MMS at a glance
MAXIMUS, INC. (MMS, SEC CIK 1032220) filed its latest 10-K annual report on November 20, 2025, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended September 30, 2025 (FY2025), MAXIMUS, INC. (MMS) reported revenue of $5.4 billion (up 2.4% from FY2024) and net income of $319.0 million. Diluted EPS was $5.51.
- As of June 30, 2026, 32 institutional investment managers tracked by SignalX reported holding MAXIMUS, INC. (MMS) shares worth $1.6 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Link Michelle F. on October 1, 2026 of 3,208 shares at $54.23 per share.
- In the last 90 days, MMS insiders reported 0 open-market purchases ($0) and 1 open-market sale ($174K) on Form 4, a net sale of $174K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $5.4B
- +2.4% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$174K
- 13F holders
- 32 funds
- $1.6B · +0 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Sep 30, 2025
Business Overview
- Core business: government program operations and management services primarily for U.S. federal, state/local, and select international agencies
- New emphasis on divesting international assets, including sale of Australia and Korea businesses, improving Outside the U.S. segment margins despite revenue decline
- Strategic shift: focus on organic growth in U.S. Federal Services segment, expanding clinical programs and FEMA support, while streamlining international operations
- Backlog remains robust at $15.3B with average contract life ~5 years; U.S. Federal Services backlog ~$9.8B supporting growth outlook
- Operating margin improvement notable in U.S. Federal Services segment, up to 15.3% from 12.2%, driven by technology initiatives and performance improvements
Risk Factors
- Regulatory/legal risk: U.S. federal government shutdown risk mitigated by $222.4M cash and credit facility access but exposure remains to potential payment delays
- Macroeconomic threat: Payment delays during FY2025, with Days Sales Outstanding rising to 62 days vs. 61 days in FY2024, impacting cash collections
- Operational vulnerability: Dependence on contract renewals amid fluctuating backlog and rebid concentrations causing temporarily reduced backlog balances
- Competitive risk: Investment of $18M in technology upgrades for federal medical disability examinations contracts to maintain competitiveness
- Financial risk: $1.35B debt under JPMorgan Credit Agreement with financial covenants requiring leverage ratio ≤4.00 and interest coverage ratio ≥3.00, effective interest rate 5.37%
AI summary of the MMS 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $1.279B, down 5.1% YoY from $1.348B
- Gross margin 27.3% vs 26.7%; operating margin 12.6% vs 12.3% YoY
- Best segment U.S. Federal Services: revenue $721.0M, operating margin 18.6% vs 18.1%
- Worst segment Outside the U.S.: gross profit $19.8M, down 28.0%; operating margin 0.9% vs 4.0%
- Cash used in operations $179.9M; share repurchases $204.9M; $57.0M cash balance
- Federal Services outlook: temporary modification expected to reduce diluted EPS $0.35 quarterly; fiscal 2026 margin guidance 16.5%-17%
Risk Factors
- No material risk-factor changes during nine months ended June 30, 2026 versus November 20, 2025 Form 10-K
- Carried-forward risks remain the most significant disclosed exposures
- No new regulatory, legal, compliance, operational, competitive, market, or financial risk identified in this section
AI summary of the MMS 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q3 fiscal 2026 results for quarter ended June 30, 2026
- Press release furnished as Exhibit 99.1 contains the financial results
Item EX-99.1: Item EX-99.1
- Q3 revenue $1.28B, down from $1.35B, but adjusted EPS rose to $2.22 from $2.16
- Operating margin improved to 12.6% from 12.3%; adjusted EBITDA margin reached 15.0% from 14.7%
Item 1.01: Entry into a Material Definitive Agreement
- $325M increase in term B debt, raising Maximus’ total borrowing obligations
- Proceeds fund revolving-loan repayment, share repurchases, working capital, and amendment costs
Item 2.02: Results of Operations and Financial Condition
- Fiscal Q2 2026 results cover the quarter ended March 31, 2026
- Press release issued May 7, 2026, with financial results furnished in Exhibit 99.1
AI summaries of MMS 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MMS
Don't miss the next MMS filing
- Alerts as it files. A push when MMS files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut MMS, by share count.
