MAXIMUS, INC.

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

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Table of Contents to 2025 Form 10-K

	SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS	4
Part I.		6
Item 1.	Business	6
Item 1A.	Risk Factors	15
Item 1B.	Unresolved Staff Comments	27
Item 1C.	Cybersecurity	28
Item 2.	Properties	30
Item 3.	Legal Proceedings	30
Item 4.	Mine Safety Disclosures	30
Part II.		31
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	31
Item 6.	[Reserved]	32
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33
	Business Overview	33
	Financial Overview	33
	Results of Operations	34
	Backlog	39
	Liquidity and Capital Resources	39
	Critical Accounting Policies and Estimates	44
	Non-GAAP and Other Measures	45
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 8.	Financial Statements and Supplementary Data	48
	Report of Independent Registered Public Accounting Firm (PCAOB ID: 185)	48
	Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	50
	Consolidated Statements of Operations	51
	Consolidated Statements of Comprehensive Income	52
	Consolidated Balance Sheets	53
	Consolidated Statements of Cash Flows	54
	Consolidated Statements of Changes in Shareholders' Equity	55
	Notes to the Consolidated Financial Statements	56
	1. Organization	56
	2. Significant Accounting Policies	56
	3. Business Segments	62
	4. Revenue Recognition	64
	5. Earnings Per Share	66
	6. Debt and Derivatives	67
	7. Acquisitions and Divestitures	69
	8. Goodwill and Intangible Assets	70
	9. Fair Value Measurements	71
	10. Leases	73
	11. Income Taxes	73
	12. Equity	76
	13. Cash and Cash Equivalents and Restricted Cash	77

Table of Contents to 2025 Form 10-K (continued)

	14. Other Items	77
	15. Commitments and Contingencies	79
	16. Employee Benefit Plans and Deferred Compensation	80
	17. Subsequent Event	80
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	81
Item 9A.	Controls and Procedures	81
Item 9B.	Other Information	83
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	83
Part III.		84
Item 10.	Directors, Executive Officers and Corporate Governance	84
Item 11.	Executive Compensation	84
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	84
Item 13.	Certain Relationships and Related Transactions, and Director Independence	84
Item 14.	Principal Accountant Fees and Services	84
Part IV.		85
Item 15.	Exhibits and Financial Statement Schedules	85
	Signatures	88

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.