Slide 1: Fiscal 2026 Third Quarter Earnings Call
Fiscal 2026 Third Quarter Earnings Call David Mutryn Chief Financial Officer August 6, 2026 1 | Maximus: Q3 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 – Third Quarter of FY26
Total Company Results – Third Quarter of FY26 ($ in millions, except per share data) Q3 FY26 Margin Q3 FY25 Margin % Change • This quarter reflected strong execution, continued margin improvement, and support U.S. Federal Services $ 721.0 $ 761.2 (5.3)% of our customers' important missions U.S. Serv
Slide 4: Segment Results – Third Quarter of FY26
Segment Results – Third Quarter of FY26 U.S. Federal Services Segment U.S. Services Segment Outside the U.S. Segment • Revenue of $721 million was in line • Revenue of $418 million was • Revenue of $140 million reflected with expectations; elevated natural consistent with our expectations volume var
Slide 5: Cash Flows and Balance Sheet
Cash Flows and Balance Sheet Cash Flows and Days Sales Outstanding (DSO) $ in millions Q3 FY26 FY26 Guidance Net cash (used in) operating activities $ (125.0) Purchases of property and equipment and capitalized software costs (12.0) Free cash flow (Non-GAAP) $ (137.0) $425M - $475M • FY26 free cash
Slide 6: Updated Fiscal Year 2026 Guidance
Updated Fiscal Year 2026 Guidance Fiscal 2026 Guidance Updated Previous • Reiterating FY26 revenue guidance Revenue $5.2B - $5.35B $5.2B - $5.35B • Updating adjusted EBITDA margin, adjusted (no change) Adjusted EBITDA margin Approx. 13.7% Approx. 14.2% diluted EPS, and free cash flow guidance to ref
Slide 7: Fiscal 2026 Third Quarter Earnings Call
Fiscal 2026 Third Quarter Earnings Call Bruce Caswell President & Chief Executive Officer August 6, 2026 7 | Maximus: Q3 FY26 Earnings Presentation
Slide 8: Pipeline and Awards
Pipeline and Awards New Awards (YTD) June 30, 2026 • Opportunity pipeline remains substantial, supporting long-term growth Signed Contracts $1.25 billion goals and reflecting opportunities for which Unsigned Contracts $1.35 billion we believe there is a clear path to award Book-to-Bill ratio (TTM) 0
Slide 9: Supporting the Challenges Facing our State Customers
Supporting the Challenges Facing our State Customers • Medicaid Community Engagement (MCE) (aka work requirements) demand remains positive Medicaid Community SNAP − Needs from several, current customers are supporting Engagement expected Q4 FY26 U.S. Services organic growth − Latest CMS interim fina
Slide 10: Turning AI Investment into Competitive Advantage
Turning AI Investment into Competitive Advantage • AI adoption is accelerating internally & externally: approximately 75% to 80% of new bids and rebids include AI-related requirements or evaluation criteria • 75%-80% of new • Maximus is helping shape customer adoption: Growing AI bid and rebids we a
Slide 11: Expanding Our Position in Defense and National Security
Expanding Our Position in Defense and National Security • Defense and national security remain key long- term growth priorities for Maximus • We have identified an estimated $47 billion total addressable market (TAM) for Maximus, only a portion of which is reflected in today's pipeline • Demand sign
Slide 12: | Maximus: Q3 FY26 Earnings Presentation
12 | Maximus: Q3 FY26 Earnings Presentation