# EDGAR Filing Document

**Accession Number:** 0001032220
**File Stem:** 0001032220-25-000049
**Filing Date:** 2025-11
**Character Count:** 36436
**Document Hash:** 58a57b9acffec04fa60378b8a3262c0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001032220-25-000049.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001032220-25-000049

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251120

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAXIMUS, INC.
- **CENTRAL INDEX KEY:** 0001032220
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 541000588
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12997
- **FILM NUMBER:** 251500970

**BUSINESS ADDRESS:**
- **STREET 1:** ATTN: TREASURY DEPT.
- **STREET 2:** 1600 TYSONS BLVD, #1400
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 7032518500

**MAIL ADDRESS:**
- **STREET 1:** ATTN: TREASURY DEPT.
- **STREET 2:** 1600 TYSONS BLVD, #1400
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAXIMUS INC
- **DATE OF NAME CHANGE:** 19970205

?xml version='1.0' encoding='ASCII'? mms-20251120

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 20, 2025

![maximus-logo.jpg](mms-20251120_g1.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Maximus, Inc.** | **Maximus, Inc.** | **Maximus, Inc.** | **Maximus, Inc.** | **Maximus, Inc.** | **Maximus, Inc.** |
| *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* | *(Exact name of registrant as specified in its charter)* |
| Virginia | 1-12997 | 1-12997 | 1-12997 | 1-12997 | 54-1000588 |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(Commission File Number)* | *(Commission File Number)* | *(Commission File Number)* | *(I.R.S. Employer Identification No.)* |
| 1600 Tysons Boulevard | McLean | , | VA | VA | 22102 |
| *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Zip Code)* |
| Registrant's telephone number, including the area code | Registrant's telephone number, including the area code |  | 703 | 251-8500 |  |
| No Change | No Change | No Change | No Change | No Change | No Change |
| *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* | *(Former name or former address, if changed since last report)* |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Common Stock, no par value MMS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On November 20, 2025, the Company issued a press release announcing its financial results for the quarter and fiscal year ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](mms-2025x09x30x8kxex991.htm)</u> | Press release dated November 20, 2025 |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | Maximus, Inc. |
| | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: November 20, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John T. Martinez |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John T. Martinez |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Legal Officer and Secretary |

---

## Exhibit 99.1

![maximus_logox2022xmed002.jpg](maximus_logox2022xmed002.jpg)

---

| | | |
|:---|:---|:---|
| **FOR IMMEDIATE RELEASE** | **CONTACT:** | James Francis, VP - IR |
| | | Jessica Batt, VP - IR |
| **Date: November 20, 2025** | | <u>IR@maximus.com</u> |

---

**Maximus Reports Fourth Quarter and Full Year Results for Fiscal Year 2025**

***Delivers margin expansion, strong cash generation, and establishes fiscal year 2026 guidance***

**(Tysons, Va. - November 20, 2025)** - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three months and year ended September 30, 2025.

Highlights for fiscal year 2025 include:

• Full year revenue increased 2.4% to $5.43 billion, compared to $5.31 billion for the prior year. Organic growth was 3.9% and driven by high demand for clinical services within the U.S. Federal Services Segment.

• Full year operating margin was 9.7% and the adjusted EBITDA margin was 12.9%, reflecting year-over-year margin expansion. Full year diluted earnings per share were $5.51, and adjusted diluted earnings per share were $7.36.

• Full year cash flows from operating activities totaled $429 million, and free cash flow was $366 million. Purchases of Maximus common stock totaled 5.8 million shares for $457 million during the full year. The leverage ratio at September 30, 2025, was 1.5x, as calculated in accordance with our credit agreement.

• A quarterly cash dividend of $0.30 per share payable on December 1, 2025, to shareholders of record on November 14, 2025.

"Fiscal 2025 was a year of significant achievement for Maximus, as our teams skillfully navigated shifting priorities, seized opportunities to step up for our customers, and ultimately delivered revenue growth and profitability well above our expectations at the beginning of the fiscal year," said Bruce Caswell, President and Chief Executive Officer. "Our performance underscores the essential nature of the services we provide, and the trust customers place in us to deliver meaningful outcomes."

