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.
MMS
$87.77+Infinity%1D
Analyst Views on MMS
About MMS
Maximus, Inc. is an operator of government health and human services programs and provider of technology solutions to governments. The Company operates through three segments: U.S. Services, U.S. Federal Services, and Outside the U.S. The U.S. Services segment provides a variety of business process services (BPS), such as program administration, appeals and assessments, and related consulting work for United States state and local government programs. The U.S. Federal Services segment delivers end-to-end solutions that help various United States federal government agencies, including program operations and management, clinical services, and technology solutions. The Outside the U.S. segment provides BPS for international governments and commercial clients. The services of this segment include health and disability assessments, program administration for employment services, wellbeing solutions, and other job seeker-related services. It also delivers services in the United Kingdom.
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.
