Form 8-K

8-K — MAXIMUS, INC.

Accession: 0001032220-26-000024

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001032220

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mms-20260507.htm (Primary)

EX-99.1 (mms-2026x03x31x8kxex991.htm)

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8-K

8-K (Primary)

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0001032220FALSE00010322202026-05-072026-05-07

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): May 7, 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 May 7, 2026, the Company issued a press release announcing its financial results for the quarter ended March 31, 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 May 7, 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: May 7, 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: May 7, 2026

Maximus Reports Fiscal Year 2026 Second Quarter Results

Raises earnings outlook and announces $400 million share repurchase program

(Tysons, Va. - May 7, 2026) - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three and six months ended March 31, 2026.

Highlights for the second quarter of fiscal year 2026 include:

•Revenue of $1.31 billion was consistent with our full fiscal year 2026 expectations, and compares to $1.36 billion for the prior year period.

•Diluted earnings per share were $1.80 and adjusted diluted earnings per share were $2.07, compared to $1.69 and $2.01, respectively, for the prior year period.

•We are raising our adjusted EBITDA margin expectation by 20 basis points to approximately 14.2% and raising our adjusted diluted earnings per share expectation by $0.20 to range between $8.25 and $8.55 per share for the full fiscal year 2026. We are reiterating previous fiscal year 2026 revenue and free cash flow guidance.

•Repurchases of Maximus common stock in the quarter totaled 1.4 million shares for $111 million, with an additional 0.6 million shares totaling $39.9 million repurchased through May 1, 2026.

•The Board of Directors authorized a refresh to the repurchase program for Maximus common stock up to an aggregate of $400 million.

•A quarterly cash dividend of $0.33 per share is payable on June 1, 2026, to shareholders of record on May 15, 2026.

"Our second consecutive earnings guidance increase reflects growing confidence in our ability to leverage in-house AI and other technology capabilities to improve efficiency and support margin expansion. We continue to execute our capital deployment strategy, as highlighted by the refresh of our share repurchase authorization up to an aggregate of $400 million," said Bruce Caswell, President and Chief Executive Officer.

Caswell continued, "Our state customers are gaining clarity and beginning to take action to help address challenges with Medicaid community engagement, SNAP administration, and unemployment insurance support services. We’re pleased to be playing a role in devising these solutions and expect momentum to continue to build."

Second Quarter Results

Revenue for the second quarter of fiscal year 2026 was $1.31 billion and on track with full fiscal year 2026 expectations. Prior year period revenue was $1.36 billion and benefited from natural disaster support work and temporary clinical volume surges in both domestic segments.

For the second quarter of fiscal year 2026, operating margin was 11.4% and adjusted EBITDA margin was 14.4%. This compares to margins of 11.2% and 13.7%, respectively, for the prior year period. Diluted earnings per share were $1.80, and adjusted diluted earnings per share were $2.07. This compares to $1.69 and $2.01, respectively, for the prior year period.

Consolidated earnings improved over the prior year period primarily due to efficiency gains through automation, including AI-enabled tools, across multiple program areas. The second quarter of fiscal year 2026 included a non-cash impairment charge that decreased the U.S. Services segment's operating income by $6.9 million, or $0.09 per share, and a discrete research & development tax benefit that reduced the income tax expense by $4.2 million, which equated to a $0.08 per share benefit. Both non-recurring items were excluded from adjusted EBITDA and had offsetting impacts on adjusted diluted earnings per share.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the second quarter of fiscal year 2026 was $753 million. Prior year period revenue was $778 million and benefited from natural disaster support. We anticipated the absence of this work in our fiscal year 2026 guidance, and, excluding this support work, segment organic revenue growth was 1.5% over the prior year period.

The segment operating margin for the second quarter of fiscal year 2026 was 17.6%, compared to 15.3% reported for the prior year period. Technology initiatives, including automation that enables greater volume processing without a commensurate increase in labor costs, were the primary driver of the improved margin and the increase to the segment’s full fiscal year margin expectation. The full fiscal year 2026 operating margin for the U.S. Federal Services Segment is expected to be approximately 17.5%.

