call this morning, August 6, 2026, at 9:00 a.m. ET.

The call is open to the public and available by webcast or by phone at:

877.407.8289 (Domestic) / +1.201.689.8341 (International)

For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.

About Maximus

As a leading strategic partner to government, Maximus helps improve the delivery of public services amid complex technology, health, economic, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus provides tech-enabled services to government agencies, including innovative business process management and technology solutions, that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.

Non-GAAP Measures and Forward-Looking Statements

This release contains non-GAAP measures and other indicators, including adjusted net income, free cash flow, diluted EPS adjusted for amortization of intangible assets and divestiture-related charges and gains, adjusted EBITDA, adjusted EBITDA margin, consolidated EBITDA (as defined by our Credit Agreement), and other non-GAAP measures.

A description of these non-GAAP measures and details as to how they are calculated are included with our earnings presentation and forthcoming Form 10-Q.

The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, revenue growth, operating income, or net income as measures of performance. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.

Included in this release are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "on track,” "opportunity," "could," "potential," "believe," "project," "estimate,"

"expect," "continue," "forecast," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Forward-looking statements that are not historical facts, including statements about our confidence, strategies and initiatives, guidance and expectations about revenues, results of operations, profitability, future contracts, liquidity, market opportunities, market demand, acceptance of our products and service offerings, or acquisitions and divestitures, are forward-looking statements that involve risks and uncertainties.

These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. A summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 20, 2025, and subsequent filings with the Securities and Exchange Commission (SEC). Our SEC filings are accessible on maximus.com.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update the guidance herein or any other forward-looking statement as circumstances evolve.

FY26 Guidance Reconciliation - Non-GAAP

($ in millions except per share items) Low End High End

Net income $ 376 $ 392

Add: Interest expense and other expense/(income) 88 88

Add: Provision for income taxes 120 126

Add: Amortization of intangible assets 81 81

Add: Depreciation & amortization of property, equipment and capitalized software 50 50

Add: Capitalized software impairment charges 7 7

Add: Divestiture-related gains (10) (10)

Adjusted EBITDA $ 712 $ 734

Revenue $ 5,200 $ 5,350

Net income margin 7.2 % 7.3 %

Adjusted EBITDA margin 13.7 % 13.7 %

Diluted EPS $ 6.94 $ 7.24

Add: effect of amortization of intangible assets on diluted EPS 1.10 1.10

Add: effect of divestiture-related gains on diluted EPS (0.14) (0.14)

Adjusted diluted EPS $ 7.90 $ 8.20

Cash flows from operating activities $ 465 $ 515

Remove: purchases of property and equipment and capitalized software costs (40) (40)

Free cash flow $ 425 $ 475

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)

For the Three Months Ended For the Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands, except per share amounts)

Revenue $ 1,278,971 $ 1,348,400 $ 3,929,984 $ 4,112,861

Cost of revenue 930,168 988,887 2,920,247 3,112,970

Gross profit 348,803 359,513 1,009,737 999,891

Selling, general, and administrative expenses 167,188 170,831 492,827 525,423

Amortization of intangible assets 20,187 23,010 60,785 69,041

Operating income 161,428 165,672 456,125 405,427

Interest expense 23,878 22,657 66,805 61,648

Other (income)/expense, net (608) 48 (1,639) (603)

Income before income taxes 138,158 142,967 390,959 344,382

Provision for income taxes 34,565 36,986 95,360 100,636

Net income $ 103,593 $ 105,981 $ 295,599 $ 243,746

Earnings per share:

Basic $ 1.96 $ 1.87 $ 5.48 $ 4.22

Diluted $ 1.95 $ 1.86 $ 5.45 $ 4.20

Weighted average shares outstanding:

Basic 52,854 56,683 53,974 57,776

Diluted 53,057 56,984 54,243 58,100

Dividends declared per share $ 0.33 $ 0.30 $ 0.96 $ 0.90

Maximus, Inc.

Consolidated Balance Sheets

June 30, 2026 September 30, 2025

(unaudited)

(in thousands)

Assets:

Cash and cash equivalents $ 56,953 $ 222,351

Accounts receivable, net 1,382,014 898,095

Income taxes receivable 31,019 3,904

Prepaid expenses and other current assets 171,377 128,574

Total current assets 1,641,363 1,252,924

Property and equipment, net 28,485 30,972

Capitalized software, net 201,373 214,260

Operating lease right-of-use assets 88,302 100,514

Goodwill 1,780,543 1,782,095

Intangible assets, net 477,031 538,266

Deferred contract costs, net 60,205 63,332

Deferred compensation plan assets 67,877 63,272

Deferred income taxes 8,047 11,491

Other assets 13,553 12,513

Total assets $ 4,366,779 $ 4,069,639

Liabilities and Shareholders' Equity:

Liabilities:

Accounts payable and accrued liabilities $ 263,220 $ 296,888

Accrued compensation and benefits 146,064 236,948

Deferred revenue, current portion 36,626 53,784

Income taxes payable 1,138 17,321

Long-term debt, current portion 71,599 52,680

Operating lease liabilities, current portion 38,280 38,605

Other current liabilities 121,142 68,937

Total current liabilities 678,069 765,163

Deferred revenue, non-current portion 35,863 43,757

Deferred income taxes 199,887 149,020

Long-term debt, non-current portion 1,565,336 1,281,593

Deferred compensation plan liabilities, non-current portion 66,468 62,145

Operating lease liabilities, non-current portion 56,603 71,289

Other liabilities 24,002 22,637

Total liabilities 2,626,228 2,395,604

Shareholders' equity:

Common stock, no par value; 100,000 shares authorized; 52,358 and 54,805 shares issued and outstanding as of June 30, 2026, and September 30, 2025, respectively

647,138 628,118

Accumulated other comprehensive loss (20,721) (17,867)

Retained earnings 1,114,134 1,063,784

Total shareholders' equity 1,740,551 1,674,035

Total liabilities and shareholders' equity $ 4,366,779 $ 4,069,639

Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

For the Three Months Ended For the Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands)

Cash flows from operating activities:

Net income $ 103,593 $ 105,981 $ 295,599 $ 243,746

Adjustments to reconcile net income to cash flows from operations:

Depreciation and amortization of property, equipment, and capitalized software 11,874 9,607 37,091 27,502

Capitalized software impairment charges — — 6,914 —

Amortization of intangible assets 20,187 23,010 60,785 69,041

Amortization of debt issuance costs and debt discount 842 736 2,314 2,046

Deferred income taxes (13,365) (5,239) 54,416 (5,829)

Stock compensation expense 7,356 10,749 24,274 30,324

Divestiture-related charges/(gains) (1,162) — (10,147) 39,343

Change in assets and liabilities, net of effects of business combinations and divestitures:

Accounts receivable (266,738) (318,415) (489,403) (553,297)

Prepaid expenses and other current assets 7,189 1,398 13,152 9,341

Deferred contract costs 2,310 1,059 2,748 (856)

Accounts payable and accrued liabilities (19,107) (27,751) (33,345) (21,808)

Accrued compensation and benefits (6,303) (2,368) (79,734) (50,369)

Deferred revenue (3,056) 2,618 (24,658) (8,675)

Income taxes 33,959 12,090 (40,504) 5,625

Operating lease right-of-use assets and liabilities (1,341) (1,145) (2,814) (3,508)

Other assets and liabilities (1,225) 4,952 3,449 (2,626)

Net cash used in operating activities (124,987) (182,718) (179,863) (220,000)

Cash flows from investing activities:

Purchases of property and equipment and capitalized software (11,980) (15,488) (28,752) (55,686)

Proceeds from divestitures 3,947 — 16,842 736

Other (2,500) — (2,500) (2,165)

Net cash used in investing activities (10,533) (15,488) (14,410) (57,115)

Cash flows from financing activities:

Cash dividends paid to Maximus shareholders (17,278) (16,904) (51,437) (51,865)

Purchases of Maximus common stock (49,917) — (204,919) (306,443)

Tax withholding related to RSU vesting — (10) (17,325) (16,451)

Payments for debt financing costs (2,393) — (2,393) (1,658)

Proceeds from borrowings 703,675 376,208 1,368,675 1,335,208

Principal payments for debt (600,935) (212,535) (1,065,935) (810,174)

Other, including customer escrowed funds 10,732 (643) 60,841 (1,824)

Net cash provided by financing activities 43,884 146,116 87,507 146,793

Effect of exchange rate changes on cash, cash equivalents, and restricted cash 188 1,528 (444) (65)

Net change in cash, cash equivalents, and restricted cash (91,448) (50,562) (107,210) (130,387)

Cash, cash equivalents, and restricted cash, beginning of period 244,697 155,938 260,459 235,763

Cash, cash equivalents, and restricted cash, end of period $ 153,249 $ 105,376 $ 153,249 $ 105,376

Maximus, Inc.

Consolidated Results of Operations by Segment

(Unaudited)

For the Three Months Ended June 30, 2026

(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 revenue 498,720 69.2 % 311,449 74.5 % 119,999 85.9 % 930,168

Gross profit 222,271 30.8 % 106,778 25.5 % 19,754 14.1 % 348,803

Other segment items (2) 88,231 12.2 % 61,589 14.7 % 18,548 13.3 % 168,368

Segment operating income $ 134,040 18.6 % $ 45,189 10.8 % $ 1,206 0.9 % 180,435

Divestiture-related gains/(charges) (3) 1,162

Other (4) 18

Amortization of intangible assets (20,187)

Operating income $ 161,428

For the Three Months Ended June 30, 2025

(dollars in thousands) U.S. Federal Services % (1) U.S. Services % (1) Outside the U.S. % (1) Total

Revenue $ 761,174 1 $ 439,818 $ 147,408 $ 1,348,400

Cost of revenue 535,040 70.3 % 333,886 75.9 % 119,961 81.4 % 988,887

Gross profit 226,134 29.7 % 105,932 24.1 % 27,447 18.6 % 359,513

Other segment items (2) 88,272 11.6 % 60,975 13.9 % 21,507 14.6 % 170,754

Segment operating income $ 137,862 18.1 % $ 44,957 10.2 % $ 5,940 4.0 % 188,759

Other (4) (77)

