Metrics
The numbers behind Maximus, Inc.: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in US$ thousands unless noted.
Reading notes: All figures are in thousands of US dollars exactly as printed in the 10-K statements (units line: 'in thousands, except per share amounts'), except per-share and backlog rows. Each fiscal year FY2021-FY2025 is cited to its own Form 10-K (Consolidated Statements of Operations / Balance Sheets / Cash Flows and the Note 3 Business Segments table). FY2022 revenue and segment-profit cells are cited to the FY2023 10-K's comparative column (Note 3 table on p.81). Long-term record: FY2019 and FY2020 are cited to comparative columns of the FY2021 Form 10-K; FY2016-FY2018 are from the standardized data feed (SEC XBRL) and shown without page links (no filing in the corpus). Segment operating income: FY2025 is the single 'Segment operating income' line printed in the new ASU 2023-07 segment table (p.84). FY2021-FY2024 use the per-segment 'Operating income/(loss)' rows; the total segment operating income for those years is the sum of the three segments (components cited, total computed).
Share Price — Full Available History — 29 Years
The stock closed at $58.30 on Jul 17, 2026 — up 5,082% over the window shown (+14.5% a year), trading between $1.08 and $98.93. At that close the stock trades at 11× FY2025 diluted EPS as reported below.
Source: market price feed, monthly closes, sampled from 7,318 source observations, Jun 1997–Jul 2026. Price return only, excludes dividends. Prices are split-adjusted (1:2 on Jul 01, 2011; 1:2 on Jul 01, 2013).
FY2025 at a Glance
Revenue (US$ thousands)
Operating income (US$ thousands)
Net income (US$ thousands)
Diluted EPS
Source: FY2025 consolidated statements [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Revenue by Business Segment
| Revenue by Business Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| U.S. Federal Services | 1,893,284 | 2,259,744 | 2,403,606 | 2,737,244 | 3,067,691 |
| U.S. Services | 1,662,110 | 1,607,612 | 1,812,069 | 1,911,813 | 1,763,691 |
| Outside the U.S. | 699,091 | 763,662 | 689,053 | 657,140 | 599,894 |
| Total revenue | 4,254,485 | 4,631,018 | 4,904,728 | 5,306,197 | 5,431,276 |
| Total revenue growth, derived | — | +8.9% | +5.9% | +8.2% | +2.4% |
Source: Note 3. Business Segments — Results of Operation by Business Segment (Table 3.1) [5] [6] [7] [8]. Click any linked figure to open the filing page with the row highlighted.
Segment Operating Income
| Segment Operating Income | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| U.S. Federal Services | 189,066 | 234,931 | 249,689 | 333,622 | 469,155 |
| U.S. Services | 254,441 | 182,102 | 182,550 | 246,982 | 171,264 |
| Outside the U.S. | 20,126 | (15,170) | (9,130) | 7,705 | 22,391 |
| Total segment operating income | 463,633 | 401,863 | 423,109 | 588,309 | 662,810 |
Source: Note 3. Business Segments — Results of Operation by Business Segment (Table 3.1) [5] [6] [7]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Operations [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: Yahoo Finance analyst consensus, as of 2026-07-19. Estimate figures link to the consensus source, not to filing pages.
Balance Sheet
Source: Consolidated Balance Sheets [9] [10] [11] [12]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows [13] [14] [15] [16]. Click any linked figure to open the filing page with the row highlighted.
Signed Contract Backlog
| Signed Contract Backlog | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| U.S. Federal Services backlog | 4,298,000 | 13,168,000 | 13,800,000 | 10,286,000 | 9,780,000 |
| U.S. Services backlog | 4,865,000 | 5,205,000 | 4,851,000 | 3,867,000 | 3,916,000 |
| Outside the U.S. backlog | 2,052,000 | 1,441,000 | 2,089,000 | 2,014,000 | 1,631,000 |
| Total backlog | 11,215,000 | 19,814,000 | 20,740,000 | 16,167,000 | 15,327,000 |
| Weighted-avg remaining contract life (years) | 4.4 | 6.8 | 5.9 | 6.3 | 5.0 |
Source: company filings [17] [18] [19] [20]. Click any linked figure to open the filing page with the row highlighted.
