Annual Reports
Maximus, Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Maximus, Inc. — FY2025 Annual Report (Form 10-K) — FY2025
The current account of the business: three segments, contract economics, backlog, and the risks management flags today. · Open the full document →
Item 1. Business — General — p. 8 · Read the full section →
Management's own statement of what Maximus sells and why governments buy it.
How the company describes the value it creates for government clients.
We create value for our customers through our ability to translate public policy into operating models that achieve outcomes for governments at scale. Our work covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. These services benefit from an industry with increasing demand, constrained government budgets, and an increased focus on technology as governments prioritize modernization.
p. 8 · Read in context →
Our Business Segments — p. 9 · Read the full section →
Sets out the three segments, their revenue shares, and the two engines: federal clinical work and state Medicaid services.
U.S. Federal Services — 56% of revenue, led by VA medical disability examinations.
Our U.S. Federal Services Segment generated 56% of our total revenue in fiscal year 2025. […] Clinical Services. In line with our strategic focus for the future, we continue to expand our clinical programs, most notably through the U.S. Department of Veteran Affairs (VA) medical disability examinations (MDE) contracts. As a leading provider of MDEs, we administer the clinical evaluation process for U.S. veterans and service members on behalf of the VA and manage a vast network of experienced clinicians focused on serving veterans. This highly scaled platform in the U.S. federal government domain is an in-demand capability across a multitude of agencies.
p. 9 · Read in context →
U.S. Services — 32% of revenue, anchored in Medicaid eligibility and exchange operations.
Our U.S. Services Segment generated 32% of our total revenue in fiscal year 2025. […] As a leading supplier in many of the health program administration markets that we serve, we are the largest provider of Medicaid eligibility support and enrollment services and state-based health insurance exchange operations. […] Clinical services is a growing portion of the segment and demonstrates successful focus and execution of our continued strategy.
p. 11 · Read in context →
Outside the U.S. Segment — p. 13 · Read the full section →
The segment Maximus spent three years shrinking; read against the FY2023 edition below.
The reshaping stated as complete: divestitures across FY2023–FY2025 to reduce volatility.
Our Outside the U.S. Segment generated 11% of our total revenue in fiscal year 2025. […] We have reshaped this segment to align with the broader Maximus strategy. Through fiscal years 2023 to 2025, we divested a number of businesses with a goal of reducing volatility in the performance of this segment.
p. 13 · Read in context →
Contract Payment Terms — p. 15 · Read the full section →
The four ways Maximus is paid and which carry the risk — the clearest statement of the revenue model.
Risks Pertaining to Our Client Relationships — p. 22 · Read the full section →
Quantifies customer concentration and the appropriations exposure that comes with a government-only client base.
Our systems and networks are and have been subject to cybersecurity breaches. — p. 29 · Read the full section →
A risk that already materialized: the fiscal 2023 MOVEit breach, still carried as unresolved litigation.
Item 7. MD&A — Results of Operations — p. 49 · Read the full section →
Where management explains FY2025: 2.4% revenue growth, 9.7% operating margin, and what moved them.
U.S. Federal Services drivers: clinical volumes, FEMA work, fewer penalties, and FY2026 margin guidance.
Our revenue growth was driven by our clinical programs, including medical assessments, as well as from support provided to the Federal Emergency Management Agency (FEMA). […] Our medical assessment revenue benefitted from increased volumes, including those driven by the Honoring our Pact Act, which had necessitated a contract rebid to expand the scale of these arrangements, as well as volume increases from underlying assessment demands. Improvements in performance also reduced our share of penalties incurred, benefitting our profit margin. […] We anticipate operating margins for the U.S. Federal Services Segment in fiscal year 2026 to range between 15.5% and 16%.
p. 51 · Read in context →
U.S. Services Segment — p. 52 · Read the full section →
The Medicaid redetermination bulge is over and OBBBA is the next unknown — this segment's swing factors.
Note 4. Revenue Recognition — Disaggregation of Revenue — p. 85 · Read the full section →
Three years of revenue split by service, contract type and customer — the mix shift the segments alone hide.
Maximus, Inc. — FY2023 Annual Report (Form 10-K) — FY2023
The edition where the Outside the U.S. reset was announced mid-flight, with the segment still loss-making. · Open the full document →
Outside the U.S. Segment — p. 13 · Read the full section →
The same segment two years earlier: performance had 'not met expectations' and the divestiture list was still growing.
The reset in progress — Sweden and a U.K. practice sold, then Italy, Singapore and Canadian employment services.
Our Outside the U.S. Segment generated 14% of our total revenue in fiscal year 2023. […] We are currently reshaping this segment in a thoughtful manner to align with the broader Maximus strategy of pursuing digitally-enabled customer services, clinical capabilities to meet rising demand for health services, and advanced technologies for modernization which is in-demand by government customers worldwide. Recent financial performance of the segment has not met expectations due, in part, to increased volatility from employment services programs dependent on fluctuating macroeconomic conditions. During fiscal year 2023, we divested a small commercial practice in the U.K. and our business in Sweden. During the first quarter of fiscal year 2024, we divested our businesses in Italy and Singapore, as well as our Canadian employment services business.
p. 13 · Read in context →
More annual reports
Maximus, Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 117 pages · Segments at 52/36/12 — the midpoint of the mix shift, filed weeks before the Australia and Korea sales closed. · Open →
Maximus, Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 119 pages · Segments at 49/35/16, and the year the current three-to-five-year strategic plan was introduced. · Open →
Maximus, Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 124 pages · Pre-reset baseline: federal 45%, U.S. Services 39%, Outside the U.S. 16%, with COVID programs still central. · Open →