MAXIMUS, INC.

For the period ended Sep 30, 2025. Filed Nov 20, 2025.

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FY2025 · Filed Nov 20, 2025

MMS$65.64+0.2%Stored close · as of Nov 9, 2026

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Contents

3. Business Segments

BUSINESS SEGMENTS

We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Our operating segments represent the manner in which our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM), reviews our financial results. Our CEO assesses the performance of and allocates resources to each operating segment using information about the operating segment's revenue, gross profit, and segment income (loss) from operations. Our CEO does not evaluate operating segments using asset or liability information.

U.S. Federal Services

Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute on their mission, including program operations and management, clinical services, and advanced technology solutions.

U.S. Services

Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services and technology solutions and related professional services work for U.S. state and local government programs. These services support a variety of programs, including the programs under Medicaid and Children's Health Insurance Program (CHIP), the Affordable Care Act (ACA) marketplaces, Temporary Assistance to Needy Families (TANF), and child support programs.

Outside the U.S.

Our Outside the U.S. Segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and advanced technologies for modernization. We support programs and deliver services in the United Kingdom, including the Functional Assessment Services (FAS) contract and the Restart employment program. We also provide services in Canada and the Middle East.

Table 3.1: Results of Operation by Business Segment
	For the Year Ended September 30, 2025
(dollars in thousands)	U.S. Federal Services	% (1 )		U.S. Services		% (1 )	Outside the U.S.	% (1 )	Total
Revenue	$3,067,691				$1,763,691			$599,894			$5,431,276
Cost of revenue	2,256,928		73.6%		1,352,709		76.7%	488,196		81.4%	4,097,833
Gross profit	810,763		26.4%		410,982		23.3%	111,698		18.6%	1,333,443
Other segment items (2)	341,608		11.1%		239,718		13.6%	89,307		14.9%	670,633
Segment operating income	$469,155		15.3%		$171,264		9.7%	$22,391		3.7%	662,810
Divestiture-related charges (3)									(39,549)
Other (4)									(2,925)
Amortization of intangible assets									(92,047)
Operating income									$528,289
Depreciation and amortization:	$17,146		0.6%		$17,295		1.0%	$7,228		1.2%	$41,669
	For the Year Ended September 30, 2024
(dollars in thousands)	U.S. Federal Services	% (1 )		U.S. Services		% (1 )	Outside the U.S.	% (1 )	Total
Revenue	$2,737,244				$1,911,813			$657,140			$5,306,197
Cost of revenue	2,071,482		75.7%		1,432,026		74.9%	551,037		83.9%	4,054,545
Gross profit	665,762		24.3%		479,787		25.1%	106,103		16.1%	1,251,652
Other segment items (2)	332,140		12.1%		232,805		12.2%	98,398		15.0%	663,343
Segment operating income	$333,622		12.2%		$246,982		12.9%	$7,705		1.2%	588,309
Divestiture-related charges (3)									(1,018)
Other (4)									(7,222)
Amortization of intangible assets									(91,570)
Operating income									$488,499
Depreciation and amortization:	$10,503		0.4%		$16,079		0.8%	$7,375		1.1%	$33,957
	For the Year Ended September 30, 2023
(dollars in thousands)	U.S. Federal Services	% (1 )		U.S. Services		% (1 )	Outside the U.S.	% (1 )	Total
Revenue	$2,403,606				$1,812,069			$689,053			$4,904,728
Cost of revenue	1,845,720		76.8%		1,434,528		79.2%	595,872		86.5%	3,876,120
Gross profit	557,886		23.2%		377,541		20.8%	93,181		13.5%	1,028,608
Other segment items (2)	308,197		12.8%		194,991		10.8%	102,311		14.8%	605,499
Segment operating income/(loss)	$249,689		10.4%		$182,550		10.1%	$(9,130)		(1.3)%	423,109
Divestiture-related charges (3)									(3,751)
Other (4)									(29,973)
Amortization of intangible assets									(94,591)
Operating income									$294,794
Depreciation and amortization:	$18,336		0.8%		$22,674		1.3%	$13,715		2.0%	$54,725

(1)Percentage of respective segment revenue.

(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.

(3)During fiscal years 2025, 2024 and 2023, we sold a number of businesses in our Outside the U.S. Segment. Refer to "Note 7. Acquisitions and Divestitures" for more details.

(4)Other includes credits and costs that are not allocated to a particular segment. For the fiscal years 2025, 2024 and 2023, these charges include $3.0 million, $2.9 million, and $29.3 million, respectively, related to the costs of a previously disclosed cybersecurity incident. Other charges include direct costs of acquisitions. These costs are excluded from measuring each segment's operating performance.

Our long-lived assets consist of property and equipment, capitalized software costs, operating lease right-of-use assets, and deferred compensation plan assets.

Table 3.2: Long-Lived Assets by Geography
	As of September 30,
	2025	2024
(in thousands)
United States	$386,668	$383,989
Outside the US	22,350	32,172
Total	$409,018	$416,161

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