MMS on NYSE

Maximus Inc.

Logo: Public domain, via Wikimedia Commons4

Healthcare, governmental, and business services provider

Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

$5.4BRevenue, fiscal 20255
$319.0MNet income, fiscal 20255
1975Founded1

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  • TickerMMS on NYSE1
  • Industrygovernment contractor1
  • HeadquartersTysons1
  • Websitewww.maximus.com
  • Incorporated inVA6
  • Business addressAttn: Treasury Dept., 1600 Tysons Blvd, #1400, Mclean, Va 221026
  • Filer categoryLarge accelerated filer6

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 2024.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.6%Gross margin5
9.7%Operating margin5
5.9%Net margin5
2.4%Revenue growth, 20255
19.1%Return on equity5
0.77×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Program Operations brought in 49% of the revenue Maximus Inc. broke down this way in fiscal 2025.

  1. Program Operations$2.7B549%up 3% from 2024
  2. Clinical Services$2.1B539%up 11% from 2024
  3. Employment and Other$354.8M57%down 24% from 2024
  4. Advanced Technology Solutions$324.7M56%down 13% from 2024
Products and services by year
Products and services202320242025
Program Operations$2.5B$2.6B$2.7B
Clinical Services$1.5B$1.9B$2.1B
Employment and Other$521.0M$469.3M$354.8M
Advanced Technology Solutions$397.0M$375.1M$324.7M

Business segments

U.S. Federal Services brought in 56% of the revenue Maximus Inc. broke down this way in fiscal 2025.

  1. U.S. Federal Services$3.1B556%up 12% from 2024
  2. US Services$1.8B532%down 8% from 2024
  3. Outside The United States$599.9M511%down 9% from 2024
Business segments by year
Business segments202320242025
U.S. Federal Services$2.4B$2.7B$3.1B
US Services$1.8B$1.9B$1.8B
Outside The United States$689.1M$657.1M$599.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue75¢$4.1B
  • Selling, general and admin13¢$713.1M
  • Other costs3¢$175.5M
  • Income tax2¢$125.8M
  • Profit6¢$319.0M

Out of $5.4B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks100¢$447.5M

Out of $429.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue891011125$5.4B in 2025+127% since 2018
0$2.0B$4.0B$6.0B2018: $2.4B$2.4B20182019: $2.9B$2.9B2019+21%2020: $3.5B$3.5B2020+20%2021: $4.3B$4.3B2021+23%2022: $4.6B$4.6B2022+9%2023: $4.9B$4.9B2023+6%2024: $5.3B$5.3B2024+8%2025: $5.4B$5.4B2025+2%
Gross profit891011125$1.3B in 2025+124% since 2018
0$500.0M$1.0B$1.5B2018: $594.4M$594.4M20182019: $671.2M$671.2M2019+13%2020: $711.0M$711.0M2020+6%2021: $947.0M$947.0M2021+33%2022: $939.8M$939.8M2022−1%2023: $1.0B$1.0B2023+9%2024: $1.3B$1.3B2024+22%2025: $1.3B$1.3B2025+7%
Operating income891011125$528.3M in 2025+79% since 2018
0$200.0M$400.0M$600.0M2018: $295.5M$295.5M20182019: $317.1M$317.1M2019+7%2020: $288.3M$288.3M2020−9%2021: $408.5M$408.5M2021+42%2022: $325.9M$325.9M2022−20%2023: $294.8M$294.8M2023−10%2024: $488.5M$488.5M2024+66%2025: $528.3M$528.3M2025+8%
Net income891011125$319.0M in 2025+45% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $220.8M$220.8M20182019: $240.8M$240.8M2019+9%2020: $214.5M$214.5M2020−11%2021: $291.2M$291.2M2021+36%2022: $203.8M$203.8M2022−30%2023: $161.8M$161.8M2023−21%2024: $306.9M$306.9M2024+90%2025: $319.0M$319.0M2025+4%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-09-302024-09-302023-09-30
Revenue$5.4B$5.3B$4.9B
Cost of revenue$4.1B$4.1B$3.9B
Gross profit$1.3B$1.3B$1.0B
Selling, general, and administrative expenses$713.1M$671.6M$639.2M
Amortization of intangible assets$92.0M$91.6M$94.6M
Operating income$528.3M$488.5M$294.8M
Interest expense$84.1M$82.4M$84.1M
Other (income)/expense, net-$640.0K-$450.0K$363.0K
Income before income taxes$444.8M$406.5M$210.3M
Provision for income taxes$125.8M$99.6M$48.5M
Net income$319.0M$306.9M$161.8M
Basic (in dollars per share)$5.56$5.03$2.65
Diluted (in dollars per share)$5.51$4.99$2.63
Basic (in shares)57.4M shares61.0M shares61.1M shares
Diluted (in shares)57.9M shares61.5M shares61.5M shares
Dividends declared per share (in dollars per share)$1.20$1.20$1.12

