Maximus(NYSE) MMS

Maximus helps governments run health and social programs for people in need. Its services make it easier for citizens to access benefits, appeal decisions, or get support. For example, Maximus manages call centers that help families enroll in Medicaid or resolve questions about government aid.

Products and Services

• U.S. Federal Services (56.5% of Q3 2025 revenue): Runs citizen support centers, manages government records, and handles appeals for federal health programs.
• U.S. Services (32.6%): Administers state and local health programs, including Medicaid and child support, and provides eligibility and enrollment help.
• Outside the U.S. (10.9%): Delivers health assessments and job seeker services for international governments, mainly in the UK.
• Technology Solutions: Modernizes government IT systems, develops software, and provides data analytics for public agencies.
• Consulting Services: Offers project management, technical advice, and support for government program improvements.

Growth and Expansion

• Launched Maximus Total Experience Management (TXM) platform for federal agencies in 2025.
• Invested in technology upgrades for federal contracts in 2024 and 2025.
• Divested employment services in Australia and Korea in 2025, and in Italy, Singapore, and Canada in 2023.
• Expanded UK operations with Functional Assessment Services and Restart program contracts in recent years.
• Repurchased 4.1 million shares for $309.5 million in the first nine months of FY25.

What Makes Maximus Stand Out

Maximus focuses on translating complex government policies into practical services for citizens. Its long-term government relationships and digital platforms support large-scale program delivery. The company’s operational strength lies in managing high-volume, regulated processes for public sector clients.

Five Things You Need to Know

• Revenue was $1.35 billion in Q1 2026, down 4.1% from Q1 2025.
• Net income was $94 million in Q1 2026, up 128.0% year-over-year.
• U.S. Federal Services made up 56.5% of Q3 2025 revenue.
• Operating cash flow was negative $220 million for nine months ended June 2025.
• International sales were 11% of total revenue in Q3 2025.

Bottom Line

Maximus has evolved by focusing on government health and human services, expanding digital capabilities, and streamlining its global footprint. The company’s adaptability and contract-driven model support its role as a key partner to public sector clients.