NYSE$MMS
Maximus Inc. · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Maximus Inc. reported Q3 2025 revenue of $1.35 billion and diluted EPS of $1.86.
Maximus delivered revenue of $1.35 billion for the three months ended June 30, 2025, up 2.5% year-over-year, with operating income rising to $165.7 million. Net income reached $106.0 million and diluted EPS increased to $1.86. Segment performance showed strength in U.S. Federal Services offset by declines in U.S. Services and Outside the U.S.
- Q3 revenue totaled $1.35 billion with gross margin expanding to 26.7%.
- U.S. Federal Services revenue grew 11.4% to $761.2 million and operating margin reached 18.1%.
- Net income increased 18.1% to $106.0 million and diluted EPS rose 27.4% to $1.86.
- Days sales outstanding rose to 96 days due to billing delays on large contracts.
Headline financials
Revenue & EPS history
Maximus · Revenue · Quarterly
$1.35B
Revenue by segment
Maximus · $1.35B total across 3 segments · Q3 2025
- U.S. Federal Services$761M—56.5%
- U.S. Services$440M—32.6%
- Outside the U.S.$147M—10.9%
Forward guidance
Management anticipates full-year fiscal 2025 operating margins of approximately 15% in U.S. Federal Services, 10.5% in U.S. Services, and 3-5% in Outside the U.S.
Tailwinds
- Continued volume growth and performance improvements in medical assessment programs
- Progress resolving billing delays expected to normalize receivables by fiscal year end
Headwinds
- Short-term cash flow delays from administrative and contract approval issues
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+1.4%
Avg return
30 days after
55%
36 / 66 earnings
Positive
+15.0%
Q4 2016
Best reaction
-24.7%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2026 | +4.2% | -4.4% | -5.4% | |
| Q1 2026 | -16.5% | -15.5% | -16.7% | |
| Q4 2025 | +5.6% | +11.4% | +13.3% | |
| Q2 2025 | +12.7% | +12.2% | +5.6% | |
| Q1 2025 | -7.7% | -10.6% | -6.1% | |
| Q4 2024 | -6.1% | -8.0% | -8.6% | |
| Q3 2024 | -1.0% | -2.6% | -1.2% | |
| Q2 2024 | -0.7% | +1.2% | +1.0% | |
| Q1 2024 | +0.5% | +7.1% | +9.1% | |
| Q4 2023 | +5.1% | +4.0% | +3.5% | |
| Q3 2023 | -4.9% | -1.7% | -3.4% | |
| Q2 2023 | -5.7% | -4.0% | +0.6% | |
| Q1 2023 | +9.1% | +11.2% | +1.3% | |
| Q4 2022 | +14.7% | +13.8% | +18.9% | |
| Q3 2022 | -2.6% | -3.2% | -8.5% | |
| Q2 2022 | -5.6% | -6.9% | -12.2% | |
| Q1 2022 | -4.0% | -1.7% | +0.8% | |
| Q4 2021 | -2.9% | -5.0% | -3.5% | |
| Q3 2021 | -2.5% | -5.4% | +1.9% | |
| Q2 2021 | -1.2% | -3.6% | -1.5% | |
| Q1 2021 | +6.0% | +10.6% | +11.4% | |
| Q4 2020 | -0.9% | +1.1% | +0.5% | |
| Q3 2020 | +1.3% | -0.5% | -1.7% | |
| Q2 2020 | +4.5% | +2.7% | +14.0% | |
| Q1 2020 | +0.4% | -0.4% | -12.9% | |
| Q4 2019 | -3.3% | -4.5% | -4.3% | |
| Q3 2019 | +7.6% | +8.7% | +10.6% | |
| Q2 2019 | +0.7% | -1.5% | +3.2% | |
| Q1 2019 | -2.7% | -2.6% | -3.0% | |
| Q4 2018 | +4.1% | +5.4% | +0.6% | |
| Q3 2018 | -3.6% | -2.6% | -0.7% | |
| Q2 2018 | -9.9% | -9.1% | -7.5% | |
| Q1 2018 | -2.2% | +0.2% | +5.8% | |
| Q4 2017 | -4.6% | -2.0% | +7.1% | |
| Q3 2017 | +2.3% | +2.0% | +1.1% | |
| Q2 2017 | +1.8% | +6.5% | +6.6% | |
| Q1 2017 | +2.8% | +8.2% | +10.7% | |
| Q4 2016 | +15.0% | +19.1% | +21.8% | |
| Q3 2016 | +2.3% | +3.1% | +1.4% | |
| Q2 2016 | +4.1% | — | — | |
| Q1 2016 | -10.5% | — | — | |
| Q4 2015 | -24.7% | — | — | |
| Q3 2015 | -13.8% | — | — | |
| Q2 2015 | +0.7% | — | — | |
| Q1 2015 | +2.8% | — | — | |
| Q4 2014 | +4.5% | — | — | |
| Q3 2014 | -4.2% | — | — | |
| Q2 2014 | +5.4% | — | — | |
| Q1 2014 | +12.7% | — | — | |
| Q4 2013 | -4.9% | — | — | |
| Q3 2013 | +2.8% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | +4.9% | — | — | |
| Q4 2011 | +2.4% | — | — | |
| Q4 2012 | +4.6% | — | — | |
| Q3 2012 | +5.3% | — | — | |
| Q2 2012 | +5.5% | — | — | |
| Q1 2012 | -1.9% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2010 | +0.9% | — | — | |
| Q2 2011 | +0.9% | — | — | |
| Q1 2010 | +0.3% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q1 2011 | +0.3% | — | — |
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