Amortization of intangible assets (23,010)

Operating income $ 165,672

For the Nine Months Ended June 30, 2026

(dollars in thousands) U.S. Federal Services % (1) U.S. Services % (1) Outside the U.S. % (1) Total

Revenue $ 2,260,735 1 $ 1,249,229 $ 420,020 $ 3,929,984

Cost of revenue 1,598,084 70.7 % 957,548 76.7 % 364,615 86.8 % 2,920,247

Gross profit 662,651 29.3 % 291,681 23.3 % 55,405 13.2 % 1,009,737

Other segment items (2) 266,174 11.8 % 178,616 14.3 % 58,664 14.0 % 503,454

Segment operating income/(loss) $ 396,477 17.5 % $ 113,065 9.1 % $ (3,259) (0.8) % 506,283

Divestiture-related gains/(charges) (3) 10,147

Other (4) 480

Amortization of intangible assets (60,785)

Operating income $ 456,125

For the Nine Months Ended June 30, 2025

(dollars in thousands) U.S. Federal Services % (1) U.S. Services % (1) Outside the U.S. % (1) Total

Revenue $ 2,319,756 $ 1,334,418 $ 458,687 $ 4,112,861

Cost of revenue 1,718,249 74.1 % 1,021,712 76.6 % 373,009 81.3 % 3,112,970

Gross profit 601,507 25.9 % 312,706 23.4 % 85,678 18.7 % 999,891

Other segment items (2) 245,563 10.6 % 173,096 13.0 % 66,822 14.6 % 485,481

Segment operating income $ 355,944 15.3 % $ 139,610 10.5 % $ 18,856 4.1 % 514,410

Divestiture-related gains/(charges) (3) (39,343)

Other (4) (599)

Amortization of intangible assets (69,041)

Operating income $ 405,427

(1)Percentage of respective revenue, as applicable.

(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.

(3)During fiscal years 2026 and 2025, we divested businesses from our U.S. Services and Outside the U.S. Segments, respectively.

(4)Other expenses include credits and costs that are not allocated to a particular segment.

Maximus, Inc.

Consolidated Free Cash Flows - Non-GAAP

(Unaudited)

For the Three Months Ended For the Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands)

Net cash (used in) operating activities (124,987) (182,718) (179,863) (220,000)

Purchases of property and equipment and capitalized software (11,980) (15,488) (28,752) (55,686)

Free cash flow (Non-GAAP) $ (136,967) $ (198,206) $ (208,615) $ (275,686)

Maximus, Inc.

Non-GAAP Adjusted Results - Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share

(Unaudited)

For the Three Months Ended For the Nine Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(dollars in thousands, except per share data)

Net income $ 103,593 $ 105,981 $ 295,599 $ 243,746

Provision for income taxes 34,565 36,986 95,360 100,636

Interest expense 23,878 22,657 66,805 61,648

Other (income)/expense, net (608) 48 (1,639) (603)

Amortization of intangible assets 20,187 23,010 60,785 69,041

Divestiture-related charges/(gains) (1,162) — (10,147) 39,343

Depreciation and amortization of property, equipment, and capitalized software 11,874 9,607 37,091 27,502

Capitalized software impairment charges — — 6,914 —

Adjusted EBITDA (Non-GAAP) $ 192,327 $ 198,289 $ 550,768 $ 541,313

Net income margin (GAAP)* 8.1 % 7.9 % 7.5 % 5.9 %

Adjusted EBITDA margin (Non-GAAP)* 15.0 % 14.7 % 14.0 % 13.2 %

* Margins are calculated as a percentage of revenue

Net income $ 103,593 $ 105,981 $ 295,599 $ 243,746

Add back: Amortization of intangible assets, net of tax 14,878 16,958 44,799 50,883

Add back: Divestiture-related charges/(gains), net of tax (856) — (7,478) 39,343

Adjusted net income excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP) $ 117,615 $ 122,939 $ 332,920 $ 333,972

Diluted earnings per share $ 1.95 $ 1.86 $ 5.45 $ 4.20

Add back: Effect of amortization of intangible assets on diluted earnings per share 0.28 0.30 0.83 0.88

Add back: Effect of divestiture-related charges/(gains) on diluted earnings per share (0.01) — (0.14) 0.67

Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP) $ 2.22 $ 2.16 $ 6.14 $ 5.75

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v3.26.1

Cover Page

Aug. 06, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 06, 2026

Entity Registrant Name

Maximus, Inc.

Entity Incorporation, State or Country Code

Entity File Number

1-12997

Entity Tax Identification Number

54-1000588

Entity Address, Address Line One

1600 Tysons Boulevard

Entity Address, City or Town

McLean

Entity Address, State or Province

Entity Address, Postal Zip Code

22102

City Area Code

703

Local Phone Number

251-8500

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, no par value

Trading Symbol

MMS

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0001032220

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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