---
schema_version: "secwatch.filing_event.v1"
accession: "0001032220-23-000006"
form_type: "8-K"
ticker: "MMS"
cik: "0001032220"
company_name: "MAXIMUS, INC."
filed_at: "2023-02-13T23:59:59+00:00"
generated_at: "2026-06-19T15:23:10.923444+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Maximus Q1 beats, raises FY23 guidance on restart of Medicaid redeterminations

## Summary
- Q1 revenue $1.25B (+8.5% YoY); organic growth 10.3%; adjusted EPS $0.94, down from $1.12.
- FY23 revenue guidance raised to $4.85-$5.0B (from $4.75-$4.90B); adjusted EPS $4.00-$4.30 (from $3.70-$4.00).
- Medicaid redeterminations restart: states can initiate Feb 1, must start by Apr 2023; Maximus expects phase-in Q3, full run-rate Q4.
- U.S. Services segment margin outlook improved to 9%-11% (from 8%-10%) on redetermination restart.
- Q1 free cash flow outflow $150.4M; Jan collections allowed $75M debt repayment; DSO temporarily at 74 days.

## SEC filing metadata
- accession: 0001032220-23-000006
- form_type: 8-K
- ticker: MMS
- cik: 0001032220
- company_name: MAXIMUS, INC.
- filed_at: 2023-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000006/0001032220-23-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000006/mms-20230208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001032220-23-000006
- JSON: https://secwatch.observer/filing/0001032220-23-000006.json
- Plain text: https://secwatch.observer/filing/0001032220-23-000006.txt

## Key facts
- Earnings Releases
  MAXIMUS, INC. reported fiscal year 2023 results: revenue $4.85 billion to $5.0 billion, EPS $4.00 to $4.30 per share. Guidance raised.
  - Period: fiscal year 2023
  - Revenue: $4.85 billion to $5.0 billion
  - EPS: $4.00 to $4.30 per share
  - Guidance: raised
  - Result: guidance update
  source text: The company is raising revenue and earnings guidance for fiscal year 2023 following the restart of Medicaid redeterminations scheduled to begin in the third quarter. Fiscal year 2023 revenue is now expected to range between $4.85 billion and $5.0 billion with adjusted diluted earnings per share between $4.00 and $4.30 per share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000006/0001032220-23-000006-index.htm
- Earnings Releases
  MAXIMUS, INC. reported quarter ended December 31, 2022 results: revenue $1.25 billion, EPS $0.65.
  - Period: quarter ended December 31, 2022
  - Revenue: $1.25 billion
  - EPS: $0.65
  - Result: reported results
  source text: Highlights for the first quarter of fiscal year 2023 include: • Revenue increased 8.5% to $1.25 billion, compared to $1.15 billion for the prior year period. Organic growth was 10.3% and driven by new or expanded programs in all three segments. • Diluted earnings per share were $0.65, and adjusted diluted earnings per share were $0.94.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000006/0001032220-23-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.