# EDGAR Filing Document

**Accession Number:** 0001032220
**File Stem:** 0001032220-25-000038
**Filing Date:** 2025-8
**Character Count:** 34568
**Document Hash:** 5ac440884dcb384a48aaf27a86801050
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001032220-25-000038.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001032220-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250807

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**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:** 251191686

**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-20250807

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): August 7, 2025

![maximus-logo.jpg](mms-20250807_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 August 7, 2025, the Company issued a press release announcing its financial results for the quarter ended June 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-2025x06x30x8kxex991.htm)</u> | Press release dated August 7, 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: August 7, 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: August 7, 2025** | | <u>IR@maximus.com</u> |

---

**Maximus Reports Fiscal Year 2025 Third Quarter Results**

***Third Consecutive Raise to FY25 Guidance***

**(Tysons, Va. -** August 7, 2025**)** - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three and nine months ending June 30, 2025.

Highlights for the third quarter of fiscal year 2025 include:

**•** Revenue increased 2.5% to $1.35 billion, compared to $1.31 billion for the prior year period. Organic growth was 4.3% driven primarily by strong performance in the U.S. Federal Services Segment.

**•** Diluted earnings per share were $1.86 and adjusted diluted earnings per share were $2.16, compared to $1.46 and $1.74, respectively, for the prior year period.

• The company is raising revenue and earnings guidance for fiscal year 2025. Full-year revenue is expected to range between $5.375 billion and $5.475 billion. Adjusted EBITDA margin is expected to be approximately 13% and adjusted diluted earnings per share are expected to range between $7.35 and $7.55 per share for the full fiscal year 2025.

• A quarterly cash dividend of $0.30 per share is payable on August 31, 2025, to shareholders of record on August 15, 2025.

"Our third quarter results reflect once again the resilience of our business model that is underpinned by consistent delivery at scale of critical government services," said Bruce Caswell, President and Chief Executive Officer. "We are grateful to play a central role in supporting our customers' missions by delivering essential services efficiently and accountably."

Caswell added, "Over the 50 years that Maximus has served as a trusted and impartial delivery partner for government, we've consistently demonstrated adaptability as legislation and regulatory changes lead to new program imperatives and advanced technologies like AI reshape citizen services."

**Third Quarter Results**

Revenue for the third quarter of fiscal year 2025 increased 2.5% to $1.35 billion, compared to $1.31 billion for the prior year period. Organic growth was 4.3% primarily due to the U.S. Federal Services Segment and, to a lesser degree, contributions from the Outside the U.S. Segment. The U.S. Services Segment delivered expected results following the prior year period's over-performance from Medicaid-related activities.

For the third quarter of fiscal year 2025, operating margin was 12.3% and the adjusted EBITDA margin was 14.7%. This compares to margins of 10.8% and 13.1%, respectively, for the prior year period. Diluted earnings per share were $1.86 and adjusted diluted earnings per share were $2.16. This compares to $1.46 and $1.74, respectively, for the prior year period.

**U.S. Federal Services Segment**

U.S. Federal Services Segment revenue for the third quarter of fiscal year 2025 increased 11.4% to $761.2 million, compared to $683.3 million reported for the prior year period. All growth was organic and driven primarily by a trend across this fiscal year of elevated volumes on programs in the clinical portfolio.

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

The segment operating margin for the third quarter of fiscal year 2025 was 18.1%, compared to 15.5% reported for the prior year period. Processing of elevated volume on behalf of our customers across several different program areas provided additional benefit to this quarter's margin. The full-year fiscal 2025 operating margin for the U.S. Federal Services Segment is now expected to be approximately 15%.

**U.S. Services Segment**

U.S. Services Segment revenue for the third quarter of fiscal year 2025 decreased 6.9% to $439.8 million, compared to $472.3 million reported in the prior year period. Similar to the first two quarters of this year, the decrease resulted from the prior year period containing excess volumes from Medicaid-related activities, including the unwinding exercise that drove extra redeterminations.

