Maximus Cash Flow Statement
NYSE: MMSConsumer DiscretionaryBusiness ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Maximus free cash flow
In fiscal 2025, Maximus generated $429.4 million of operating cash flow and spent $63.2 million on capital expenditures. That left free cash flow of $366.2 million, a free-cash-flow margin of 6.7% of revenue. Free cash flow was down 8.7% from the prior year's $401.1 million.
Maximus returned $516.2 million to shareholders: $68.7 million in dividends and $447.5 million in share repurchases, equal to 141% of free cash flow. Free cash flow covered dividend payments 5.3 times.
Summary generated from market data by MetaCap's automated system. Methodology
Maximus cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-09-30 | FY 20242024-09-30 | FY 20232023-09-30 | FY 20222022-09-30 | FY 20212021-09-30 | FY 20202020-09-30 | FY 20192019-09-30 | FY 20182018-09-30 | FY 20172017-09-30 | FY 20162016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 319.03M | 306.91M | 161.79M | 203.83M | 291.20M | 214.51M | 240.50M | 220.82M | 212.18M | 180.16M |
| Net Income growth (YoY) | +3.95% | +89.70% | -20.62% | -30.00% | +35.75% | -10.81% | +8.91% | +4.07% | +17.77% | +12.57% |
| Depreciation & Amortization | 41.67M | 33.96M | 54.73M | 42.33M | 46.36M | 64.53M | 52.40M | 51.88M | 55.77M | 58.40M |
| Stock-Based Compensation | 41.18M | 35.35M | 29.52M | 30.48M | 28.55M | 23.71M | 20.77M | 20.24M | 21.36M | 18.75M |
| Change in Working Capital | -83.14M | 6.80M | -16.94M | -44.68M | 102.41M | -108.27M | 2.99M | 4.22M | 11.90M | -68.05M |
| Operating Cash Flow | 429.37M | 515.26M | 314.34M | 289.84M | 517.32M | 244.59M | 356.73M | 316.77M | 336.42M | 180.03M |
| Capital Expenditures | -63.21M | -114.19M | -90.69M | -56.15M | -36.56M | -40.71M | -66.85M | -26.52M | — | — |
| Investing Cash Flow | -60.26M | -129.10M | -80.96M | -54.01M | -1.84B | -44.14M | -483.88M | -45.24M | -25.22M | -87.10M |
| Dividends Paid | -68.71M | -72.90M | -68.07M | -68.72M | -68.84M | -70.16M | -63.89M | -11.69M | -11.67M | -11.70M |
| Share Repurchases | -447.48M | -73.07M | 0 | -96.12M | -3.36M | -166.96M | -47.45M | -66.92M | -28.86M | -33.34M |
| Debt Issued | 1.50B | 1.10B | 844.30M | 615.00M | 2.32B | 638.05M | 414.66M | 136.63M | 185.00M | 149.82M |
| Debt Repaid | -1.30B | -1.21B | -952.97M | -770.66M | -824.48M | -619.45M | -405.14M | -136.77M | -349.98M | -195.20M |
| Financing Cash Flow | -343.88M | -275.65M | -250.80M | -248.27M | 1.39B | -230.09M | -110.86M | -91.88M | -215.43M | -96.84M |
| Net Change in Cash | 24.70M | 113.67M | -14.70M | -19.77M | 68.01M | -27.93M | -240.07M | 176.83M | 99.43M | -8.47M |
| Free Cash Flow | 366.16M | 401.07M | 223.65M | 233.69M | 480.76M | 203.88M | 289.88M | 290.25M | 336.42M | 180.03M |
This table shows 10 annual periods of Maximus's cash flow statement, from FY 2025 back to FY 2016, across 14 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow MMS's reporting calendar. What is a cash flow statement?