Every material Form 8-K Maximus has filed with the SEC since February 27, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Maximus agreed on October 19, 2026 to acquire Agile Defense, LLC from Arclight Equity Holdings for $660 million in cash, subject to adjustments and up to $50 million in additional contingent payments tied to revenue milestones. The company also reported preliminary leverage of 2.2x to 2.3x including the deal, up from 1.7x excluding it, which it said remains within its 2x to 3x target range.
Cash purchase price of $660 million, reduced by Agile Defense debt and certain transaction expenses, with possible earnout of up to $50 million over the twelve months after closing
Preliminary debt-to-EBITDA ratio of 1.7x without the acquisition and between 2.2x and 2.3x including it, for the quarter ended September 30, 2026
Expected closing in the first quarter of fiscal 2027; either party may terminate if the deal has not closed by December 18, 2026
Shareholder approval is not required; the deal is subject to customary conditions including Hart-Scott-Rodino waiting period expiration
Maximus reported fiscal third-quarter 2026 revenue of $1.28 billion, down from $1.35 billion a year earlier, while diluted EPS rose to $1.95 from $1.86. The company reiterated its fiscal 2026 revenue guidance of $5.2 billion to $5.35 billion but updated its earnings and free cash flow guidance to reflect a temporary contractual modification on a major federal program, which affects profitability for the rest of the year.
Q3 revenue was $1.28 billion versus $1.35 billion a year earlier; prior-year results included natural disaster and clinical volume surges.
Diluted EPS was $1.95 versus $1.86; adjusted diluted EPS was $2.22 versus $2.16.
Fiscal 2026 adjusted diluted EPS guidance is now $7.90 to $8.20; free cash flow guidance is $425 million to $475 million.
Board refreshed the repurchase authorization to $400 million in May 2026; the quarterly dividend is $0.33, payable August 31, 2026.
Maximus entered into a Second Amendment to its credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, on May 27, 2026. The amendment provides $325 million of new Tranche B-1 term loans, an increase to the existing term B loans, which the company may use to repay revolving loans, repurchase its capital stock, fund working capital, and pay fees. The added debt increases the company's borrowings, and shareholders will bear the cost of the loans, though the filing does not state how the proceeds will be split among these uses.
New Tranche B-1 Term Loans totaling $325,000,000 added as an increase to existing term B loans
Loans have the same terms as the existing term B loans under the Credit Agreement
Proceeds may repay revolving loans, repurchase capital stock, fund working capital, and pay fees and expenses
Amendment dated May 27, 2026; full text filed as Exhibit 10.1
Maximus reported fiscal second-quarter 2026 revenue of $1.31 billion, down from $1.36 billion a year earlier, while diluted EPS rose to $1.80 from $1.69. The company raised its fiscal 2026 adjusted diluted EPS guidance by $0.20 to a range of $8.25 to $8.55 and refreshed its repurchase authorization for up to $400 million, which becomes effective May 11, 2026.
Q2 revenue was $1.31 billion versus $1.36 billion a year earlier; the prior year benefited from natural disaster support and temporary clinical volume surges.
Diluted EPS was $1.80 versus $1.69; adjusted diluted EPS was $2.07 versus $2.01.
Fiscal 2026 adjusted diluted EPS guidance rose $0.20 to $8.25 to $8.55; revenue guidance of $5.2 billion to $5.35 billion was maintained.
The board refreshed the repurchase program for up to $400 million; the company bought $111 million of stock in the quarter and another $39.9 million through May 1, 2026.
Maximus reported fiscal first-quarter 2026 revenue of $1.35 billion, down 4.1% from $1.40 billion a year earlier, while diluted EPS rose to $1.70 from $0.69. The company raised its full-year adjusted diluted EPS guidance to $8.05 to $8.35 and narrowed revenue guidance to $5.2 billion to $5.35 billion, but cash used in operating activities was $244 million in the quarter and debt-to-EBITDA rose to 1.8x from 1.5x.
Q1 revenue was $1.35 billion versus $1.40 billion; diluted EPS was $1.70 versus $0.69, and adjusted diluted EPS was $1.85 versus $1.61.
FY2026 adjusted diluted EPS guidance is $8.05 to $8.35, up $0.10 at the low end and high end; revenue guidance is $5.2 billion to $5.35 billion.
