Maximus, Inc. (MMS) Income Statement
MMS FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsMMS revenue and net income
Where MMS's revenue goes
FY2025Each bar shows an amount and its share of revenue. MMS kept 5.9% of revenue as net income.
MMS profit margins
MMS growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.4% | +5.5% | +9.4% | +10.0% |
| Gross profit | +7.7% | +13.7% | +13.1% | +9.5% |
| Operating income | +17.3% | +22.8% | +14.6% | +8.1% |
| Net income | +3.9% | +16.1% | +8.3% | +7.3% |
| EPS (diluted) | +21.1% | +27.6% | +16.8% | +11.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MMS quarterly EPS vs estimates
Maximus beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 19, 2026 (estimate $1.88).
MMS income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.43B | $5.31B | $4.90B | $4.63B | $4.25B | $3.46B | $2.89B | $2.39B | $2.45B | $2.40B |
| Cost of revenue | $4.19B | $4.15B | $3.97B | $3.78B | $3.35B | $2.79B | $2.29B | $1.81B | $1.85B | $1.85B |
| Gross profit | $1.25B | $1.16B | $934.0M | $849.3M | $902.6M | $675.4M | $592.9M | $584.1M | $599.7M | $548.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $713.1M | $671.6M | $639.2M | $534.5M | $494.1M | $387.1M | $321.0M | $285.2M | $284.5M | $268.3M |
| Total operating expenses | $673.1M | $668.4M | $638.6M | $537.6M | $483.3M | $384.2M | $273.1M | $284.3M | $284.5M | $266.1M |
| Operating income | $576.8M | $491.7M | $295.4M | $311.8M | $419.4M | $291.2M | $319.8M | $299.8M | $315.2M | $282.8M |
| Interest income | $84.1M | $82.4M | $84.1M | $46.0M | $14.7M | $2.1M | $3.0M | $3.7M | $723,000 | $635,000 |
| Interest expense | $84.1M | $82.4M | $84.1M | $46.0M | $14.7M | $2.1M | $3.0M | $1.0M | $2.2M | $4.1M |
| Income before taxes | $444.8M | $406.5M | $210.3M | $277.1M | $383.7M | $287.1M | $317.3M | $299.2M | $314.2M | $286.0M |
| Income taxes | $125.8M | $99.6M | $48.5M | $73.3M | $92.5M | $72.6M | $76.8M | $78.4M | $102.1M | $105.8M |
| Net income | $319.0M | $306.9M | $161.8M | $203.8M | $291.2M | $214.5M | $240.8M | $220.8M | $209.4M | $178.4M |
| EBITDA | $662.6M | $614.5M | $443.7M | $455.9M | $489.1M | $389.3M | $405.7M | $362.4M | $384.4M | $361.9M |
| EPS (diluted) | $7.40 | $6.11 | $4.07 | $3.56 | $4.66 | $3.40 | $3.72 | $3.28 | $3.19 | $2.65 |
| Gross margin | 23.0% | 21.9% | 19.0% | 18.3% | 21.2% | 19.5% | 20.5% | 24.4% | 24.5% | 22.8% |
| Operating margin | 10.6% | 9.3% | 6.0% | 6.7% | 9.9% | 8.4% | 11.1% | 12.5% | 12.9% | 11.8% |
| Net margin | 5.9% | 5.8% | 3.3% | 4.4% | 6.8% | 6.2% | 8.3% | 9.2% | 8.5% | 7.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.31B | $1.35B | $1.32B | $1.35B | $1.36B | $1.40B | $1.32B | $1.31B | $1.35B | $1.33B | $1.26B |
| Cost of revenue | $930.2M | $984.0M | $1.05B | $1.01B | $1.01B | $1.05B | $1.12B | $1.04B | $1.01B | $1.05B | $1.05B | $993.1M |
| Gross profit | $348.8M | $322.0M | $298.4M | $310.5M | $336.5M | $315.8M | $278.5M | $278.7M | $308.8M | $295.9M | $276.7M | $266.9M |
| Sales, general & admin | $167.2M | $173.5M | $152.2M | $187.7M | $170.8M | $162.9M | $191.7M | $166.9M | $167.0M | $168.5M | $169.2M | $167.8M |
