MAXIMUS, INC. (MMS)
Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014Q2-CY2014Q1-CY2014Q4-CY2013
Balance Sheet Date2025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-302014-Jun-302014-Mar-312013-Dec-31
Fiscal PeriodQ4-FY2025Q3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014Q2-FY2014Q1-FY2014
Total Revenue1,318,415,000$1,348,400,000$1,361,786,000$1,402,675,000$1,315,870,000$1,314,929,000$1,348,357,000$1,327,041,000$1,259,953,000$1,188,677,000$1,206,852,000$1,249,246,000$1,177,031,000$1,125,785,000$1,177,326,000$1,150,876,000$1,106,131,000$1,243,520,000$959,280,000$945,554,000$923,836,000$901,337,000$818,135,000$818,229,000$754,966,000$730,710,000$736,520,000$664,619,000$558,446,000$597,855,000$612,787,000$623,148,000$620,903,000$600,447,000$622,047,000$607,564,000$623,091,000$617,094,000$606,453,000$556,722,000$578,683,000$572,301,000$481,794,000$467,043,000$435,406,000$419,899,000$439,015,000$406,592,000$
QoQ%(2.22%)(.98%)(2.92%)6.60%.07%(2.48%)1.61%5.33%6.00%(1.51%)(3.39%)6.14%4.55%(4.38%)2.30%4.05%(11.05%)29.63%1.45%2.35%2.50%10.17%(.01%)8.38%3.32%(.79%)10.82%19.01%(6.59%)(2.44%)(1.66%).36%3.41%(3.47%)2.38%(2.49%).97%1.76%8.93%(3.80%)1.12%18.79%3.16%7.27%3.69%(4.35%)7.97%5.79%
YoY%.19%2.55%1.00%5.70%4.44%10.62%11.73%6.23%7.05%5.59%2.51%8.55%6.41%(9.47%)22.73%21.71%19.73%37.96%17.25%15.56%22.37%23.35%11.08%23.11%35.19%22.22%20.19%6.66%(10.06%)(.43%)(1.49%)2.57%(.35%)(2.70%)2.57%9.13%7.67%7.83%25.87%19.20%32.91%36.30%9.74%14.87%13.29%25.60%34.52%42.03%
Cost Of Revenue984,863,000$988,887,000$1,022,965,000$1,101,118,000$1,014,175,000$982,615,000$1,030,768,000$1,026,987,000$969,059,000$924,313,000$978,249,000$1,004,499,000$904,048,000$915,564,000$948,875,000$922,721,000$887,725,000$951,664,000$728,622,000$739,499,000$726,985,000$715,734,000$665,037,000$642,779,000$586,716,000$556,463,000$567,098,000$505,354,000$419,508,000$443,171,000$463,984,000$471,188,000$458,322,000$448,258,000$469,730,000$462,746,000$470,161,000$465,715,000$458,786,000$446,507,000$453,376,000$428,503,000$357,449,000$347,776,000$322,474,000$307,296,000$318,343,000$300,676,000$
Gross Profit333,552,000$359,513,000$338,821,000$301,557,000$301,695,000$332,314,000$317,589,000$300,054,000$290,894,000$264,364,000$228,603,000$244,747,000$272,983,000$210,221,000$228,451,000$228,155,000$218,406,000$291,856,000$230,658,000$206,055,000$196,851,000$185,603,000$153,098,000$175,450,000$168,250,000$174,247,000$169,422,000$159,265,000$138,938,000$154,684,000$148,803,000$151,960,000$162,581,000$152,189,000$152,317,000$144,818,000$152,930,000$151,379,000$147,667,000$110,215,000$125,307,000$143,798,000$124,345,000$119,267,000$112,932,000$112,603,000$120,672,000$105,916,000$
Gross Margin25.30%26.66%24.88%21.50%22.93%25.27%23.55%22.61%23.09%22.24%18.94%19.59%23.19%18.67%19.40%19.82%19.75%23.47%24.05%21.79%21.31%20.59%18.71%21.44%22.29%23.85%23.00%23.96%24.88%25.87%24.28%24.39%26.19%25.35%24.49%23.84%24.54%24.53%24.35%19.80%21.65%25.13%25.81%25.54%25.94%26.82%27.49%26.05%
