Maximus Q2 Earnings Exceed Expectations, Raises Guidance on Federal Segment Strength and Policy Tailwinds.

Maximus (MMS) reported Q2 CY2025 revenue of $1.35 billion, up 2.5% YoY, and raised its full-year revenue guidance to $5.43 billion. Non-GAAP profit was $2.16 per share, a 40.7% beat. The company attributed the outperformance to elevated volumes in its U.S. Federal Services segment and operational leverage from earlier technology investments. Management expects continued demand for government services, driven by evolving Medicaid and SNAP regulations, new federal contracts, and legislative changes.

Maximus (NYSE: MMS), a government services provider, reported strong financial results for Q2 CY2025, exceeding market expectations. The company's revenue grew by 2.5% year-over-year (YoY) to $1.35 billion, surpassing analyst estimates of $1.32 billion [1]. This growth was primarily driven by elevated volumes in its U.S. Federal Services segment and operational efficiencies stemming from earlier technology investments.

The company's full-year revenue guidance was also raised to $5.43 billion at the midpoint, a 0.6% increase from the previous estimate of $5.33 billion. This upward revision reflects continued demand for government services, driven by evolving Medicaid and SNAP regulations, new federal contracts, and legislative changes [1].

Maximus' non-GAAP profit per share of $2.16 easily beat analysts' consensus estimates of $1.54, marking a 40.7% beat. The company's adjusted EBITDA margin improved to 14.7%, up from 13.1% in the previous year, indicating enhanced operational efficiency [1].

Bruce Caswell, President and CEO of Maximus, commented, "Our third quarter results reflect once again the resilience of our business model that is underpinned by consistent delivery at scale of critical government services. We are grateful to play a central role in supporting our customers’ missions by delivering essential services efficiently and accountably." [2]

The stock price reacted positively to the strong earnings report, trading up 4.6% to $78.25 immediately after the announcement [1].

References:
[1] https://finance.yahoo.com/news/maximus-nyse-mms-q2-beats-182317259.html
[2] https://www.govconwire.com/articles/maximus-2-percent-growth-q3-2025-revenue