Caswell continued, "For fiscal 2026, Maximus is prioritizing expansion in U.S. Federal markets, preparing for opportunities from recent Federal legislation, and deploying AI-enabled automation designed to drive productivity and operating leverage that we believe will enable growth acceleration in 2027 and beyond."

**Consolidated Fiscal Year 2025 Results**

Revenue for the full fiscal year 2025 increased 2.4% to $5.43 billion, compared to $5.31 billion for the prior year. Organic growth was 3.9% over the prior year due primarily to volume growth on clinical programs in the U.S. Federal Services Segment.

For the full fiscal year 2025, the operating margin was 9.7% and adjusted EBITDA margin was 12.9%. This compares to margins of 9.2% and 11.6%, respectively, for the prior fiscal year. Higher volumes in the U.S. Federal Services Segment, combined with technology and cost initiatives, drove the year-over-year improvement and demonstrate the benefits of our strategic focus on clinical programs and tech-enabled service delivery.

Diluted earnings per share were $5.51 and adjusted diluted earnings per share were $7.36. This compares to $4.99 and $6.11, respectively, for the prior year. The majority of the earnings improvement was attributable to enhanced operating profitability, with a smaller contribution derived from the purchase of Maximus common stock.

**U.S. Federal Services Segment**

U.S. Federal Services Segment revenue for fiscal year 2025 increased 12.1% to $3.07 billion, compared to $2.74 billion reported for the prior year. All growth was organic and driven predominantly by a combination of anticipated and

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

unforeseen volume growth across a range of clinical programs, further reinforcing U.S. Federal Services as a strong growth engine. In addition, natural disaster support activities provided a greater contribution to fiscal year 2025 as compared to the prior year.

The segment operating margin for the full fiscal year 2025 was 15.3%, as compared to 12.2% reported for the prior fiscal year. The margin improvement was attributable to clinical program-related volume growth improving the operating leverage of the segment, along with productivity enhancements tied to technology initiatives.

**U.S. Services Segment**

U.S. Services Segment revenue for fiscal year 2025 decreased by 7.7% to $1.76 billion, compared to $1.91 billion reported in the prior fiscal year. The decrease was primarily due to the prior fiscal year period containing excess volumes from Medicaid-related activities, including the extra redeterminations from the unwinding exercise.

The segment operating margin for fiscal year 2025 was 9.7%, compared to 12.9% reported in the prior fiscal year. The higher margin in the prior year period was a direct benefit of the excess volumes that were temporary. In addition, the segment's operating income was impacted by a meaningful portion of the company's $16 million of severance charges booked in the fourth quarter of fiscal year 2025.

**Outside the U.S. Segment**

Outside the U.S. Segment revenue for fiscal year 2025 decreased 8.7% to $599.9 million as compared to $657.1 million reported for the prior fiscal year. The revenue reduction was due to the divestitures of multiple employment services businesses, and was partially offset by positive organic growth of 4.1%.

The segment operating margin for fiscal year 2025 was 3.7%, compared to 1.2% reported in the prior fiscal year. The segment is operating within its 3% to 7% target margin range due to divesting more volatile elements of the portfolio. Our goal remains to move the segment higher in the target margin range in future periods.

**Sales and Pipeline**

Year-to-date signed contract awards at September 30, 2025, totaled $4.7 billion, and contracts pending (awarded but unsigned) totaled $331 million. The book-to-bill ratio at September 30, 2025, was 0.9x on a trailing twelve-month basis.

The total sales pipeline at September 30, 2025, was $51.3 billion (comprised of approximately $3.37 billion in proposals pending, $1.37 billion in proposals in preparation, and $46.6 billion in opportunities tracking). New work opportunities represent approximately 64% of the total sales pipeline, and U.S. Federal Services Segment opportunities represent approximately 66% of the total sales pipeline, providing a diversified set of future growth drivers with an increasing tilt toward U.S. Federal programs.

**Balance Sheet and Cash Flows**

At September 30, 2025, cash and cash equivalents totaled $222 million, and gross debt was $1.35 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the full year ended September 30, 2025, as calculated in accordance with our credit agreement, was 1.5x, as compared to 2.1x at June 30, 2025, providing meaningful financial flexibility for continued investment and shareholder returns.