Non-GAAP Profitability Cash Generation
| Non-GAAP Profitability Cash Generation | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Adjusted EBITDA | — | — | 447,861 | 615,044 | 701,554 |
| Adjusted EBITDA margin | — | — | 9.1% | 11.6% | 12.9% |
| Adjusted net income | 323,952 | 270,614 | 235,257 | 375,413 | 426,422 |
| Adjusted diluted EPS | 5.19 | 4.37 | 3.83 | 6.11 | 7.36 |
| Free cash flow (Non-GAAP) | 480,757 | 233,694 | 223,645 | 401,068 | 366,159 |
Source: company filings [21] [22] [23] [24]. Click any linked figure to open the filing page with the row highlighted.
Contract Mix Workforce
| Contract Mix Workforce | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Performance-based contracts (% of revenue) | 33.0% | 45.0% | 49.0% | 55.0% | 54.0% |
| Fixed-price contracts (% of revenue) | 13.0% | 14.0% | 15.0% | 13.0% | 13.0% |
| Days sales outstanding (days) | 68 | 62 | 60 | 61 | 62 |
| Employees | 35,800 | 39,500 | 39,600 | 41,100 | 37,200 |
| Contingent workers | 14,000 | 12,550 | 12,400 | 11,800 | 9,300 |
Source: company filings [25] [26] [27] [28]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Total revenue | Operating income | Net income | Diluted EPS | Operating cash flow |
|---|---|---|---|---|---|
| FY2016 | — | 286,603 | 178,362 | 2.69 | 180,026 |
| FY2017 | 2,450,961 | 313,512 | 209,426 | 3.17 | 336,424 |
| FY2018 | 2,392,236 | 295,483 | 220,751 | 3.35 | 316,774 |
| FY2019 | 2,886,815 | 317,107 | 240,824 | 3.72 | 356,727 |
| FY2020 | 3,461,537 | 288,278 | 214,509 | 3.39 | 244,592 |
| FY2021 | 4,254,485 | 408,530 | 291,200 | 4.67 | 517,322 |
| FY2022 | 4,631,018 | 325,898 | 203,828 | 3.29 | 289,839 |
| FY2023 | 4,904,728 | 294,794 | 161,792 | 2.63 | 314,340 |
| FY2024 | 5,306,197 | 488,499 | 306,914 | 4.99 | 515,258 |
| FY2025 | 5,431,276 | 528,289 | 319,034 | 5.51 | 429,372 |
Source: consolidated statements across filings; older years from the standardized feed [13] [1] [14] [2]. Click any linked figure to open the filing page with the row highlighted.
Operating KPIs
| KPI | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total backlog | 11,200,000 | 19,800,000 | 20,700,000 | 16,200,000 | 15,300,000 |
Source: company-reported operating metrics [17] [18] [19] [20]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Current price
Mean target
Median target
High target
Low target
Estimate source: Yahoo Finance analyst consensus, as of 2026-07-19. Estimate figures link to the consensus source, not to filing pages.
Traceability
363 of 381 figures on this page (95%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
All figures are in thousands of US dollars exactly as printed in the 10-K statements (units line: 'in thousands, except per share amounts'), except per-share and backlog rows.
Each fiscal year FY2021-FY2025 is cited to its own Form 10-K (Consolidated Statements of Operations / Balance Sheets / Cash Flows and the Note 3 Business Segments table). FY2022 revenue and segment-profit cells are cited to the FY2023 10-K's comparative column (Note 3 table on p.81).
Long-term record: FY2019 and FY2020 are cited to comparative columns of the FY2021 Form 10-K; FY2016-FY2018 are from the standardized data feed (SEC XBRL) and shown without page links (no filing in the corpus).
Segment operating income: FY2025 is the single 'Segment operating income' line printed in the new ASU 2023-07 segment table (p.84). FY2021-FY2024 use the per-segment 'Operating income/(loss)' rows; the total segment operating income for those years is the sum of the three segments (components cited, total computed).
Income-statement presentation: 'Other (income)/expense, net' is omitted for brevity; in the FY2021 10-K interest expense is printed as a deduction '(14,744)' whereas FY2022+ print it as a positive expense — values are stored as positive magnitudes and the anchor is the printed form.
Cash-flow outflows (capex, dividends, buybacks, acquisitions) are stored as negative values matching the printed parenthesized figures; net financing was a cash inflow in FY2021 (debt-funded VES/Aidvantage acquisitions).
Total backlog is management's approximate estimate of future revenue from the existing contract portfolio at each September 30 fiscal year end.
1 figure(s) differed between the data feed and the filing; the filing value is shown (see the run's metrics/metrics_tab.json for the audit trail).