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The story

History

Maximus was founded in 1975 by David V. Mastran, initially operating as a consulting firm for the federal government, including information technology services.

The history of Maximus follows the trajectory of significant government policy changes.

The government service reform policies in the '80s and early '90s which were enacted by the Reagan administration and continued in the Bush and Clinton administrations, led to the US government increasing private-sector contracting of administration program functions operated under the control of government. In 1988, Maximus was awarded its first contract for social welfare from Los Angeles County, and began shifting focus towards business process outsourcing and providing state-based consulting services.

Passage of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) of 1996 under President Clinton granting states greater latitude in administering social welfare programs, and the Balanced Budget Act of 1997 amending certain eligibility, enrollment, and beneficiary protections in Medicaid further increased government use of public / private partnerships for the administration of certain program functions.

In 1997, the company went public, trading on the New York Stock Exchange under the symbol MMS.

The G.W. Bush Administration saw reauthorization and expansion of PRWORA, cementing the government's use of private sector contracting of administrative functions associated with Federally funded, state administered, entitlement programs.

In 2006, Richard Montoni, former chief financial officer for Maximus, was named CEO. From 2008 to 2010, Maximus engaged in a number of divestitures that included its Security Solutions, Justice Solutions, Education Systems, Asset Solutions and Enterprise resource planning (ERP) divisions, focusing the firm on providing health and human services core program solutions.

Passage in 2010 of the Patient Protection and Affordable Care Act (ACA) during the Obama Administration further expanded the use of private sector contracting of government administrative functions associated with the ACA, Medicaid, and Medicare, in conjunction with other human services related programs.

Read the full text

From 2010 to 2013, Maximus acquired Denver-based Policy Studies Incorporated (PSI) to increase its capacity to serve government clients in the US and expanded into clinical assessment services with the acquisition of Ascend. From a global perspective, Maximus acquired UK based Health Management Ltd. On April 6, 2015, the company completed the $300 million acquisition of Falls-Church-based technology contractor, Acentia, expanding the Maximus federal technology business.

In 2018, after twelve years as CEO, Richard Montoni announced his retirement and the company appointed President Bruce Caswell to the position of chief executive officer. Caswell articulated a strategic plan focusing the company's activities on helping governments advance digitally-enabled customer service, modernizing technology capabilities and expansion of clinical services delivery. In November 2018, Maximus acquired U.S. Federal citizen engagement center assets from another government contractor (GDIT) for $400 million in cash.

In September 2020, Maximus hired Dr. Arvenita Washington Cherry as Senior Director of DE&I to lead diversity and inclusion activities in its workforce.

In 2021, Maximus completed three additional transactions. Maximus and Navient announced the two companies signed a definitive agreement to transfer the loan servicing for 5.6 million U.S. Department of Education-owned student loan accounts through a contract novation, creating a new operating entity, Aidvantage. Maximus acquired Attain, a technology integration company, and Veterans Evaluation Services (VES), a clinical assessments company. In January 2025, the Department of Veterans Affairs re-awarded VES, a Maximus company, contracts through 2026 for domestic regions 1 – 4 which collectively span the continental U.S. to continue providing medical disability exams services through the Veterans Benefit Administration.

