MMS on NYSE

Maximus Inc.

Logo: Public domain, via Wikimedia Commons5

Healthcare, governmental, and business services provider

Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing, among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $5.3 billion in fiscal year 2024.3 Its shares trade on NYSE under the symbol MMS.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$5.4BRevenue, fiscal 20256
$319.0MNet income, fiscal 20256
1975Founded1

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  • TickerMMS on NYSE1
  • Industrygovernment contractor1
  • HeadquartersTysons1
  • Websitewww.maximus.com
  • Incorporated inVA7
  • Business addressAttn: Treasury Dept., 1600 Tysons Blvd, #1400, Mclean, Va 221027
  • Filer categoryLarge accelerated filer7
  • Legal formStock Corporation4
  • LEI549300DQCDS8HJ7QF2024
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 23219 Richmond, United States4

Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing, among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $5.3 billion in fiscal year 2024.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.6%Gross margin6
9.7%Operating margin6
5.9%Net margin6
2.4%Revenue growth, 20256
19.1%Return on equity6
0.77×Debt to equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Program Operations brought in 49% of the revenue Maximus Inc. broke down this way in fiscal 2025.

  1. Program Operations$2.7B649%up 3% from 2024
  2. Clinical Services$2.1B639%up 11% from 2024
  3. Employment and Other$354.8M67%down 24% from 2024
  4. Advanced Technology Solutions$324.7M66%down 13% from 2024
Products and services by year
Products and services202320242025
Program Operations$2.5B$2.6B$2.7B
Clinical Services$1.5B$1.9B$2.1B
Employment and Other$521.0M$469.3M$354.8M
Advanced Technology Solutions$397.0M$375.1M$324.7M

Business segments

U.S. Federal Services brought in 56% of the revenue Maximus Inc. broke down this way in fiscal 2025.

  1. U.S. Federal Services$3.1B656%up 12% from 2024
  2. US Services$1.8B632%down 8% from 2024
  3. Outside The United States$599.9M611%down 9% from 2024
Business segments by year
Business segments202320242025
U.S. Federal Services$2.4B$2.7B$3.1B
US Services$1.8B$1.9B$1.8B
Outside The United States$689.1M$657.1M$599.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue75¢$4.1B
  • Selling, general and admin13¢$713.1M
  • Other costs3¢$175.5M
  • Income tax2¢$125.8M
  • Profit6¢$319.0M

Out of $5.4B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks100¢$447.5M

Out of $429.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue10111213146$5.4B in 2025+127% since 2018
0$2.0B$4.0B$6.0B2018: $2.4B$2.4B20182019: $2.9B$2.9B2019+21%2020: $3.5B$3.5B2020+20%2021: $4.3B$4.3B2021+23%2022: $4.6B$4.6B2022+9%2023: $4.9B$4.9B2023+6%2024: $5.3B$5.3B2024+8%2025: $5.4B$5.4B2025+2%
Gross profit10111213146$1.3B in 2025+124% since 2018
0$500.0M$1.0B$1.5B2018: $594.4M$594.4M20182019: $671.2M$671.2M2019+13%2020: $711.0M$711.0M2020+6%2021: $947.0M$947.0M2021+33%2022: $939.8M$939.8M2022−1%2023: $1.0B$1.0B2023+9%2024: $1.3B$1.3B2024+22%2025: $1.3B$1.3B2025+7%
Operating income10111213146$528.3M in 2025+79% since 2018
0$200.0M$400.0M$600.0M2018: $295.5M$295.5M20182019: $317.1M$317.1M2019+7%2020: $288.3M$288.3M2020−9%2021: $408.5M$408.5M2021+42%2022: $325.9M$325.9M2022−20%2023: $294.8M$294.8M2023−10%2024: $488.5M$488.5M2024+66%2025: $528.3M$528.3M2025+8%
Net income10111213146$319.0M in 2025+45% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $220.8M$220.8M20182019: $240.8M$240.8M2019+9%2020: $214.5M$214.5M2020−11%2021: $291.2M$291.2M2021+36%2022: $203.8M$203.8M2022−30%2023: $161.8M$161.8M2023−21%2024: $306.9M$306.9M2024+90%2025: $319.0M$319.0M2025+4%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-09-302024-09-302023-09-30
Revenue$5.4B$5.3B$4.9B
Cost of revenue$4.1B$4.1B$3.9B
Gross profit$1.3B$1.3B$1.0B
Selling, general, and administrative expenses$713.1M$671.6M$639.2M
Amortization of intangible assets$92.0M$91.6M$94.6M
Operating income$528.3M$488.5M$294.8M
Interest expense$84.1M$82.4M$84.1M
Other (income)/expense, net-$640.0K-$450.0K$363.0K
Income before income taxes$444.8M$406.5M$210.3M
Provision for income taxes$125.8M$99.6M$48.5M
Net income$319.0M$306.9M$161.8M
Basic (in dollars per share)$5.56$5.03$2.65
Diluted (in dollars per share)$5.51$4.99$2.63
Basic (in shares)57.4M shares61.0M shares61.1M shares
Diluted (in shares)57.9M shares61.5M shares61.5M shares
Dividends declared per share (in dollars per share)$1.20$1.20$1.12

