MAXIMUS, INC.

Listed Company

MMSCIK 0001032220NYSELarge AcceleratedServices-Business Services, NecVirginiaFY ends Sep 30

Period

FY 2025

Revenue

$5.43B

Net Income

$319.03M

Total Assets

$4.07B

Equity

$1.67B

Shares Out

52.54M

Op. Cash Flow

$429.37M

MMS$58.28−18.38% · past yearDBEQ Basic

Daily closing prices

Business

Maximus, Inc. is a leading provider of tech-enabled services to government agencies, serving more than 100 million American citizens and international populations. The company delivers health insurance eligibility and enrollment programs, clinical services including assessments and appeals, technology modernization solutions, and employment services across federal and state government clients. Maximus operates through three geographic segments—U.S. Federal Services, U.S. Services, and Outside the U.S.—serving primarily U.S. federal and state governments, with expanding operations in the U.K., Canada, and the Middle East.

Summary from 10-K filed 2025-11-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	5,431	5,306	4,905	4,631	4,254
Cost of revenue	4,098	4,055	3,876	3,691	3,308
Gross profit	1,333	1,252	1,029	940	947
Selling, general, and administrative expenses	713	672	639	534	494
Amortization of intangible assets	92	92	95	90	44
Operating income	528	488	295	326	409
Interest expense	84	82	84	46	—
Other (income)/expense, net	−640,000	−450,000	363,000	3	10
Income before income taxes	445	407	210	277	384
Provision for income taxes	126	100	49	73	92
Net income	319	307	162	204	291
Basic (in dollars per share)	5.56	5.03	2.65	3.3	4.69
Diluted (in dollars per share)	5.51	4.99	2.63	3.29	4.67
Basic (in shares)	57	61	61	62	62
Diluted (in shares)	58	61	61	62	62
Dividends declared per share (in dollars per share)	1.2	1.2	1.12	1.12	1.12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	222	183	65	41	135
Accounts receivable, net	898	880	827	807	835
Income taxes receivable	4	5	17	2	5
Prepaid expenses and other current assets	129	133	147	182	104
Total current assets	1,253	1,201	1,055	1,032	1,079
Property and equipment, net	31	39	39	52	63
Capitalized software, net	214	188	108	59	43
Operating lease right-of-use assets	101	134	164	133	179
Goodwill	1,782	1,783	1,779	1,779	1,774
Intangible assets, net	538	631	704	805	879
Deferred contract costs, net	63	59	45	48	36
Deferred compensation plan assets	63	56	43	37	47
Deferred income taxes	11	15	2	5	990,000
Other assets	13	27	46	42	17
Total assets	4,070	4,132	3,986	3,993	4,119
Accounts payable and accrued liabilities	297	303	282	265	306
Accrued compensation and benefits	237	237	194	178	187
Deferred revenue, current portion	54	83	60	87	99
Income taxes payable	17	27	451,000	718,000	7
Long-term debt, current portion	53	40	87	63	81
Operating lease liabilities, current portion	39	48	50	64	76
Other current liabilities	69	70	49	116	35
Total current liabilities	765	808	723	774	789
Deferred revenue, non-current portion	44	45	39	21	36
Deferred income taxes	149	169	204	206	195
Long-term debt, non-current portion	1,282	1,092	1,163	1,292	1,429
Deferred compensation plan liabilities, non-current portion	62	58	46	40	47
Operating lease liabilities, non-current portion	71	97	129	86	122
Other liabilities	23	20	13	23	20
Total liabilities	2,396	2,289	2,318	2,443	2,639
Commitments and contingencies (Note 15)	—	—	—	—	—
Common stock, no par value; 100,000 shares authorized; 54,805 and 60,352 shares issued and outstanding as of September 30, 2025 and 2024, respectively	628	598	578	558	532
Accumulated other comprehensive loss	−18	−32	−28	−34	−40
Retained earnings	1,064	1,277	1,118	1,025	988
Total shareholders' equity	1,674	1,843	1,668	1,549	1,480
Total liabilities and shareholders' equity	4,070	4,132	3,986	3,993	4,119

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization of property, equipment and capitalized software	42	34	55	42	46
Amortization of debt issuance costs and debt discount	3	4	3	3	9
Deferred income taxes	−17	−36	2	10	−7
Stock compensation expense	41	35	30	30	29
Divestiture-related charges	40	1	883,000	0	0
Accounts receivable	−32	−51	−23	14	39
Prepaid expenses and other current assets	−14	11	859,000	−7	−17
Deferred contract costs	−2	−13	3	−12	−15
Accounts payable and accrued liabilities	−7	18	18	−33	27
Accrued compensation and benefits	12	38	13	3	18
Deferred revenue	−30	29	−12	−19	54
Income taxes	−8	32	−17	−14	−3
Operating lease right-of-use assets and liabilities	−2	−2	−2	−1	5
Other assets and liabilities	−8	17	−11	−11	−4
Net cash provided by operating activities	429	515	314	290	517
Purchases of property and equipment and capitalized software	−63	−114	−91	−56	−37
Asset acquisition	0	−18	0	0	—
Proceeds from divestitures	5	3	10	0	0
Other	−2	0	0	0	0
Net cash used in investing activities	−60	−129	−81	−54	−1,835
Cash dividends paid to Maximus shareholders	−69	−73	−68	−69	−69
Purchases of Maximus common stock	−447	−73	0	−96	−3
Tax withholding related to RSU vesting	−16	−13	−8	−10	−10
Payments for contingent consideration	0	−11	−9	−1	0
Payments for debt financing costs	−2	−10	0	0	−23
Proceeds from borrowings	1,499	1,100	844	615	2,318
Principal payments for debt	−1,298	−1,212	−953	−771	−824
Other	−11	17	−56	0	−3
Net cash used in financing activities	−344	−276	−251	−248	1,386
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	−538,000	3	3	−7	474,000
Net change in cash, cash equivalents, and restricted cash	25	114	−15	−20	68

Filings

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Frequently asked questions

What is MAXIMUS, INC.'s CIK number?

MAXIMUS, INC.'s SEC CIK number is 0001032220 (1032220). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find MAXIMUS, INC.'s SEC filings?

All of MAXIMUS, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did MAXIMUS, INC. last report earnings?

MAXIMUS, INC. (MMS) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001032220-26-000024). This is MAXIMUS, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is MAXIMUS, INC.'s most recent earnings 8-K?

MAXIMUS, INC.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001032220-26-000024. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View MAXIMUS, INC.'s latest earnings 8-K →
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