For fiscal year 2025, cash flows from operating activities totaled $429 million and free cash flow was $366 million, enabled by $642 million of free cash flow for the quarter ended September 30, 2025. This compares to $515 million and $401 million, respectively, in the prior fiscal year. DSO at September 30, 2025, were 62 days, demonstrating strong improvement of collections as expected following the 96-day DSO for the period ended June 30, 2025.

During fiscal year 2025, we purchased approximately 5.8 million shares of Maximus common stock totaling $456.6 million. Subsequent to September 30, 2025, we purchased approximately 0.4 million shares totaling $30.7 million. Including the subsequent activity, approximately $250 million remains on the current $400 million Board of Directors authorization granted in September 2025.

On October 6, 2025, our Board of Directors declared a quarterly cash dividend of $0.30 for each share of our common stock outstanding. The dividend is payable on December 1, 2025, to shareholders of record on November 14, 2025.

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Fiscal Year 2026 Outlook**

Maximus is establishing fiscal year 2026 guidance. We expect revenue to range between $5.225 billion and $5.425 billion. We anticipate an adjusted EBITDA margin of approximately 13.7% for the full fiscal year. We expect adjusted diluted earnings per share, which excludes expense for amortization of intangible assets and divestiture-related charges, to range between $7.95 and $8.25 per share.

We expect free cash flow to range between $450 million and $500 million for fiscal year 2026. We forecast expenses of $81 million for amortization of intangible assets, $58 million for depreciation and amortization, and $69 million for interest is anticipated for the full fiscal year. We expect an effective income tax rate of approximately 25% and weighted average shares outstanding of about 55.5 million is expected for fiscal year 2026.

**Conference Call and Webcast Information**

Maximus will host a conference call today, November 20, 2025, at 9:00 a.m. ET.

The call is open to the public and available by webcast or by phone at:

877.407.8289 (Domestic) / +1.201.689.8341 (International)

For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.

**About Maximus**

As a leading strategic partner to government, Maximus helps improve the delivery of public services amid complex technology, health, economic, and social challenges. With a deep understanding of program service delivery, acute insights that achieve operational excellence, and an extensive awareness of the needs of the people being served, our employees advance the critical missions of our partners. Maximus provides tech-enabled services to government agencies, including innovative business process management and technology solutions, that provide improved outcomes for the public and higher levels of productivity and efficiency of government-sponsored programs. For more information, visit maximus.com.

**Non-GAAP Measures and Risk Factors**

This release contains non-GAAP measures and other indicators, including organic growth, free cash flow, EPS adjusted for amortization of intangible assets and divestiture-related charges, adjusted EBITDA, consolidated EBITDA (as defined by our Credit Agreement) and other non-GAAP measures.

A description of these non-GAAP measures and details as to how they are calculated are included with our earnings presentation and forthcoming Form 10-K.

The presentation of these non-GAAP numbers is not meant to be considered in isolation, nor as alternatives to cash flows from operations, revenue growth, operating income, or net income as measures of performance. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.

Statements that are not historical facts, including statements about our confidence and strategies, and our guidance and expectations about revenues, results of operations, profitability, future contracts, market opportunities, market demand, or acceptance of our products are forward-looking statements that involve risks and uncertainties.

These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. The guidance is only effective as of the date given. We undertake no obligation to update the guidance herein as circumstances evolve. A summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed on November 21, 2024, as supplemented by the risk factor set forth in Part II, Item 1A "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 8, 2025. Our Securities and Exchange Commission (SEC) reports are accessible on <u>maximus.com</u>.

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

---

| | | |
|:---|:---|:---|
| | **FY26 Guidance Reconciliation - Non-GAAP** | **FY26 Guidance Reconciliation - Non-GAAP** |
| ($ in millions except per share items) | *Low End* | *High End* |
| Operating income | $579 | $601 |
| Add: amortization of intangible assets | 81 | 81 |
| Add: depreciation & amortization of property, equipment and capitalized software | 58 | 58 |
| Adjusted EBITDA | $718 | $740 |
| Revenue | $5225 | $5425 |
| Adjusted EBITDA Margin | 13.7% | 13.6% |
| Diluted EPS | $6.87 | $7.17 |
| Add: effect of amortization of intangible assets on diluted EPS | 1.08 | 1.08 |
| Adjusted diluted EPS | $7.95 | $8.25 |
| Cash flows from operating activities | $490 | $540 |
| Remove: purchases of property and equipment and capitalized software costs | (40) | (40) |
| Free cash flow | $450 | $500 |