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Corporate structure

Maximus Inc. sits at the top of its group. 24 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Maximus Inc.

  • Maximus Inc. Reston, Virginia, United States
    • Ascend Management Innovations LLC Subsidiary · Tennessee, United States
    • InSysCo, Inc. Subsidiary · Virginia, United States
    • Interactive Technology Solutions, LLC Subsidiary · Maryland, United States
    • ITEQ Holding Company, Inc. Subsidiary · Maryland, United States
    • Maximus Canada Services, Inc. Subsidiary · Canada
    • Maximus Canada, Inc. Subsidiary · Canada
    • Maximus Companies Ltd Subsidiary · United Kingdom
    • Maximus Consulting Services, Inc. Subsidiary · Virginia, United States
    • Maximus Education, LLC Subsidiary · Delaware, United States
    • Maximus Federal IT, LLC Subsidiary · Virginia, United States
    • Maximus Federal Services, Inc. Subsidiary · Virginia, United States
    • Maximus Federal Systems, LLC Subsidiary · Maryland, United States
    • Maximus Federal Technology Solutions, LLC Subsidiary · Delaware, United States
    • Maximus Gulf Company Ltd Subsidiary · Saudi Arabia
    • Maximus Higher Education, Inc. Subsidiary · Virginia, United States
    • Maximus Human Services, Inc. Subsidiary · Virginia, United States
    • Maximus Services LLC Subsidiary · Delaware, United States
    • Maximus UK Services Ltd Subsidiary · United Kingdom
    • Maximus US Services, Inc. Subsidiary · Indiana, United States
    • Policy Studies LLC Subsidiary · Colorado, United States
    • PSI Services Holding LLC Subsidiary · Delaware, United States
    • VES Group, Inc. Subsidiary · Texas, United States
    • Veterans Evaluation Services, Inc. Subsidiary · Illinois, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Maximus Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$339.1M6 Sep 30, 2025$290.4M6 Sep 30, 2024+16.8%
Property and equipment, before depreciation$174.9M6 Sep 30, 2025$201.9M6 Sep 30, 2024−13.4%
Accumulated depreciation$143.9M6 Sep 30, 2025$162.9M6 Sep 30, 2024−11.7%
Property and equipment, net$31.0M6 Sep 30, 2025$39.0M6 Sep 30, 2024−20.5%
Operating-lease assets (leased space)$100.5M6 Sep 30, 2025$133.6M6 Sep 30, 2024−24.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$222.4M6 Sep 30, 2025$183.1M6 Sep 30, 2024+21.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.8B6 Sep 30, 2025$1.8B6 Sep 30, 20240%
Finite-lived intangibles, gross$980.5M6 Sep 30, 2025$982.1M6 Sep 30, 2024−0.2%
Accumulated amortization$442.2M6 Sep 30, 2025$351.5M6 Sep 30, 2024+25.8%
Finite-lived intangibles, net$538.3M6 Sep 30, 2025$630.6M6 Sep 30, 2024−14.6%

Properties, in its own words

As of September 30, 2025, we leased approximately 130 offices in the U.S., totaling approximately 2.4 million square feet. In five countries outside the U.S., we leased approximately 102 offices, totaling approximately 0.3 million square feet. The lease terms vary from month-to-month to ten-year leases and are generally entered into at market rates. In the event that a property is used for our services in the U.S., we typically negotiate clauses to allow termination of the lease if the service contract is terminated by our customer. Such clauses are not standard in foreign leases.

We believe that our properties are maintained in good operating condition and are suitable and adequate for our purposes.

