Maximus Inc. (MMS)

NYSE Industrials Data Processing & Outsourced Services S&P MidCap 400

$65.50

-3.72 (-5.37%)

Close of Nov 06, 2026 · end-of-day data

Source: Maximus Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$2.40B	$2.45B	$2.39B	$2.89B	$3.46B	$4.25B	$4.63B	$4.90B	$5.31B	$5.43B
Cost of revenue	$1.84B	$1.84B	$1.80B	$2.22B	$2.75B	$3.31B	$3.69B	$3.88B	$4.05B	$4.10B
Gross profit	$562.19M	$611.90M	$594.38M	$671.18M	$711.00M	$946.98M	$939.81M	$1.03B	$1.25B	$1.33B
Selling, general & admin	$269.09M	$284.59M	$285.24M	$321.02M	$387.09M	$494.09M	$534.49M	$639.22M	$671.58M	$713.11M
Operating income	$286.60M	$313.51M	$295.48M	$317.11M	$288.28M	$408.53M	$325.90M	$294.79M	$488.50M	$528.29M
Interest expense	$4.13M	$2.16M	$1.00M	$2.96M	$2.06M	—	$45.97M	$84.14M	$82.44M	$84.08M
Pre-tax income	$285.97M	$314.24M	$299.21M	$317.32M	$287.06M	$383.68M	$277.10M	$210.29M	$406.51M	$444.85M
Income tax	$105.81M	$102.05M	$78.39M	$76.83M	$72.55M	$92.48M	$73.27M	$48.50M	$99.59M	$125.81M
Net income	$178.36M	$209.43M	$220.75M	$240.82M	$214.51M	$291.20M	$203.83M	$161.79M	$306.91M	$319.03M
EBITDA	$345.01M	$369.28M	$347.37M	$369.51M	$352.81M	$454.89M	$368.23M	$349.52M	$522.46M	$569.96M
EPS (basic)	$2.71	$3.19	$3.37	$3.73	$3.40	$4.69	$3.30	$2.65	$5.03	$5.56
EPS (diluted)	$2.69	$3.17	$3.35	$3.72	$3.39	$4.67	$3.29	$2.63	$4.99	$5.51
Diluted shares	66.23M	66.06M	65.93M	64.82M	63.32M	62.37M	61.97M	61.45M	61.48M	57.92M
Gross margin	23.4%	25.0%	24.8%	23.2%	20.5%	22.3%	20.3%	21.0%	23.6%	24.6%
Operating margin	11.9%	12.8%	12.4%	11.0%	8.3%	9.6%	7.0%	6.0%	9.2%	9.7%
Net margin	7.4%	8.5%	9.2%	8.3%	6.2%	6.8%	4.4%	3.3%	5.8%	5.9%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$66.20M	$166.25M	$349.25M	$105.56M	$71.74M	$135.06M	$40.66M	$65.41M	$183.12M	$222.35M
Short-term investments	—	$0	$20.26M	$0	—	—	—	—	—	—
Receivables	$444.36M	$394.34M	$357.61M	$476.69M	$786.20M	$834.82M	$807.11M	$826.87M	$879.51M	$898.10M
Total current assets	$620.98M	$657.24M	$808.63M	$789.42M	$932.56M	$1.08B	$1.03B	$1.06B	$1.20B	$1.25B
Goodwill	$397.56M	$402.98M	$399.88M	$584.47M	$593.13M	$1.77B	$1.78B	$1.78B	$1.78B	$1.78B
Total assets	$1.35B	$1.35B	$1.46B	$1.75B	$2.02B	$4.12B	$3.99B	$3.99B	$4.13B	$4.07B
Total current liabilities	$340.76M	$316.27M	$277.45M	$364.24M	$561.17M	$789.43M	$774.45M	$723.01M	$807.53M	$765.16M
Short-term debt	$277.00K	$141.00K	$136.00K	$9.66M	$10.88M	$80.56M	$63.46M	$86.84M	$40.14M	$52.68M
Long-term debt	$165.34M	$527.00K	$374.00K	$231.00K	$18.02M	$1.43B	$1.29B	$1.16B	$1.09B	$1.28B
Total debt	$165.62M	$668.00K	$510.00K	$9.89M	$28.89M	$1.51B	$1.36B	$1.25B	$1.13B	$1.33B
Total liabilities	$595.68M	$404.89M	$375.58M	$497.53M	$782.88M	$2.64B	$2.44B	$2.32B	$2.29B	$2.40B
Shareholders' equity	$749.08M	$940.09M	$1.08B	$1.25B	$1.24B	$1.48B	$1.55B	$1.67B	$1.84B	$1.67B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$180.03M	$336.42M	$316.77M	$356.73M	$244.59M	$517.32M	$289.84M	$314.34M	$515.26M	$429.37M
Capital expenditures	—	—	$26.52M	$66.85M	$40.71M	$36.56M	$56.15M	$90.69M	$114.19M	$63.21M
Free cash flow	$180.03M	$336.42M	$290.25M	$289.88M	$203.88M	$480.76M	$233.69M	$223.65M	$401.07M	$366.16M
Investing cash flow	-$87.10M	-$25.22M	-$45.24M	-$483.88M	-$44.14M	-$1.84B	-$54.01M	-$80.96M	-$129.10M	-$60.26M
Financing cash flow	-$96.84M	-$215.43M	-$91.88M	-$110.86M	-$230.09M	$1.39B	-$248.27M	-$250.80M	-$275.65M	-$343.88M
Share buybacks	$33.34M	$28.86M	$66.92M	$47.45M	$166.96M	$3.36M	$96.12M	$0	$73.07M	$447.48M
Stock-based compensation	$18.75M	$21.36M	$20.24M	$20.77M	$23.71M	$28.55M	$30.48M	$29.52M	$35.35M	$41.18M
Depreciation & amortization	$58.40M	$55.77M	$51.88M	$52.40M	$64.53M	$46.36M	$42.33M	$54.73M	$33.96M	$41.67M

