MAXIMUS, INC.MMSEarnings & Financial Report
Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing, among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $5.3 billion in fiscal year 2024.
Revenue
$1.3B
Gross Profit
$317.6M
Operating Profit
$127.5M
Net Profit
$80.5M
Gross Margin
23.6%
Operating Margin
9.5%
Net Margin
6.0%
YoY Growth
11.7%
EPS
$1.31
MAXIMUS, INC. Q2 FY2024 Financial Summary
MAXIMUS, INC. reported revenue of $1.3B (up 11.7% YoY) for Q2 FY2024, with a net profit of $80.5M (up 153.3% YoY) (6.0% margin). Cost of goods sold was $1.0B, operating expenses totaled $190.1M.
Key Financial Metrics
| Total Revenue | $1.3B |
|---|---|
| Net Profit | $80.5M |
| Gross Margin | 23.6% |
| Operating Margin | 9.5% |
| Report Period | Q2 FY2024 |
Revenue Breakdown
MAXIMUS, INC. Q2 FY2024 revenue of $1.3B breaks down across 5 segments, led by United States Federal Government Agencies at $685.9M (50.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| United States Federal Government Agencies | $685.9M | 50.9% |
| Cost Plus Contracts | $334.5M | 24.8% |
| Outside The United States | $160.5M | 11.9% |
| International Government Agencies | $156.8M | 11.6% |
| Other Including Local Municipalities And Commercial Customers | $22.5M | 1.7% |
MAXIMUS, INC. Revenue by Segment — Quarterly Trend
MAXIMUS, INC. revenue by segment across the last 4 reported quarters, showing how each business line (such as United States Federal Government Agencies and Cost Plus Contracts) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Cost Plus Contracts | $386.4M | $296.3M | $301.4M | — |
| Outside The United States | $143.2M | $141.2M | $147.4M | $141.5M |
| International Government Agencies | $141.0M | $139.2M | — | $138.7M |
| Other Including Local Municipalities And Commercial Customers | $17.6M | $21.4M | $19.6M | $20.3M |
MAXIMUS, INC. Annual Revenue by Year
MAXIMUS, INC. annual revenue history includes year-by-year totals (for example, 2025 revenue was $5.4B).
| Year | Annual Revenue |
|---|---|
| 2025 | $5.4B |
| 2024 | $5.3B |
| 2023 | $4.9B |
| 2022 | $4.6B |
MAXIMUS, INC. Quarterly Revenue & Net Profit History
MAXIMUS, INC. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $1.3B | -4.1% | $93.9M | 7.0% |
| Q4 FY2025 | $1.3B | +0.2% | $75.3M | 5.7% |
| Q3 FY2025 | $1.3B | +2.5% | $106.0M | 7.9% |
| Q2 FY2025 | $1.4B | +1.0% | $96.6M | 7.1% |
| Q1 FY2025 | $1.4B | +5.7% | $41.2M | 2.9% |
| Q4 FY2024 | $1.3B | +4.4% | $72.5M | 5.5% |
| Q3 FY2024 | $1.3B | +10.6% | $89.8M | 6.8% |
| Q2 FY2024 | $1.3B | +11.7% | $80.5M | 6.0% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.31B | $1.32B | $1.40B | $1.36B | $1.35B | $1.32B | $1.35B |
| YoY Growth | 11.7% | 10.6% | 4.4% | 5.7% | 1.0% | 2.5% | 0.2% | -4.1% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.04B | $4.00B | $4.13B | $4.06B | $4.20B | $4.46B | $4.07B | $4.21B |
| Liabilities | $2.25B | $2.18B | $2.29B | $2.41B | $2.53B | $2.69B | $2.40B | $2.49B |
| Equity | $1.79B | $1.82B | $1.84B | $1.65B | $1.67B | $1.77B | $1.67B | $1.72B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $130.5M | $199.3M | $163.8M | $-80.0M | $42.7M | $-182.7M | $649.4M | $-244.4M |