U.S. Services Segment

U.S. Services Segment revenue for the second quarter of fiscal year 2026 was $416 million and on track to improve segment revenue growth anticipated by the end of the fiscal year. The prior year period segment revenue was $442 million.

The segment operating margin for the second quarter of fiscal year 2026 was 9.3%, or 10.9% excluding the $6.9 million non-cash charge related to an asset impairment. The prior year period segment operating margin was 12.2%. The full fiscal year 2026 operating margin for the U.S. Services Segment is expected to be approximately 10.0% as a result of the non-cash charge this quarter.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the second quarter of fiscal year 2026 was $137 million, compared to $142 million in the prior year period. Following previous reshaping actions, the segment now comprises the United Kingdom, Canada, and the Gulf Region, all of which are tracking opportunities that we believe have the potential to drive future growth.

The segment realized an operating loss of $3.1 million for the second quarter of fiscal year 2026, compared to an operating profit of $4.8 million in the prior year period. We continue to anticipate future margin improvement over time in this segment, which is now expected to break even on a full fiscal year 2026 basis.

Sales and Pipeline

Year-to-date signed contract awards at March 31, 2026, totaled $913 million, and contracts pending (awarded but unsigned) totaled $322 million.

The sales pipeline at March 31, 2026, totaled $56.8 billion, comprised of approximately $4.55 billion in proposals pending, $1.48 billion in proposals in preparation, and $50.7 billion in opportunities we are tracking. New work opportunities represent approximately 59% of the total sales pipeline, and U.S. Federal Services Segment opportunities represent approximately 58% of the total sales pipeline.

Balance Sheet and Cash Flows

At March 31, 2026, unrestricted cash and cash equivalents totaled $157 million, and gross debt was $1.55 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the quarter ended March 31, 2026, as calculated on a trailing twelve-month basis in accordance with our credit agreement, was 1.8x. This is unchanged from the ratio at December 31, 2025, and remains below our target net leverage ratio of 2x to 3x.

For the second quarter of fiscal year 2026, cash provided by operating activities totaled $190 million, and free cash flow was $179 million. DSO were 78 days at March 31, 2026, and unchanged from the DSO at December 31, 2025. We expect collections to increase in the second half of fiscal year 2026, which supports our full-year free cash flow guidance.

During the second quarter of fiscal year 2026, we purchased approximately 1.4 million shares of Maximus common stock totaling $111 million. Subsequent to March 31, 2026, and through May 1, 2026, we purchased an additional 0.6 million shares totaling $39.9 million. The Board of Directors authorized a refresh to the repurchase program for Maximus common stock up to an aggregate of $400 million, which becomes effective May 11, 2026.

On April 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 June 1, 2026, to shareholders of record on May 15, 2026.

Fiscal Year 2026 Earnings Guidance Raise

Maximus is raising fiscal year 2026 earnings guidance and reiterating revenue and free cash flow guidance.

The full year adjusted EBITDA margin guidance improves by 20 basis points to approximately 14.2%, as compared to prior guidance. Guidance for adjusted diluted earnings per share increases by $0.20 and is now expected to range between $8.25 and $8.55 per share for fiscal year 2026.

Revenue guidance is maintained between $5.2 billion and $5.35 billion, and free cash flow guidance is maintained between $450 million and $500 million for fiscal year 2026. Interest expense is estimated to be $84 million, and the full fiscal year tax rate is expected to range between 24.0% and 25.0% for fiscal year 2026.

