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	113.22	111.52	110.73	123.02	118.7	78.42
Other Amortization	25.08	24.98	18.33	29.14	17.11	13.17
Loss (Gain) From Sale of Assets	-7.78	39.55	1.02	0.88	-11.05	-
Stock-Based Compensation	41.25	41.18	35.35	29.52	30.48	28.55
Other Operating Activities	8.99	-16.72	-36.02	1.55	10.2	1.93
Change in Accounts Receivable	-181.77	-31.85	-50.56	-23.4	14.13	38.58
Change in Accounts Payable	-33.15	-7.49	18.27	17.73	-32.72	26.9
Change in Unearned Revenue	-32.6	-29.99	28.53	-12.12	-19.34	53.65
Change in Income Taxes	-20.62	-7.51	32.31	-16.96	-13.51	-2.73
Change in Other Net Operating Assets	-19.43	-13.33	50.39	3.19	-27.99	-12.35
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	-132.19	-90.7	-56.15	-36.57
Sale of Property, Plant & Equipment	-	-	-	-	16.43	-
Cash Acquisitions	-	-	-	-	-14.3	-1,799
Divestitures	17.28	5.12	3.09	9.73	-	-
Other Investing Activities	-2.17	-2.17	-	-	-	-
Investing Cash Flow	-31.37	-60.26	-129.1	-80.96	-54.01	-1,835
Long-Term Debt Issued	-	1,499	1,100	844.3	615	2,318
Long-Term Debt Repaid	-	-1,298	-1,212	-952.97	-770.66	-824.48
Net Debt Issued (Repaid)	178.13	201.36	-112.04	-108.68	-155.66	1,494
Repurchase of Common Stock	-276.79	-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	-13.07	-12.6	-4.18	-65.58	81.9	-25.93
Financing Cash Flow	-178.72	-343.88	-275.65	-250.8	-248.27	1,386
Foreign Exchange Rate Adjustments	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	383.07	223.65	233.69	480.76
Free Cash Flow Growth	-22.17%	-4.41%	71.28%	-4.30%	-51.39%	135.80%
Free Cash Flow Margin	4.07%	6.74%	7.22%	4.56%	5.05%	11.30%
Free Cash Flow Per Share	3.85	6.32	6.23	3.64	3.77	7.71
Cash Interest Paid	85.45	82.56	78.96	81.1	43.09	14.54
Cash Income Tax Paid	143.03	149.94	99.69	61.05	76.04	99.9
Levered Free Cash Flow	159.17	333.09	392.06	163.56	245.16	415.27
Unlevered Free Cash Flow	210.9	382.86	440.05	213.31	270.88	423.62
Change in Working Capital	-287.57	-90.18	78.94	-31.56	-79.43	104.05

Updated Feb 5, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q