Item 2 of the 10-K filed Nov 20, 2025.18

The story

History

Maximus was founded in 1975 by David V. Mastran, initially operating as a consulting firm for the federal government, including information technology services.

The history of Maximus follows the trajectory of significant government policy changes.

The government service reform policies in the '80s and early '90s which were enacted by the Reagan administration and continued in the Bush and Clinton administrations, led to the US government increasing private-sector contracting of administration program functions operated under the control of government. In 1988, Maximus was awarded its first contract for social welfare from Los Angeles County, and began shifting focus towards business process outsourcing and providing state-based consulting services.

Passage of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) of 1996 under President Clinton granting states greater latitude in administering social welfare programs, and the Balanced Budget Act of 1997 amending certain eligibility, enrollment, and beneficiary protections in Medicaid further increased government use of public / private partnerships for the administration of certain program functions.

In 1997, the company went public, trading on the New York Stock Exchange under the symbol MMS.

The G.W. Bush Administration saw reauthorization and expansion of PRWORA, cementing the government's use of private sector contracting of administrative functions associated with Federally funded, state administered, entitlement programs.

In 2006, Richard Montoni, former chief financial officer for Maximus, was named CEO. From 2008 to 2010, Maximus engaged in a number of divestitures that included its Security Solutions, Justice Solutions, Education Systems, Asset Solutions and Enterprise resource planning (ERP) divisions, focusing the firm on providing health and human services core program solutions.

Passage in 2010 of the Patient Protection and Affordable Care Act (ACA) during the Obama Administration further expanded the use of private sector contracting of government administrative functions associated with the ACA, Medicaid, and Medicare, in conjunction with other human services related programs.

Read the full text

From 2010 to 2013, Maximus acquired Denver-based Policy Studies Incorporated (PSI) to increase its capacity to serve government clients in the US and expanded into clinical assessment services with the acquisition of Ascend. From a global perspective, Maximus acquired UK based Health Management Ltd. On April 6, 2015, the company completed the $300 million acquisition of Falls-Church-based technology contractor, Acentia, expanding the Maximus federal technology business.

In 2018, after twelve years as CEO, Richard Montoni announced his retirement and the company appointed President Bruce Caswell to the position of chief executive officer. Caswell articulated a strategic plan focusing the company's activities on helping governments advance digitally-enabled customer service, modernizing technology capabilities and expansion of clinical services delivery. In November 2018, Maximus acquired U.S. Federal citizen engagement center assets from another government contractor (GDIT) for $400 million in cash.

In September 2020, Maximus hired Dr. Arvenita Washington Cherry as Senior Director of DE&I to lead diversity and inclusion activities in its workforce.

In 2021, Maximus completed three additional transactions. Maximus and Navient announced the two companies signed a definitive agreement to transfer the loan servicing for 5.6 million U.S. Department of Education-owned student loan accounts through a contract novation, creating a new operating entity, Aidvantage. Maximus acquired Attain, a technology integration company, and Veterans Evaluation Services (VES), a clinical assessments company. In January 2025, the Department of Veterans Affairs re-awarded VES, a Maximus company, contracts through 2026 for domestic regions 1 – 4 which collectively span the continental U.S. to continue providing medical disability exams services through the Veterans Benefit Administration.

In May 2022, Maximus relocated its headquarters to Tysons, Virginia in new office space that was reported to incorporate "many of the post-pandemic office designs that architects and companies are emphasizing."

In September 2022, after a 3-year long competitive procurement process, the Centers for Medicare & Medicaid Services (CMS) awarded Maximus a 10 year contract that extended its existing role as lead operator of citizen contact centers, including 1-800-MEDICARE. In December 2023, US Department of Health and Human Services Secretary Xavier Becerra announced it would be recompeting this contract for the express purpose of inserting a labor harmony agreement. In November 2024, CMS decided to halt efforts to rebid its contract with Maximus. Some observers, including 17 state attorneys general, noted that there was little precedent for ending an ongoing contract and introducing new labor harmony provisions. Sen. Bill Cassidy, the incoming chairman of the Senate Health, Education, Labor, and Pensions Committee, stated, 'The Maximus contract should never have ended in the first place,' and expressed concerns that the administration's actions were aimed at promoting unionization among call-center employees.

