Maximus, Inc. (MMS) quarterly cash flow statement — complete operating, investing & financing history
Maximus, Inc. (MMS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | -124.99M | 189.53M | -244.4M | 649.37M | -182.72M | 42.71M | -80M | 163.83M | 199.33M | 130.49M | 21.61M | 144.59M | -5.29M | 309.7M | -134.66M | 120.06M | 57.92M | 114.78M | -2.92M | 270.66M |
| Operating CF Margin % | -9.77% | 14.51% | -18.17% | 49.25% | -13.55% | 3.14% | -5.7% | 12.45% | 15.16% | 9.68% | 1.63% | 11.48% | -0.44% | 25.66% | -10.78% | 10.2% | 5.14% | 9.75% | -0.25% | 24.47% |
| Operating CF Growth % | 31.6% | 343.71% | -205.52% | 296.36% | -191.67% | -67.27% | -470.21% | 13.31% | 3870.87% | -57.87% | 116.05% | 20.43% | -109.13% | 169.82% | -4513.19% | -55.64% | 275.3% | -36.79% | -102.98% | 82.25% |
| Net Income | 103.59M | 98.06M | 93.94M | 75.29M | 105.98M | 96.57M | 41.2M | 72.5M | 89.75M | 80.51M | 64.15M | 59.15M | 30.86M | 31.79M | 39.99M | 69.07M | 31.34M | 50.1M | 53.33M | 52.01M |
| Depreciation & Amortization | 32.06M | 32.63M | 33.19M | 37.17M | 32.62M | 32.44M | 31.49M | 32.85M | 31.07M | 29.85M | 31.76M | 41.63M | 34.2M | 37.69M | 35.8M | 34.97M | 31.37M | 32.69M | 33.77M | 33.34M |
| Stock-Based Compensation | 17.25M | 0 | 7.02M | 10.86M | 10.75M | 12.62M | 6.95M | 7.74M | 9.48M | 8.7M | 9.43M | 7.28M | 8.3M | 9.54M | 4.4M | 8.4M | 7.03M | 6.8M | 8.25M | 7.73M |
| Deferred Taxes | -13.37M | 39.92M | 27.86M | -10.89M | -5.24M | -2.75M | 2.16M | -32.25M | 4.54M | -6.15M | -2.17M | -823K | 3.74M | -37K | -1.33M | 17.38M | -3.86M | -3.09M | -229K | -10.21M |
| Other Non-Cash Items | -532.97M | 17.55M | -8.25M | 942K | 736K | 1.67M | 38.98M | 635K | 1.7M | 601K | 1.62M | 601K | 601K | 1.48M | 1.03M | -9.98M | 649K | 648K | 649K | 865K |
| Working Capital Changes | 268.44M | 1.37M | -398.17M | 536M | -327.56M | -97.84M | -200.77M | 82.35M | 62.78M | 16.98M | -83.18M | 36.76M | -82.99M | 229.23M | -214.56M | 228K | -8.6M | 27.63M | -98.69M | 186.93M |
| Change in Receivables | -266.74M | 30.71M | -253.38M | 521.45M | -318.42M | -131.43M | -103.45M | -24.03M | 65.86M | -57.01M | -35.38M | -31.08M | -54.85M | 263.28M | -200.75M | 54.13M | 9.07M | -34.95M | -14.11M | 292.88M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -57.34M | -20.24M | 7.69M | 0 | 0 | 0 | 0 | -29.41M | -5.12M | -129.94M |
| Change in Payables | -19.11M | 19.57M | -33.81M | 14.32M | -27.75M | 14.09M | -8.15M | 19.93M | 4.64M | 9.24M | -15.54M | 814K | 23.28M | -10M | 3.64M | -32.72M | -39.53M | 29.41M | -32.45M | 15.71M |
| Cash from Investing | -10.53M | -10.51M | 6.63M | -3.15M | -15.49M | -19.37M | -22.26M | -31.94M | -34.69M | -42.04M | -20.43M | -31.22M | -25.11M | -8.93M | -15.7M | -5.93M | -25.18M | -16.57M | -6.33M | -23.87M |
| Capital Expenditures | -11.98M | -10.51M | -6.26M | -7.53M | -15.49M | -17.21M | -22.99M | -31.95M | -34.69M | -43.31M | -22.25M | -31.83M | -25.11M | -18.05M | -15.7M | -20.21M | -13.04M | -16.57M | -6.33M | -4.43M |
| CapEx % of Revenue | 0.94% | 0.8% | 0.47% | 0.57% | 1.15% | 1.26% | 1.64% | 2.43% | 2.64% | 3.21% | 1.68% | 2.53% | 2.11% | 1.5% | 1.26% | 1.72% | 1.16% | 1.41% | 0.55% | 0.4% |
