---
schema_version: "secwatch.filing_event.v1"
accession: "0001032220-25-000049"
form_type: "8-K"
ticker: "MMS"
cik: "0001032220"
company_name: "MAXIMUS, INC."
filed_at: "2025-11-20T23:59:59+00:00"
generated_at: "2026-05-16T17:51:59.216595+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Maximus FY2025 revenue $5.43B (+2.4%), adj. EPS $7.36; FY2026 guidance adj. EPS $7.95-$8.25, rev $5.225B-$5.425B

## Summary
- Full year revenue $5.43B (+2.4% YoY); organic growth 3.9% driven by U.S. Federal clinical programs.
- Full year adjusted diluted EPS $7.36 (vs $6.11 prior); operating margin expanded to 9.7% (prior 9.2%).
- Free cash flow $366M; share repurchases of 5.8M shares for $457M; leverage ratio 1.5x at Sep 30, 2025.
- FY2026 guidance: revenue $5.225B-$5.425B, adjusted EBITDA margin ~13.7%, adjusted EPS $7.95-$8.25, FCF $450M-$500M.
- U.S. Federal Services revenue +12.1% to $3.07B, margin 15.3%; U.S. Services -7.7% to $1.76B on Medicaid unwinding.

## SEC filing metadata
- accession: 0001032220-25-000049
- form_type: 8-K
- ticker: MMS
- cik: 0001032220
- company_name: MAXIMUS, INC.
- filed_at: 2025-11-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1032220/000103222025000049/0001032220-25-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1032220/000103222025000049/mms-20251120.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001032220-25-000049
- JSON: https://secwatch.observer/filing/0001032220-25-000049.json
- Plain text: https://secwatch.observer/filing/0001032220-25-000049.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.