MARKETS / NYSE / MMS

NYSE · SERVICES-BUSINESS SERVICES, NEC · LARGE CAP

Maximus, Inc. MMS

17 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$5.4B

▲ 2.4% YoY

Net income

$319.0M

▲ 3.9% YoY

Free cash flow

$366.2M

▼ 8.7% YoY

In brief

What this company does

Maximus provides services that include the operation of large health insurance eligibility and enrollment programs, clinical services such as assessments, appeals and independent medical reviews, and technology services. As of September 30, 2025, the company had approximately 37,200 employees and 9,300 contingent workers. Maximus provides services to more than 100 million American citizens, as well as citizens in the U.K., Canada, and the Middle East. The company operates its business through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Its U.S. Federal Services Segment, which generated 56% of the company's total revenue in fiscal year 2025, delivers program operations and management, clinical services, and advanced technology solutions for U.S. federal government agencies. Its U.S. Services Segment, which generated 32% of the company's total revenue in fiscal year 2025, provides program operations, clinical services, employment services, technology solutions and related professional services for U.S. state and local government programs. Its Outside the U.S. Segment, which generated 11% of the company's total revenue in fiscal year 2025, provides BPS and other solutions for international governments. Maximus, Inc. is a Virginia corporation founded in 1975.

Written from the business description in MAXIMUS, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 20 November 2025. Every sentence was checked against that document before publication.

Growth

USD 5.4B

Revenue, FY2025 · full 17-year series below

Revenue $B Net income $B

FY2025 · Revenue 5.4 · Net income 0.3

Compound annual growth

Revenue

+5.5%

+9.4%

+10.0%

+13.3%

Net income

+16.1%

+8.3%

+7.3%

+10.6%

EPS, diluted

+18.8%

+10.2%

+8.9%

Dividend / share

+2.3%

+1.4%

+20.9%

Returned to shareholders

+67.0%

+21.8%

+18.5%

+16.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +9.4% a year over five years — but profit grew slower: net income at +8.3%, earnings per share at +10.2%.

The share count fell from 0.06B to 0.05B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

6 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 9.7% · Net 5.9%

ROE

FY2025 · ROE 18.1%

Gross margin24.6%

Operating margin9.7%

Net margin5.9%

Return on assets7.8%

EBITDAUSD 547.8M

Each USD of equity produced 18 cents of profit this year.

Cash & shareholders

USD 447.5M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 366.2

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks 447.5

Dividends paid—

Net buybacksUSD 447.5M

Share of profit140.3%

Consecutive raises—

USD 447.5M in buybacks — 140% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 4.1B

EquityUSD 1.7B

CashUSD 222.4M

Gross debtUSD 1.3B

Net debtUSD 1.1B

Current ratio1.64×

Net debt stands at 66% of equity.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	5.4	5.3	4.9	4.6	4.3	3.5	2.9	2.4	2.5	2.4	2.1	1.7	1.3	1.1	0.9	0.8	0.7
Operating income $B	0.5	0.5	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1
EBITDA $B	0.5	0.5	0.3	0.4	0.4	0.3	0.4	0.3	0.4	0.3	0.3	0.3	0.2	0.1	0.1	0.1	0.1
Income tax $B	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
Net income $B	0.3	0.3	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0
Free cash flow $B	0.4	0.4	0.2	0.2	0.5	0.2	0.3	0.3	·	·	0.1	0.2	0.1	0.1	0.1	0.1	0.0
EPS, diluted $	5.51	4.99	2.63	3.29	4.67	3.39	3.72	3.35	3.17	2.69	2.35	2.11	1.67	1.09	1.14	1.96	1.30
Dividend / sh $	1.20	1.20	1.12	1.12	1.12	1.12	1.00	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.15	0.24	0.23
Payout %	·	·	·	·	·	·	·	·	·	·	·	8	11	16	13	12	17
ROE %	18.1	17.5	10.1	13.2	23.4	17.2	20.7	21.8	24.8	26.2	27.0	26.8	23.8	18.4	22.8	22.1	15.7
Shares out B	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.03	0.03	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityServices-Business Services, NEC

Listed onNYSE

Incorporated inVirginia

Fiscal year endsSeptember 30

Data on record since2009