| Acquisitions | -12.89M | 0 | 12.89M | 4.38M | 0 | 0 | 736K | 0 | 0 | 1.26M | 1.81M | 608K | 0 | 9.12M | 0 | -151K | -14.14M | -4K | 0 | -19.44M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 14.34M | 0 | 0 | 0 | 0 | -2.17M | 0 | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.43M | 2M | 0 | 0 | 0 |
| Cash from Financing | 43.88M | -113.28M | 156.9M | -490.67M | 146.12M | 8.93M | -8.26M | -45.83M | -135.33M | -122.87M | 28.38M | -81.95M | 2.82M | -342.64M | 170.97M | -85M | -29.39M | -188.8M | 54.92M | -201.1M |
| Debt Issued (Net) | 102.74M | -32.5M | 232.5M | -323.67M | 163.67M | 105.63M | 255.74M | -9.38M | -61.28M | -103.13M | 61.75M | -60.56M | 19.95M | -275.41M | 207.35M | -127.69M | 35.73M | -147.02M | 83.31M | -183.93M |
| Equity Issued (Net) | -49.92M | -114.44M | -40.56M | -141.04M | -10K | -77.85M | -228.59M | -25.79M | -47.27M | 0 | -13.46M | 0 | 0 | 0 | 0 | -22.25M | -48.02M | -24.46M | -1.38M | 0 |
| Dividends Paid | -17.28M | -17.82M | -16.34M | -16.84M | -16.9M | -16.9M | -18.06M | -18.05M | -18.24M | -18.31M | -18.3M | -17.02M | -17.02M | -17.02M | -17.02M | -16.95M | -17.1M | -17.31M | -17.35M | -17.21M |
| Share Repurchases | -49.92M | -114.44M | -40.56M | -141.04M | -10K | -77.85M | -228.59M | -25.79M | -47.27M | 0 | -13.46M | 0 | 0 | 0 | 0 | -22.25M | -48.02M | -24.46M | -1.38M | 0 |
| Other Financing | 8.34M | 51.48M | -18.7M | -9.11M | -643K | -1.94M | -17.34M | 7.4M | -8.54M | -1.43M | -1.61M | -4.37M | -104K | -50.21M | -19.36M | 81.89M | 0 | 0 | -9.67M | 42K |
| Net Change in Cash | -91.45M | 65.17M | -80.93M | 116.97M | -50.56M | 33.07M | -112.89M | 87.96M | 29.46M | -35.16M | 31.4M | 30.4M | -27.03M | -41.11M | 23.03M | 26.17M | -1.34M | -90.64M | 46.04M | 43.33M |
| Free Cash Flow | -136.97M | 179.02M | -250.66M | 641.85M | -198.21M | 25.51M | -102.99M | 131.88M | 164.64M | 87.18M | -639K | 112.76M | -30.4M | 291.64M | -150.36M | 99.85M | 44.88M | 98.21M | -9.25M | 266.23M |
| FCF Margin % | -10.71% | 13.71% | -18.64% | 48.68% | -14.7% | 1.87% | -7.34% | 10.02% | 12.52% | 6.47% | -0.05% | 8.95% | -2.56% | 24.17% | -12.04% | 8.48% | 3.99% | 8.34% | -0.8% | 24.07% |
| FCF Growth % | 30.9% | 601.81% | -143.39% | 386.69% | -220.39% | -70.74% | -16017.06% | 16.96% | 641.61% | -70.11% | 99.58% | 12.92% | -167.73% | 196.97% | -1526.17% | -62.49% | 207.91% | -41.23% | -110.39% | 95.42% |
| FCF per Share | -2.58 | 3.26 | -4.53 | 11.26 | -3.48 | 0.45 | -1.72 | 2.14 | 2.68 | 1.41 | -0.01 | 1.83 | -0.49 | 4.75 | -2.46 | 1.63 | 0.73 | 1.57 | -0.15 | 4.26 |
| FCF Conversion (FCF/Net Income) | -1.21x | 1.93x | -2.60x | 8.63x | -1.72x | 0.44x | -1.94x | 2.26x | 2.22x | 1.62x | 0.34x | 2.44x | -0.17x | 9.74x | -3.37x | 1.74x | 1.85x | 2.29x | -0.05x | 5.20x |
| Interest Paid | 0 | 0 | 0 | -60.81M | 22.04M | 21.21M | 17.56M | 19.59M | 19.42M | 0 | 0 | 21.52M | 40.32M | -486K | 19.75M | 0 | 10.5M | 8.81M | 8.94M | 0 |
| Taxes Paid | 0 | 0 | 0 | -100.89M | 30.49M | 57.98M | 12.42M | 31.86M | 24.03M | 0 | 0 | 590K | 42.7M | 12.77M | 4.98M | 0 | 13.53M | 42.52M | 8.01M | 0 |