---

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended<br>September 30, | For the Three Months Ended<br>September 30, | For the Year Ended September 30, | For the Year Ended September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| Revenue | $1318415 | $1315870 | $5431276 | $5306197 |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 984863 | 1014175 | 4097833 | 4054545 |
| Gross profit | 333552 | 301695 | 1333443 | 1251652 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 187684 | 166901 | 713107 | 671583 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 23006 | 23038 | 92047 | 91570 |
| Operating income | 122862 | 111756 | 528289 | 488499 |
| &nbsp;&nbsp;&nbsp;Interest expense | 22432 | 20012 | 84080 | 82440 |
| &nbsp;&nbsp;&nbsp;Other (income)/expense, net | (37) | (925) | (640) | (450) |
| Income before income taxes | 100467 | 92669 | 444849 | 406509 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 25179 | 20165 | 125815 | 99595 |
| Net income | $75288 | $72504 | $319034 | $306914 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.34 | 1.20 | $5.56 | $5.03 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.32 | 1.19 | $5.51 | $4.99 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 56366 | 60553 | 57413 | 61049 |
| &nbsp;&nbsp;&nbsp;Diluted | 56987 | 61085 | 57921 | 61484 |
| Dividends declared per share | $0.30 | $0.30 | $1.20 | $1.20 |

---

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | As of September 30, | As of September 30, |
| | 2025 | 2024 |
|  | *(unaudited)* |  |
|  | *(in thousands)* | *(in thousands)* |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $222351 | $183123 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 898095 | 879514 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 3904 | 5282 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 128574 | 132625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1252924 | 1200544 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 30972 | 38977 |
| &nbsp;&nbsp;&nbsp;Capitalized software, net | 214260 | 187677 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 100514 | 133594 |
| &nbsp;&nbsp;&nbsp;Goodwill | 1782095 | 1782871 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 538266 | 630569 |
| &nbsp;&nbsp;&nbsp;Deferred contract costs, net | 63332 | 59432 |
| &nbsp;&nbsp;&nbsp;Deferred compensation plan assets | 63272 | 55913 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 11491 | 14801 |
| &nbsp;&nbsp;&nbsp;Other assets | 12513 | 27130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4069639 | $4131508 |
| Liabilities and Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $296888 | $303321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 236948 | 237121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 53784 | 83238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 17321 | 26535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion | 52680 | 40139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 38605 | 47656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 68937 | 69519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 765163 | 807529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, non-current portion | 43757 | 45077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 149020 | 169118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, non-current portion | 1281593 | 1091954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plan liabilities, non-current portion | 62145 | 57599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current portion | 71289 | 97221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 22637 | 20195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2395604 | 2288693 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 100,000 shares authorized; 54,805 and 60,352 shares issued and outstanding as of September 30, 2025 and 2024, respectively | 628118 | 598304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (17867) | (32460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1063784 | 1276971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1674035 | 1842815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $4069639 | $4131508 |

