Revenue growth has shifted to a negative 4.1% trajectory in 2026Q2, while gross margins remain volatile, fluctuating between 19.9% and 25.0% over the last ten quarters.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 5.32B | 5.43B | 5.31B | 4.9B | 4.63B | 4.25B | 3.46B | 2.89B | 2.39B | 2.45B | 2.4B | 2.1B | 1.7B | 1.33B | 1.05B | 929.63M | 831.75M | 717.3M | 745.13M | 738.65M | 700.89M | 647.54M | 603.77M | 558.28M | 518.7M | 487.26M | 399.16M | 319.5M | 233.5M | 127.9M | 103.1M |
| Revenue Growth % | -1.44% | 2.36% | 8.19% | 5.91% | 8.85% | 22.91% | 19.91% | 20.67% | -2.4% | 1.98% | 14.46% | 23.45% | 27.77% | 26.77% | 12.96% | 11.77% | 15.96% | -3.74% | 0.88% | 5.39% | 8.24% | 7.25% | 8.15% | 7.63% | 6.45% | 22.07% | 24.93% | 36.83% | 82.56% | 24.05% | - |
| Cost of Goods Sold | 4.05B | 4.19B | 4.15B | 3.97B | 3.78B | 3.35B | 2.79B | 2.29B | 1.81B | 1.85B | 1.85B | 1.6B | 1.25B | 945.25M | 762.2M | 675.98M | 610.92M | 525.03M | 543.39M | 561.56M | 547.54M | 467.59M | 427.21M | 391.71M | 357.04M | 335.83M | 269.61M | 222.5M | 170.5M | 93.8M | 78.1M |
| COGS % of Revenue | - | 77.14% | 78.14% | 80.96% | 81.66% | 78.78% | 80.49% | 79.46% | 75.58% | 75.53% | 77.16% | 76.03% | 73.42% | 71% | 72.58% | 72.71% | 73.45% | 73.2% | 72.93% | 76.03% | 78.12% | 72.21% | 70.76% | 70.16% | 68.83% | 68.92% | 67.54% | 69.64% | 73.02% | 73.34% | 75.75% |
| Gross Profit | 1.27B | 1.25B | 1.16B | 934.02M | 849.35M | 902.62M | 675.37M | 592.93M | 584.08M | 599.7M | 548.81M | 503.37M | 452.12M | 386.03M | 287.94M | 253.65M | 220.83M | 192.27M | 201.74M | 177.08M | 153.35M | 179.95M | 176.57M | 166.58M | 161.66M | 151.43M | 129.55M | 97M | 63M | 34.1M | 25M |
| Gross Margin % | 23.83% | 23.01% | 21.86% | 19.04% | 18.34% | 21.22% | 19.51% | 20.54% | 24.42% | 24.47% | 22.84% | 23.97% | 26.58% | 29% | 27.42% | 27.29% | 26.55% | 26.8% | 27.07% | 23.97% | 21.88% | 27.79% | 29.24% | 29.84% | 31.17% | 31.08% | 32.46% | 30.36% | 26.98% | 26.66% | 24.25% |
| Gross Profit Growth % | - | 7.74% | 24.2% | 9.97% | -5.9% | 33.65% | 13.9% | 1.52% | -2.6% | 9.27% | 9.03% | 11.33% | 17.12% | 34.07% | 13.52% | 14.86% | 14.86% | -4.7% | 13.93% | 15.47% | -14.78% | 1.92% | 6% | 3.04% | 6.75% | 16.89% | 33.56% | 53.97% | 84.75% | 36.4% | - |
| Operating Expenses | 692.37M | 673.13M | 668.37M | 638.65M | 537.56M | 483.27M | 384.19M | 273.12M | 284.29M | 284.51M | 266.06M | 238.79M | 226.22M | 197.86M | 157.4M | 132.06M | 118.78M | 106.72M | 115.65M | 135.58M | 129.68M | 116.68M | 113.52M | 108.59M | 96.98M | 84.39M | 74.17M | 53.8M | 39.9M | 23.1M | 13.4M |
| OpEx % of Revenue | - | 12.39% | 12.6% | 13.02% | 11.61% | 11.36% | 11.1% | 9.46% | 11.88% | 11.61% | 11.07% | 11.37% | 13.3% | 14.86% | 14.99% | 14.21% | 14.28% | 14.88% | 15.52% | 18.36% | 18.5% | 18.02% | 18.8% | 19.45% | 18.7% | 17.32% | 18.58% | 16.84% | 17.09% | 18.06% | 13% |