The segment operating margin for the third quarter of fiscal year 2025 was 10.2%, compared to 13.0% reported for the prior year period. The higher margin in the prior year period was a direct benefit of the excess volumes that were temporary. The full-year fiscal 2025 operating margin for the U.S. Services Segment is now expected to be approximately 10.5%.

**Outside the U.S. Segment**

Outside the U.S. Segment revenue for the third quarter of fiscal year 2025 decreased to $147.4 million, compared to $159.3 million reported in the prior year period. The revenue reduction was due to the divestitures of multiple employment services businesses in prior periods, and partially offset by positive organic growth of 7.3%.

The segment operating margin for the third quarter of fiscal year 2025 was 4.0%, compared to an operating loss of 0.9% in the prior year period. A trend of improved profitability for the segment across this fiscal year continues following the divestitures of multiple employment services businesses.

**Sales and Pipeline**

Year-to-date signed contract awards at June 30, 2025, totaled $3.37 billion, and contracts pending (awarded but unsigned) totaled $1.44 billion. The book-to-bill ratio at June 30, 2025, was 0.8x as calculated on a trailing twelve-month basis.

The sales pipeline at June 30, 2025, totaled $44.7 billion, comprised of approximately $3.05 billion in proposals pending, $1.20 billion in proposals in preparation, and $40.4 billion in opportunities we are tracking. New work opportunities represent approximately 63% of the total sales pipeline.

**Balance Sheet and Cash Flows**

At June 30, 2025, unrestricted cash and cash equivalents totaled $59.8 million, and gross debt was $1.67 billion. The ratio of debt, net of allowed cash, to consolidated EBITDA for the quarter ended June 30, 2025, as calculated on a trailing twelve-month basis in accordance with our credit agreement, was 2.1x compared to 1.9x at March 31, 2025. The current debt ratio stands at the low end of our 2x to 3x target net leverage range and recent quarters of increased borrowings are due to a combination of Maximus common stock purchases and temporary working capital needs.

For the third quarter of fiscal year 2025, cash used in operating activities totaled $182.7 million and free cash flow was an outflow of $198.2 million. Operating cash flows were impacted primarily by payment delays on two large programs as contemplated in prior guidance in which Days Sales Outstanding (DSO) were estimated to peak in this quarter-ended June 30, 2025. DSO were 96 days at June 30, 2025, compared with 73 days at March 31, 2025. Subsequent to June 30, 2025, collections have improved substantially and are anticipated to continue through the end of this fiscal year. As a result, fiscal year 2025 guidance for free cash flow is increasing.

The current Board of Directors authorization announced in December 2024 has $65.8 million available for future purchases of Maximus common stock.

On July 5, 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 August 31, 2025, to shareholders of record on August 15, 2025.

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Raising Fiscal Year 2025 Guidance**

Maximus is raising revenue, earnings, and free cash flow guidance for fiscal year 2025. Revenue guidance is increasing by $100 million at the midpoint and is now expected to range between $5.375 billion and $5.475 billion.

The full year adjusted EBITDA margin guidance, which excludes divestiture-related charges, improves by 130 basis points to approximately 13%, compared to prior guidance. Guidance for adjusted diluted earnings per share, which excludes expense for amortization of intangible assets and divestiture-related charges, increases by $1.00 at the midpoint and is now expected to range between $7.35 and $7.55 per share for fiscal year 2025.

Free cash flow guidance increases by $10 million at the midpoint and is now expected to range between $370 million and $390 million for fiscal year 2025. Interest expense is now estimated to be $81 million for fiscal year 2025. The full year tax rate is still expected to range between 28% and 29% and the weighted average shares outstanding forecast of approximately 58 million shares is unchanged for fiscal year 2025.

**Conference Call and Webcast Information**

Maximus will host a conference call this morning, August 7, 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, environmental, 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 delivers innovative business process management, impactful consulting services, 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 Forward-Looking Statements**

This release contains non-GAAP measures and other indicators, including organic growth, free cash flow, operating income and 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-Q.

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.

