Maximus, Inc. (MMS)

Maximus Cash Flow Statement

Financials in millions USD. Fiscal year is October - September.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Sep 30, 2025	Sep 30, 2024	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021
Net Income	371.78	319.03	306.91	161.79	203.83	291.2
Depreciation & Amortization	135.42	133.72	125.53	149.32	132.8	90.72
Stock-Based Compensation	41.25	41.18	35.35	29.52	30.48	28.55
Other Adjustments	4.09	25.62	-31.47	5.27	2.17	2.8
Change in Receivables	-181.77	-31.85	-50.56	-23.4	14.13	38.58
Changes in Accounts Payable	-33.15	-7.49	18.27	17.73	-32.72	26.9
Changes in Accrued Expenses	4.56	12.23	38.25	12.65	3.29	18.11
Changes in Income Taxes Payable	-20.62	-7.51	32.31	-16.96	-13.51	-2.73
Changes in Unearned Revenue	-32.6	-29.99	28.53	-12.12	-19.34	53.65
Changes in Other Operating Activities	-23.99	-25.56	12.15	-9.46	-31.28	-30.46
Operating Cash Flow	264.97	429.37	515.26	314.34	289.84	517.32
Operating Cash Flow Growth	-35.95%	-16.67%	63.92%	8.45%	-43.97%	111.50%
Capital Expenditures	-46.48	-63.21	-114.19	-90.7	-56.15	-36.57
Sale of Property, Plant & Equipment	-	-	-	-	16.43	-
Payments for Business Acquisitions	-	-	-18	-	-14.3	-1,799
Proceeds from Business Divestments	17.64	5.12	3.09	9.73	-	-
Other Investing Activities	-1.08	-2.17	-	-	-	-
Investing Cash Flow	-31.37	-60.26	-129.1	-80.96	-54.01	-1,835
Long-Term Debt Issued	1,429	1,499	1,100	844.3	615	2,318
Long-Term Debt Repaid	-1,251	-1,298	-1,212	-952.97	-770.66	-824.48
Net Long-Term Debt Issued (Repaid)	178.13	201.36	-112.04	-108.68	-155.66	1,494
Repurchase of Common Stock	-285.01	-463.93	-86.52	-8.48	-105.79	-13.18
Net Common Stock Issued (Repurchased)	-285.01	-463.93	-86.52	-8.48	-105.79	-13.18
Common Dividends Paid	-66.99	-68.71	-72.9	-68.07	-68.72	-68.84
Other Financing Activities	-12.24	-12.6	-4.19	-65.58	81.9	-25.93
Financing Cash Flow	-178.72	-343.88	-275.65	-250.8	-248.27	1,386
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1.78	-0.54	3.16	2.72	-7.33	0.47
Net Cash Flow	56.66	24.7	113.67	-14.7	-19.78	68.01
Free Cash Flow	218.48	366.16	401.07	223.65	233.69	480.76
Free Cash Flow Growth	-40.33%	-8.70%	79.33%	-4.30%	-51.39%	135.80%
FCF Margin	4.07%	6.74%	7.56%	4.56%	5.05%	11.30%
Free Cash Flow Per Share	3.86	6.32	6.52	3.64	3.77	7.71
Levered Free Cash Flow	533.04	532.58	335.72	103.58	31.26	1,904
Unlevered Free Cash Flow	418.25	391.05	509.65	277.26	222.81	429.69

Updated Feb 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q