MMS · Maximus, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.35B | $1.35B | $1.36B | $1.40B | $1.31B | $1.35B | $1.33B | $1.19B | $1.21B |
| Cost of Revenue | $963.70M | $1.03B | $988.89M | $1.02B | $1.10B | $982.62M | $1.03B | $1.03B | $924.31M | $978.25M |
| Gross Profit | $342.26M | $318.67M | $359.51M | $338.82M | $301.56M | $332.31M | $317.59M | $300.05M | $264.36M | $228.60M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $173.48M | $152.16M | $170.83M | $162.86M | $191.74M | $167.03M | $168.45M | $169.19M | $182.54M | $142.45M |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $9.44M | $8.46M | - | - | - | - | - | - | - | - |
| Operating Income | $148.49M | $146.21M | $165.67M | $152.97M | $86.79M | $141.74M | $127.49M | $107.51M | $58.39M | $62.51M |
| Interest Expense | $22.11M | $20.82M | $22.66M | $20.37M | $21.51M | - | - | - | - | - |
| Income Tax | $28.47M | $32.32M | $36.99M | $35.89M | $27.76M | $30.62M | $27.44M | $21.37M | $5.49M | $10.54M |
| Net Income | $98.06M | $93.94M | $105.98M | $96.57M | $41.20M | $89.75M | $80.51M | $64.15M | $30.86M | $31.79M |
| EPS - Basic | $1.81 | $1.71 | $1.87 | $1.70 | $0.69 | $1.47 | $1.31 | $1.05 | $0.50 | $0.52 |
| EPS - Diluted | $1.80 | $1.70 | $1.86 | $1.69 | $0.69 | $1.46 | $1.31 | $1.04 | $0.50 | $0.52 |
Balance Sheet
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $157.45M | $137.59M | $222.35M | $108.06M | $72.65M | $183.12M | $77.37M | $104.19M | $65.41M | $56.34M |
| Accounts Receivable | $1.11B | $1.15B | $898.10M | $1.10B | $962.65M | $879.51M | $916.00M | $860.41M | $826.87M | $742.39M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $1.51B | $1.42B | $1.25B | $1.33B | $1.17B | $1.20B | $1.12B | $1.11B | $1.06B | $951.90M |
| Total Assets | $4.24B | $4.21B | $4.07B | $4.20B | $4.06B | $4.13B | $4.04B | $4.02B | $3.99B | $3.90B |
| Current Liabilities | $681.69M | $608.05M | $765.16M | $721.24M | $678.92M | $807.53M | $728.72M | $658.37M | $723.01M | $681.17M |
| Long-term Debt | $1.47B | $1.51B | $1.28B | $1.45B | $1.35B | $1.09B | $1.12B | $1.22B | $1.16B | $1.21B |
| Total Liabilities | $2.54B | $2.49B | $2.40B | $2.53B | $2.41B | $2.29B | $2.25B | $2.30B | $2.32B | $2.30B |
| Stockholders' Equity | $1.70B | $1.72B | $1.67B | $1.67B | $1.84B | $1.63B | $1.79B | $1.58B | $1.67B | $1.60B |
| Retained Earnings | $1.08B | $1.11B | $1.06B | $1.07B | $1.06B | $1.28B | $1.22B | $1.16B | $1.12B | $1.06B |
Cash Flow
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | ($244.40M) | - | - | ($80.00M) | - | - | $21.61M | - | - |
| Investing Cash Flow | - | $6.63M | - | - | ($22.26M) | - | - | ($20.43M) | - | - |
| Financing Cash Flow | - | $156.90M | - | - | ($8.26M) | - | - | $28.38M | - | - |
| CapEx | - | $6.26M | - | - | $22.99M | - | - | $22.25M | - | - |
| Free Cash Flow | - | ($250.66M) | - | - | ($102.99M) | - | - | ($639.0K) | - | - |
Ratios
| Metric | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 26.2% | 23.7% | 26.7% | 24.9% | 21.5% | 25.3% | 23.6% | 22.6% | 22.2% | 18.9% |
| Operating margin | 11.4% | 10.9% | 12.3% | 11.2% | 6.2% | 10.8% | 9.5% | 8.1% | 4.9% | 5.2% |
| EBITDA margin | 12.1% | 11.5% | - | - | - | - | - | - | - | - |
| Net margin | 7.5% | 7.0% | 7.9% | 7.1% | 2.9% | 6.8% | 6.0% | 4.8% | 2.6% | 2.6% |
| Free cash flow margin | - | -18.6% | - | - | -7.3% | - | - | -0.0% | - | - |
| FCF / Net income | - | -2.67 | - | - | -2.50 | - | - | -0.01 | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 13.3% | 11.3% | 12.7% | 12.0% | 13.7% | 12.7% | 12.5% | 12.7% | 15.4% | 11.8% |
| Effective tax rate | 22.5% | 25.6% | 25.9% | 27.1% | 40.3% | 25.4% | 25.4% | 25.0% | 15.1% | 24.9% |
| Return on assets | 2.3% | 2.2% | 2.6% | 2.3% | 1.0% | 2.2% | 2.0% | 1.6% | 0.8% | 0.8% |
| Return on equity | 5.8% | 5.5% | 6.3% | 5.8% | 2.2% | 5.5% | 4.5% | 4.1% | 1.9% | 2.0% |