In May 2022, Maximus relocated its headquarters to Tysons, Virginia in new office space that was reported to incorporate "many of the post-pandemic office designs that architects and companies are emphasizing."

In September 2022, after a 3-year long competitive procurement process, the Centers for Medicare & Medicaid Services (CMS) awarded Maximus a 10 year contract that extended its existing role as lead operator of citizen contact centers, including 1-800-MEDICARE. In December 2023, US Department of Health and Human Services Secretary Xavier Becerra announced it would be recompeting this contract for the express purpose of inserting a labor harmony agreement. In November 2024, CMS decided to halt efforts to rebid its contract with Maximus. Some observers, including 17 state attorneys general, noted that there was little precedent for ending an ongoing contract and introducing new labor harmony provisions. Sen. Bill Cassidy, the incoming chairman of the Senate Health, Education, Labor, and Pensions Committee, stated, 'The Maximus contract should never have ended in the first place,' and expressed concerns that the administration's actions were aimed at promoting unionization among call-center employees.

The Maximus Foundation

The Maximus Foundation is a non-profit 501(c)(3) charitable organization incorporated in the Commonwealth of Virginia. Funding is provided by charitable gifts from Maximus employees and supplemented by grants from the company. The foundation contributes to programs helping disadvantaged individuals achieve self-sufficiency, particularly programs serving children. The Chairman of the Foundation is president and General Manager of Maximus Federal Services, John Boyer.

In 2009, the Maternity and Early Childhood Foundation used a grant from the Maximus Foundation to upgrade aging computer equipment and build its capacity to promote quality services and provide required reports to New York State. In 2011, EMQ FamiliesFirst, a California-based non-profit agency that helps children in crisis and their families, received a grant from the Maximus Foundation. In 2012, the South Bronx Overall Economic Development Corporation (SoBRO) used grant money from the Maximus Foundation to start the Greenhouse Roof Operation (GRO), a program to teach disadvantaged youth vocational skills through the construction and operation of a hydroponic farm. That same year, the Maximus Foundation awarded over $100,000 in grants for Washington D.C non-profit organizations benefitting children.

In 2013, the Maximus Foundation contributed $29,000 to Nepal Earthquake Relief through Project HOPE and in 2015, provided back-to-school supplies to 2,000 low-income children in Austin, Texas, such as socks and a brand-new backpack with school supplies.

In 2015, the Foundation announced that it distributed approximately $390,000 in grants to 121 nonprofit organizations in 22 states. Grantees included CASA of Los Angeles and the Community Health Centers of Burlington.

The Maximus Foundation helped fund the work of four high school students at Thomas Jefferson High School for Science and Technology in Alexandria, Virginia, to develop Atheia, a new technology to assist those with vision problems.

From Wikipedia’s article on Maximus Inc., shared under CC BY-SA 4.0.7

Products and brands

Maximus is one of the largest providers of government services. The company provides business process management, technology integration and implementation, and consulting services in policy and program areas that include Health and Wellness, Welfare and Safety Net, Citizen Services, and Federal/National Agencies.

Health and Wellness

Maximus provides services for government health programs including Medicaid and workers' compensation independent medical review, the Children's Health Insurance Program (CHIP), Medicare and health insurance exchanges as required under the Affordable Care Act. Maximus serves on the Enroll America advisory council.

In September 2012, the Illinois Department of Healthcare and Family Services awarded Maximus Health Services a two-year, $76.8 million contract to help the state with its Medicaid program. That same month, Maximus announced a $23.5 million contract with the State of Oklahoma to operate a customer relationship management system for SoonerCare, the state's Medicaid program, and Insure Oklahoma, a program that provides employers with subsidies to help buy private market health insurance for their low- to moderate-income employees.

Maximus is also the largest provider of privatized health insurance appeals to Medicare. In 2012 it expanded its growing Federal operations, bringing 500 local jobs to upstate New York and Pennsylvania, including more than 325 jobs in Pittsford, NY and more than 125 jobs to Scranton, PA.

Read the full text

The company offers services in the health insurance exchange marketplace and in July 2012, the Minnesota Department of Commerce awarded Maximus a two-year, $41 million contract to create the state's new health insurance exchange. In February 2013, Connecticut awarded Maximus a $15 million contract to run the customer contact center operations for the state's health insurance exchange, Access Health CT.