The Maximus Foundation

The Maximus Foundation is a non-profit 501(c)(3) charitable organization incorporated in the Commonwealth of Virginia. Funding is provided by charitable gifts from Maximus employees and supplemented by grants from the company. The foundation contributes to programs helping disadvantaged individuals achieve self-sufficiency, particularly programs serving children. The Chairman of the Foundation is president and General Manager of Maximus Federal Services, John Boyer.

In 2009, the Maternity and Early Childhood Foundation used a grant from the Maximus Foundation to upgrade aging computer equipment and build its capacity to promote quality services and provide required reports to New York State. In 2011, EMQ FamiliesFirst, a California-based non-profit agency that helps children in crisis and their families, received a grant from the Maximus Foundation. In 2012, the South Bronx Overall Economic Development Corporation (SoBRO) used grant money from the Maximus Foundation to start the Greenhouse Roof Operation (GRO), a program to teach disadvantaged youth vocational skills through the construction and operation of a hydroponic farm. That same year, the Maximus Foundation awarded over $100,000 in grants for Washington D.C non-profit organizations benefitting children.

In 2013, the Maximus Foundation contributed $29,000 to Nepal Earthquake Relief through Project HOPE and in 2015, provided back-to-school supplies to 2,000 low-income children in Austin, Texas, such as socks and a brand-new backpack with school supplies.

In 2015, the Foundation announced that it distributed approximately $390,000 in grants to 121 nonprofit organizations in 22 states. Grantees included CASA of Los Angeles and the Community Health Centers of Burlington.

The Maximus Foundation helped fund the work of four high school students at Thomas Jefferson High School for Science and Technology in Alexandria, Virginia, to develop Atheia, a new technology to assist those with vision problems.

From Wikipedia’s article on Maximus Inc., shared under CC BY-SA 4.0.8

Leadership

Who has led Maximus Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Products and brands

Maximus is one of the largest providers of government services. The company provides business process management, technology integration and implementation, and consulting services in policy and program areas that include Health and Wellness, Welfare and Safety Net, Citizen Services, and Federal/National Agencies.

Health and Wellness

Maximus provides services for government health programs including Medicaid and workers' compensation independent medical review, the Children's Health Insurance Program (CHIP), Medicare and health insurance exchanges as required under the Affordable Care Act. Maximus serves on the Enroll America advisory council.

In September 2012, the Illinois Department of Healthcare and Family Services awarded Maximus Health Services a two-year, $76.8 million contract to help the state with its Medicaid program. That same month, Maximus announced a $23.5 million contract with the State of Oklahoma to operate a customer relationship management system for SoonerCare, the state's Medicaid program, and Insure Oklahoma, a program that provides employers with subsidies to help buy private market health insurance for their low- to moderate-income employees.

Maximus is also the largest provider of privatized health insurance appeals to Medicare. In 2012 it expanded its growing Federal operations, bringing 500 local jobs to upstate New York and Pennsylvania, including more than 325 jobs in Pittsford, NY and more than 125 jobs to Scranton, PA.

Read the full text

The company offers services in the health insurance exchange marketplace and in July 2012, the Minnesota Department of Commerce awarded Maximus a two-year, $41 million contract to create the state's new health insurance exchange. In February 2013, Connecticut awarded Maximus a $15 million contract to run the customer contact center operations for the state's health insurance exchange, Access Health CT.

COVID-19 Response

In March 2020, Maximus began working with government agencies in the United States at the federal, state, and local level to assist with the COVID-19 pandemic response. This work initially included providing testing results and conducting contact tracing, in states such as Arizona and Indiana. In September 2020, Maximus announced the creation of Maximus Public Health to establish citizen engagement centers and support “efforts to contain the spread of COVID-19 and toward the purchasing and distribution of vaccines."

In 2021, Maximus shifted its focus to vaccine distribution. The company worked directly with states, like Colorado, to provide information to residents and schedule vaccine appointments. In May 2021, the Center for Disease Control (CDC) announced it had selected Maximus to “support a national hotline program" for vaccine distribution.

Welfare and Safety Net

National governments, state agencies, and local governments administer and deliver programs that address complex social challenges like poverty and health equity. Maximus supports agencies in this area, offering services such as welfare-to-work programs, including Ticket to Work, as well as support for the Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), and Refugee Support Services.

In 2012, the company launched its first welfare-to-work program in Canada and expanded its Australia operations with a five-year contract to help people with disabilities find employment.