Conference Call and Webcast Information

Maximus will host a conference call this morning, May 7, 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 organic growth, 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 $ 394 $ 411

Add: Interest expense / Other (income) 84 84

Add: Provision for income taxes 128 133

Add: Amortization of intangible assets 81 81

Add: Depreciation & amortization of property, equipment and capitalized software 54 54

Add: Capitalized software impairment charges 7 7

Add: Divestiture-related gains (9) (9)

Adjusted EBITDA $ 739 $ 761

Revenue $ 5,200 $ 5,350

Net income margin 7.6 % 7.7 %

Adjusted EBITDA margin 14.2 % 14.2 %

Diluted EPS $ 7.27 $ 7.57

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

Add: effect of divestiture-related gains on diluted EPS (0.12) (0.12)

Adjusted diluted EPS $ 8.25 $ 8.55

Cash flows from operating activities $ 485 $ 535

Remove: purchases of property and equipment and capitalized software costs (35) (35)

Free cash flow $ 450 $ 500

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)

For the Three Months Ended For the Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(in thousands, except per share amounts)

Revenue $ 1,305,967 $ 1,361,786 $ 2,651,013 $ 2,764,461

Cost of revenue 963,703 1,022,965 1,990,079 2,124,083

Gross profit 342,264 338,821 660,934 640,378

Selling, general, and administrative expenses 173,479 162,857 325,639 354,592

Amortization of intangible assets 20,298 22,996 40,598 46,031

Operating income 148,487 152,968 294,697 239,755

Interest expense 22,111 21,469 42,927 38,991

Other (income)/expense, net (158) (963) (1,031) (651)

Income before income taxes 126,534 132,462 252,801 201,415

Provision for income taxes 28,471 35,893 60,795 63,650

Net income $ 98,063 $ 96,569 $ 192,006 $ 137,765

Earnings per share:

Basic $ 1.81 $ 1.70 $ 3.52 $ 2.36

Diluted $ 1.80 $ 1.69 $ 3.50 $ 2.35

Weighted average shares outstanding:

Basic 54,242 56,892 54,547 58,330

Diluted 54,585 57,057 54,925 58,553

Dividends declared per share $ 0.33 $ 0.30 $ 0.63 $ 0.60

Maximus, Inc.

Consolidated Balance Sheets

March 31, 2026 September 30, 2025

(unaudited)

(in thousands)

Assets:

Cash and cash equivalents $ 157,452 $ 222,351

Accounts receivable, net 1,114,960 898,095

Income taxes receivable 64,792 3,904

Prepaid expenses and other current assets 171,644 128,574

Total current assets 1,508,848 1,252,924

Property and equipment, net 27,178 30,972

Capitalized software, net 202,583 214,260

Operating lease right-of-use assets 84,097 100,514

Goodwill 1,780,507 1,782,095

Intangible assets, net 497,342 538,266

Deferred contract costs, net 62,737 63,332

Deferred compensation plan assets 58,472 63,272

Deferred income taxes 7,590 11,491

Other assets 9,820 12,513

Total assets $ 4,239,174 $ 4,069,639

Liabilities and Shareholders' Equity:

Liabilities:

Accounts payable and accrued liabilities $ 281,984 $ 296,888

Accrued compensation and benefits 152,362 236,948

Deferred revenue, current portion 37,910 53,784

Income taxes payable 959 17,321

Long-term debt, current portion 63,930 52,680

Operating lease liabilities, current portion 35,400 38,605

Other current liabilities 109,142 68,937

Total current liabilities 681,687 765,163

Deferred revenue, non-current portion 37,662 43,757

Deferred income taxes 212,703 149,020

Long-term debt, non-current portion 1,471,816 1,281,593

Deferred compensation plan liabilities, non-current portion 58,171 62,145

Operating lease liabilities, non-current portion 56,640 71,289

Other liabilities 23,534 22,637

Total liabilities 2,542,213 2,395,604

Shareholders' equity:

Common stock, no par value; 100,000 shares authorized; 53,110 and 54,805 shares issued and outstanding as of March 31, 2026, and September 30, 2025, respectively

639,269 628,118

Accumulated other comprehensive loss (21,055) (17,867)

Retained earnings 1,078,747 1,063,784

Total shareholders' equity 1,696,961 1,674,035

Total liabilities and shareholders' equity $ 4,239,174 $ 4,069,639

Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

For the Three Months Ended For the Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(in thousands)