| Selling, General & Admin | 683.4M | 673.13M | 668.37M | 638.65M | 537.56M | 483.27M | 384.19M | 273.12M | 284.29M | 284.51M | 266.06M | 238.79M | 226.22M | 197.86M | 157.4M | 132.06M | 118.78M | 106.72M | 115.65M | 135.58M | 129.68M | 116.68M | 113.52M | 107.41M | 96.01M | 78.8M | 67.95M | 51.1M | 37.5M | 22.7M | 13.1M |
| SG&A % of Revenue | - | 12.39% | 12.6% | 13.02% | 11.61% | 11.36% | 11.1% | 9.46% | 11.88% | 11.61% | 11.07% | 11.37% | 13.3% | 14.86% | 14.99% | 14.21% | 14.28% | 14.88% | 15.52% | 18.36% | 18.5% | 18.02% | 18.8% | 19.24% | 18.51% | 16.17% | 17.02% | 15.99% | 16.06% | 17.75% | 12.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.35% | 0.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 968K | 5.6M | 6.22M | 2.7M | 2.4M | 400K | 300K |
| Operating Income | 575.01M | 576.75M | 491.72M | 295.37M | 311.78M | 419.35M | 291.18M | 319.81M | 299.78M | 315.19M | 282.75M | 264.58M | 225.9M | 188.17M | 130.54M | 121.59M | 102.06M | 85.54M | 86.09M | 41.5M | 23.68M | 63.27M | 63.05M | 57.04M | 64.34M | 67.04M | 55.38M | 43.2M | 23.1M | 11M | 11.6M |
| Operating Margin % | 10.81% | 10.62% | 9.27% | 6.02% | 6.73% | 9.86% | 8.41% | 11.08% | 12.53% | 12.86% | 11.77% | 12.6% | 13.28% | 14.13% | 12.43% | 13.08% | 12.27% | 11.93% | 11.55% | 5.62% | 3.38% | 9.77% | 10.44% | 10.22% | 12.4% | 13.76% | 13.88% | 13.52% | 9.89% | 8.6% | 11.25% |
| Operating Income Growth % | - | 17.29% | 66.48% | -5.26% | -25.65% | 44.02% | -8.95% | 6.68% | -4.89% | 11.47% | 6.87% | 17.12% | 20.05% | 44.15% | 7.36% | 19.14% | 19.3% | -0.64% | 107.45% | 75.28% | -62.58% | 0.36% | 10.53% | -11.34% | -4.03% | 21.04% | 28.21% | 87.01% | 110% | -5.17% | - |
| EBITDA | 710.62M | 722.57M | 627.04M | 457.38M | 453.48M | 523.67M | 398.14M | 405.26M | 361.98M | 383.16M | 354.54M | 320.77M | 274.57M | 223.99M | 157M | 144.44M | 120.39M | 97.78M | 98.62M | 62.47M | 41.32M | 78.42M | 76.2M | 68.27M | 71.62M | 77.12M | 61.61M | 45.9M | 25.5M | 11.4M | 11.9M |
| EBITDA Margin % | 13.36% | 13.3% | 11.82% | 9.33% | 9.79% | 12.31% | 11.5% | 14.04% | 15.13% | 15.63% | 14.75% | 15.28% | 16.14% | 16.83% | 14.95% | 15.54% | 14.47% | 13.63% | 13.24% | 8.46% | 5.9% | 12.11% | 12.62% | 12.23% | 13.81% | 15.83% | 15.43% | 14.37% | 10.92% | 8.91% | 11.54% |
| EBITDA Growth % | 7.53% | 15.23% | 37.09% | 0.86% | -13.4% | 31.53% | -1.76% | 11.96% | -5.53% | 8.07% | 10.53% | 16.83% | 22.58% | 42.67% | 8.7% | 19.97% | 23.13% | -0.86% | 57.87% | 51.18% | -47.31% | 2.92% | 11.61% | -4.68% | -7.13% | 25.18% | 34.22% | 80% | 123.68% | -4.2% | - |
| D&A (Non-Cash Add-back) | 135.6M | 145.82M | 135.33M | 162.02M | 141.69M | 104.32M | 106.96M | 85.46M | 62.19M | 67.98M | 71.78M | 56.2M | 48.67M | 35.82M | 26.46M | 22.84M | 18.34M | 12.23M | 12.53M | 20.97M | 17.64M | 15.14M | 13.15M | 11.23M | 7.28M | 10.08M | 6.22M | 2.7M | 2.4M | 400K | 300K |
