Short answer
MAXIMUS, INC. (MMS) filed its fiscal 2025 10-K annual report with the SEC on Nov 20, 2025. It reported revenue of $5.4B (+2.4% year over year) and net income of $319M.
- Top risk 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
FY2025 key financial metrics · XBRL
- Revenue
- $5.4B
- +2.4% YoY
- Net income
- $319M
- +3.9% YoY
- Operating margin
- 9.7%
- +0.5 pp YoY
- Gross margin
- 24.6%
- +1.0 pp YoY
- EPS (diluted)
- $5.51
- +10.4% YoY
- ROE
- 19.1%
- +2.4 pp YoY
- Operating cash flow
- $429M
- −16.7% YoY
Source: XBRL data from the MAXIMUS, INC. (MMS) FY2025 10-K on SEC EDGAR. USD.
MAXIMUS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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%
Generated from the filing text; verify against the original. How to read a 10-K
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