Maximus Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Maximus Inc (MMS). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| U.S. Federal Services | $1.63B 47.2% | $1.89B 44.5% · +15.9% | $2.26B 48.8% · +19.4% | $2.40B 49.0% · +6.4% | $2.74B 51.6% · +13.9% | $3.07B 56.5% · +12.1% |
| U.S. Services | $1.33B 38.4% | $1.66B 39.1% · +25.0% | $1.61B 34.7% · -3.3% | $1.81B 36.9% · +12.7% | $1.91B 36.0% · +5.5% | $1.76B 32.5% · -7.7% |
| Outside the U.S. | $498.9M 14.4% | $699.1M 16.4% · +40.1% | $763.7M 16.5% · +9.2% | $689.1M 14.0% · -9.8% | $657.1M 12.4% · -4.6% | $599.9M 11.0% · -8.7% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| U.S. Federal Services | $132.9M 8.1% | $189.1M 10.0% | $234.9M 10.4% | – | – | – |
| U.S. Services | $227.8M 17.1% | $254.4M 15.3% | $182.1M 11.3% | – | – | – |
| Outside the U.S. | -$34.1M -6.8% | $20.1M 2.9% | -$15.2M -2.0% | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 |
|---|---|---|---|
| United States | $2.96B 85.6% | $3.56B 83.6% · +20.0% | $3.87B 83.5% · +8.8% |
| United Kingdom | $246.3M 7.1% | $286.4M 6.7% · +16.3% | $410.6M 8.9% · +43.3% |
| Rest of world | $105.4M 3.0% | $167.7M 3.9% · +59.0% | $180.0M 3.9% · +7.4% |
| Australia | $147.2M 4.3% | $245.0M 5.8% · +66.5% | $173.1M 3.7% · -29.4% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Program Operations | $2.40B 69.2% | $2.76B 64.8% · +15.0% | $2.50B 54.0% · -9.2% | $2.50B 51.0% · -0.1% | $2.57B 48.4% · +2.8% | $2.65B 48.8% · +3.1% |
| Clinical Services | $539.0M 15.6% | $699.4M 16.4% · +29.8% | $1.18B 25.4% · +68.1% | $1.49B 30.3% · +26.4% | $1.89B 35.6% · +27.3% | $2.10B 38.7% · +11.1% |
| Employment & Other | $318.4M 9.2% | $463.7M 10.9% · +45.6% | $551.8M 11.9% · +19.0% | $521.0M 10.6% · -5.6% | $469.3M 8.8% · -9.9% | $354.8M 6.5% · -24.4% |
| Technology Solutions | – | – | – | $397.0M 8.1% | $375.1M 7.1% · -5.5% | $324.7M 6.0% · -13.4% |
| Technology Solutions | $208.5M 6.0% | $335.5M 7.9% · +61.0% | $400.6M 8.6% · +19.4% | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 14, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.