---

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months<br>Ended September 30, | For the Three Months<br>Ended September 30, | For the Year<br>Ended September 30, | For the Year<br>Ended September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Cash flows from operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $75288 | $72504 | $319034 | $306914 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash flows from operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of property, equipment and capitalized software | 14167 | 9811 | 41669 | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 23006 | 23038 | 92047 | 91570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and debt discount | 736 | 635 | 2782 | 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (10887) | (32252) | (16716) | (36022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 10858 | 7744 | 41182 | 35349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divestiture-related charges | 206 |  | 39549 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities, net of effects of business combinations and disposals: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 521445 | (24034) | (31852) | (50562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (23145) | (8751) | (13804) | 10565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | (1261) | (4778) | (2117) | (13155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 14316 | 19926 | (7492) | 18267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 62594 | 59290 | 12225 | 38247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (21315) | 10455 | (29990) | 28534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (13133) | 21729 | (7508) | 32305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and liabilities | 1571 | 225 | (1937) | (1906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (5074) | 8292 | (7700) | 16643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 649372 | 163834 | 429372 | 515258 |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment and capitalized software | (7527) | (31953) | (63213) | (114190) |
| &nbsp;&nbsp;&nbsp;Asset acquisition |  | 7 |  | (17999) |
| &nbsp;&nbsp;&nbsp;Proceeds from divestitures | 4381 | 7 | 5117 | 3085 |
| &nbsp;&nbsp;&nbsp;Other |  |  | (2165) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (3146) | (31939) | (60261) | (129104) |
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid to Maximus shareholders | (16845) | (18054) | (68710) | (72901) |
| &nbsp;&nbsp;&nbsp;Purchases of Maximus common stock | (141039) | (25794) | (447482) | (73069) |
| &nbsp;&nbsp;&nbsp;Tax withholding related to RSU vesting |  |  | (16451) | (13455) |
| &nbsp;&nbsp;&nbsp;Payments for contingent consideration |  |  |  | (10977) |
| &nbsp;&nbsp;&nbsp;Payments for debt financing costs |  |  | (1658) | (9724) |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowings | 163792 | 250000 | 1499000 | 1100166 |
| &nbsp;&nbsp;&nbsp;Principal payments for debt | (487465) | (259377) | (1297639) | (1212202) |
| &nbsp;&nbsp;&nbsp;Other | (9113) | 7398 | (10937) | 16516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (490670) | (45827) | (343877) | (275646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (473) | 1894 | (538) | 3164 |
| &nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents, and restricted cash | 155083 | 87962 | 24696 | 113672 |
| Cash, cash equivalents and restricted cash, beginning of period | 105376 | 147801 | 235763 | 122091 |
| Cash, cash equivalents and restricted cash, end of period | $260459 | $235763 | $260459 | $235763 |

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Results of Operations by Segment**

**(Unaudited)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2025 |
| *(dollars in thousands)* | U.S. Federal Services | % (1) |  | U.S. Services | % (1) | Outside the U.S. | % (1) | Total |
| Revenue | $747935 |  |  | $429273 |  | $141207 |  | $1318415 |
| Cost of revenue | 538679 | 72.0% |  | 330997 | 77.1% | 115187 | 81.6% | 984863 |
| Gross profit | 209256 | 28.0% |  | 98276 | 22.9% | 26020 | 18.4% | 333552 |
| Other segment items (2) | 96044 | 12.8% |  | 66623 | 15.5% | 22485 | 15.9% | 185152 |
| Segment operating income | $113212 | 15.1% |  | $31653 | 7.4% | $3535 | 2.5% | 148400 |
| Divestiture-related charges (3) |  |  |  |  |  |  |  | (206) |
| Other (4) |  |  |  |  |  |  |  | (2326) |
| Amortization of intangible assets |  |  |  |  |  |  |  | (23006) |
| Operating income |  |  |  |  |  |  |  | $122862 |
|  | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 | For the Three Months Ended September 30, 2024 |
| *(dollars in thousands)* | U.S. Federal Services | % (1) |  | U.S. Services | % (1) | Outside the U.S. | % (1) | Total |
| Revenue | $675117 |  | 1 | $463555 |  | $177198 |  | $1315870 |
| Cost of revenue | 515429 | 76.3% |  | 353265 | 76.2% | 145481 | 82.1% | 1014175 |
| Gross profit | 159688 | 23.7% |  | 110290 | 23.8% | 31717 | 17.9% | 301695 |
| Other segment items (2) | 84469 | 12.5% |  | 58773 | 12.7% | 23149 | 13.1% | 166391 |
| Segment operating income | $75219 | 11.1% |  | $51517 | 11.1% | $8568 | 4.8% | 135304 |
| Other (4) |  |  |  |  |  |  |  | (510) |
| Amortization of intangible assets |  |  |  |  |  |  |  | (23038) |
| Operating income |  |  |  |  |  |  |  | $111756 |

