MAXIMUS, INC.MMS
MAXIMUS, INC. Segments Disclosure
BUSINESS SEGMENTS
We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Our operating segments represent the manner in which our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM), reviews our financial results. Our CEO assesses the performance of and allocates resources to each operating segment using information about the operating segment's revenue, gross profit, and segment income (loss) from operations. Our CEO does not evaluate operating segments using asset or liability information.
U.S. Federal Services
Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute on their mission, including program operations and management, clinical services, and advanced technology solutions.
U.S. Services
Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services and technology solutions and related professional services work for U.S. state and local government programs. These services support a variety of programs, including the programs under Medicaid and Children's Health Insurance Program (CHIP), the Affordable Care Act (ACA) marketplaces, Temporary Assistance to Needy Families (TANF), and child support programs.
Outside the U.S.
Our Outside the U.S. Segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and advanced technologies for modernization. We support programs and deliver services in the United Kingdom, including the Functional Assessment Services (FAS) contract and the Restart employment program. We also provide services in Canada and the Middle East.
| Table 3.1: Results of Operation by Business Segment | |||||||||||||||||||||||||||||||||||||||||
| For the Year Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Federal Services | % (1 ) | U.S. Services | % (1 ) | Outside the U.S. | % (1 ) | Total | ||||||||||||||||||||||||||||||||||
| Revenue | $ | 3,067,691 | $ | 1,763,691 | $ | 599,894 | $ | 5,431,276 | |||||||||||||||||||||||||||||||||
| Cost of revenue | 2,256,928 | 73.6 | % | 1,352,709 | 76.7 | % | 488,196 | 81.4 | % | 4,097,833 | |||||||||||||||||||||||||||||||
| Gross profit | 810,763 | 26.4 | % | 410,982 | 23.3 | % | 111,698 | 18.6 | % | 1,333,443 | |||||||||||||||||||||||||||||||
| Other segment items (2) | 341,608 | 11.1 | % | 239,718 | 13.6 | % | 89,307 | 14.9 | % | 670,633 | |||||||||||||||||||||||||||||||
| Segment operating income | $ | 469,155 | 15.3 | % | $ | 171,264 | 9.7 | % | $ | 22,391 | 3.7 | % | 662,810 | ||||||||||||||||||||||||||||
| Divestiture-related charges (3) | (39,549) | ||||||||||||||||||||||||||||||||||||||||
| Other (4) | (2,925) | ||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (92,047) | ||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 528,289 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization: | $ | 17,146 | 0.6 | % | $ | 17,295 | 1.0 | % | $ | 7,228 | 1.2 | % | $ | 41,669 | |||||||||||||||||||||||||||
| For the Year Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Federal Services | % (1 ) | U.S. Services | % (1 ) | Outside the U.S. | % (1 ) | Total | ||||||||||||||||||||||||||||||||||
| Revenue | $ | 2,737,244 | $ | 1,911,813 | $ | 657,140 | $ | 5,306,197 | |||||||||||||||||||||||||||||||||
| Cost of revenue | 2,071,482 | 75.7 | % | 1,432,026 | 74.9 | % | 551,037 | 83.9 | % | 4,054,545 | |||||||||||||||||||||||||||||||
| Gross profit | 665,762 | 24.3 | % | 479,787 | 25.1 | % | 106,103 | 16.1 | % | 1,251,652 | |||||||||||||||||||||||||||||||
| Other segment items (2) | 332,140 | 12.1 | % | 232,805 | 12.2 | % | 98,398 | 15.0 | % | 663,343 | |||||||||||||||||||||||||||||||
| Segment operating income | $ | 333,622 | 12.2 | % | $ | 246,982 | 12.9 | % | $ | 7,705 | 1.2 | % | 588,309 | ||||||||||||||||||||||||||||
| Divestiture-related charges (3) | (1,018) | ||||||||||||||||||||||||||||||||||||||||
| Other (4) | (7,222) | ||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (91,570) | ||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 488,499 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization: | $ | 10,503 | 0.4 | % | $ | 16,079 | 0.8 | % | $ | 7,375 | 1.1 | % | $ | 33,957 | |||||||||||||||||||||||||||
| For the Year Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Federal Services | % (1 ) | U.S. Services | % (1 ) | Outside the U.S. | % (1 ) | Total | ||||||||||||||||||||||||||||||||||
| Revenue | $ | 2,403,606 | $ | 1,812,069 | $ | 689,053 | $ | 4,904,728 | |||||||||||||||||||||||||||||||||
| Cost of revenue | 1,845,720 | 76.8 | % | 1,434,528 | 79.2 | % | 595,872 | 86.5 | % | 3,876,120 | |||||||||||||||||||||||||||||||
| Gross profit | 557,886 | 23.2 | % | 377,541 | 20.8 | % | 93,181 | 13.5 | % | 1,028,608 | |||||||||||||||||||||||||||||||
| Other segment items (2) | 308,197 | 12.8 | % | 194,991 | 10.8 | % | 102,311 | 14.8 | % | 605,499 | |||||||||||||||||||||||||||||||
| Segment operating income/(loss) | $ | 249,689 | 10.4 | % | $ | 182,550 | 10.1 | % | $ | (9,130) | (1.3) | % | 423,109 | ||||||||||||||||||||||||||||
| Divestiture-related charges (3) | (3,751) | ||||||||||||||||||||||||||||||||||||||||
| Other (4) | (29,973) | ||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (94,591) | ||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 294,794 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization: | $ | 18,336 | 0.8 | % | $ | 22,674 | 1.3 | % | $ | 13,715 | 2.0 | % | $ | 54,725 | |||||||||||||||||||||||||||
(1)Percentage of respective segment revenue.
(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.
(3)During fiscal years 2025, 2024 and 2023, we sold a number of businesses in our Outside the U.S. Segment. Refer to "Note 7. Acquisitions and Divestitures" for more details.
(4)Other includes credits and costs that are not allocated to a particular segment. For the fiscal years 2025, 2024 and 2023, these charges include $3.0 million, $2.9 million, and $29.3 million, respectively, related to the costs of a previously disclosed cybersecurity incident. Other charges include direct costs of acquisitions. These costs are excluded from measuring each segment's operating performance.
Our long-lived assets consist of property and equipment, capitalized software costs, operating lease right-of-use assets, and deferred compensation plan assets.
| Table 3.2: Long-Lived Assets by Geography | |||||||||||
| As of September 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
| United States | $ | 386,668 | $ | 383,989 | |||||||
| Outside the US | 22,350 | 32,172 | |||||||||
| Total | $ | 409,018 | $ | 416,161 | |||||||
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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 | |
| 2020 | Nov 19, 2020 | |
| 2019 | Nov 26, 2019 | |
| 2018 | Nov 20, 2018 | |
| 2017 | Nov 20, 2017 | |
| 2016 | Nov 21, 2016 | |
| 2015 | Nov 16, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.