Slide 1: Fiscal 2026 Second Quarter Earnings Call
Fiscal 2026 Second Quarter Earnings Call David Mutryn Chief Financial Officer May 7, 2026 1 | Maximus: Q2 FY26 Earnings Presentation
Slide 2: Forward-looking Statements & Non-GAAP Information
Forward-looking Statements & Non-GAAP Information These slides should be read in conjunction with our most recent quarterly earnings press release, along with listening to or reading a transcript of management comments from our most recent quarterly earnings conference call. This document contains n
Slide 3: Total Company Results – Second Quarter of FY26
Total Company Results – Second Quarter of FY26 ($ in millions, except per share data) Q2 FY26 Margin Q2 FY25 Margin % Change • This quarter reflected strong execution, U.S. Federal Services $ 753.1 $ 777.9 (3.2)% sequential profitability improvement, and U.S. Services 415.8 442.4 (6.0)% growing tech
Slide 4: Segment Results – Second Quarter of FY26
Segment Results – Second Quarter of FY26 U.S. Federal Services Segment U.S. Services Segment Outside the U.S. Segment • Revenue of $753 million, as • Revenue of $416 million is tracking • Revenue of $137 million derived anticipated, reflects the absence of to anticipated positive organic growth pred
Slide 5: Cash Flows and Balance Sheet
Cash Flows and Balance Sheet Cash Flows & DSO $ in millions Q2 FY26 FY26 Guidance Cash provided by operating activities $ 189.5 Purchases of property and equipment and capitalized software costs (10.5) Free cash flow (Non-GAAP) $ 179.0 $450M - $500M • We expect cash generation to improve through H2
Slide 6: Updated Fiscal Year 2026 Guidance
Updated Fiscal Year 2026 Guidance Fiscal 2026 Guidance Updated Previous • Raising FY26 adjusted EBITDA margin and $5.2B - $5.35B adjusted diluted EPS for the second Revenue $5.2B - $5.35B (no change) consecutive quarter while reiterating revenue Adjusted EBITDA margin Approx. 14.2% Approx. 14.0% and
Slide 7: Fiscal 2026 Second Quarter Earnings Call
Fiscal 2026 Second Quarter Earnings Call Bruce Caswell President & Chief Executive Officer May 7, 2026 7 | Maximus: Q2 FY26 Earnings Presentation
Slide 8: Combating Fraud: Technology-Enabled Program Integrity
Combating Fraud: Technology-Enabled Program Integrity • Government customers are shifting from “pay- and-chase” models to upfront prevention, Traditional Model prioritizing integrity, efficiency, and public trust • Maximus embeds program integrity directly into operations using analytics, automation
Slide 9: Accelerating AI
• Enterprise AI acceleration: activation of AI enabling faster service delivery, deeper insight into program effectiveness, greater operating Accelerating AI leverage, and rapid adaptation to changing policy and mission needs • Customer-validated proof points: − TXM platform recognized by a federal
Slide 10: Procurement Updates, Awards, and Pipeline
Procurement Updates, Awards, and Pipeline • Federal environment: delays are impacting New Awards (YTD) March 31, 2026 procurement timelines, with many awards subject to challenge, though underlying demand (particularly Signed Contracts $913 million for technology modernization) remains strong Unsign
Slide 11: | Maximus: Q2 FY26 Earnings Presentation
11 | Maximus: Q2 FY26 Earnings Presentation