Maximus MMS Business Segments
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Outside the U.S. | $137.07M-4.3% | $143.2M+1.4% | $141.21M-4.2% | $147.41M+4.2% | $141.51M-16.6% | |
| U.S. Services | $415.75M+0.1% | $415.25M-3.3% | $429.27M-2.4% | $439.82M-0.6% | $442.35M-2.2% | |
| Gross Profit by Business | ||||||
| Outside the U.S. | $16.31M-15.7% | $19.34M-25.7% | $26.02M-5.2% | $27.45M+9.8% | $24.99M-24.8% | |
| U.S. Services | $100.51M+19.1% | $84.39M-14.1% | $98.28M-7.2% | $105.93M-5.2% | $111.77M+17.6% | |
| Segment operating income/(loss) by Business | ||||||
| Outside the U.S. | -$3.09M-124% | -$1.38M— | —— | —— | $4.8M-40.9% | |
| U.S. Services | $38.59M+31.8% | $29.29M— | —— | —— | $53.81M+31.7% | |
| Cost of revenue by Business | ||||||
| Outside the U.S. | $120.76M-2.5% | $123.86M— | —— | —— | $116.52M-14.7% | |
| U.S. Services | $315.25M-4.7% | $330.85M— | —— | —— | $330.58M-7.5% | |
| Other segment items (as a percent) by Business | ||||||
| Outside the U.S. | 14.1%-0.4pp | 14.5%— | —— | —— | 14.3%-0.5pp | |
| U.S. Services | 14.9%+1.6pp | 13.3%— | —— | —— | 13.1%+1.1pp | |
| Cost of revenue (as a percent) by Business | ||||||
| Outside the U.S. | 88.1%+1.6pp | 86.5%— | —— | —— | 82.3%+1.9pp | |
| U.S. Services | 75.8%-3.9pp | 79.7%— | —— | —— | 74.7%-4.3pp | |
| Segment operating income/(loss) (as a percent) by Business | ||||||
| Outside the U.S. | -2.3%-1.3pp | -1%— | —— | 4%+0.6pp | 3.4%-1.4pp | |
| U.S. Services | 9.3%+2.2pp | 7.1%— | —— | 10.2%-2.0pp | 12.2%+3.2pp | |
| Gross profit (as a percent) by Business | ||||||
| Outside the U.S. | 11.9%-1.6pp | 13.5%— | —— | 18.6%+0.9pp | 17.7%-1.9pp | |
| U.S. Services | 24.2%+3.9pp | 20.3%— | —— | 24.1%-1.2pp | 25.3%+4.3pp | |
| Other segment items by Business | ||||||
| Outside the U.S. | $19.4M-6.4% | $20.72M— | —— | —— | $20.2M-19.6% | |
| U.S. Services | $61.92M+12.4% | $55.11M— | —— | —— | $57.96M+7.0% | |
| Depreciation and amortization (as a percent) by Business | ||||||
| Outside the U.S. | 0.6%-0.5pp | 1.1%— | —— | —— | 1.1%0.0pp | |
| U.S. Services | 1%0.0pp | 1%— | —— | —— | 0.9%+0.1pp | |
| Depreciation and amortization: by Business | ||||||
| Outside the U.S. | $867K-44.1% | $1.55M— | —— | —— | $1.6M-10.7% | |
| U.S. Services | $4.16M-1.4% | $4.22M— | —— | —— | $4.16M+9.2% | |
| Revenue by Product | ||||||
| Clinical Services | $530.81M+1.4% | $523.72M-7.3% | $565.09M+0.8% | $560.36M+11.2% | $503.96M+6.9% | |
| Employment & Other | $60.01M-14.5% | $70.17M-12.6% | $80.32M-1.9% | $81.91M+3.7% | $78.99M-30.5% | |
| Program Operations | $644.89M-4.7% | $676.41M+11.8% | $605.04M-3.5% | $626.98M-9.2% | $690.77M-5.1% | |
| Technology Solutions | $70.26M-6.0% | $74.76M+10.0% | $67.96M-14.1% | $79.15M-10.1% | $88.06M-1.7% | |
| Concentration Risk, Percentage by Product | ||||||
| Clinical Services | 40.6%+1.7pp | 38.9%+37.5pp | 1.4%-40.2pp | 41.6%+4.6pp | 37%+3.4pp | |
| Employment & Other | 4.6%-0.6pp | 5.2%— | —— | 6.1%+0.3pp | 5.8%-2.3pp | |
| Program Operations | 49.4%-0.9pp | 50.3%— | —— | 46.5%-4.2pp | 50.7%-1.2pp | |
| Technology Solutions | 5.4%-0.2pp | 5.6%— | —— | 5.9%-0.6pp | 6.5%+0.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Maximus break its business down?
- Maximus (MMS) reports revenue by business across 2 parts — Outside the U.S. and U.S. Services. Each is extracted from the segment footnotes and tracked over time.
- Where does Maximus's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Maximus's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