Income statement

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	$1.26B	$1.33B	$1.35B	$1.31B	$1.32B	$1.40B	$1.36B	$1.35B	$1.32B	$1.35B	$1.31B	$1.28B
Cost of revenue	$969.06M	$1.03B	$1.03B	$982.62M	$1.01B	$1.10B	$1.02B	$988.89M	$984.86M	$1.03B	$963.70M	$930.17M
Gross profit	$290.89M	$300.05M	$317.59M	$332.31M	$301.69M	$301.56M	$338.82M	$359.51M	$333.55M	$318.67M	$342.26M	$348.80M
Selling, general & admin	$167.78M	$169.19M	$168.45M	$167.03M	$166.90M	$191.74M	$162.86M	$170.83M	$187.68M	$152.16M	$173.48M	$167.19M
Operating income	$99.12M	$107.51M	$127.49M	$141.74M	$111.76M	$86.79M	$152.97M	$165.67M	$122.86M	$146.21M	$148.49M	$161.43M
Interest expense	—	$21.51M	$20.37M	$20.55M	$20.01M	$17.52M	$21.47M	$22.66M	$22.43M	$20.82M	$22.11M	$23.88M
Pre-tax income	$78.17M	$85.52M	$107.95M	$120.38M	$92.67M	$68.95M	$132.46M	$142.97M	$100.47M	$126.27M	$126.53M	$138.16M
Income tax	$19.03M	$21.37M	$27.44M	$30.62M	$20.16M	$27.76M	$35.89M	$36.99M	$25.18M	$32.32M	$28.47M	$34.56M
Net income	$59.15M	$64.15M	$80.51M	$89.75M	$72.50M	$41.20M	$96.57M	$105.98M	$75.29M	$93.94M	$98.06M	$103.59M
EBITDA	—	—	—	—	—	$95.24M	$162.41M	$175.28M	$137.03M	$159.10M	$160.81M	$173.30M
EPS (basic)	$0.97	$1.05	$1.31	$1.47	$1.20	$0.69	$1.70	$1.87	$1.34	$1.71	$1.81	$1.96
EPS (diluted)	$0.96	$1.04	$1.31	$1.46	$1.18	$0.69	$1.69	$1.86	$1.31	$1.70	$1.80	$1.95
Diluted shares	82.00K	61.53M	61.62M	61.38M	-11.00K	60.00M	57.06M	56.98M	-179.00K	55.30M	54.59M	53.06M
Gross margin	23.1%	22.6%	23.6%	25.3%	22.9%	21.5%	24.9%	26.7%	25.3%	23.7%	26.2%	27.3%
Operating margin	7.9%	8.1%	9.5%	10.8%	8.5%	6.2%	11.2%	12.3%	9.3%	10.9%	11.4%	12.6%
Net margin	4.7%	4.8%	6.0%	6.8%	5.5%	2.9%	7.1%	7.9%	5.7%	7.0%	7.5%	8.1%

