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Maximus MMS Q4 2025 Annual earnings

Reported November 20, 2025 · Before market open

Revenue$1.3BMiss by $22.7M
EPS$1.62Miss by $0.05
Revenue estimate$1.3B
EPS estimate$1.67

Next report

Nov 19, 2026 (in 2 months)
Revenue estimate$1.3B
EPS estimate$1.88

Financials

Q4 2025

Income statement

See full
Revenue$1.3B+0.2%
Gross profit$333.6M+10.6%
Operating income$122.9M+9.9%
Net income$75.3M+3.8%
EPS (diluted)$1.31+11.0%

Balance sheet

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Cash & equivalents$222.4M+21.4%
Total debt$1.4B+13.1%
Total equity$1.7B-9.2%
Total assets$4.1B-1.5%

Cash flow

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Operating cash flow$649.4M+296%
CapEx$7.5M-76.4%
Free cash flow$641.8M+387%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$5.15B-9.5%
Enterprise value$6.37B-6.1%
P/E16.1×-2.4×
P/S0.9×-0.1×

Profitability

See full
Gross margin24.6%+1.0pp
Operating margin9.7%+0.5pp
Net margin5.9%+0.1pp
FCF margin6.7%-0.8pp

Returns & leverage

See full
Return on equity18.1%+0.7pp
Debt / equity0.9×+0.2×
Current ratio1.6×+0.2×

Segments

By product

See full
Program Operations$605.0M-1.4%
Clinical Services$565.1M+15.3%
Employment & Other$80.3M-34.6%

By segment

See full
U.S. Services$429.3M-7.4%
Outside the U.S.$141.2M-20.3%

FAQ

When did Maximus report Q4 2025 earnings?
Maximus (MMS) reported Q4 2025 earnings on November 20, 2025 before market open.
What were Maximus's Q4 2025 revenue and EPS?
Maximus reported revenue of $1.3B and eps of $1.62 for Q4 2025.
Did Maximus beat estimates in Q4 2025?
Revenue missed the consensus estimate of $1.3B by $22.7M. EPS missed the consensus estimate of $1.67 by $0.05.
How did Maximus's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 0.2% from $1.3B a year earlier and eps grew 11.0% from $1.46.
Where can I find Maximus's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001032220-25-000049) and the 10-K periodic report (0001032220-25-000053) directly on SEC EDGAR. The filing index links above go to sec.gov.