Every material Form 8-K Maximus filed with the SEC in 2026, 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.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Maximus filing is on SEC EDGAR ↗. 8-K briefs of other companies →