| EBIT | 582.41M | 528.93M | 488.95M | 294.43M | 323.06M | 398.43M | 289.12M | 320.28M | 300.21M | 316.4M | 290.1M | 261.22M | 227.37M | 189.06M | 131.75M | 125.9M | 108.32M | 89.96M | 46.5M | 3.12M | 21.14M | 59.62M | 64.09M | 57.98M | 64.68M | 67.04M | 55.38M | 43.7M | 27.8M | 12.7M | 12.4M |
| Net Interest Income | -88.02M | -84.08M | -82.44M | -84.14M | -45.97M | -14.74M | -2.06M | -2.96M | -1M | -2.16M | -4.13M | -1.4M | 0 | 0 | 4.17M | 3.5M | 916K | 145K | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.18M | 3.5M | 916K | 145K | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 88.02M | 84.08M | 82.44M | 84.14M | 45.97M | 14.74M | 2.06M | 2.96M | 1M | 2.16M | 4.13M | 1.4M | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -78.78M | -131.9M | -85.21M | -85.08M | -34.69M | -35.67M | -4.12M | -2.49M | -574K | -952K | 3.21M | -4.76M | 1.47M | 885K | 1.21M | 4.3M | 6.27M | 4.42M | -39.6M | -38.38M | -19.64M | -3.65M | 1.04M | 1.38M | 3.1M | 1.51M | -830K | 3.6M | 1.8M | 2.6M | -100K |
| Pretax Income | 496.24M | 444.85M | 406.51M | 210.29M | 277.1M | 383.68M | 287.06M | 317.32M | 299.21M | 314.24M | 285.97M | 259.82M | 227.37M | 189.06M | 131.75M | 125.9M | 108.32M | 89.96M | 46.5M | 3.12M | 4.03M | 59.62M | 64.09M | 58.42M | 67.44M | 68.55M | 54.55M | 46.8M | 24.9M | 12M | 11.8M |
| Pretax Margin % | 9.33% | 8.19% | 7.66% | 4.29% | 5.98% | 9.02% | 8.29% | 10.99% | 12.51% | 12.82% | 11.9% | 12.37% | 13.37% | 14.2% | 12.55% | 13.54% | 13.02% | 12.54% | 6.24% | 0.42% | 0.58% | 9.21% | 10.61% | 10.46% | 13% | 14.07% | 13.67% | 14.65% | 10.66% | 9.38% | 11.45% |
| Income Tax | 122.96M | 125.81M | 99.59M | 48.5M | 73.27M | 92.48M | 72.55M | 76.83M | 78.39M | 102.05M | 105.81M | 99.77M | 81.97M | 71.93M | 55.65M | 43.75M | 38.92M | 35.38M | 18.22M | 11.37M | 1.57M | 23.55M | 25.32M | 23.08M | 27.09M | 28.45M | 24.09M | 19.2M | 10.4M | 3.4M | 200K |
| Effective Tax Rate % | 24.78% | 28.28% | 24.5% | 23.06% | 26.44% | 24.1% | 25.27% | 24.21% | 26.2% | 32.48% | 37% | 38.4% | 36.05% | 38.05% | 42.24% | 34.75% | 35.93% | 39.33% | 39.18% | 364.67% | 39% | 39.5% | 39.5% | 39.5% | 40.17% | 41.5% | 44.15% | 41.03% | 41.77% | 28.33% | 1.69% |
| Net Income | 373.27M | 319.03M | 306.91M | 161.79M | 203.83M | 291.2M | 214.51M | 240.82M | 220.75M | 209.43M | 178.36M | 157.77M | 145.44M | 116.73M | 76.13M | 81.17M | 70.41M | 46.54M | 6.68M | -8.26M | 2.46M | 36.07M | 38.77M | 35.35M | 40.35M | 36.25M | 30.47M | 27.6M | 14.5M | 8.6M | 11.6M |
| Net Margin % | 7.02% | 5.87% | 5.78% | 3.3% | 4.4% | 6.84% | 6.2% | 8.34% | 9.23% | 8.54% | 7.42% | 7.51% | 8.55% | 8.77% | 7.25% | 8.73% | 8.47% | 6.49% | 0.9% | -1.12% | 0.35% | 5.57% | 6.42% | 6.33% | 7.78% | 7.44% | 7.63% | 8.64% | 6.21% | 6.72% | 11.25% |