Balance sheet

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Cash & equivalents	$65.41M	$104.19M	$77.37M	$102.79M	$183.12M	$72.65M	$108.06M	$59.78M	$222.35M	$137.59M	$157.45M	$56.95M
Receivables	$826.87M	$860.41M	$916.00M	$850.46M	$879.51M	$962.65M	$1.10B	$1.42B	$898.10M	$1.15B	$1.11B	$1.38B
Total current assets	$1.06B	$1.11B	$1.12B	$1.08B	$1.20B	$1.17B	$1.33B	$1.61B	$1.25B	$1.42B	$1.51B	$1.64B
Goodwill	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B	$1.78B
Total assets	$3.99B	$4.02B	$4.04B	$4.00B	$4.13B	$4.06B	$4.20B	$4.46B	$4.07B	$4.21B	$4.24B	$4.37B
Total current liabilities	$723.01M	$658.37M	$728.72M	$680.04M	$807.53M	$678.92M	$721.24M	$706.15M	$765.16M	$608.05M	$681.69M	$678.07M
Short-term debt	$86.84M	$90.44M	$88.52M	$39.95M	$40.14M	$34.95M	$47.05M	$48.26M	$52.68M	$58.30M	$63.93M	$71.60M
Long-term debt	$1.16B	$1.22B	$1.12B	$1.10B	$1.09B	$1.35B	$1.45B	$1.61B	$1.28B	$1.51B	$1.47B	$1.57B
Total debt	$1.25B	$1.31B	$1.21B	$1.14B	$1.13B	$1.39B	$1.49B	$1.66B	$1.33B	$1.57B	$1.54B	$1.64B
Total liabilities	$2.32B	$2.30B	$2.25B	$2.18B	$2.29B	$2.41B	$2.53B	$2.69B	$2.40B	$2.49B	$2.54B	$2.63B
Shareholders' equity	$1.67B	$1.72B	$1.79B	$1.82B	$1.84B	$1.65B	$1.67B	$1.77B	$1.67B	$1.72B	$1.70B	$1.74B

Cash flow

quarters · USD

Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Operating cash flow	$144.59M	$21.61M	$130.49M	$199.33M	$163.83M	-$80.00M	$42.71M	-$182.72M	$649.37M	-$244.40M	$189.53M	-$124.99M
Capital expenditures	$31.83M	$22.25M	$25.30M	$34.69M	$31.95M	$22.99M	$17.21M	$15.49M	$7.53M	$6.26M	$10.51M	$11.98M
Free cash flow	$112.76M	-$639.00K	$105.19M	$164.64M	$131.88M	-$102.99M	$25.51M	-$198.21M	$641.85M	-$250.66M	$179.02M	-$136.97M
Investing cash flow	-$31.22M	-$20.43M	-$42.04M	-$34.69M	-$31.94M	-$22.26M	-$19.37M	-$15.49M	-$3.15M	$6.63M	-$10.51M	-$10.53M
Financing cash flow	-$81.95M	$28.38M	-$122.87M	-$135.33M	-$45.83M	-$8.26M	$8.93M	$146.12M	-$490.67M	$156.90M	-$113.28M	$43.88M
Share buybacks	$0	$0	$0	$47.27M	$25.79M	$228.59M	$77.85M	$0	$141.04M	$40.56M	$114.44M	$49.92M
Stock-based compensation	$7.28M	$9.43M	$8.70M	$9.48M	$7.74M	$6.95M	$12.62M	$10.75M	$10.86M	$7.02M	$9.90M	$7.36M
Depreciation & amortization	—	—	—	—	—	$8.46M	$9.44M	$9.61M	$14.17M	$12.89M	$12.33M	$11.87M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.