Maximus also provides child support enforcement and other child support services. In 2009, the company won a five-year contract to collect and enforce child-support collections in Shelby County, Tennessee. Maximus launched Project NOW (Negotiating Outstanding Warrants), an initiative that collected more than $35,000 to help nearly 100 parents in Shelby County get back on track after missing child support payments.

Maximus provides support for the UK’s Department of Work and Pensions. In 2011, Maximus was recognized as the top performing provider for welfare-to-work services under the United Kingdom's Flexible New Deal programme, helping job seekers into long-term sustained employment. Following the Flexible New Deal, the United Kingdom government unveiled a replacement program, called the Work Programme, that created welfare reform changes. Maximus serves as a contractor in three regions under the UK's Work Programme initiative. Its subsidiary, Centre for Health and Disability Assessments Ltd., runs Work Capability Assessments with a contract which began in 2014 and runs until July 2021.

In 2012, the company launched its first welfare-to-work program in Canada and expanded its Australia operations with a five-year contract to help people with disabilities find employment.

Maximus provides support for the U.S. Department of Education’s student debt management and collection system and student loan counseling for the Federal Student Loan program. Maximus Federal Services is a contractor to FSA for DMS (Default Management System) one of the systems used to process student loan defaults.

Citizen services

Governments offer a variety of other services – passports and drivers licensing, disaster and recovery administration, travel assessments, census administration, etc. – for citizens.

Maximus’s services in this area have included support for:

The Federal Emergency Management Agency (FEMA)

The 2020 Census

Federal/National Agencies

Maximus supports federal/national agencies in the design, implementation, and management of business processes and enabling technologies to achieve specific programmatic missions. This includes support for the Defense Information Systems Agency, Energy Department and the Securities and Exchange Commission (SEC). Maximus also contracts with the Internal Revenue Service (IRS) to modernize the agency's technology infrastructure and provides NextGen Business Process Operations Support Services for the Department of Education.

From Wikipedia’s article on Maximus Inc., shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Ascend Management Innovations LLC Tennessee9
  • ITEQ Holding Company, Inc. Maryland9
  • InSysCo, Inc. Virginia9
  • Interactive Technology Solutions, LLC Maryland9
  • Maximus Canada Services, Inc. Canada9
  • Maximus Canada, Inc. Canada9
  • Maximus Companies Ltd England & Wales9
  • Maximus Consulting Services, Inc. Virginia9
  • Maximus Education, LLC Delaware9
  • Maximus Federal IT, LLC Virginia9
  • Maximus Federal Services, Inc. Virginia9
  • Maximus Federal Systems, LLC Maryland9
  • Maximus Federal Technology Solutions, LLC Delaware9
  • Maximus Gulf Company Ltd Saudi Arabia9
  • Maximus Higher Education, Inc. Virginia9
  • Maximus Human Services, Inc. Virginia9
  • Maximus Services LLC Delaware9
  • Maximus UK Services Ltd England & Wales9
  • Maximus US Services, Inc. Indiana9
  • PSI Services Holding LLC Delaware9
  • Policy Studies LLC Colorado9
  • VES Group, Inc. Texas9
  • Veterans Evaluation Services, Inc. Illinois9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MAXIMUS INCMar 28, 1997 to Jul 2, 20197

Timeline

  1. Aug 6, 20268-K Results of operations62
  2. May 28, 20268-K Entered a material agreement; New debt or obligation63
  3. May 7, 20268-K Results of operations64
  4. Mar 11, 20268-K Shareholder vote65
  5. Feb 5, 20268-K Results of operations66
  6. Dec 18, 20258-K Executive or director change67
  7. Nov 20, 20258-K Results of operations68
  8. Sep 10, 20258-K Other events69
  9. Aug 7, 20258-K Results of operations70
  10. Jun 12, 20258-K Bylaws or fiscal year changed71
  11. May 8, 20258-K Results of operations72
  12. Mar 21, 20258-K Entered a material agreement; New debt or obligation73
  13. May 14, 2018New chief executive Bruce Caswell becomes CEO19
  14. Jun 2, 2017New chief executive Peter Pond becomes CEO20
  15. May 1, 2006New chief executive Richard A. Montoni becomes CEO22
  16. Jan 5, 2006New chief executive Lynn Davenport becomes CEO21
  17. Jun 13, 1997Went public Listed on NYSE1
  18. 1975Founded Founded1

