The second consecutive earnings guidance raise and $400M buyback are positive signals, but revenue contraction in a government services firm warrants monitoring. Watch H2 revenue trajectory and U.S. Services margin recovery; buyback should provide downside support.
Price Chart
Executive Summary
Maximus Q2 2026 adjusted EPS of $2.07 beat consensus of $1.97 by 5.3%, but revenue fell 4% YoY to $1.31B (slight miss vs $1.32B). The company raised FY2026 adjusted EPS guidance to $8.25-$8.55 (from $8.05-$8.35) and announced a $400M share repurchase authorization, while maintaining revenue and FCF guidance. The net effect is positive due to earnings momentum and capital return, tempered by ongoing top-line contraction.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted diluted EPS $2.07 vs consensus $1.97 (beat ~5.3%)
- Q2 revenue $1.31B vs $1.36B YoY (-4.1%), in line with guidance
- FY2026 adjusted EPS guidance raised to $8.25-$8.55 (prior $8.05-$8.35)
- Revenue guidance maintained at $5.2B-$5.35B; FCF $450M-$500M
- Board authorized $400M share repurchase program refresh
- Q2 operating cash flow $190M; free cash flow $179M
- U.S. Federal Services segment operating margin improved to 17.6% (from 15.3%)
- Non-cash impairment charge of $6.9M in U.S. Services segment
Financial Impact
Adjusted EPS beat by ~$0.10; revenue miss by ~$10M; guidance raise adds ~$0.20 to FY EPS midpoint
Risk Factors
- Continued revenue decline from prior year's disaster support work and lower volumes in U.S. Services
- U.S. Services segment margin pressure from impairment and lower revenue
- Outside the U.S. segment operating loss and delayed new work
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001032220-26-000024 |
| Document: mms-20260507.htm | 0001032220-26-000024 |
| Document: 0001032220-26-000024-index-headers.html | 0001032220-26-000024 |
| Document: 0001032220-26-000024-index.html | 0001032220-26-000024 |
| Document: 0001032220-26-000024.txt | 0001032220-26-000024 |
| 8-K Data (Synthetic) | 0001032220-26-000024 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $63.38 $63.02 | ▼ −0.57% | ▼ −0.05% | $63.50 (+0.19%) |
Oct 20, 2026 6d ago | 8-K | $61.09 $62.07 | ▲ +1.60% | ▲ +1.08% | $63.50 (+3.94%) |
Oct 8, 2026 18d ago | SC 13G | $58.77 $59.39 | ▲ +1.05% | ▲ +0.46% | $63.50 (+8.05%) |
Sep 10, 2026 6w ago | GOVT-CONTRACT | $56.92 $59.35 | ▲ +4.27% | ▲ +4.72% | $63.50 (+11.56%) |
Sep 4, 2026 7w ago | GOVT-CONTRACT | $56.33 $56.11 | ▼ −0.39% | ▲ +0.07% | $63.50 (+12.73%) |
Aug 24, 2026 9w ago | GOVT-CONTRACT | $58.53 $58.97 | ▲ +0.75% | ▲ +0.73% | $63.50 (+8.49%) |
Jul 29, 2026 12w ago | GOVT-CONTRACT | $60.64 $60.25 | ▼ −0.64% | ▼ −1.36% | $63.50 (+4.72%) |
May 7, 2026 24w ago | 8-K | $66.66 $64.27 | ▼ −3.59% | ▼ −4.42% | $63.50 (−4.74%) |
Apr 1, 2026 29w ago | GOVT-CONTRACT | $61.67 $63.00 | ▲ +2.15% | ▲ +1.68% | $63.50 (+2.97%) |
Dec 5, 2025 46w ago | Court Ruling | $82.03 $80.52 | ▼ −1.85% | ▼ −1.76% | $63.50 (−22.59%) |
US Market Status
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