MMSNYSEServices-Business Services, NECUS GAAP · USD

Maximus, Inc

MAXIMUS is a U.S.-based government services contractor that designs and operates tech-enabled programs for federal, state, local, and international public agencies. Its work spans eligibility and enrollment operations, clinical assessments and appeals, employment services, contact centers, and modernization technology for public-sector clients.

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Revenue5,431m USD
+2.4 %y/y
Operating profit (EBIT)528m USD
+8.1 %y/y
EBIT margin9.7%
+0.5 ppy/y
Net income319m USD
+3.9 %y/y
Free cash flow429m USD
−16.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,000m USD2020: 3,462 m USD2020: EBIT 288 m USD20202021: 4,254 m USD2021: EBIT 409 m USD20212022: 4,631 m USD2022: EBIT 326 m USD20222023: 4,905 m USD2023: EBIT 295 m USD20232024: 5,306 m USD2024: EBIT 488 m USD20242025: 5,431 m USD2025: EBIT 528 m USD20255,431528
RevenueOperating profit (EBIT)
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Business

Share of revenue
U.S. Federal Services56 %

Tech-enabled program operations, clinical services, and technology solutions for U.S. federal agencies.

U.S. Services33 %

Program operations, clinical services, employment services, and consulting for U.S. state and local programs.

Outside the U.S.11 %

Business process services and technology solutions for international government programs, mainly in the U.K.

Products

Reported · share of revenue
48.8%38.7%FY2025100 %
  • Program Operations48.8 %
  • Clinical Services38.7 %
  • Employment and Other6.5 %
  • Advanced Technology Solutions6.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Maximus sells primarily to government agencies rather than consumers, with most revenue tied to U.S. federal, state, and local contracts. Its customers buy outsourced operating capacity, specialized clinical expertise, and technology modernization because these functions are difficult to build and scale internally. Internationally, it also serves public agencies in the U.K., Canada, and the Middle East.

U.S. federal government agencies

Buy program operations, clinical services, and technology modernization for federal health and human services programs.

U.S. state and local government agencies

Buy eligibility, enrollment, employment, and clinical support for state-administered public programs.

International public-sector agencies

Buy disability assessments, employment services, and digitally enabled customer support, especially in the U.K.

Single large federal agency programs

Large agency relationships such as CMS-related work that can represent a meaningful share of revenue.

Strategy

Management is focused on simplifying the organization, optimizing processes, and using technology to improve public-service delivery across all three segments. The company is also pushing digitally enabled customer experience, future-of-health clinical capabilities, and advanced modernization tools through its Maximus Forward initiative. Talent retention and development are positioned as a core execution lever because delivery quality depends heavily on labor and subcontracted support.

Digitally enabled customer servicesShort term

Improves service quality, scalability, and government client satisfaction while differentiating the company.

Future of healthMedium term

Clinical demand is rising, and deeper health capabilities support growth in assessments and related programs.

Advanced technologies for modernizationMedium term

Modernization work can win larger, stickier contracts and support long-duration government relationships.

Operational simplification and talent managementShort term

Lower complexity and stronger workforce execution support margins and contract performance.

Geography

Maximus operates in the United States and internationally, with the U.S. accounting for the vast majority of revenue and foreign operations contributing about 11% in recent quarters. Outside the U.S., the company highlights the U.K. as its most important international market, while also serving Canada and the Middle East. Recent divestitures in Australia and Korea reduced exposure to those markets.

Risks

The business is highly exposed to government contract concentration, so the loss, rebid, or downsizing of a few large contracts can materially reduce revenue and profit. It also faces cybersecurity, privacy, subcontractor, and AI governance risks because it handles sensitive personal and health data and relies on third parties to deliver services. As a labor-intensive contractor, it is also exposed to execution risk, margin pressure, and contract performance penalties.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity and data privacy1Government contract concentration2Contract renewal and rebid risk3Subcontractor and third-party performance4AI governance and regulatory risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity and data privacyImpact: HighLikelihood: High

    The company processes protected health information and other sensitive personal data, making breaches costly and reputationally damaging.

    Exposure: A material cybersecurity incident occurred in fiscal 2023 involving a third-party file transfer vulnerability.

  2. Government contract concentrationImpact: HighLikelihood: Medium

    A limited number of federal, state, and local contracts drive a large share of revenue, so losses can quickly hit results.

    Exposure: Approximately 60% of revenue came from the ten largest contracts; about one-fifth from a single federal agency.

  3. Contract renewal and rebid riskImpact: HighLikelihood: Medium

    Government contracts are fixed-term and can be rebid, renewed, or terminated, creating revenue volatility.

    Exposure: Core programs such as CMS-related work and international assessment contracts are subject to rebidding.

  4. Subcontractor and third-party performanceImpact: MediumLikelihood: Medium

    Many contracts rely on subcontractors and teaming partners, so failures can affect service quality and customer retention.

    Exposure: Single-source solutions often depend on third-party labor and vendors.

  5. AI governance and regulatory riskImpact: MediumLikelihood: Medium

    Use of AI in data sorting, analysis, and generation can create compliance, liability, and reputational issues if not controlled.

    Exposure: AI is being used across business processes and requires ongoing governance investment.

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Accounting

Judgemental items
Revenue recognition on long-term government contracts

Many services are recognized over time, but some contracts require estimates and cumulative catch-up adjustments.

Impact: Can shift revenue and operating margin between periods.

Variable consideration and performance penalties/incentives

Contract economics depend on service performance, so estimates affect recognized revenue.

Impact: Can materially affect gross profit in clinical and program operations contracts.

Milestone-based revenue in Outside the U.S.

Some employment services revenue is recognized when milestones are achieved, requiring forecast assumptions.

Impact: Can create volatility in international segment results.

Goodwill and intangible asset impairment

Loss of major contracts or underperformance can reduce expected cash flows from acquired assets.

Impact: Could lead to non-cash impairment charges.

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Last updated: 24/09/2026