Operating Expenses210,690,000$193,841,000$185,853,000$214,770,000$189,939,000$190,575,000$190,095,000$192,544,000$191,770,000$205,976,000$166,098,000$169,970,000$158,459,000$155,664,000$153,163,000$146,626,000$150,229,000$152,261,000$117,472,000$118,483,000$112,328,000$98,294,000$115,787,000$96,315,000$90,674,000$90,653,000$87,621,000$85,129,000$77,030,000$72,113,000$77,482,000$72,277,000$84,991,000$70,378,000$71,982,000$71,042,000$71,622,000$66,770,000$69,767,000$67,429,000$63,780,000$72,731,000$62,338,000$54,036,000$61,124,000$57,380,000$55,692,000$52,619,000$
Operating Income122,862,000$165,672,000$152,968,000$86,787,000$111,756,000$141,739,000$127,494,000$107,510,000$99,124,000$58,388,000$62,505,000$74,777,000$114,524,000$54,557,000$75,288,000$81,529,000$68,177,000$139,595,000$113,186,000$87,572,000$84,523,000$87,309,000$37,311,000$79,135,000$77,576,000$83,594,000$81,801,000$74,136,000$61,908,000$82,571,000$71,321,000$79,683,000$77,590,000$81,811,000$80,335,000$73,776,000$81,308,000$84,609,000$77,900,000$42,786,000$61,527,000$71,067,000$62,007,000$65,231,000$51,808,000$55,223,000$64,980,000$53,297,000$
Operating Margin9.32%12.29%11.23%6.19%8.49%10.78%9.46%8.10%7.87%4.91%5.18%5.99%9.73%4.85%6.40%7.08%6.16%11.23%11.80%9.26%9.15%9.69%4.56%9.67%10.28%11.44%11.11%11.16%11.09%13.81%11.64%12.79%12.50%13.63%12.92%12.14%13.05%13.71%12.85%7.69%10.63%12.42%12.87%13.97%11.90%13.15%14.80%13.11%
Interest Income
Interest Expenses3,087,000$756,000$206,000$494,000$616,000$465,000$484,000$343,000$420,000$1,569,000$625,000$590,000$85,000$157,000$168,000$111,000$458,000$744,000$849,000$843,000$1,029,000$1,273,000$989,000$709,000$689,000$0$0$
Income Before Tax100,467,000$142,967,000$132,462,000$68,953,000$92,669,000$120,375,000$107,950,000$85,515,000$78,175,000$36,357,000$42,324,000$53,437,000$97,684,000$41,269,000$66,565,000$71,580,000$56,961,000$128,219,000$111,910,000$86,591,000$84,251,000$86,022,000$37,419,000$79,370,000$77,355,000$83,730,000$80,679,000$75,556,000$62,116,000$84,735,000$72,556,000$79,802,000$78,378,000$82,659,000$80,008,000$73,190,000$80,562,000$83,642,000$78,836,000$42,928,000$61,075,000$70,386,000$62,226,000$66,132,000$52,566,000$55,718,000$65,456,000$53,629,000$
Tax Expenses25,179,000$36,986,000$35,893,000$27,757,000$20,165,000$30,623,000$27,440,000$21,367,000$19,029,000$5,494,000$10,536,000$13,442,000$28,617,000$9,934,000$16,469,000$18,250,000$4,947,000$33,724,000$31,296,000$22,514,000$20,590,000$21,558,000$9,769,000$20,636,000$17,314,000$20,765,000$18,913,000$19,833,000$16,600,000$24,493,000$17,450,000$19,850,000$23,410,000$24,871,000$26,911,000$26,861,000$29,375,000$30,892,000$29,495,000$16,046,000$24,662,000$28,127,000$23,198,000$23,782,000$16,414,000$21,290,000$23,995,000$20,274,000$
