Maximus MMS Business Segments
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Outside the U.S. | $137.07M-3.1% | $143.2M-15.7% | $141.21M-20.3% | $147.41M-7.5% | $141.51M-11.9% | |
| U.S. Services | $415.75M-6.0% | $415.25M-8.2% | $429.27M-7.4% | $439.82M-6.9% | $442.35M-9.0% | |
| Gross Profit by Business | ||||||
| Outside the U.S. | $16.31M-34.7% | $19.34M-41.8% | $26.02M-18.0% | $27.45M+8.8% | $24.99M+3.6% | |
| U.S. Services | $100.51M-10.1% | $84.39M-11.2% | $98.28M-10.9% | $105.93M-12.5% | $111.77M-14.1% | |
| Segment operating income/(loss) by Business | ||||||
| Outside the U.S. | -$3.09M-164% | -$1.38M-117% | —— | —— | $4.8M+149% | |
| U.S. Services | $38.59M-28.3% | $29.29M-28.3% | —— | —— | $53.81M-12.9% | |
| Cost of revenue by Business | ||||||
| Outside the U.S. | $120.76M+3.6% | $123.86M-9.3% | —— | —— | $116.52M-15.4% | |
| U.S. Services | $315.25M-4.6% | $330.85M-7.4% | —— | —— | $330.58M-7.7% | |
| Other segment items (as a percent) by Business | ||||||
| Outside the U.S. | 14.1%-0.2pp | 14.5%-0.3pp | —— | —— | 14.3%+10.5pp | |
| U.S. Services | 14.9%+1.8pp | 13.3%+1.3pp | —— | —— | 13.1%+10.1pp | |
| Cost of revenue (as a percent) by Business | ||||||
| Outside the U.S. | 88.1%+5.8pp | 86.5%+6.1pp | —— | —— | 82.3%+61.3pp | |
| U.S. Services | 75.8%+1.1pp | 79.7%+0.7pp | —— | —— | 74.7%+56.0pp | |
| Segment operating income/(loss) (as a percent) by Business | ||||||
| Outside the U.S. | -2.3%-5.7pp | -1%-5.8pp | —— | 4%+4.9pp | 3.4%+3.0pp | |
| U.S. Services | 9.3%-2.9pp | 7.1%-1.9pp | —— | 10.2%-2.8pp | 12.2%-1.8pp | |
| Gross profit (as a percent) by Business | ||||||
| Outside the U.S. | 11.9%-5.8pp | 13.5%-6.1pp | —— | 18.6%+2.8pp | 17.7%+2.7pp | |
| U.S. Services | 24.2%-1.1pp | 20.3%-0.7pp | —— | 24.1%-1.5pp | 25.3%-1.5pp | |
| Other segment items by Business | ||||||
| Outside the U.S. | $19.4M-4.0% | $20.72M-17.5% | —— | —— | $20.2M-17.9% | |
| U.S. Services | $61.92M+6.8% | $55.11M+1.8% | —— | —— | $57.96M-0.4% | |
| Depreciation and amortization (as a percent) by Business | ||||||
| Outside the U.S. | 0.6%-0.5pp | 1.1%0.0pp | —— | —— | 1.1%+0.8pp | |
| U.S. Services | 1%+0.1pp | 1%+0.2pp | —— | —— | 0.9%+0.7pp | |
| Depreciation and amortization: by Business | ||||||
| Outside the U.S. | $867K-45.9% | $1.55M-13.4% | —— | —— | $1.6M-13.1% | |
| U.S. Services | $4.16M0.0% | $4.22M+10.8% | —— | —— | $4.16M+3.5% | |
| Revenue by Product | ||||||
| Clinical Services | $530.81M+5.3% | $523.72M+11.1% | $565.09M+15.3% | $560.36M+10.7% | $503.96M+8.0% | |
| Employment & Other | $60.01M-24.0% | $70.17M-38.2% | $80.32M-34.6% | $81.91M-26.9% | $78.99M-31.9% | |
| Program Operations | $644.89M-6.6% | $676.41M-7.1% | $605.04M-1.4% | $626.98M+3.7% | $690.77M+3.9% | |
| Technology Solutions | $70.26M-20.2% | $74.76M-16.5% | $67.96M-23.9% | $79.15M-14.1% | $88.06M-12.5% | |
| Concentration Risk, Percentage by Product | ||||||
| Clinical Services | 40.6%+3.6pp | 38.9%+5.3pp | 1.4%+0.9pp | 41.6%+3.1pp | 37%+2.4pp | |
| Employment & Other | 4.6%-1.2pp | 5.2%-2.9pp | —— | 6.1%-2.4pp | 5.8%-2.8pp | |
| Program Operations | 49.4%-1.3pp | 50.3%-1.6pp | —— | 46.5%+0.5pp | 50.7%+1.4pp | |
| Technology Solutions | 5.4%-1.1pp | 5.6%-0.8pp | —— | 5.9%-1.1pp | 6.5%-1.0pp |
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.