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

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 Special Note Regarding Forward-Looking Statements is included within our forthcoming Form 10-Q and a summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2024, which was filed with the Securities and Exchange Commission (SEC) 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 SEC reports are accessible on <u>maximus.com</u>.

---

| | | |
|:---|:---|:---|
| | **FY25 Guidance Reconciliation - Non-GAAP** | **FY25 Guidance Reconciliation - Non-GAAP** |
| *($ in millions except per share items)* | *Low End* | *High End* |
| Operating income | $527 | $543 |
| Add: amortization of intangible assets | 92 | 92 |
| Add: depreciation & amortization of property, equipment and capitalized software | 41 | 41 |
| Add: divestiture-related charges | 39 | 39 |
| Adjusted EBITDA | $699 | $715 |
| Revenue | $5375 | $5475 |
| Adjusted EBITDA Margin | 13.0% | 13.1% |
| Diluted EPS | $5.51 | $5.71 |
| Add: effect of amortization of intangible assets on diluted EPS | 1.17 | 1.17 |
| Add: effect of divestiture-related charges on diluted EPS | 0.67 | 0.67 |
| Adjusted diluted EPS | $7.35 | $7.55 |
| Cash flows from operating activities | $440 | $460 |
| Remove: purchases of property and equipment and capitalized software costs | (70) | (70) |
| Free cash flow | $370 | $390 |

---

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | $1348400 | $1314929 | $4112861 | $3990327 |
| &nbsp;&nbsp;&nbsp;Cost of revenue | 988887 | 982615 | 3112970 | 3040370 |
| Gross profit | 359513 | 332314 | 999891 | 949957 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 170831 | 167033 | 525423 | 504682 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 23010 | 23542 | 69041 | 68532 |
| Operating income | 165672 | 141739 | 405427 | 376743 |
| &nbsp;&nbsp;&nbsp;Interest expense | 22657 | 20555 | 61648 | 62428 |
| &nbsp;&nbsp;&nbsp;Other expense/(income), net | 48 | 809 | (603) | 475 |
| Income before income taxes | 142967 | 120375 | 344382 | 313840 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 36986 | 30623 | 100636 | 79430 |
| Net income | $105981 | $89752 | $243746 | $234410 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.87 | $1.47 | $4.22 | $3.83 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.86 | $1.46 | $4.20 | $3.81 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 56683 | 61079 | 57776 | 61233 |
| &nbsp;&nbsp;&nbsp;Diluted | 56984 | 61381 | 58100 | 61495 |
| Dividends declared per share | $0.30 | $0.30 | $0.90 | $0.90 |

---

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | June 30, 2025 | September 30, 2024 |
|  | *(unaudited)* |  |
|  | *(in thousands)* | *(in thousands)* |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $59777 | $183123 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1422350 | 879514 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 5661 | 5282 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 117243 | 132625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1605031 | 1200544 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 34536 | 38977 |
| &nbsp;&nbsp;&nbsp;Capitalized software, net | 217433 | 187677 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 115437 | 133594 |
| &nbsp;&nbsp;&nbsp;Goodwill | 1782836 | 1782871 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 561566 | 630569 |
| &nbsp;&nbsp;&nbsp;Deferred contract costs, net | 60392 | 59432 |
| &nbsp;&nbsp;&nbsp;Deferred compensation plan assets | 58714 | 55913 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 11059 | 14801 |
| &nbsp;&nbsp;&nbsp;Other assets | 15289 | 27130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4462293 | $4131508 |
| Liabilities and Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $281994 | $303321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 164194 | 237121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 70197 | 83238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 31310 | 26535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion | 48263 | 40139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 39882 | 47656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 70311 | 69519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 706151 | 807529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, non-current portion | 48990 | 45077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 161426 | 169118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, non-current portion | 1608982 | 1091954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plan liabilities, non-current portion | 58736 | 57599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current portion | 83390 | 97221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 21582 | 20195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2689257 | 2288693 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 100,000 shares authorized; 56,350 and 60,352 shares issued and outstanding as of June 30, 2025, and September 30, 2024, respectively | 627496 | 598304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (12629) | (32460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1158169 | 1276971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1773036 | 1842815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $4462293 | $4131508 |