COVID-19 Response

In March 2020, Maximus began working with government agencies in the United States at the federal, state, and local level to assist with the COVID-19 pandemic response. This work initially included providing testing results and conducting contact tracing, in states such as Arizona and Indiana. In September 2020, Maximus announced the creation of Maximus Public Health to establish citizen engagement centers and support “efforts to contain the spread of COVID-19 and toward the purchasing and distribution of vaccines."

In 2021, Maximus shifted its focus to vaccine distribution. The company worked directly with states, like Colorado, to provide information to residents and schedule vaccine appointments. In May 2021, the Center for Disease Control (CDC) announced it had selected Maximus to “support a national hotline program" for vaccine distribution.

Welfare and Safety Net

National governments, state agencies, and local governments administer and deliver programs that address complex social challenges like poverty and health equity. Maximus supports agencies in this area, offering services such as welfare-to-work programs, including Ticket to Work, as well as support for the Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), and Refugee Support Services.

In 2012, the company launched its first welfare-to-work program in Canada and expanded its Australia operations with a five-year contract to help people with disabilities find employment.

Maximus also provides child support enforcement and other child support services. In 2009, the company won a five-year contract to collect and enforce child-support collections in Shelby County, Tennessee. Maximus launched Project NOW (Negotiating Outstanding Warrants), an initiative that collected more than $35,000 to help nearly 100 parents in Shelby County get back on track after missing child support payments.

Maximus provides support for the UK’s Department of Work and Pensions. In 2011, Maximus was recognized as the top performing provider for welfare-to-work services under the United Kingdom's Flexible New Deal programme, helping job seekers into long-term sustained employment. Following the Flexible New Deal, the United Kingdom government unveiled a replacement program, called the Work Programme, that created welfare reform changes. Maximus serves as a contractor in three regions under the UK's Work Programme initiative. Its subsidiary, Centre for Health and Disability Assessments Ltd., runs Work Capability Assessments with a contract which began in 2014 and runs until July 2021.

In 2012, the company launched its first welfare-to-work program in Canada and expanded its Australia operations with a five-year contract to help people with disabilities find employment.

Maximus provides support for the U.S. Department of Education’s student debt management and collection system and student loan counseling for the Federal Student Loan program. Maximus Federal Services is a contractor to FSA for DMS (Default Management System) one of the systems used to process student loan defaults.

Citizen services

Governments offer a variety of other services – passports and drivers licensing, disaster and recovery administration, travel assessments, census administration, etc. – for citizens.

Maximus’s services in this area have included support for:

The Federal Emergency Management Agency (FEMA)

The 2020 Census

Federal/National Agencies

Maximus supports federal/national agencies in the design, implementation, and management of business processes and enabling technologies to achieve specific programmatic missions. This includes support for the Defense Information Systems Agency, Energy Department and the Securities and Exchange Commission (SEC). Maximus also contracts with the Internal Revenue Service (IRS) to modernize the agency's technology infrastructure and provides NextGen Business Process Operations Support Services for the Department of Education.

From Wikipedia’s article on Maximus Inc., shared under CC BY-SA 4.0.7

Former names

  • MAXIMUS INCMar 28, 1997 to Jul 2, 20196

Timeline

  1. Jun 13, 1997Went public Listed on NYSE1
  2. 1975Founded Founded1

Recent filings

  1. Oct 8, 2026SCHEDULE 13G
  2. Oct 2, 20264
  3. Oct 2, 20264
  4. Oct 2, 20264
  5. Oct 2, 20264
  6. Oct 2, 20264
  7. Oct 1, 2026144
  8. Aug 14, 2026SCHEDULE 13G
  9. Aug 6, 20268-K
  10. Aug 6, 2026SCHEDULE 13G/A
  11. Aug 6, 202610-Q
  12. May 28, 20268-K
  13. May 7, 20268-K
  14. May 7, 202610-Q
  15. Apr 30, 2026SCHEDULE 13G

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2