| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 98,063 | 93,943 | 75,288 | 243,746 |
| Depreciation and amortization of property, equipment, and capitalized software | 12,328 | 12,889 | 14,167 | 27,502 |
| Capitalized software impairment charges | 6,914 | NaN | NaN | NaN |
| Amortization of intangible assets | 20,298 | 20,300 | 23,006 | 69,041 |
| Amortization of debt issuance costs and debt discount | 736 | 736 | 736 | 2,046 |
| Deferred income taxes | 39,917 | 27,864 | -10,887 | -5,829 |
| Stock compensation expense | 9,899 | 7,019 | 10,858 | 30,324 |
| Divestiture-related charges/(gains) | 0 | 8,985 | -206 | -39,343 |
| Accounts receivable | -30,710 | 253,375 | -521,445 | 553,297 |
| Prepaid expenses and other current assets | -6,054 | 91 | 23,145 | -9,341 |
| Deferred contract costs | -3,740 | 3,302 | 1,261 | 856 |
| Accounts payable and accrued liabilities | 19,569 | -33,807 | 14,316 | -21,808 |
| Accrued compensation and benefits | 27,269 | -100,700 | 62,594 | -50,369 |
| Deferred revenue | -10,759 | -10,843 | -21,315 | -8,675 |
| Income taxes | -73,428 | -1,035 | -13,133 | 5,625 |
| Operating lease right-of-use assets and liabilities | -1,074 | -399 | 1,571 | -3,508 |
| Other assets and liabilities | 710 | -5,384 | 5,074 | 2,626 |
| Net cash used in operating activities | 189,526 | -244,402 | 649,372 | -220,000 |
| Purchases of property and equipment and capitalized software | 10,509 | 6,263 | 7,527 | 55,686 |
| Asset acquisition | NaN | NaN | 0 | 0 |
| Proceeds from divestitures | 0 | 12,895 | 4,381 | 736 |
| Other | 0 | NaN | 0 | 2,165 |
| Net cash used in investing activities | -10,509 | 6,632 | -3,146 | -57,115 |
| Cash dividends paid to maximus shareholders | 17,821 | 16,338 | 16,845 | 51,865 |
| Purchases of maximus common stock | 114,440 | 40,562 | 141,039 | 306,443 |
| Tax withholding related to rsu vesting | 0 | 17,325 | 0 | 16,451 |
| Payments for contingent consideration | NaN | NaN | 0 | 0 |
| Payments for debt financing costs | 0 | NaN | 0 | 1,658 |
| Proceeds from borrowings | 300,000 | 365,000 | 163,792 | 1,335,208 |
| Principal payments for debt | 332,500 | 132,500 | 487,465 | 810,174 |
| Other, including customer escrowed funds | 51,484 | -1,375 | -9,113 | -1,824 |
| Net cash provided by financing activities | -113,277 | 156,900 | -490,670 | 146,793 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | -568 | -64 | -473 | -65 |
| Net change in cash, cash equivalents, and restricted cash | 65,172 | -80,934 | 155,083 | -130,387 |
| Cash, cash equivalents, and restricted cash, beginning of period | 179,525 | 260,459 | 235,763 | NaN |
| Cash, cash equivalents, and restricted cash, end of period | 244,697 | 179,525 | 260,459 | NaN |
MAXIMUS, INC. (MMS)
MAXIMUS, INC. (MMS)