Calendar

Coming up

  1. Nov 19, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.62 a share, on Nov 20, 2025.74

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results62
  2. May 7, 2026Reported quarterly or annual results64
  3. Feb 5, 2026Reported quarterly or annual results66
  4. Nov 20, 2025Reported quarterly or annual results68
  5. Aug 7, 2025Reported quarterly or annual results70
  6. May 8, 2025Reported quarterly or annual results72
  7. Feb 6, 2025Reported quarterly or annual results75
  8. Nov 20, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

493 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 362 insider forms, 30 large holders, 39 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13G EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 1, 2026144 EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 6, 202610-Q EDGAR
  10. Aug 6, 20268-K EDGAR
  11. Aug 6, 2026SCHEDULE 13G/A EDGAR
  12. May 28, 20268-K EDGAR
  13. May 7, 202610-Q EDGAR
  14. May 7, 20268-K EDGAR
  15. Apr 30, 2026SCHEDULE 13G EDGAR
  16. Apr 29, 2026SCHEDULE 13G EDGAR
  17. Apr 28, 20263 EDGAR
  18. Apr 1, 2026UPLOAD EDGAR
  19. Mar 27, 2026SCHEDULE 13G/A EDGAR
  20. Mar 26, 2026CORRESP EDGAR

The 493 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

69 open-market trades by officers, directors and large owners since October 2021: 32 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 17, 2026Madsen JanDirectorSale742$72.25$53.6KForm 4
Feb 10, 2026Caswell BruceCEO & PresidentBuy3,175$78.45$249.1KForm 4
Feb 9, 2026Mutryn DavidChief Financial OfficerBuy1,000$75.63$75.6KForm 4
Dec 3, 2025Link Michelle F.Chief of Human ResourcesSale4,039$86.84$350.7KForm 4
Nov 28, 2025RAJAN GAYATHRIDirectorBuy42$86.11$3.6KForm 4
Nov 28, 2025Warren Michael J.DirectorBuy14$86.11$1.2KForm 4
Oct 1, 2025Link Michelle F.Chief of Human ResourcesSale1,610$90.86$146.3KForm 4
Aug 29, 2025RAJAN GAYATHRIDirectorBuy41$87.58$3.6KForm 4
Aug 29, 2025Warren Michael J.DirectorBuy14$87.58$1.2KForm 4
Jun 16, 2025RUDDY RAYMOND BDirectorBuy1,435$69.66$100.0KForm 4
May 30, 2025RAJAN GAYATHRIDirectorBuy83$72.29$6.0KForm 4
May 30, 2025RAJAN GAYATHRIDirectorSale7,913$72.38$572.8KForm 4
May 30, 2025Warren Michael J.DirectorBuy17$72.29$1.2KForm 4
Mar 18, 2025Madsen JanDirectorSale2,439$67.71$165.1KForm 4
Feb 28, 2025Warren Michael J.DirectorBuy18$66.65$1.2KForm 4
Feb 28, 2025RAJAN GAYATHRIDirectorBuy81$66.64$5.4KForm 4
Feb 19, 2025Baylinson Ilene R.General Mgr - Health & HumanSale14,500$68.14$988.0KForm 4
Dec 17, 2024Caswell BruceCEO & PresidentBuy3,500$70.64$247.2KForm 4
Dec 12, 2024RUDDY RAYMOND BDirectorBuy3,490$71.46$249.4KForm 4
Dec 12, 2024HALEY JOHN JDirectorBuy3,490$71.76$250.4KForm 4

All 69 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Bruce L. CaswellChief Executive Officer and President60$976.9K$11.2M86
2025David W. MutrynChief Financial Officer44$645.4K$3.9M86
2025John T. MartinezChief Legal Officer53$618.8K$3.1M86
2025Ilene R. BaylinsonGM U.S. Services69$593.3K$2.7M86
2025Michelle F. LinkChief Human Resources Officer51$469.2K$2.3M86
2024Bruce L. CaswellChief Executive Officer and President60$886.9K$10.2M86
2024David W. MutrynChief Financial Officer44$616.5K$3.6M86
2024John T. MartinezChief Legal Officer53$600.0K$2.9M86
2024Ilene R. BaylinsonGM U.S. Services69$566.5K$2.9M86
2024Michelle F. LinkChief Human Resources Officer51$443.3K$2.1M86
2023Bruce L. CaswellChief Executive Officer and President60$850.0K$7.3M86
2023David W. MutrynChief Financial Officer44$551.7K$2.1M86
2023Ilene R. BaylinsonGM U.S. Services69$530.0K$1.7M86

