MAXIMUS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MAXIMUS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,403	2,451	2,392	2,887	3,462	4,254	4,631	4,905	5,306	5,431
Cost of revenue	1,841	1,839	1,798	2,216	2,751	3,308	3,691	3,876	4,055	4,098
Gross profit	562	612	594	671	711	947	940	1,029	1,252	1,333
Selling, general and administrative	269	285	285	321	387	494	534	639	672	713
Operating income	287	314	295	317	288	409	326	295	488	528
Interest expense	4.13	2.16	1	2.96	2.06	14.7	46	84.1	82.4	84.1
Other non-operating income	3.5	2.89	4.73	3.17	0.84	-10.1	-2.84	-0.36	0.45	0.64
Pre-tax income	286	314	299	317	287	384	277	210	407	445
Income tax	106	102	78.4	76.8	72.6	92.5	73.3	48.5	99.6	126
Net income	178	209	221	241	215	291	204	162	307	319
EBITDA	345	369	347	370	353	455	368	350	522	570
EPS, basic	2.71	3.19	3.37	3.73	3.40	4.69	3.30	2.65	5.03	5.56
EPS, diluted	2.69	3.17	3.35	3.72	3.39	4.67	3.29	2.63	4.99	5.51
Shares, basic (weighted)	65.8	65.6	65.5	64.5	63.1	62.1	61.8	61.1	61	57.4
Shares, diluted (weighted)	66.2	66.1	65.9	64.8	63.3	62.4	62	61.5	61.5	57.9
Dividend per share	0.18	0.18	0.18	1.00	1.12	1.12	1.12	1.12	1.20	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	66.2	166	349	106	71.7	135	40.7	65.4	183	222
Short-term investments		0	20.3	0
Receivables	444	394	358	477	786	835	807	827	880	898
Other current assets	56.7	55.6	44	62.5	72.5	104	182	147	133	129
Total current assets	621	657	809	789	933	1,079	1,032	1,055	1,201	1,253
Property, plant and equipment	132	102	77.5	99.6	66.7	62.6	52.3	38.8	39	31
Lease right-of-use assets					177	179	133	164	134	101
Goodwill	398	403	400	584	593	1,774	1,779	1,779	1,783	1,782
Intangible assets	109	98.8	88	179	146	879	805	704	631	538
Other non-current assets	9.41	10.7	9.96	8.62	11.6	16.8	42.4	46.1	27.1	12.5
Total assets	1,349	1,351	1,462	1,746	2,025	4,119	3,993	3,986	4,132	4,070
Accounts payable	151	122	114	178	253	306	265	282	303	297
Accrued liabilities	96.5	106	95.6	107	137	187	178	194	237	237
Deferred revenue	73.7	71.7	51.2	43.3	51.7	98.6	87.1	60.5	83.2	53.8
Short-term debt	0.28	0.14	0.14	9.66	10.9	80.6	63.5	86.8	40.1	52.7
Total current liabilities	341	316	277	364	561	789	774	723	808	765
Long-term debt	165	0.53		0.23	18	1,429	1,292	1,163	1,092	1,282
Lease liabilities					104	122	86.2	129	97.2	71.3
Other non-current liabilities	8.75	9.63	17.9	20.1	8.99	20.3	22.5	13.3	20.2	22.6
Total liabilities	596	405	376	498	783	2,639	2,443	2,318	2,289	2,396
Total debt	166	0.53	0.37	9.89	28.9	1,510	1,356	1,250	1,132	1,334
Retained earnings	324	492	633	795	770	988	1,025	1,118	1,277	1,064
Other comprehensive income	-36.2	-27.6	-37	-45.4	-42.6	-39.9	-34	-27.6	-32.5	-17.9
Shareholders' equity	749	940	1,084	1,248	1,242		1,549	1,668	1,843	1,674
Minority interests	4.06	5.68	2.55	0.41	0
Total equity	753	946	1,086	1,248	1,242	1,480	1,549	1,668	1,843	1,674
Total liabilities and equity	1,349	1,351	1,462	1,746	2,025	4,119	3,993	3,986	4,132	4,070
Shares outstanding	65.2	65.1	64.4	64	61.5	62	60.8	61	60.4	54.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	180	212	221	240	215	291	204	162	307	319
Depreciation and amortization	58.4	55.8	51.9	52.4	64.5	46.4	42.3	54.7	34	41.7
Stock-based compensation	18.8	21.4	20.2	20.8	23.7	28.6	30.5	29.5	35.3	41.2
Deferred income tax	5.65	4.76	6.72	12.7	-19.1	-6.58	10.2	1.55	-36	-16.7
Change in receivables	-52	53	34	-45.5	-181	38.6	14.1	-23.4	-50.6	-31.9
Change in payables	-2.37	-28.3	-7.73	47.6	79.9	26.9	-32.7	17.7	18.3	-7.49
Cash from operations	180	336	317	357	245	517	290	314	515	429
Capital expenditures			-26.5	-66.8	-40.7	-36.6	-56.1	-90.7	-114	-63.2
Acquisitions	-46.7	-2.68	0	-437	-7.07	-1,799	-14.3	0	0
Purchases of investments	0	0	-20
Cash from investing	-87.1	-25.2	-45.2	-484	-44.1	-1,835	-54	-81	-129	-60.3
Debt issued	150	185	137	415	638	2,318	615	844	1,100	1,499
Debt repaid	-195	-350	-137	-405	-619	-824	-771	-953	-1,212	-1,298
Stock issued	0.55	0.92	0	0
Share buybacks	-33.3	-28.9	-66.9	-47.4	-167	-3.36	-96.1	0	-73.1	-447
Dividends paid	-11.7	-11.7	-11.7	-63.9	-70.2	-68.8	-68.7	-68.1	-72.9	-68.7
Cash from financing	-96.8	-215	-91.9	-111	-230	1,386	-248	-251	-276	-344
Exchange rate effect	-4.55	3.66	-2.83	-2.05	1.71	0.47	-7.33	2.72	3.16	-0.54
Net change in cash	-8.47	99.4	177	-240	-27.9	68	-19.8	-14.7	114	24.7
Free cash flow			290	290	204	481	234	224	401	366
Interest paid		2	0.6	2.5	1.6	14.5	43.1	81.1	79	82.6
Income taxes paid	108	87.8	65.3	69.2	89.1	99.9	76	61.1	99.7	150

