Maximus Announces Fourth Quarter and Annual Results for Fiscal Year 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 20 2025
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Should l Buy MMS?
Source: Newsfilter
Financial Performance: Maximus reported a 2.4% increase in full-year revenue to $5.43 billion for fiscal year 2025, with an operating margin of 9.7% and adjusted EBITDA margin of 12.9%, reflecting year-over-year margin expansion.
Segment Growth: The U.S. Federal Services Segment saw a significant revenue increase of 12.1% to $3.07 billion, driven by high demand for clinical services, while the U.S. Services Segment revenue decreased by 7.7% due to prior year excess volumes.
Cash Flow and Shareholder Returns: Maximus generated $429 million in cash flows from operating activities and $366 million in free cash flow for fiscal year 2025, alongside a quarterly cash dividend of $0.30 per share declared for December 2025.
Fiscal Year 2026 Guidance: The company anticipates revenue between $5.225 billion and $5.425 billion for fiscal year 2026, with an expected adjusted EBITDA margin of approximately 13.7% and adjusted diluted earnings per share ranging from $7.95 to $8.25.
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Analyst Views on MMS
About MMS
Maximus, Inc. is a provider of tech-enabled services to government agencies. Its segments include U.S. Services, U.S. Federal Services, and Outside the U.S. The U.S. Services segment provides a variety of services, such as program operations, clinical services, employment services and advanced technology solutions and related professional services work for U.S. state and local government programs. The U.S. Federal Services segment delivers solutions that help various U.S. federal government agencies better execute on their mission, including program operations and management, clinical services, and advanced technology solutions. Outside the U.S. segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally enabled customer services, and advanced technologies for modernization.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Driving Digital Innovation: In her new role, Moellering emphasized that the accelerating adoption of AI and digital innovation presents new opportunities for government services, indicating that the company will leverage technology to improve the efficiency and scale of public service delivery in collaboration with partners.
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- Dividend Yield: The forward yield of 2.12% reflects the company's attractiveness in the current market environment, potentially drawing in more investors seeking stable income.
- Revenue Guidance Adjustment: MAXIMUS narrows its 2026 revenue guidance to $5.2 billion to $5.35 billion, indicating a focus on optimizing core operations while advancing AI solutions, aimed at enhancing long-term growth potential.
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- Leader in Government Services: As a leading provider of government services, Maximus enhances public service delivery efficiency through tech-enabled services, addressing complex technology, health, and social challenges, thereby strengthening its competitive position in the market.
- Operational Excellence: By deeply understanding program service delivery and client needs, Maximus is dedicated to achieving operational excellence, which improves productivity and efficiency in government-sponsored programs, ultimately enhancing public service outcomes.
- Cautionary Note on Forward-Looking Statements: The company includes forward-looking statements in its press release, cautioning investors about potential risks and uncertainties that could affect future dividends, emphasizing the need for careful consideration of these projections.
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