Maximus (MMS) revenue breakdown

Industrials · Specialty Business Services · Market cap $3.2B

By segment, U.S. Federal Services is the largest at 56% of fiscal 2025 revenue, growing 20% a year over 9 years.

By product, Program Operations is the largest at 49% of fiscal 2025 revenue; Clinical Services grew fastest, 31% a year over 5 years.

Revenue by segment

Fiscal years, as Maximus reports them in its 10-K filings; fiscal 2025 total $5.4B.

Segments2016201720182019202020212022202320242025Share
U.S. Federal Services$592M$546M$479M$1.1B$1.6B$1.9B$2.3B$2.4B$2.7B$3.1B 56%
U.S. Services$1.3B$1.2B$1.2B$1.2B$1.3B$1.7B$1.6B$1.8B$1.9B$1.8B 32%
Outside the US—$685M$699M$599M$499M$699M$764M$689M$657M$600M 11%
Human Services$513M————————— —

Revenue by product

Fiscal years, as Maximus reports them in its 10-K filings; fiscal 2025 total $5.4B.

Products202020212022202320242025Share
Program Operations$2.4B$2.8B$2.5B$2.5B$2.6B$2.7B 49%
Clinical Services$539M$699M$1.2B$1.5B$1.9B$2.1B 39%
Employment & Other$318M$464M$552M$521M$469M$355M 7%
Technology Solutions$208M$336M$401M$397M$375M$325M 6%

Revenue by region

Fiscal years, as Maximus reports them in its 10-K filings; fiscal 2022 total $4.6B.

Regions2016201720182019202020212022Share
United States$1.7B$1.8B$1.7B$2.3B$3.0B$3.6B$3.9B 84%
United Kingdom$385M$346M$347M$294M$246M$286M$411M 9%
Rest of world$97M$107M$105M$107M$105M$168M$180M 4%
Australia$201M$232M$248M$199M$147M$245M$173M 4%
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Questions

Where does Maximus make its money?

In fiscal 2025, by segment: U.S. Federal Services $3.1B, U.S. Services $1.8B, Outside the US $600M.

From Maximus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.