Cash flows from operating activities:

Net income $ 98,063 $ 96,569 $ 192,006 $ 137,765

Adjustments to reconcile net income to cash flows from operations:

Depreciation and amortization of property, equipment, and capitalized software 12,328 9,440 25,217 17,895

Capitalized software impairment charges 6,914 — 6,914 —

Amortization of intangible assets 20,298 22,996 40,598 46,031

Amortization of debt issuance costs and debt discount 736 672 1,472 1,310

Deferred income taxes 39,917 (2,747) 67,781 (590)

Stock compensation expense 9,899 12,623 16,918 19,575

Divestiture-related charges/(gains) — 1,002 (8,985) 39,343

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

Accounts receivable 30,710 (131,428) (222,665) (234,882)

Prepaid expenses and other current assets 6,054 10,443 5,963 7,943

Deferred contract costs 3,740 (1,549) 438 (1,915)

Accounts payable and accrued liabilities 19,569 14,093 (14,238) 5,943

Accrued compensation and benefits 27,269 45,035 (73,431) (48,001)

Deferred revenue (10,759) (3,061) (21,602) (11,293)

Income taxes (73,428) (18,541) (74,463) (6,465)

Operating lease right-of-use assets and liabilities (1,074) (14) (1,473) (2,363)

Other assets and liabilities (710) (12,819) 4,674 (7,578)

Net cash provided by/(used in) operating activities 189,526 42,714 (54,876) (37,282)

Cash flows from investing activities:

Purchases of property and equipment and capitalized software (10,509) (17,206) (16,772) (40,198)

Proceeds from divestitures — — 12,895 736

Other — (2,165) — (2,165)

Net cash used in investing activities (10,509) (19,371) (3,877) (41,627)

Cash flows from financing activities:

Cash dividends paid to Maximus shareholders (17,821) (16,901) (34,159) (34,961)

Purchases of Maximus common stock (114,440) (77,850) (155,002) (306,443)

Tax withholding related to RSU vesting — — (17,325) (16,441)

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

Proceeds from borrowings 300,000 524,000 665,000 959,000

Principal payments for debt (332,500) (418,375) (465,000) (597,639)

Other, including customer escrowed funds 51,484 (282) 50,109 (1,181)

Net cash (used in)/provided by financing activities (113,277) 8,934 43,623 677

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (568) 791 (632) (1,593)

Net change in cash, cash equivalents, and restricted cash 65,172 33,068 (15,762) (79,825)

Cash, cash equivalents, and restricted cash, beginning of period 179,525 122,870 260,459 235,763

Cash, cash equivalents, and restricted cash, end of period $ 244,697 $ 155,938 $ 244,697 $ 155,938

Maximus, Inc.

Consolidated Results of Operations by Segment

(Unaudited)

For the Three Months Ended March 31, 2026

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

Revenue $ 753,143 $ 415,754 $ 137,070 $ 1,305,967

Cost of revenue 527,698 70.1 % 315,245 75.8 % 120,760 88.1 % 963,703

Gross profit 225,445 29.9 % 100,509 24.2 % 16,310 11.9 % 342,264

Other segment items (2) 92,741 12.3 % 61,919 14.9 % 19,395 14.1 % 174,055

Segment operating income/(loss) $ 132,704 17.6 % $ 38,590 9.3 % $ (3,085) (2.3) % 168,209

Other (4) 576

Amortization of intangible assets (20,298)

Operating income $ 148,487

For the Three Months Ended March 31, 2025

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

Revenue $ 777,927 1 $ 442,350 $ 141,509 $ 1,361,786

Cost of revenue 575,869 74.0 % 330,580 74.7 % 116,516 82.3 % 1,022,965

Gross profit 202,058 26.0 % 111,770 25.3 % 24,993 17.7 % 338,821

Other segment items (2) 83,076 10.7 % 57,963 13.1 % 20,197 14.3 % 161,236

Segment operating income $ 118,982 15.3 % $ 53,807 12.2 % $ 4,796 3.4 % 177,585

Divestiture-related gains/(charges) (3) (1,002)