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,443,930$400.2M0.0%−75,697
Fmr LLC5,544,432$298.1M0.0%−2,633,941
Vanguard Portfolio Management LLC3,388,533$182.2M0.0%−83,103
Fuller & Thaler Asset Management, Inc.2,702,710$145.3M0.4%+621,244
State Street Corp2,566,033$137.9M0.0%+107,141
Vanguard Capital Management LLC2,366,161$127.2M0.0%−71,475
Dimensional Fund Advisors LP2,354,118$126.6M0.0%+246,840
Reinhart Partners, Llc.1,982,415$106.6M2.4%+1,127,346
Geode Capital Management, LLC1,577,117$84.8M0.0%+79,438
Allianz Asset Management GmbH951,702$55.3M0.1%+56,773
Boston Partners910,040$49.2M0.0%+240,987
Stephens Investment Management Group LLC854,785$46.0M0.5%+138,396
Qube Research & Technologies Ltd782,546$42.1M0.0%+384,427
River Road Asset Management, LLC759,899$40.9M0.5%−66,325
Sio Capital Management, LLC715,267$38.5M6.6%−53,558
Charles Schwab Investment Management Inc703,314$37.8M0.0%−13,606
Northern Trust Corp699,692$37.6M0.0%+6,664
Norges Bank695,683$37.4M0.0%New
Prudential Financial Inc683,912$36.8M0.0%+662,785
Goldman Sachs Group Inc640,595$34.4M0.0%+160,013
Citadel Advisors LLC617,787$33.2M0.0%+517,685
Jupiter Asset Management Ltd608,476$32.7M0.2%+124,055
Bank Of America Corp /de/585,689$31.5M0.0%+22,203
Invesco Ltd.532,872$28.6M0.0%+350,964
Royce & Associates LP527,018$28.3M0.2%+154,476

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Maximus Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMAXIMUS, INC.2
  • CIK0001032220
  • Employer ID (EIN)54-100058818
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inVirginia18
  • Fiscal year endsSeptember 302
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business addressAttn: Treasury Dept., 1600 Tysons Blvd, #1400, Mclean, VA 221022
  • Phone70325185002
  • Shares outstanding52,357,763 as of Aug 3, 202616
  • Public float$3.8B as of Mar 31, 202518
  • AuditorKPMG LLP, McLean, Virginia PCAOB ID 185; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceFeb 12, 19972
  • Filings3,075 in all: 4 (2,312), 8-K (226), SC 13G/A (124), 10-Q (88), 4/A (68), SC 13G (36), 3 (32), 10-K (29)2
    All 37 form types

    DEF 14A (29), UPLOAD (18), 144 (16), CORRESP (15), S-8 (10), DEFA14A (9), 8-K/A (8), ARS (8), SCHEDULE 13G/A (7), 424B4 (4), 5 (4), PX14A6G (4), SCHEDULE 13G (4), PRE 14A (3), S-3 (3), 10-K/A (2), 3/A (2), S-1/A (2), S-3MEF (2), 10-Q/A (1), 424B3 (1), 8-A12B (1), CT ORDER (1), DEFR14A (1), NO ACT (1), S-1 (1), S-1MEF (1), S-3/A (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Nov 20, 2025
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Jan 22, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par valueMMSNew York Stock Exchange

From the cover page of the 10-K filed Nov 20, 2025 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Maximus Inc. names in Item 1A of its 10-K filed Nov 20, 2025: 37 risks under these headings, as written.18