---

------

![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Cash flows from operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $105981 | $89752 | $243746 | $234410 |
| &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 | 9607 | 7530 | 27502 | 24146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 23010 | 23542 | 69041 | 68532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and debt discount | 736 | 1697 | 2046 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (5239) | 4545 | (5829) | (3770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 10749 | 9481 | 30324 | 27605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divestiture-related charges |  |  | 39343 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities, net of effects of business combinations and divestitures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (318415) | 65857 | (553297) | (26528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1398 | (616) | 9341 | 19316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 1059 | (4777) | (856) | (8377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (27751) | 4642 | (21808) | (1659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | (2368) | (10487) | (50369) | (21043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2618 | 7374 | (8675) | 18079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 12090 | (2734) | 5625 | 10576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and liabilities | (1145) | (1746) | (3508) | (2131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 4952 | 5268 | (2626) | 8351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in)/provided by operating activities | (182718) | 199328 | (220000) | 351424 |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment and capitalized software | (15488) | (34690) | (55686) | (82237) |
| &nbsp;&nbsp;&nbsp;Asset acquisition |  |  |  | (18006) |
| &nbsp;&nbsp;&nbsp;Proceeds from divestitures |  |  | 736 | 3078 |
| &nbsp;&nbsp;&nbsp;Other |  |  | (2165) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (15488) | (34690) | (57115) | (97165) |
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid to Maximus shareholders | (16904) | (18239) | (51865) | (54847) |
| &nbsp;&nbsp;&nbsp;Purchases of Maximus common stock |  | (47275) | (306443) | (47275) |
| &nbsp;&nbsp;&nbsp;Tax withholding related to RSU vesting | (10) |  | (16451) | (13455) |
| &nbsp;&nbsp;&nbsp;Payments for contingent consideration |  | (2809) |  | (10977) |
| &nbsp;&nbsp;&nbsp;Payments for debt financing costs |  | (9724) | (1658) | (9724) |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowings | 376208 | 426757 | 1335208 | 850166 |
| &nbsp;&nbsp;&nbsp;Principal payments for debt | (212535) | (488038) | (810174) | (952825) |
| &nbsp;&nbsp;&nbsp;Other | (643) | 3996 | (1824) | 9118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | 146116 | (135332) | 146793 | (229819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1528 | 155 | (65) | 1270 |
| &nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents, and restricted cash | (50562) | 29461 | (130387) | 25710 |
| Cash, cash equivalents, and restricted cash, beginning of period | 155938 | 118340 | 235763 | 122091 |
| Cash, cash equivalents, and restricted cash, end of period | $105376 | $147801 | $105376 | $147801 |