Other (4) (619)

Amortization of intangible assets (22,996)

Operating income $ 152,968

For the Six Months Ended March 31, 2026

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

Revenue $ 1,539,744 1 $ 831,002 $ 280,267 $ 2,651,013

Cost of revenue 1,099,364 71.4 % 646,099 77.7 % 244,616 87.3 % 1,990,079

Gross profit 440,380 28.6 % 184,903 22.3 % 35,651 12.7 % 660,934

Other segment items (2) 177,943 11.6 % 117,027 14.1 % 40,116 14.3 % 335,086

Segment operating income $ 262,437 17.0 % $ 67,876 8.2 % $ (4,465) (1.6) % 325,848

Divestiture-related gains/(charges) (3) 8,985

Other (4) 462

Amortization of intangible assets (40,598)

Operating income $ 294,697

For the Six Months Ended March 31, 2025

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

Revenue $ 1,558,582 $ 894,600 $ 311,279 $ 2,764,461

Cost of revenue 1,183,209 75.9 % 687,826 76.9 % 253,048 81.3 % 2,124,083

Gross profit 375,373 24.1 % 206,774 23.1 % 58,231 18.7 % 640,378

Other segment items (2) 157,291 10.1 % 112,121 12.5 % 45,315 14.6 % 314,727

Segment operating income $ 218,082 14.0 % $ 94,653 10.6 % $ 12,916 4.1 % 325,651

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

Other (4) (522)

Amortization of intangible assets (46,031)

Operating income $ 239,755

(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 Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(in thousands)

Net cash provided by/(used in) operating activities 189,526 42,714 (54,876) (37,282)

Purchases of property and equipment and capitalized software (10,509) (17,206) (16,772) (40,198)

Free cash flow (Non-GAAP) $ 179,017 $ 25,508 $ (71,648) $ (77,480)

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 Six Months Ended

March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025

(dollars in thousands, except per share data)

Net income $ 98,063 $ 96,569 $ 192,006 $ 137,765

Provision for income taxes 28,471 35,893 60,795 63,650

Interest expense 22,111 21,469 42,927 38,991

Other (income)/expense, net (158) (963) (1,031) (651)

Amortization of intangible assets 20,298 22,996 40,598 46,031

Divestiture-related charges/(gains) — 1,002 (8,985) 39,343

Depreciation and amortization of property, equipment, and capitalized software 12,328 9,440 25,217 17,895

Capitalized software impairment charges 6,914 — 6,914 —

Adjusted EBITDA (Non-GAAP) $ 188,027 $ 186,406 $ 358,441 $ 343,024

Net income margin (GAAP)* 7.5 % 7.1 % 7.2 % 5.0 %

Adjusted EBITDA margin (Non-GAAP)* 14.4 % 13.7 % 13.5 % 12.4 %

* Margins are calculated as a percentage of revenue

Net income $ 98,063 $ 96,569 $ 192,006 $ 137,765

Add back: Amortization of intangible assets, net of tax 14,960 16,948 29,921 33,925

Add back: Divestiture-related charges/(gains), net of tax — 1,002 (6,622) 39,343

Adjusted net income excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP) $ 113,023 $ 114,519 $ 215,305 $ 211,033

Diluted earnings per share $ 1.80 $ 1.69 $ 3.50 $ 2.35

Add back: Effect of amortization of intangible assets on diluted earnings per share 0.27 0.30 0.54 0.58

Add back: Effect of divestiture-related charges/(gains) on diluted earnings per share — 0.02 (0.12) 0.67

Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP) $ 2.07 $ 2.01 $ 3.92 $ 3.60

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Filename: R1.htm · Sequence: 10

v3.26.1

Cover Page

May 07, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 07, 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

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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

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Entity Central Index Key

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