Maximus (MMS) financial statements
Maximus reported revenue of $5.4B in fiscal 2025, up 9.5% a year over 9 years.
Net income was $319M and the operating margin 9.7%, against 11.9% in 2016.
Free cash flow was $366M, and the company returned $447M in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Maximus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.5B | $2.4B | $2.9B | $3.5B | $4.3B | $4.6B | $4.9B | $5.3B | $5.4B |
| Cost of revenue | $1.8B | $1.8B | $1.8B | $2.2B | $2.8B | $3.3B | $3.7B | $3.9B | $4.1B | $4.1B |
| Gross profit | $562M | $612M | $594M | $671M | $711M | $947M | $940M | $1.0B | $1.3B | $1.3B |
| Selling, general and admin | $269M | $285M | $285M | $321M | $387M | $494M | $534M | $639M | $672M | $713M |
| Operating income | $287M | $314M | $295M | $317M | $288M | $409M | $326M | $295M | $488M | $528M |
| Interest expense | $4M | $2M | $1M | $3M | $2M | $15M | $46M | $84M | $82M | $84M |
| Pre-tax income | $286M | $314M | $299M | $317M | $287M | $384M | $277M | $210M | $407M | $445M |
| Income tax | $106M | $102M | $78M | $77M | $73M | $92M | $73M | $49M | $100M | $126M |
| Net income | $178M | $209M | $221M | $241M | $215M | $291M | $204M | $162M | $307M | $319M |
| EPS (diluted) | $2.69 | $3.17 | $3.35 | $3.72 | $3.39 | $4.67 | $3.29 | $2.63 | $4.99 | $5.51 |
| Diluted shares | 66M | 66M | 66M | 65M | 63M | 62M | 62M | 61M | 61M | 58M |
| 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, from Maximus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $66M | $166M | $370M | $106M | $72M | $135M | $41M | $65M | $183M | $222M |
| Receivables | $444M | $394M | $358M | $477M | $786M | $835M | $807M | $827M | $880M | $898M |
| Total current assets | $621M | $657M | $809M | $789M | $933M | $1.1B | $1.0B | $1.1B | $1.2B | $1.3B |
| Property, plant and equipment | $132M | $102M | $78M | $100M | $67M | $63M | $52M | $39M | $39M | $31M |
| Goodwill | $398M | $403M | $400M | $584M | $593M | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B |
| Total assets | $1.3B | $1.4B | $1.5B | $1.7B | $2.0B | $4.1B | $4.0B | $4.0B | $4.1B | $4.1B |
| Total current liabilities | $341M | $316M | $277M | $364M | $561M | $789M | $774M | $723M | $808M | $765M |
| Long-term debt | $165M | $527,000 | — | $231,000 | $18M | $1.4B | $1.3B | $1.2B | $1.1B | $1.3B |
| Total liabilities | $596M | $405M | $376M | $498M | $783M | $2.6B | $2.4B | $2.3B | $2.3B | $2.4B |
| Shareholders' equity | $749M | $940M | $1.1B | $1.2B | $1.2B | $1.5B | $1.5B | $1.7B | $1.8B | $1.7B |
| Net debt | $99M | -$166M | -$349M | -$96M | -$43M | $1.4B | $1.3B | $1.2B | $949M | $1.1B |
Cash flow
Fiscal years, from Maximus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $180M | $336M | $317M | $357M | $245M | $517M | $290M | $314M | $515M | $429M |
| Capital spending | $46M | $24M | $27M | $67M | $41M | $37M | $56M | $91M | $114M | $63M |
| Free cash flow | $134M | $312M | $290M | $290M | $204M | $481M | $234M | $224M | $401M | $366M |
| Stock-based compensation | $19M | $21M | $20M | $21M | $24M | $29M | $30M | $30M | $35M | $41M |
| Share buybacks (net) | -$33M | -$29M | -$67M | -$47M | -$167M | -$3M | -$96M | $0 | -$73M | -$447M |
| Net borrowing | -$45M | -$165M | -$137,000 | $10M | $19M | $1.5B | -$156M | -$109M | -$112M | $201M |
| Free cash flow margin | 5.6% | 12.7% | 12.1% | 10.0% | 5.9% | 11.3% | 5.0% | 4.6% | 7.6% | 6.7% |
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Open MMS in InvestinglyQuestions
What was Maximus's revenue in 2025?
$5.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Maximus generate?
$366M in fiscal 2025 (operating cash flow minus capital spending).
From Maximus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.