Net Income75,288,000$105,981,000$96,569,000$41,196,000$72,504,000$89,752,000$80,510,000$64,148,000$59,146,000$30,863,000$31,788,000$39,995,000$69,067,000$31,335,000$50,096,000$53,330,000$52,014,000$94,495,000$80,614,000$64,077,000$63,661,000$64,464,000$27,650,000$58,734,000$60,041,000$62,965,000$61,766,000$55,723,000$45,516,000$60,242,000$55,106,000$59,952,000$54,968,000$57,788,000$53,097,000$46,329,000$51,187,000$52,750,000$49,341,000$26,882,000$36,412,000$42,259,000$39,028,000$42,350,000$36,152,000$34,428,000$41,461,000$33,355,000$
Profit Margin5.71%7.86%7.09%2.94%5.51%6.83%5.97%4.83%4.69%2.60%2.63%3.20%5.87%2.78%4.26%4.63%4.70%7.60%8.40%6.78%6.89%7.15%3.38%7.18%7.95%8.62%8.39%8.38%8.15%10.08%8.99%9.62%8.85%9.62%8.54%7.63%8.22%8.55%8.14%4.83%6.29%7.38%8.10%9.07%8.30%8.20%9.44%8.20%
TTM5.87%5.83%5.56%5.28%5.78%5.59%4.58%3.73%3.30%3.56%3.62%4.03%4.40%4.10%5.34%6.29%6.85%7.44%7.31%6.13%6.20%6.41%6.71%8.01%8.33%8.40%8.73%8.90%9.23%9.38%9.27%9.16%8.66%8.50%8.23%8.13%7.50%7.01%6.69%6.60%7.62%8.17%8.42%8.77%8.55%8.77%8.87%8.92%
Earnings to Minority(48,000$)67,000$(158,000$)(190,000$)(791,000$)381,000$(386,000$)861,000$1,639,000$870,000$582,000$(335,000$)444,000$525,000$556,000$273,000$975,000$593,000$220,000$489,000$(84,000$)290,000$254,000$(504,000$)
Earnings to Common Shareholders75,288,000$105,981,000$96,569,000$41,196,000$72,504,000$89,752,000$80,510,000$64,148,000$59,146,000$30,863,000$31,788,000$39,995,000$69,067,000$31,335,000$50,096,000$53,330,000$52,014,000$94,495,000$80,614,000$64,077,000$63,661,000$64,464,000$27,650,000$58,734,000$60,089,000$62,898,000$61,924,000$55,913,000$46,307,000$59,861,000$55,492,000$59,091,000$53,329,000$56,918,000$52,515,000$46,664,000$50,743,000$52,225,000$48,785,000$26,609,000$35,437,000$41,666,000$38,808,000$41,861,000$36,236,000$34,138,000$41,207,000$33,859,000$
QoQ%(28.96%)9.75%134.41%(43.18%)(19.22%)11.48%25.51%8.46%91.64%(2.91%)(20.52%)(42.09%)120.42%(37.45%)(6.06%)2.53%(44.96%)17.22%25.81%.65%(1.25%)133.14%(52.92%)(2.26%)(4.47%)1.57%10.75%20.74%(22.64%)7.87%(6.09%)10.81%(6.31%)8.38%12.54%(8.04%)(2.84%)7.05%83.34%(24.91%)(14.95%)7.36%(7.29%)15.52%6.15%(17.16%)21.70%(4.96%)
YoY%3.84%18.08%19.95%(35.78%)22.59%190.81%153.27%60.39%(14.36%)(1.51%)(36.55%)(25.01%)32.79%(66.84%)(37.86%)(16.77%)(18.30%)46.59%191.55%9.10%5.95%2.49%(55.35%)5.05%29.76%5.07%11.59%(5.38%)(13.17%)5.17%5.67%26.63%5.10%8.99%7.65%75.37%43.19%25.34%25.71%(36.44%)(2.21%)22.05%(5.82%)23.63%1.71%21.49%30.04%58.84%
Earnings Per Share, Basic1.34$1.87$1.70$0.69$1.20$1.47$1.31$1.05$0.97$0.50$0.52$0.65$1.13$0.51$0.81$0.86$0.84$1.52$1.30$1.03$1.03$1.04$0.43$0.91$0.93$0.98$0.96$0.86$0.72$0.91$0.84$0.90$0.81$0.87$0.80$0.71$0.77$0.79$0.74$0.40$0.51$0.63$0.59$0.63$0.54$0.50$0.61$0.50$