| Net Income Growth % | 24.42% | 3.95% | 89.7% | -20.62% | -30% | 35.75% | -10.93% | 9.09% | 5.41% | 17.42% | 13.05% | 8.48% | 24.59% | 53.33% | -6.2% | 15.28% | 51.29% | 597.02% | 180.88% | -435.57% | -93.18% | -6.98% | 9.7% | -12.39% | 11.31% | 18.96% | 10.39% | 90.34% | 68.6% | -25.86% | - |
| Net Income (Continuing) | 373.27M | 319.03M | 306.91M | 161.79M | 203.83M | 291.2M | 214.51M | 240.5M | 220.82M | 212.18M | 180.16M | 160.05M | 145.4M | 117.35M | 76.1M | 82.14M | 69.4M | 54.58M | 29.82M | -8.26M | 2.46M | 36.07M | 38.77M | 35.35M | 40.35M | 40.1M | 30.47M | 27.6M | 15.5M | 9.5M | 11.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 409K | 2.55M | 5.68M | 4.06M | 3.32M | 223K | 267K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.80 | 5.51 | 4.99 | 2.63 | 3.29 | 4.67 | 3.39 | 3.72 | 3.35 | 3.17 | 2.69 | 2.35 | 2.11 | 1.67 | 1.09 | 1.14 | 0.98 | 0.65 | 0.09 | -0.09 | 0.03 | 0.42 | 0.44 | 0.42 | 0.43 | 0.40 | 0.36 | 0.33 | 0.21 | 0.16 | 0.39 |
| EPS Growth % | 32.8% | 10.42% | 89.73% | -20.06% | -29.55% | 37.76% | -8.87% | 11.04% | 5.68% | 17.84% | 14.47% | 11.37% | 26.35% | 53.21% | -4.39% | 16.33% | 50.77% | 642.86% | 192.69% | -443.27% | -93.45% | -4.55% | 4.76% | -2.33% | 7.5% | 11.11% | 9.09% | 57.14% | 31.25% | -58.97% | - |
| EPS (Basic) | - | 5.56 | 5.03 | 2.65 | 3.30 | 4.69 | 3.40 | 3.73 | 3.37 | 3.19 | 2.71 | 2.37 | 2.15 | 1.71 | 1.12 | 1.18 | 1.01 | 0.66 | 0.09 | -0.09 | 0.03 | 0.42 | 0.45 | 0.42 | 0.45 | 0.42 | 0.36 | 0.34 | 0.22 | 0.17 | 0.39 |
| Diluted Shares Outstanding | 54.92M | 57.92M | 61.48M | 61.45M | 61.97M | 62.37M | 63.32M | 64.82M | 65.93M | 66.06M | 66.23M | 67.28M | 69.09M | 69.89M | 69.61M | 71.06M | 71.86M | 71.54M | 77.22M | 87.48M | 87.28M | 86.61M | 88.06M | 85.34M | 93.15M | 90.05M | 85.7M | 83.56M | 73.18M | 58.46M | 30M |
| Basic Shares Outstanding | 54.55M | 57.41M | 61.05M | 61.13M | 61.77M | 62.07M | 63.06M | 64.5M | 65.5M | 65.63M | 65.82M | 66.68M | 67.68M | 68.17M | 67.73M | 68.83M | 69.65M | 70.28M | 76.24M | 87.48M | 85.86M | 85.32M | 86.36M | 84M | 90.7M | 86.81M | 84.22M | 82.15M | 71.75M | 56.72M | 30M |
| Dividend Payout Ratio | - | 21.54% | 23.75% | 42.07% | 33.71% | 23.64% | 32.7% | 26.53% | 5.3% | 5.57% | 6.56% | 7.56% | 8.38% | 10.51% | 16% | 12.72% | 11.89% | 17.31% | 116.79% | - | 349.06% | 17.75% | - | - | - | - | - | 2.9% | 51.03% | 254.65% | 18.97% |
Contract re-compete and labor inflation
According to the latest quarterly financial data, Maximus has experienced a shift toward negative top-line growth, with revenue contracting by 4.1% year-over-year in 2026Q2, signaling that the post-pandemic surge in Medicaid redetermination volume is likely normalizing and failing to provide a sustained growth catalyst for the firm.