| Total operating expenses | $187.4M | $173.5M | $161.1M | $187.0M | $170.8M | $162.9M | $153.3M | $166.0M | $166.7M | $168.2M | $167.5M | $170.3M |
| Operating income | $161.4M | $148.5M | $137.2M | $123.5M | $165.7M | $153.0M | $125.2M | $112.7M | $142.1M | $127.7M | $109.2M | $96.6M |
| Interest income | — | — | $20.8M | $22.4M | $22.7M | $21.5M | $17.5M | $20.0M | — | — | — | — |
| Interest expense | $23.9M | $23.8M | $19.1M | $22.4M | $22.7M | $21.5M | $17.5M | $20.0M | $20.6M | $20.4M | $21.5M | $20.5M |
| Income before taxes | $138.2M | $126.5M | $126.3M | $100.5M | $143.0M | $132.5M | $69.0M | $92.7M | $120.4M | $108.0M | $85.5M | $78.2M |
| Income taxes | $34.6M | $28.5M | $32.3M | $25.2M | $37.0M | $35.9M | $27.8M | $20.2M | $30.6M | $27.4M | $21.4M | $19.0M |
| Net income | $103.6M | $98.1M | $93.9M | $75.3M | $106.0M | $96.6M | $41.2M | $72.5M | $89.8M | $80.5M | $64.1M | $59.1M |
| EBITDA | $194.1M | $183.0M | $178.6M | $160.1M | $198.2M | $186.4M | $118.0M | $145.5M | $172.0M | $158.2M | $138.8M | $140.3M |
| EPS (diluted) | $2.22 | $2.07 | $1.85 | $1.62 | $2.16 | $2.01 | $1.61 | $1.46 | $1.74 | $1.57 | $1.34 | $1.29 |
| Gross margin | 27.3% | 24.7% | 22.2% | 23.6% | 25.0% | 23.2% | 19.9% | 21.2% | 23.5% | 21.9% | 20.9% | 21.2% |
| Operating margin | 12.6% | 11.4% | 10.2% | 9.4% | 12.3% | 11.2% | 8.9% | 8.6% | 10.8% | 9.5% | 8.2% | 7.7% |
| Net margin | 8.1% | 7.5% | 7.0% | 5.7% | 7.9% | 7.1% | 2.9% | 5.5% | 6.8% | 6.0% | 4.8% | 4.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MMS's financial statements (latest annual report filed November 20, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MMS financial results
In fiscal year 2025 (ended September 30, 2025), Maximus reported revenue of $5.4 billion, up 2.4% from the year before. It had net income of $319.0 million (up 3.9%), a net profit margin of 5.9%. Diluted earnings per share came to $7.40. Over five years revenue grew at an average rate of 9.4% a year.
See the MMS stock overview for the latest quote and news, or the MMS chart for price history and technical indicators.
MMS income statement FAQ
What is Maximus's annual revenue?
Maximus reported total revenue of $5.4 billion for fiscal year 2025, which ended on September 30, 2025. That was up 2.4% from $5.3 billion the previous year.
Is Maximus profitable?
Yes. Maximus reported net income of $319.0 million in fiscal 2025, a net profit margin of 5.9%; its operating margin was 10.6%.
What is Maximus's gross margin?
Maximus's gross margin was 23.0% in fiscal 2025: for every $100 of revenue, Maximus kept $23 after the direct cost of its products and services.
How fast is Maximus growing?
Revenue grew 9.4% a year on average over the last five fiscal years, from $3.5 billion to $5.4 billion.
What are Maximus's earnings per share?
Maximus earned $7.40 per diluted share in fiscal 2025, compared with $6.11 a year earlier.
When will Maximus report its next earnings?
Maximus is expected to report results for the quarter ending September 30, 2026 on November 19, 2026 before the market opens.
When does Maximus's fiscal year end?
Maximus's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 20, 2025.