Maximus, Inc. · NYSE:MMS
Maximus — Q1 FY2026 Earnings Presentation
11 slides from Maximus's earnings presentation, Feb 5, 2026
Slide 1: Fiscal 2026 First Quarter Earnings Call
Fiscal 2026 First Quarter Earnings Call Bruce Caswell President & Chief Executive Officer February 5, 2026 1 | Maximus: Q1 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: Awards and Pipeline
Awards and Pipeline New Awards (YTD) Dec 31, 2025 • Government shutdown in Q1 FY26 had virtually no direct impact to income statement Signed Contracts $246 million • However, the shutdown impacted U.S. Federal Unsigned Contracts $699 million Services award activity, which directly impacted our quart
Slide 4: Opportunities to Support States
Opportunities to Support States Medicaid SNAP • Starting in FY27, states need to conduct twice-yearly • SNAP, a predominantly federally funded program and redeterminations and implement new community traditionally self-administered by states and counties, engagement requirements (work requirements)
Slide 5: Strategic Priority: AI Innovation
Strategic Priority: AI Innovation • A recent win in the Outside the U.S. Segment scored 98% of available technical points, driven by an evolved version of our AI- powered clinical claim tool currently used in our U.S. businesses • Our AI solutions are designed to balance in-house development and a s
Slide 6: Fiscal 2026 First Quarter Earnings Call (CFO)
Fiscal 2026 First Quarter Earnings Call David Mutryn Chief Financial Officer February 5, 2026 6 | Maximus: Q1 FY26 Earnings Presentation
Slide 7: Total Company Results – First Quarter of FY26
Total Company Results – First Quarter of FY26 ($ in millions, except per share data) Q1 FY26 Margin Q1 FY25 Margin % Change • Q1 FY26 results were broadly in line with expectations contemplated in November U.S. Federal Services $ 786.6 $ 780.7 0.8 % guidance for FY26 U.S. Services 415.2 452.3 (8.2)%
Slide 8: Segment Results – First Quarter of FY26
Segment Results – First Quarter of FY26 U.S. Federal Services Segment U.S. Services Segment Outside the U.S. Segment • Revenue increased by 0.8% and the • Revenue decreased to $415 million • Revenue decreased to $143 million growth was all organic as anticipated, resulting from several and was prima
Slide 9: Cash Flows & Balance Sheet
Cash Flows & Balance Sheet Cash Flows & DSO $ in millions Q1 FY26 FY26 Guidance Cash (used in)/provided by operating activities $ (244.4) Purchases of property and equipment and capitalized software costs (6.3) Free cash flow (Non-GAAP) $ (250.7) $450M - $500M • Q1 FY26 negative cash flows had been
Slide 10: Updated Fiscal Year 2026 Guidance
Updated Fiscal Year 2026 Guidance Fiscal 2026 Guidance Updated Previous Revenue Crosswalk - $M's Low High Previous FY26 Revenue Guidance $ 5,225 $ 5,425 Revenue $5.2B - $5.35B $5.225B - $5.425B U.S. Services Divestiture (25) (25) New work shifting out (50) Adjusted EBITDA margin Approx. 14.0% Approx
Slide 11: | Maximus: Q1 FY26 Earnings Presentation
11 | Maximus: Q1 FY26 Earnings Presentation