The transition from positive growth in early 2024 to recent contraction suggests that the company is struggling to replace expiring pandemic-era contracts with new, high-volume mandates. Investors should monitor whether this deceleration reflects a structural loss of market share or merely the cyclical nature of government funding cycles.
As reported in recent income statements, gross margins have fluctuated between 19.9% and 25.0% over the last ten quarters, indicating that the company's reliance on labor-intensive service delivery models leaves it vulnerable to cost variances that are difficult to mitigate within fixed-price government contract structures.
The variability in gross profit suggests that Maximus lacks the pricing power to fully insulate itself from wage inflation or unexpected service delivery costs. This inconsistency warrants further investigation into whether the company's shift toward higher-value federal IT work is successfully offsetting the margin pressure inherent in its legacy BPO operations.
Based on the provided figures, operating income has failed to scale consistently with gross profit, as SG&A expenses remain a significant drag on profitability, with operating margins hovering around 10.62% despite the company's efforts to integrate higher-margin federal business segments into its broader service portfolio.
The inability to drive meaningful operating leverage suggests that the company's administrative and overhead costs are relatively fixed and high, limiting the potential for margin expansion during periods of revenue growth. This may indicate that the business requires significant ongoing investment in compliance and management infrastructure to maintain its government contracts.
Financial filings reveal that net income has experienced significant volatility, with EPS swinging from $0.69 in 2025Q1 to $1.80 in 2026Q2, suggesting that reported earnings are heavily influenced by periodic adjustments and non-operating items rather than purely consistent operational performance across the company's diverse service segments.
The wide variance in quarterly EPS, particularly the sharp drop in early 2025, implies that investors should be cautious when relying on headline earnings as a proxy for underlying cash generation. The inconsistent impact of stock-based compensation and potential contract-related catch-up adjustments warrants a deeper look into the sustainability of current profit levels.
Quick answers to the most common questions about buying MMS stock.
For fiscal year 2025, Maximus, Inc. (MMS) reported total revenue of $5.43B. This represents a 5168.0% increase compared to $103.1M in 1996.
Maximus, Inc. (MMS) is profitable, generating $319.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Maximus, Inc. (MMS) reported an operating income of $576.8M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Maximus, Inc. (MMS) generated $1.25B in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.