Free cash flow was an outflow of $251 million in the quarter; DSO was 78 days at December 31, 2025, versus 62 days at September 30, 2025.
Quarterly dividend of $0.33 per share is payable March 2, 2026, to shareholders of record on February 13, 2026.
Maximus disclosed that Chief Legal Officer and Corporate Secretary John T. Martinez intends to resign effective February 15, 2026, to pursue a new opportunity. The company says the departure is not due to any disagreement on its operations, policies, or practices, and it has started searching for a replacement.
Notice of resignation received December 15, 2025
Effective date of resignation: February 15, 2026
Martinez will remain in his current role until departure
Maximus reported fiscal 2025 results for the year ended September 30, 2025, with revenue up 2.4% to $5.43 billion and diluted EPS of $5.51, compared with $4.99 a year earlier. The company also set fiscal 2026 guidance, with revenue of $5.225 billion to $5.425 billion and adjusted diluted EPS of $7.95 to $8.25.
Full-year revenue rose 2.4% to $5.43 billion from $5.31 billion; organic growth was 3.9%.
Diluted EPS was $5.51 versus $4.99; adjusted diluted EPS was $7.36 versus $6.11.
Fiscal 2026 guidance: revenue of $5.225 billion to $5.425 billion; adjusted diluted EPS of $7.95 to $8.25; free cash flow of $450 million to $500 million.
The company booked $16 million of severance charges in the fourth quarter of fiscal 2025, and declared a $0.30 quarterly dividend payable December 1, 2025.
Maximus reported fiscal third-quarter 2025 results for the quarter ended June 30, 2025, with revenue up 2.5% to $1.35 billion and diluted EPS of $1.86, compared with $1.46 a year earlier. The company raised its full-year fiscal 2025 revenue and adjusted EPS guidance, but free cash flow was an outflow of $198.2 million in the quarter, driven by payment delays on two large programs. For shareholders, the guidance raise is the main development, while the cash outflow and a 6.9% drop in U.S. Services revenue are offsetting points.
Revenue rose 2.5% to $1.35 billion; diluted EPS was $1.86 versus $1.46 a year earlier
FY25 revenue guidance raised to a range of $5.375 billion to $5.475 billion; adjusted diluted EPS guidance set at $7.35 to $7.55
U.S. Services segment revenue fell 6.9% to $439.8 million; free cash flow was an outflow of $198.2 million in the quarter
Quarterly cash dividend of $0.30 per share payable August 31, 2025, to holders of record on August 15, 2025
Maximus reported fiscal second-quarter 2025 revenue of $1.36 billion, up 1.0%, and diluted EPS of $1.69, up from $1.31 a year earlier. The company raised its fiscal 2025 revenue guidance to $5.25 billion to $5.4 billion and its adjusted diluted EPS guidance to $6.30 to $6.60, its second consecutive guidance raise. Shareholders also receive a $0.30 quarterly dividend payable May 31, 2025.
Q2 revenue rose 1.0% to $1.36 billion, with organic growth of 3.0% led by U.S. Federal Services.
Diluted EPS was $1.69 vs. $1.31 a year earlier; adjusted diluted EPS was $2.01 vs. $1.57.
FY25 guidance: revenue $5.25 billion to $5.4 billion; adjusted diluted EPS $6.30 to $6.60; free cash flow $355 million to $385 million (unchanged).
U.S. Services revenue fell 9.0% to $442.4 million, and days sales outstanding rose to 73 days from 62 days.
Maximus entered into a First Amendment to its credit agreement with JPMorgan Chase Bank, N.A. on March 20, 2025, adding a new $250 million tranche of term A loans. The company says the proceeds will repay revolving loans, fund general corporate purposes and pay fees tied to the amendment.
New Tranche A-1 Term Loans totaling $250,000,000, with the same terms as existing term A loans
Proceeds to repay outstanding revolving loans, fund general corporate purposes and pay amendment fees and expenses
Amendment dated March 20, 2025, amends the Amended and Restated Credit Agreement dated May 30, 2024
Maximus reported fiscal first-quarter 2025 revenue of $1.40 billion, up 5.7% from a year earlier, and raised its full-year fiscal 2025 adjusted diluted EPS guidance to $5.90 to $6.20. GAAP diluted EPS fell to $0.69 from $1.04 because of about $38 million in divestiture-related charges, which shareholders will weigh against the higher adjusted results and guidance.
