MAXIMUS, INC. Goodwill & Intangibles Disclosure
| Table 8.1: Changes in Goodwill by Segment | |||||||||||||||||||||||
| U.S. Federal Services | U.S. Services | Outside the U.S. | Total | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Balance as of September 30, 2023 | $ | 1,559,863 | $ | 164,472 | $ | 54,880 | $ | 1,779,215 | |||||||||||||||
| Divestitures | — | — | (364) | (364) | |||||||||||||||||||
| Foreign currency translation | — | — | 4,020 | 4,020 | |||||||||||||||||||
| Balance as of September 30, 2024 | 1,559,863 | 164,472 | 58,536 | 1,782,871 | |||||||||||||||||||
| Foreign currency translation | — | — | (776) | (776) | |||||||||||||||||||
| Balance as of September 30, 2025 | $ | 1,559,863 | $ | 164,472 | $ | 57,760 | $ | 1,782,095 | |||||||||||||||
| Table 8.2: Details of Intangible Assets, Net | |||||||||||||||||||||||||||||||||||
| As of September 30, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Cost | Accumulated Amortization | Intangible Assets, Net | Cost | Accumulated Amortization | Intangible Assets, Net | ||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| Customer contracts and relationships | $ | 869,638 | $ | 382,107 | $ | 487,531 | $ | 870,810 | $ | 309,067 | $ | 561,743 | |||||||||||||||||||||||
| VES Provider network | 57,000 | 20,583 | 36,417 | 57,000 | 15,833 | 41,167 | |||||||||||||||||||||||||||||
| Technology-based intangible assets | 31,502 | 31,502 | — | 31,586 | 20,786 | 10,800 | |||||||||||||||||||||||||||||
| Assembled workforce | 17,851 | 3,533 | 14,318 | 18,185 | 1,326 | 16,859 | |||||||||||||||||||||||||||||
| Trademarks and trade names | 4,460 | 4,460 | — | 4,474 | 4,474 | — | |||||||||||||||||||||||||||||
| Total | $ | 980,451 | $ | 442,185 | $ | 538,266 | $ | 982,055 | $ | 351,486 | $ | 630,569 | |||||||||||||||||||||||
| Table 8.3: Details of Weighted Average Remaining Lives | |||||
| As of September 30, 2025 | |||||
| Customer contracts and relationships | 7.0 years | ||||
| VES Provider network | 7.7 years | ||||
| Assembled workforce | 6.4 years | ||||
| Weighted Average Remaining Life | 7.1 years | ||||
| Table 8.4: Details of Estimated Future Amortization Expense of Intangible Assets, Net | |||||
| As of September 30, 2025 | |||||
| (in thousands) | |||||
| Year ended September 30, 2026 | $ | 81,220 | |||
| Year ended September 30, 2027 | 81,220 | ||||
| Year ended September 30, 2028 | 81,220 | ||||
| Year ended September 30, 2029 | 71,259 | ||||
| Year ended September 30, 2030 | 67,586 | ||||
| Thereafter | 155,761 | ||||
| Total | $ | 538,266 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 20, 2025 | Showing above |
| 2024 | Nov 21, 2024 | |
| 2023 | Nov 16, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Nov 18, 2021 | |
| 2018 | Nov 20, 2018 | |
| 2017 | Nov 20, 2017 | |
| 2016 | Nov 21, 2016 | |
| 2015 | Nov 16, 2015 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.