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 | For the Year Ended September 30, 2025 |
| *(dollars in thousands)* | U.S. Federal Services | % (1) | U.S. Services | % (1) | Outside the U.S. | % (1) | Total |
| Revenue | $3067691 |  | $1763691 |  | $599894 |  | $5431276 |
| Cost of revenue | 2256928 | 73.6% | 1352709 | 76.7% | 488196 | 81.4% | 4097833 |
| Gross profit | 810763 | 26.4% | 410982 | 23.3% | 111698 | 18.6% | 1333443 |
| Other segment items (2) | 341608 | 11.1% | 239718 | 13.6% | 89307 | 14.9% | 670633 |
| Segment operating income | $469155 | 15.3% | $171264 | 9.7% | $22391 | 3.7% | 662810 |
| Divestiture-related charges (3) |  |  |  |  |  |  | (39549) |
| Other (4) |  |  |  |  |  |  | (2925) |
| Amortization of intangible assets |  |  |  |  |  |  | (92047) |
| Operating income |  |  |  |  |  |  | $528289 |
|  | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 | For the Year Ended September 30, 2024 |
| *(dollars in thousands)* | U.S. Federal Services | % (1) | U.S. Services | % (1) | Outside the U.S. | % (1) | Total |
| Revenue | $2737244 |  | $1911813 |  | $657140 |  | $5306197 |
| Cost of revenue | 2071482 | 75.7% | 1432026 | 74.9% | 551037 | 83.9% | 4054545 |
| Gross profit | 665762 | 24.3% | 479787 | 25.1% | 106103 | 16.1% | 1251652 |
| Other segment items (2) | 332140 | 12.1% | 232805 | 12.2% | 98398 | 15.0% | 663343 |
| Segment operating income | $333622 | 12.2% | $246982 | 12.9% | $7705 | 1.2% | 588309 |
| Divestiture-related charges (3) |  |  |  |  |  |  | (1018) |
| Other (4) |  |  |  |  |  |  | (7222) |
| Amortization of intangible assets |  |  |  |  |  |  | (91570) |
| Operating income |  |  |  |  |  |  | $488499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage of respective segment revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Other segment items are principally SG&A expenses allocated to segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)During fiscal years 2025 and 2024, we have divested businesses from our Outside the U.S. Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Other includes credits and costs that are not allocated to a particular segment.

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Free Cash Flows - Non-GAAP**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended September 30, | For the Three Months Ended September 30, | For the Year Ended September 30, | For the Year Ended September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Net cash provided by operating activities | $649372 | $163834 | $429372 | $515258 |
| Purchases of property and equipment and capitalized software | (7527) | (31953) | (63213) | (114190) |
| &nbsp;&nbsp;&nbsp;Free cash flow | $641845 | $131881 | $366159 | $401068 |

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**Maximus, Inc.**

**Non-GAAP Adjusted Results - Operating Income, Adjusted EBITDA, Net Income, and Diluted Earnings per Share**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended September 30, | For the Three Months Ended September 30, | For the Year Ended September 30, | For the Year Ended September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| Operating income | $122862 | $111756 | $528289 | $488499 |
| Add back: Amortization of intangible assets | 23006 | 23038 | 92047 | 91570 |
| Add back: Divestiture-related charges | 206 |  | 39549 | 1018 |
| Add back: Depreciation and amortization of property, equipment, and capitalized software | 14167 | 9811 | 41669 | 33957 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA (Non-GAAP) | $160241 | $144605 | $701554 | $615044 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (Non-GAAP) | 12.2% | 11.0% | 12.9% | 11.6% |
| Net income | $75288 | $72504 | $319034 | $306914 |
| Add back: Amortization of intangible assets, net of tax | 16955 | 16973 | 67839 | 67481 |
| Add back: Divestiture-related charges | 206 |  | 39549 | 1018 |
| &nbsp;&nbsp;&nbsp;Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) | $92449 | $89477 | $426422 | $375413 |
| Diluted earnings per share | $1.32 | $1.19 | $5.51 | $4.99 |
| Add back: Effect of amortization of intangible assets on diluted earnings per share | 0.30 | 0.27 | 1.17 | 1.10 |
| Add back: Effect of divestiture-related charges on diluted earnings per share |  |  | 0.68 | 0.02 |
| &nbsp;&nbsp;&nbsp;Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) | $1.62 | $1.46 | $7.36 | $6.11 |

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