Revenue rose 5.7% to $1.40 billion; U.S. Federal Services revenue rose 15.3% to $780.7 million.
Diluted EPS was $0.69 versus $1.04 a year earlier; adjusted diluted EPS was $1.61 versus $1.34.
Full-year fiscal 2025 revenue guidance is $5.2 billion to $5.35 billion, and free cash flow guidance is $355 million to $385 million.
Q1 cash used in operating activities was $80.0 million; the company bought back 3.1 million shares for $237 million in the quarter.
Maximus reported fiscal 2024 revenue of $5.31 billion, up 8.2% from $4.90 billion, and diluted earnings per share of $4.99, up from $2.63. The company also set fiscal 2025 guidance calling for revenue of $5.275 billion to $5.425 billion and adjusted diluted EPS of $5.70 to $6.00, and declared a $0.30 quarterly dividend.
FY2024 revenue rose 8.2% to $5.31 billion; organic growth was 8.8%
FY2024 diluted EPS was $4.99 versus $2.63; adjusted diluted EPS was $6.11 versus $3.83
FY2025 guidance: revenue of $5.275 billion to $5.425 billion; adjusted diluted EPS of $5.70 to $6.00
Quarterly dividend of $0.30 per share payable November 30, 2024, to holders of record on November 15, 2024
Maximus reported fiscal third-quarter 2024 revenue of $1.31 billion, up 10.6% from a year earlier, and diluted earnings per share of $1.46 versus $0.50. The company raised its fiscal 2024 guidance for a third consecutive time, with adjusted diluted EPS now expected at $6.00 to $6.20, which points to stronger earnings for shareholders.
Q3 FY2024 revenue rose 10.6% to $1.31 billion; diluted EPS was $1.46 versus $0.50 a year earlier
Adjusted diluted EPS was $1.74 versus $0.78 in the prior-year quarter
FY2024 guidance: revenue $5.25 billion to $5.35 billion; adjusted diluted EPS $6.00 to $6.20; free cash flow $350 million to $380 million
Quarterly dividend of $0.30 per share is payable August 31, 2024
On May 30, 2024, Maximus entered into an amended and restated credit agreement with JPMorgan Chase Bank, N.A. as administrative agent. The company repaid part of its tranche A term loan, reducing it to $650 million, and increased its tranche B term loan to $500 million and its revolving credit facility to $750 million, with maturities extended about three years. The loans are secured by substantially all assets of the company and its wholly owned material domestic subsidiaries, and include financial covenants tested quarterly.
Tranche A term loan reduced to $650 million from about $868.1 million; maturity extended to May 30, 2029
Tranche B term loan increased to $500 million from about $343.2 million; maturity extended to May 30, 2031
Revolving credit facility increased to $750 million from $600 million; maturity extended to May 30, 2029
Financial covenants: maximum net total leverage ratio of 4.00 to 1.00 and minimum net interest coverage ratio of 3.00 to 1.00, tested quarterly starting September 30, 2024
Maximus reported fiscal second-quarter 2024 results for the quarter ended March 31, 2024, with revenue up 11.7% to $1.35 billion and diluted EPS of $1.31, compared with $0.52 a year earlier. The company raised its fiscal 2024 guidance, with adjusted diluted EPS now expected at $5.65 to $5.85, an increase of $0.40 per share from prior guidance at the midpoint.
Revenue rose 11.7% to $1.35 billion from $1.21 billion, with organic growth of 12.6%.
Diluted EPS was $1.31 versus $0.52; adjusted diluted EPS was $1.57 versus $0.81.
FY24 revenue guidance is $5.15 billion to $5.25 billion, up $75 million at the midpoint.
The board declared a quarterly cash dividend of $0.30 per share, payable May 31, 2024.
Maximus said General Manager of U.S. Federal Services Teresa A. Weipert is leaving the company. Federal operations now sit under Lou Shields, Executive Managing Director – Federal Services, who with the Federal growth leaders reports directly to Bruce Caswell while the company evaluates replacement candidates. The filing gives no financial figures, so the effect on results is not quantified.
Teresa A. Weipert, General Manager, U.S. Federal Services, is departing the company, announced February 27, 2024.
Federal operations moved under Lou Shields, Executive Managing Director – Federal Services.
Shields and the Federal growth leaders will report directly to Bruce Caswell.
The company is evaluating replacement candidates; no successor is named in the filing.
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