MAXIMUS, INC.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 5, 2026
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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, 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 advanced 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, and Temporary Assistance to Needy Families (TANF).
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 Operations by Business Segment | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended December 31, 2025 | |||||||||||
| (dollars in thousands) | U.S. Federal Services | % (1 ) | U.S. Services | % (1 ) | Outside the U.S. | % (1 ) | Total | ||||
| Revenue | $786,601 | $415,248 | $143,197 | $1,345,046 | |||||||
| Cost of revenue | 571,666 | 72.7% | 330,854 | 79.7% | 123,856 | 86.5% | 1,026,376 | ||||
| Gross profit | 214,935 | 27.3% | 84,394 | 20.3% | 19,341 | 13.5% | 318,670 | ||||
| Other segment items (2) | 85,202 | 10.8% | 55,108 | 13.3% | 20,721 | 14.5% | 161,031 | ||||
| Segment operating income/(loss) | $129,733 | 16.5% | $29,286 | 7.1% | $(1,380) | (1.0)% | 157,639 | ||||
| Divestiture-related gains (3) | 8,985 | ||||||||||
| Other (4) | (114) | ||||||||||
| Amortization of intangible assets | (20,300) | ||||||||||
| Operating income | $146,210 | ||||||||||
| Depreciation and amortization: | $7,115 | 0.9% | $4,222 | 1.0% | $1,552 | 1.1% | $12,889 | ||||
| For the Three Months Ended December 31, 2024 | |||||||||||
| (dollars in thousands) | U.S. Federal Services | % (1) | U.S. Services | % (1) | Outside the U.S. | % (1) | Total | ||||
| Revenue | $780,655 | $452,250 | $169,770 | $1,402,675 | |||||||
| Cost of revenue | 607,340 | 77.8% | 357,246 | 79.0% | 136,532 | 80.4% | 1,101,118 | ||||
| Gross profit | 173,315 | 22.2% | 95,004 | 21.0% | 33,238 | 19.6% | 301,557 | ||||
| Other segment items (2) | 74,215 | 9.5% | 54,158 | 12.0% | 25,118 | 14.8% | 153,491 | ||||
| Segment operating income | $99,100 | 12.7% | $40,846 | 9.0% | $8,120 | 4.8% | 148,066 | ||||
| Divestiture-related charges (3) | (38,341) | ||||||||||
| Other (4) | 97 | ||||||||||
| Amortization of intangible assets | (23,035) | ||||||||||
| Operating income | $86,787 | ||||||||||
| Depreciation and amortization: | $2,851 | 0.4% | $3,811 | 0.8% | $1,793 | 1.1% | $8,455 | ||||
(1)Percentage of respective revenue, as applicable.
(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.
(3)During fiscal years 2026 and 2025, we divested businesses from our U.S. Services and Outside the U.S. Segments, respectively. See "Note 6. Divestitures" for additional information.
(4)Other expenses include credits and costs that are not allocated to a particular segment.
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