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $52.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.6%	Gross profit / revenue.
Operating margin	11.0%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.4%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.9%	Cash from operations / revenue.
Effective tax rate	24.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	13.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-8.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.42x	Current assets / current liabilities.
Quick ratio	2.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.5%	Total debt / total assets.
Liabilities / assets	60.1%	Total liabilities / total assets.
Net debt	$1.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.49x	Operating income / interest expense.
Working capital	$963.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	51.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$517.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	184x	Revenue / average property, plant and equipment.
Receivables turnover	3.80x	Revenue / average receivables.
Days sales outstanding	96 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
FCF conversion	116.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.92	Revenue / diluted weighted shares.
FCF per share	$8.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.85	Cash from operations / diluted weighted shares.
Book value per share	$33.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.87	Tangible book value / shares outstanding.
Cash per share	$1.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	15.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	79.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.75B	Share price x shares outstanding.
Enterprise value	$4.33B	Market cap + total debt - cash - short-term investments.
P/E	7.43x	Market cap / net income. Only when net income is positive.
P/S	0.52x	Market cap / revenue.
P/B	1.58x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	6.36x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.87x	Market cap / cash from operations, when positive.
EV/Sales	0.83x	Enterprise value / revenue.
EV/EBIT	7.49x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.88x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.7%	Free cash flow / market cap.
Earnings yield	13.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	15.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.40x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MAXIMUS, INC.'s revenue in fiscal 2025?

MAXIMUS, INC. reported revenue of $5.43B for fiscal 2025, 2.4% higher than the year before.

Was MAXIMUS, INC. profitable in fiscal 2025?

Yes. Net income was $319.0M, a net margin of 5.9%.

How much free cash flow did MAXIMUS, INC. generate in fiscal 2025?

Cash from operations of $429.4M minus capital expenditures of $63.2M left free cash flow of $366.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to MAXIMUS, INC.