  • Risks Pertaining to Our Client Relationships
  • We rely on key contracts with state, local, and federal governments for a significant portion of our revenue. A substantial reduction in those contracts would materially adversely affect our operating results.
  • We obtain most of our business through competitive bidding in response to government Requests For Proposals (RFP). We may not be awarded contracts through this process at the same level in the future as in the past, and contracts we are awarded may not be profitable.
  • Within our U.S. federal business, our ability to participate in many competitive bids in response to government RFPs is dependent on us maintaining our status as a contractor on, and/or winning new Government-Wide Acquisition Contracts (GWACs). GWACs are an important process by which agencies of the federal government purchase goods and services. Eligibility to remain on a GWAC changes over time. If we are unsuccessful in maintaining eligibility or are not awarded GWACs, this would have a negative impact on our future opportunities.
  • Our business could be adversely affected by legislative or government budgetary and spending changes, including pricing changes.
  • Government entities have in the past and may in the future conclude their contracts with us earlier than we expect, or they could terminate their contracts with us earlier than we expect, which may result in revenue shortfalls and unrecovered costs.
  • If we fail to establish and maintain important relationships with government officials, entities and agencies, our ability to successfully bid under RFPs, retain existing work, and secure new work on future procurements may be adversely affected.
  • Our customers may limit or prohibit the outsourcing of certain programs or may refuse to grant consents and/or waivers necessary to permit contractors, such as us, to perform certain elements of government programs.
  • Risks Pertaining to the Performance of Our Business
  • If we fail to satisfy our contractual obligations or to meet performance standards, our contracts may be terminated, and we may incur significant costs or liabilities, including actual or liquidated damages and penalties, which could adversely impact our operating results, financial condition, cash flows, and our ability to compete for future contracts.
  • If we fail to accurately estimate the factors upon which we base our contract pricing, we may generate less profit than expected or incur losses on those contracts.
  • Our growth initiatives could adversely affect our profitability.
The other 27 risks
  • Investments we make in the business may not be recovered on a timely basis, or at all.
  • We face competition from a variety of organizations, many of which have substantially greater financial resources than we do; we may be unable to compete successfully with these organizations.
  • We use third parties to assist us in providing services to our customers, and these third parties may not perform as expected.
  • Risks Pertaining to Technology, Data and Data Security
  • Our use of AI involves risks such as potential liability, regulatory issues, competition, and reputational damage. AI technologies create specific risks that require tailored governance and use case specific review. Insufficient oversight could lead to legal liability, financial loss, and reputational harm.
  • We may not be successful in our AI initiatives, which could adversely affect our business, reputation, and/or financial results.
  • Our systems and networks are and have been subject to cybersecurity breaches.
  • Many of our projects handle protected health information or other forms of confidential personal information, the loss or disclosure of which has adversely affected, and in the future, could further adversely affect, our business, results of operations, and reputation.
  • Risks Related to our Acquisitions
  • We may experience difficulties in integrating our operations with those of acquired businesses and realizing the expected benefits of these acquisitions.
  • We may face liabilities arising from divested or discontinued businesses.
  • In connection with our acquisitions, we may be required to take write-downs, write-offs, restructuring, impairment, or other charges that could negatively affect our business, assets, liabilities, prospects, outlook, financial condition, and results of operations.
  • Risks Pertaining to Legal Compliance
  • We are subject to review and audit by governments at their sole discretion and, if any improprieties are found, we may be required to refund revenue we have received or forego anticipated revenue, which could have a material adverse impact on our revenue and our ability to bid in response to RFPs.
  • We may be subject to fines, penalties, and other sanctions if we fail to comply with laws governing our business.
  • Adverse judgments or settlements in legal disputes could harm our operating results, cash flows, and financial condition.
  • We may be precluded from bidding and performing certain work due to other work we currently perform.
  • Our employees or subcontractors may engage in misconduct or other improper activities, which could harm our business.
  • Requirements and expectations related to the manner in which we operate our business, particularly pertaining to environmental, social and governance practices, may differ between our stakeholders, exposing us to additional costs and risks.
  • Risks Pertaining to our Human Resources
  • We may lose executive officers and senior managers on whom we rely to generate business and execute projects successfully.
  • We may be unable to attract and retain sufficient qualified personnel to sustain our business.
  • Unions may oppose outsourcing of government programs to outside vendors such as us, which could limit our market opportunities and could impact us adversely. In addition, our unionized workers outside the United States could disrupt our operations, and our non-unionized workers could attempt to unionize, which could disrupt our operations and impose higher costs on us.
  • General Risk Factors
  • A number of factors may cause our cash flows and results of operations to vary from quarter to quarter.
  • Our profitability may be constrained by the effects of inflation.
  • Our indebtedness could adversely affect our business and our ability to meet our obligations.
  • We may not be able to realize the full value of our backlog.
  • We are subject to the risks of doing business internationally.
  • Our business could be materially and adversely impacted by natural or man-made factors outside of our control.
  • Inaccurate, misleading, or negative media coverage could adversely affect our reputation and our ability to bid for government contracts.
  • Our Articles of Incorporation and bylaws include provisions that may have anti-takeover effects.

Legal proceedings

Refer to our disclosures included in "Note 15. Commitments and Contingencies" included in Item 8 of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.18

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