| Return on invested capital | 3.6% | 3.4% | 4.2% | 3.6% | 1.6% | 3.9% | 3.3% | 2.9% | 1.8% | 1.7% |
| Liquidity | ||||||||||
| Current ratio | 2.21 | 2.34 | 1.64 | 1.84 | 1.72 | 1.49 | 1.53 | 1.69 | 1.46 | 1.40 |
| Quick ratio | 2.21 | 2.34 | 1.64 | 1.84 | 1.72 | 1.49 | 1.53 | 1.69 | 1.46 | 1.40 |
| Cash ratio | 0.23 | 0.23 | 0.29 | 0.15 | 0.11 | 0.23 | 0.11 | 0.16 | 0.09 | 0.08 |
| Leverage | ||||||||||
| Debt / Equity | 0.87 | 0.88 | 0.77 | 0.87 | 0.73 | 0.67 | 0.63 | 0.77 | 0.70 | 0.75 |
| Debt / Assets | 0.35 | 0.36 | 0.31 | 0.34 | 0.33 | 0.26 | 0.28 | 0.30 | 0.29 | 0.31 |
| Debt / EBITDA | 9.32 | 9.76 | - | - | - | - | - | - | - | - |
| Interest coverage | 6.7x | 7.0x | 7.3x | 7.5x | 4.0x | - | - | - | - | - |
| Equity multiplier | 2.50 | 2.45 | 2.43 | 2.52 | 2.20 | 2.53 | 2.26 | 2.54 | 2.39 | 2.43 |
| Liabilities / Assets | 0.60 | 0.59 | 0.59 | 0.60 | 0.59 | 0.55 | 0.56 | 0.57 | 0.58 | 0.59 |
| Efficiency | ||||||||||
| Asset turnover | 0.31 | 0.32 | 0.33 | 0.32 | 0.35 | 0.32 | 0.33 | 0.33 | 0.30 | 0.31 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 312d | 311d | 243d | 294d | 250d | 244d | 248d | 237d | 254d | 225d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 35.6x | 50.8x | 49.1x | 40.3x | 108.2x | 63.8x | 64.0x | 80.6x | 149.4x | 151.3x |
| P / B | 2.1x | 2.8x | 3.1x | 2.3x | 2.4x | 3.5x | 2.9x | 3.3x | 2.8x | 3.0x |
| P / S | 2.7x | 3.5x | 3.9x | 2.9x | 3.2x | 4.3x | 3.8x | 3.9x | 3.9x | 4.0x |
| EV / EBITDA | 30.5x | 39.7x | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -4.1% | -4.1% | 2.5% | 1.0% | 5.7% | 10.6% | 11.7% | 6.2% | 5.6% | 2.5% |
| Revenue CAGR (3y) | 2.7% | 2.5% | 6.2% | 5.0% | 6.8% | 1.9% | 12.0% | 12.0% | 9.7% | 13.8% |
| Revenue CAGR (5y) | 6.4% | 7.3% | 8.4% | 10.7% | 11.4% | 12.5% | 17.1% | 14.8% | 14.7% | 14.5% |
| Gross profit growth (YoY) | 1.0% | 5.7% | 8.2% | 6.7% | 0.5% | 25.7% | 38.9% | 22.6% | 25.8% | 0.1% |
| Operating income growth (YoY) | -2.9% | 68.5% | 16.9% | 20.0% | -19.3% | 142.8% | 104.0% | 43.8% | 7.0% | -17.0% |
| Net income growth (YoY) | 1.5% | 128.0% | 18.1% | 19.9% | -35.8% | 190.8% | 153.3% | 60.4% | -1.5% | -36.5% |
| EPS growth (YoY) | 6.5% | 146.4% | 27.4% | 29.0% | -33.7% | 192.0% | 151.9% | 60.0% | -2.0% | -35.0% |
| EPS CAGR (3y) | 51.3% | 37.8% | 53.9% | 28.3% | -6.7% | -1.1% | 0.5% | 0.3% | -21.7% | 6.5% |
| EPS CAGR (5y) | 6.9% | 10.5% | 12.3% | 31.5% | -5.4% | 8.5% | 6.4% | 3.9% | -11.3% | -9.1% |
| FCF growth (YoY) | - | -143.4% | - | - | -16017.1% | - | - | 99.6% | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 1.8% | -6.7% | 2.5% | -6.8% | 16.6% | -2.1% | 11.7% | 0.0% | 7.6% | 3.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Business segments
$5.43B totalU.S.Federal Services$3.07B · 56.5%
USServices$1.76B · 32.5%
Outside The United States$599.89M · 11.0%
Product / service
$5.43B totalProgram Operations$2.65B · 48.8%
Clinical Services$2.10B · 38.7%
Employment And Other$354.83M · 6.5%
Advanced Technology Solutions$324.73M · 6.0%
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing MAXIMUS against the 5 most active filers in the same SIC group.
Dividends
$1.26/share trailing 12 months · +5.0% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.3300 |
| Feb 13, 2026 | $0.3300 |
| Nov 14, 2025 | $0.3000 |
| Aug 15, 2025 | $0.3000 |
| May 15, 2025 | $0.3000 |
| Feb 14, 2025 | $0.3000 |
| Nov 15, 2024 | $0.3000 |
| Aug 15, 2024 | $0.3000 |
| May 14, 2024 | $0.3000 |
| Feb 14, 2024 | $0.3000 |
| Nov 14, 2023 | $0.3000 |
| Aug 14, 2023 | $0.2800 |
| May 12, 2023 | $0.2800 |
| Feb 14, 2023 | $0.2800 |
| Nov 14, 2022 | $0.2800 |
| Aug 12, 2022 | $0.2800 |
| May 12, 2022 | $0.2800 |
| Feb 14, 2022 | $0.2800 |
| Nov 12, 2021 | $0.2800 |
| Aug 12, 2021 | $0.2800 |
| May 13, 2021 | $0.2800 |
| Feb 11, 2021 | $0.2800 |
| Nov 12, 2020 | $0.2800 |
| Aug 13, 2020 | $0.2800 |