Maximus Inc. (MMS) saw its shares plummet 8.21% during intraday trading on Thursday, following the release of its fiscal first-quarter 2026 results which revealed a revenue decline that missed analyst expectations.

The government services provider reported quarterly sales of $1.345 billion, a 4.13% decrease from the same period last year and below the analyst consensus estimate of $1.375 billion. While adjusted earnings per share of $1.85 beat the $1.82 estimate, the top-line weakness appears to have concerned investors. The company's U.S. Services Segment revenue decreased 8.2% due to lower volumes and demand.

For the full fiscal year 2026, Maximus raised its adjusted EPS guidance to a range of $8.05 to $8.35 but narrowed its revenue outlook to $5.2 billion to $5.35 billion. This revenue guidance midpoint falls below the $5.47 billion analysts were expecting, potentially contributing to the negative market reaction despite the improved profitability outlook.