MAXIMUS, INC.
For the period ended Sep 30, 2025. Filed Nov 20, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 20, 2025
MMS$66.12+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| For the Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $319,034 | $306,914 | $161,792 |
| Adjustments to reconcile net income to cash flows from operations: | |||
| Depreciation and amortization of property, equipment and capitalized software | 41,669 | 33,957 | 54,725 |
| Amortization of intangible assets | 92,047 | 91,570 | 94,591 |
| Amortization of debt issuance costs and debt discount | 2,782 | 3,534 | 2,837 |
| Deferred income taxes | (16,716) | (36,022) | 1,552 |
| Stock compensation expense | 41,182 | 35,349 | 29,522 |
| Divestiture-related charges | 39,549 | 1,018 | 883 |
| Change in assets and liabilities, net of effects of business combinations and disposals: | |||
| Accounts receivable | (31,852) | (50,562) | (23,401) |
| Prepaid expenses and other current assets | (13,804) | 10,565 | 859 |
| Deferred contract costs | (2,117) | (13,155) | 2,688 |
| Accounts payable and accrued liabilities | (7,492) | 18,267 | 17,729 |
| Accrued compensation and benefits | 12,225 | 38,247 | 12,650 |
| Deferred revenue | (29,990) | 28,534 | (12,123) |
| Income taxes | (7,508) | 32,305 | (16,958) |
| Operating lease right-of-use assets and liabilities | (1,937) | (1,906) | (2,035) |
| Other assets and liabilities | (7,700) | 16,643 | (10,971) |
| Net cash provided by operating activities | 429,372 | 515,258 | 314,340 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment and capitalized software | (63,213) | (114,190) | (90,695) |
| Asset acquisition | — | (17,999) | — |
| Proceeds from divestitures | 5,117 | 3,085 | 9,732 |
| Other | (2,165) | — | — |
| Net cash used in investing activities | (60,261) | (129,104) | (80,963) |
| Cash flows from financing activities: | |||
| Cash dividends paid to Maximus shareholders | (68,710) | (72,901) | (68,073) |
| Purchases of Maximus common stock | (447,482) | (73,069) | — |
| Tax withholding related to RSU vesting | (16,451) | (13,455) | (8,475) |
| Payments for contingent consideration | — | (10,977) | (9,431) |
| Payments for debt financing costs | (1,658) | (9,724) | — |
| Proceeds from borrowings | 1,499,000 | 1,100,166 | 844,299 |
| Principal payments for debt | (1,297,639) | (1,212,202) | (952,974) |
| Other | (10,937) | 16,516 | (56,144) |
| Net cash used in financing activities | (343,877) | (275,646) | (250,798) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (538) | 3,164 | 2,717 |
| Net change in cash, cash equivalents, and restricted cash | 24,696 | 113,672 | (14,704) |
| Cash, cash equivalents and restricted cash, beginning of period | 235,763 | 122,091 | 136,795 |
| Cash, cash equivalents and restricted cash, end of period | $260,459 | $235,763 | $122,091 |
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