Earnings Per Share, Diluted1.31$1.86$1.69$0.69$1.18$1.46$1.31$1.04$0.96$0.50$0.52$0.65$1.13$0.51$0.80$0.85$0.83$1.51$1.29$1.03$1.02$1.04$0.43$0.91$0.93$0.97$0.96$0.86$0.71$0.91$0.84$0.89$0.81$0.86$0.80$0.71$0.76$0.79$0.74$0.40$0.52$0.62$0.58$0.63$0.53$0.49$0.59$0.49$
Unlevered FCF Per Share, Basic11.53$(3.22$)0.75$(1.34$)2.71$3.26$2.13$0.35$2.37$(0.09$)5.07$(2.20$)1.97$0.94$1.84$(0.05$)4.35$(0.53$)2.93$1.58$2.40$(0.21$)0.34$1.35$1.44$2.12$1.05$0.92$1.99$1.09$1.20$0.58$1.28$1.76$1.00$1.08$1.09$1.31$0.31$(0.13$)(0.08$)1.44$(0.39$)0.66$0.46$1.18$0.43$0.55$
Unlevered FCF Per Share, Diluted11.27$(3.21$)0.75$(1.33$)2.67$3.25$2.12$0.35$2.34$(0.09$)5.05$(2.20$)1.96$0.94$1.84$(0.05$)4.33$(0.53$)2.91$1.58$2.38$(0.21$)0.34$1.35$1.43$2.11$1.05$0.91$1.97$1.09$1.19$0.57$1.27$1.74$1.00$1.08$1.08$1.30$0.31$(0.13$)(0.08$)1.41$(0.39$)0.66$0.45$1.16$0.42$0.54$
Average Shares, Basic56,344,00056,683,00056,892,00059,733,00060,424,00061,079,00061,371,00061,322,00061,122,00061,141,00061,120,00061,117,00061,000,00061,607,00062,227,00062,262,00062,160,00062,064,00062,026,00062,038,00061,835,00061,882,00063,934,00064,597,00064,391,00064,405,00064,369,00064,827,00064,652,00065,630,00065,856,00065,866,00065,638,00065,571,00065,549,00065,770,00065,808,00065,766,00065,760,00065,954,00069,030,00065,901,00065,862,00065,935,00066,780,00067,659,00067,884,00068,397,000
Average Shares, Diluted57,641,00056,984,00057,057,00060,002,00061,398,00061,381,00061,622,00061,535,00061,677,00061,544,00061,383,00061,196,00061,294,00061,756,00062,381,00062,445,00062,578,00062,453,00062,294,00062,135,00062,303,00062,102,00064,125,00064,758,00064,901,00064,759,00064,643,00064,977,00065,358,00065,925,00066,268,00066,177,00066,211,00066,082,00065,947,00066,020,00066,355,00066,194,00066,079,00066,288,00068,117,00067,098,00066,987,00066,898,00068,248,00069,031,00069,307,00069,762,000
EBIT100,467,000$142,967,000$132,462,000$68,953,000$92,669,000$120,375,000$107,950,000$85,515,000$78,175,000$36,357,000$42,324,000$53,437,000$97,684,000$41,269,000$66,565,000$71,580,000$56,961,000$131,306,000$112,666,000$86,797,000$84,745,000$86,638,000$37,884,000$79,854,000$77,698,000$84,150,000$82,248,000$76,181,000$62,706,000$84,820,000$72,713,000$79,970,000$78,489,000$83,117,000$80,752,000$74,039,000$81,405,000$84,671,000$80,109,000$43,917,000$61,784,000$71,075,000$62,226,000$66,132,000$52,566,000$55,718,000$65,456,000$53,629,000$
EBITDA100,467,000$142,967,000$132,462,000$68,953,000$92,669,000$120,375,000$107,950,000$85,515,000$78,175,000$36,357,000$42,324,000$53,437,000$97,684,000$41,269,000$66,565,000$71,580,000$56,961,000$131,306,000$112,666,000$86,797,000$84,745,000$86,638,000$37,884,000$79,854,000$77,698,000$84,150,000$82,248,000$76,181,000$62,706,000$84,820,000$72,713,000$79,970,000$78,489,000$83,117,000$80,752,000$74,039,000$81,405,000$84,671,000$80,109,000$43,917,000$61,784,000$71,075,000$62,226,000$66,132,000$59,047,000$68,256,000$77,193,000$65,651,000$