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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 | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 |
| | Amount | % (1) | Amount | % (1) | Amount | % (1) | Amount | % (1) |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| **<u>Revenue:</u>** |  |  |  |  |  |  |  |  |
| U.S. Federal Services | $761174 |  | $683347 |  | $2319756 |  | $2062127 |  |
| U.S. Services | 439818 |  | 472298 |  | 1334418 |  | 1448258 |  |
| Outside the U.S. | 147408 |  | 159284 |  | 458687 |  | 479942 |  |
| &nbsp;&nbsp;&nbsp;Revenue | $1348400 |  | $1314929 |  | $4112861 |  | $3990327 |  |
| **<u>Gross profit:</u>** |  |  |  |  |  |  |  |  |
| U.S. Federal Services | $226134 | 29.7% | $186075 | 27.2% | $601507 | 25.9% | $506074 | 24.5% |
| U.S. Services | 105932 | 24.1% | 121012 | 25.6% | 312706 | 23.4% | 369497 | 25.5% |
| Outside the U.S. | 27447 | 18.6% | 25227 | 15.8% | 85678 | 18.7% | 74386 | 15.5% |
| &nbsp;&nbsp;&nbsp;Gross profit | $359513 | 26.7% | $332314 | 25.3% | $999891 | 24.3% | $949957 | 23.8% |
| **<u>Selling, general, and administrative expenses:</u>** |  |  |  |  |  |  |  |  |
| U.S. Federal Services | $88272 | 11.6% | $79949 | 11.7% | $245563 | 10.6% | $247671 | 12.0% |
| U.S. Services | 60975 | 13.9% | 59531 | 12.6% | 173096 | 13.0% | 174032 | 12.0% |
| Outside the U.S. | 21507 | 14.6% | 26647 | 16.7% | 66822 | 14.6% | 75249 | 15.7% |
| Divestiture-related charges (2) |  | NM |  | NM | 39343 | NM | 1018 | NM |
| Other (3) | 77 | NM | 906 | NM | 599 | NM | 6712 | NM |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | $170831 | 12.7% | $167033 | 12.7% | $525423 | 12.8% | $504682 | 12.6% |
| **<u>Operating income:</u>** |  |  |  |  |  |  |  |  |
| U.S. Federal Services | $137862 | 18.1% | $106126 | 15.5% | $355944 | 15.3% | $258403 | 12.5% |
| U.S. Services | 44957 | 10.2% | 61481 | 13.0% | 139610 | 10.5% | 195465 | 13.5% |
| Outside the U.S. | 5940 | 4.0% | (1420) | (0.9)% | 18856 | 4.1% | (863) | (0.2)% |
| Amortization of intangible assets | (23010) | NM | (23542) | NM | (69041) | NM | (68532) | NM |
| Divestiture-related charges (2) |  | NM |  | NM | (39343) | NM | (1018) | NM |
| Other (3) | (77) | NM | (906) | NM | (599) | NM | (6712) | NM |
| &nbsp;&nbsp;&nbsp;Operating income | $165672 | 12.3% | $141739 | 10.8% | $405427 | 9.9% | $376743 | 9.4% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage of respective revenue, as applicable. Percentages not considered meaningful are marked "NM."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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;(3)Other expenses includes credits and costs that are not allocated to a particular segment.

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![maximus_logox2022.jpg](maximus_logox2022.jpg)

**Maximus, Inc.**

**Consolidated Free Cash Flows - Non-GAAP**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Net cash (used in)/provided by operating activities | (182718) | 199328 | (220000) | 351424 |
| Purchases of property and equipment and capitalized software | (15488) | (34690) | (55686) | (82237) |
| Free cash flow (Non-GAAP) | $(198206) | $164638 | $(275686) | $269187 |

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**Maximus, Inc.**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | $165672 | $141739 | $405427 | $376743 |
| Add back: Amortization of intangible assets | 23010 | 23542 | 69041 | 68532 |
| Add back: Divestiture-related charges |  |  | 39343 | 1018 |
| Add back: Depreciation and amortization of property, equipment, and capitalized software | 9607 | 7530 | 27502 | 24146 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA (Non-GAAP) | $198289 | $172811 | $541313 | $470439 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (Non-GAAP) | 14.7% | 13.1% | 13.2% | 11.8% |
| Net income | $105981 | $89752 | $243746 | $234410 |
| Add back: Amortization of intangible assets, net of tax | 16958 | 17350 | 50883 | 50508 |
| Add back: Divestiture-related charges |  |  | 39343 | 1018 |
| &nbsp;&nbsp;&nbsp;Adjusted net income excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) | $122939 | $107102 | $333972 | $285936 |
| Diluted earnings per share | $1.86 | $1.46 | $4.20 | $3.81 |
| Add back: Effect of amortization of intangible assets on diluted earnings per share | 0.30 | 0.28 | 0.88 | 0.82 |
| Add back: Effect of divestiture-related charges on diluted earnings per share |  |  | 0.67 | 0.02 |
| &nbsp;&nbsp;&nbsp;Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related charges (Non-GAAP) | $2.16 | $1.74 | $5.75 | $4.65 |

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