---
schema_version: "secwatch.filing_event.v1"
accession: "0001032220-23-000042"
form_type: "8-K"
ticker: "MMS"
cik: "0001032220"
company_name: "MAXIMUS, INC."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T11:53:30.399978+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Maximus Q2 FY2023 EPS down; reaffirms FY guidance; debt reduced $275M

## Summary
- Q2 revenue $1.21B (+2.5% YoY); diluted EPS $0.52, adjusted EPS $0.80 (vs $0.80 and $1.07 prior year).
- Operating cash flow $309.7M, free cash flow $291.6M; repaid $275M debt; net debt/EBITDA improved to 2.5x.
- Reaffirmed FY23 guidance: revenue $4.85B-$5.0B; adjusted EPS $4.00-$4.30; divested two small non-core businesses.
- U.S. Services margin 9.5% (down YoY) due to paused Medicaid redeterminations; expects ramp in Q3/Q4.
- Outside the U.S. segment revenue -16% to $173M, operating loss $3.7M; guidance for segment margin lowered to 1-3%.

## SEC filing metadata
- accession: 0001032220-23-000042
- form_type: 8-K
- ticker: MMS
- cik: 0001032220
- company_name: MAXIMUS, INC.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000042/0001032220-23-000042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000042/mms-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001032220-23-000042
- JSON: https://secwatch.observer/filing/0001032220-23-000042.json
- Plain text: https://secwatch.observer/filing/0001032220-23-000042.txt

## Key facts
- Earnings Releases
  MAXIMUS, INC. reported the three and six months ended March 31, 2023 results: revenue $1.21 billion, EPS $0.52. Guidance reaffirmed.
  - Period: the three and six months ended March 31, 2023
  - Revenue: $1.21 billion
  - EPS: $0.52
  - Guidance: reaffirmed
  - Result: reported results
  source text: reported financial results for the three and six months ended March 31, 2023. Highlights for the second quarter of fiscal year 2023 include: • Revenue increased 2.5% to $1.21 billion, compared to $1.18 billion for the prior year period. Organic growth was 3.9% and driven by new or expanded programs in the U.S. segments. • Diluted earnings per share were
  evidence_url: https://www.sec.gov/Archives/edgar/data/1032220/000103222023000042/0001032220-23-000042-index.htm

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