- Ask anything. An AI agent that reads every MMS filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Link Michelle F. | Sell | Oct 1, 2026 | 3,208 | $54.23 |
| GOLINVAUX THERESA D | F | Sep 30, 2026 | 1,243.595 | $53.19 |
| Baylinson Ilene R. | F | Sep 30, 2026 | 3,944.553 | $53.19 |
| Link Michelle F. | F | Sep 30, 2026 | 2,636.979 | $53.19 |
| Moellering Elizabeth | F | Sep 30, 2026 | 712.615 | $53.19 |
| Mutryn David | F | Sep 30, 2026 | 4,749.296 | $53.19 |
| Madsen Jan | Sell | Mar 17, 2026 | 742 | $72.25 |
| Madsen Jan | A | Mar 10, 2026 | 3,215 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $5.3B | $5.4B |
| Gross Profit | - | $1.3B | $1.3B |
| Operating Income | - | $488.5M | $528.3M |
| Net Income | $161.8M | $306.9M | $319.0M |
| Gross Margin | - | 23.6% | 24.6% |
| Op. Margin | - | 9.2% | 9.7% |
| Net Margin | - | 5.8% | 5.9% |
| Balance Sheet | |||
| Total Assets | - | $4.1B | $4.1B |
| Equity | $1.7B | $1.8B | $1.7B |
| ROE | 9.7% | 16.7% | 19.1% |
| Per Share | |||
| EPS | $2.63 | $4.99 | $5.51 |
| Cash Flow | |||
| Operating CF | $314.3M | $515.3M | $429.4M |
Source: XBRL data in MAXIMUS, INC. (MMS)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MMS share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 32 | $1.62B |
| Q1 2026 | 32 | $1.97B |
| Q4 2025 | 30 | $2.79B |
| Q3 2025 | 30 | $2.95B |
| Q2 2025 | 29 | $2.23B |
| Q1 2025 | 27 | $1.65B |
| Q4 2024 | 22 | $1.72B |
| Q3 2024 | 20 | $687.1M |
- Prudential Financial+662.8K (+3137%)
- Citadel Advisors LLC+517.7K (+517%)
- Invesco Ltd+351.0K (+193%)
- Dimensional Fund Advisors+246.8K (+12%)
- Goldman Sachs Group+160.0K (+33%)
- FMR LLC (Fidelity)−2.63M (-32%)
- Franklin Resources−93.1K (-89%)
- Vanguard Portfolio Management LLC−83.1K (-2%)
- BlackRock−75.7K (-1%)
- Vanguard Capital Management LLC−71.5K (-3%)
- Marex Group plc−3.2K
- Blackstone Group−3.2K
Source: 13F-HR filings on SEC EDGAR (aggregated from 222 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MMS filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| SC 13G | Aug 14, 2026 | - | - | |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 8-K | May 28, 2026 | - | Analysis | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 7, 2026 | - | Analysis | |
| SC 13G | Apr 30, 2026 | - | - | |
| SC 13G | Apr 29, 2026 | - | - | |
| 4 | Mar 17, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 4 | Mar 12, 2026 | - | - | - |
| 8-K | Mar 11, 2026 | - | Analysis | - |
| 4 | Mar 2, 2026 | - | - | - |
| 4 | Feb 25, 2026 | - | - | - |
| 4 | Feb 11, 2026 | - | - | |
| 4 | Feb 11, 2026 | - | - | |
| 4 | Feb 9, 2026 | - | - |
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MMS SEC filings: frequently asked questions
Are MMS insiders buying or selling?
In the last 90 days, MAXIMUS, INC. (MMS) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $173,970 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MMS stock?
As of June 30, 2026, the largest MAXIMUS, INC. (MMS) holders among the 13F filers tracked by SignalX were BlackRock ($400.2 million), FMR LLC (Fidelity) ($298.1 million), Vanguard Portfolio Management LLC ($182.2 million), State Street Corp ($137.9 million), Vanguard Capital Management LLC ($127.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MMS's revenue in fiscal year 2025?
For the fiscal year ended September 30, 2025 (FY2025), MAXIMUS, INC. (MMS) reported revenue of $5.4 billion (up 2.4% from FY2024) and net income of $319.0 million. Diluted EPS was $5.51. The figures come from the XBRL data in the 10-K.
What are the main risks in MMS's latest 10-K?
In the 10-K filed November 20, 2025, MAXIMUS, INC. (MMS) flagged: Regulatory/legal risk: U.S. federal government shutdown risk mitigated by $222.4M cash and credit facility access but exposure remains to potential payment delays. Macroeconomic threat: Payment delays during FY2025, with Days Sales Outstanding rising to 62 days vs. 61 days in FY2024, impacting cash collections. (AI summary of the Risk Factors section.)
What did MMS report in its latest 8-K?
MAXIMUS, INC. (MMS) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q3 fiscal 2026 results for quarter ended June 30, 2026.
What are the latest MMS SEC filings?
MAXIMUS, INC. (MMS) filed its latest 10-K annual report on November 20, 2025, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on October 2, 2026.
What is MMS's SEC CIK number?
MAXIMUS, INC. (MMS)'s SEC Central Index Key (CIK) is 1032220. EDGAR lists every MMS filing under that number.
Ask anything about MMS
The research agent reads MMS's filings, financials, insider trades and 13F holders, then answers with sources.