Maximus, Inc.
maximus.comWhat Do They Do?
Operates government health and human-services programs, provides clinical assessments, and supplies technology services to U.S. federal, state and local agencies and international governments.
10-K for FY2025, filed Nov 20, 2025We create value for our customers through our ability to translate public policy into operating models that achieve outcomes for…View ↗
Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute on their mission…View ↗
Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services and technology…View ↗
Our Outside the U.S. Segment provides BPS and other solutions for international governments. These services include health and disability…View ↗
How Do They Make Money?
Government customers pay for services under contracts, usually over time as Maximus does the work; fees may be based on calls, assessments, enrollments or job outcomes, or on costs, set rates or hours worked.
10-K for FY2025, filed Nov 20, 2025Our performance-based revenues are paid based upon metrics, such as the number of calls, assessments, enrollments, or the size of the…View ↗
In most cases, we view our performance obligations as promises to transfer a series of distinct services to our customer that are…View ↗
In many contracts, we bill our customers on a monthly basis shortly after the month end for work performed in that month, and such balances…View ↗
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10-K for FY2025, filed Nov 20, 2025
FY2025 revenue by product or service ↗
$5.4B
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10-K for FY2025, filed Nov 20, 2025
$5.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Program Operations
Usage-based
10-K for FY2025, filed Nov 20, 2025 |
49%
FY2022: 54%
|
Program Operations, FY2025
$2.7B Sources
|
Usage-based |
|
Clinical Services
Usage-based
10-K for FY2025, filed Nov 20, 2025 |
39%
FY2022: 25%
|
Clinical Services, FY2025
$2.1B Sources
|
Usage-based |
|
Employment & Other
|
6.5%
FY2022: 12%
|
Employment & Other, FY2025
$354.8M Sources
|
|
|
Technology Solutions
Usage-based
|
6.0%
FY2022: 8.7%
|
Technology Solutions, FY2025
$324.7M Sources
|
Usage-based |
Who Are Their Customers?
Government agencies generally award work through competitive bidding; state programs often receive federal funding, and contracts typically run for fixed terms.
10-K for FY2025, filed Nov 20, 2025We obtain most of our business through competitive bidding in response to government Requests For Proposals (RFP). We may not be awarded…View ↗
A small number of large states comprise a significant share of this segment's revenue. In addition, even though the majority of our direct…View ↗
Our contracts typically run for a fixed number of years and may be extended for an additional specified number of years if the contracting…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.
10-K for FY2025, filed Nov 20, 2025
$528.3MView ↗
10-K for FY2025, filed Nov 20, 2025
$319MView ↗
10-K for FY2025, filed Nov 20, 2025
$366.2MView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Maximus updated fiscal 2026 earnings guidance after a customer contract change
A temporary customer-directed modification affects a major federal program; adjusted diluted earnings per share guidance is now $7.90 to $8.20.
Sources
8-K, filed Aug 6, 2026
Revenue of $1.28 billion, compared to $1.35 billion for the prior year period, was in line with expectations and supports our full year…View ↗
Growing. Revenue grew 28% in 4 years, from $4.3B in FY2021 to $5.4B in FY2025, about 6% a year.
International portfolio
The earlier report listed operations in Australia and South Korea; the latest says Maximus sold its businesses in those countries and describes services in the U.K., Canada and the Middle East.
10-K for FY2022, filed Nov 22, 2022 10-K for FY2025, filed Nov 20, 2025We operate our business through three segments: U.S. Federal Services, U.S. Services, and Outside the U.S. We operate in the U.S.…View ↗
Who Do They Compete With?
Competes with General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture, Booz Allen Hamilton, Conduent, Automated Health Systems, TTEC, Acentra Health, GetInsured, Public Consulting Group, Atos, Capita, Serco, Reed in Partnership, Ingeus, Advanced Personnel Management, NTT Data, and Pacific Blue Cross
10-K for FY2025, filed Nov 20, 2025Our primary competitors in the U.S. Federal Services Segment are General Dynamics Information Technology, Deloitte, Leidos, IBM, Accenture…View ↗
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