Maximus Raises FY26 Adjusted EPS Guidance Above Consensus, But Revenue Falls Short of Analyst Expectations

Maximus Inc. (MMS) delivered mixed guidance signals for fiscal 2026 this week, setting the stage for divergent investor reactions.

The company’s adjusted earnings per share projection of $7.95 to $8.25 comfortably exceeds the Street’s consensus estimate of $7.62 per share. However, the revenue guidance of $5.225 billion to $5.425 billion comes in materially below what analysts are currently pricing in at $5.57 billion annually.

The EPS Outperformance Story

Maximus’s decision to guide above-consensus earnings reflects management confidence in operational leverage and margin expansion strategies. The $0.33 per share upside relative to current analyst expectations suggests improving operational efficiency or better cost management than market participants have factored into their models.

Revenue Headwinds Present a Contrasting Picture

The revenue guidance lag, meanwhile, paints a different picture. The midpoint of $5.325 billion represents roughly a 4.5% miss against the $5.57 billion analyst consensus. This could indicate several dynamics: either the company faces near-term revenue challenges, is taking a conservative posture on new business wins, or market expectations have been running too optimistic heading into 2026.

What It Means

The divergence between EPS and revenue guidance—beating on earnings while missing on sales—suggests Maximus is betting on profitability gains despite modest top-line growth. Investors will be closely watching how the company navigates this dynamic over the coming quarters.