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Maximus cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$137M in Q3 FY26 · $433M over twelve months

Operating cash flow−$125M
Capital spending−$12.0M
Free cash flow−$137M
Cash / net income-1.2×
Cash conversion cycle62 days

Analysis

In Q3 FY26, Maximus generated −$125M of operating cash flow and spent $12.0M on capital projects, leaving free cash flow of −$137M. That is $61.2M more than in Q3 FY25 (−$198M).

Over the twelve months to Jun 30, 2026, operating cash flow was $470M; the largest uses were buybacks ($346M), dividends ($68.3M), capital spending ($36.3M); besides operations, cash came from other financing ($49.3M), asset & business sales ($21.2M); the cash balance rose by $47.9M.

Operating cash flow was −$125M against net income of $104M — -1.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$267M, income taxes payable +$34.0M, payables −$19.1M.

Its cash conversion cycle was 62 days (receivables 89 + inventory 0 − payables 27).

Free cash flow

Maximus: free cash flow by quarterMaximus: free cash flow by quarter$132MQ4 FY24−$103MQ1 FY25$25.5MQ2 FY25−$198MQ3 FY25$642MQ4 FY25−$251MQ1 FY26$179MQ2 FY26−$137MQ3 FY26
Operating cash flow less capital spending.
Maximus: operating cash flow against capital spendingMaximus: operating cash flow against capital spendingOperating cash flowCapital spending$164M$32.0MQ4 FY24−$80.0M$23.0MQ1 FY25$42.7M$17.2MQ2 FY25−$183M$15.5MQ3 FY25$649M$7.5MQ4 FY25−$244M$6.3MQ1 FY26$190M$10.5MQ2 FY26−$125M$12.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$125M, Capital spending $12.0M.

Capital allocation, year by year

Maximus: where the cash came from (up) and went (down), by fiscal yearMaximus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $517MFY21: Net borrowing $1.5BFY21: Capital spending −$36.6MFY21: Acquisitions −$1.8BFY21: Buybacks −$3.4MFY21: Dividends −$68.8M$2.0BFY21FY22: Operating cash flow $290MFY22: Net borrowing −$156MFY22: Capital spending −$56.1MFY22: Acquisitions −$14.3MFY22: Buybacks −$96.1MFY22: Dividends −$68.7M$290MFY22FY23: Operating cash flow $314MFY23: Net borrowing −$109MFY23: Asset sales $9.7MFY23: Capital spending −$90.7MFY23: Dividends −$68.1M$324MFY23FY24: Operating cash flow $515MFY24: Net borrowing −$112MFY24: Asset sales $3.1MFY24: Capital spending −$114MFY24: Buybacks −$73.1MFY24: Dividends −$72.9M$518MFY24FY25: Operating cash flow $429MFY25: Net borrowing $201MFY25: Asset sales $5.1MFY25: Capital spending −$63.2MFY25: Buybacks −$447MFY25: Dividends −$68.7M$636MFY25
Over these 5 years operating cash flow totalled $2.1B; the largest uses were acquisitions ($1.8B) and buybacks ($620M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$57.0M
Debt$1.6B
Net debt$1.6B
Due within a year$55.6M
Cash runway1 month

Maximus is burning cash: its operations consume cash, a free cash flow of −$548M a year at the current rate against $57.0M of cash and investments: a runway of about 1 month; $55.6M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Maximus: debt maturities by year (FY25)Maximus: debt maturities by year (FY25)$55.6MYear 1$72.5MYear 2$78.1MYear 3$667MYear 4$5.0MYear 5$469MAfter year 5
Principal due in each year as disclosed in the annual report, against $57.0M of cash and investments now.

Where the cash came from and went

Maximus: sources (+) and uses (−) of cash, Q3 FY26Maximus: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow−$125MNet borrowing (+) / repaid (−)$103MCash drawn (+) / kept (−)$91.4MBuybacks−$49.9MDividends−$17.3MCapital spending−$12.0MOther financing$8.3MAsset & business sales$3.9MOther investing−$2.5MExchange rates$188K
Maximus: sources (+) and uses (−) of cash, TTM to Q3 FY26Maximus: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$470MBuybacks−$346MDividends−$68.3MOther financing$49.3MCash drawn (+) / kept (−)−$47.9MCapital spending−$36.3MAsset & business sales$21.2MNet borrowing (+) / repaid (−)−$20.9MTaxes on employees’ shares−$17.3MOther investing−$2.5MExchange rates−$917K

From profit to cash

Maximus: net income to operating cash flow, Q3 FY26Maximus: net income to operating cash flow, Q3 FY26Net income$104MDepreciation & amortization$11.9MStock-based pay$7.4MDeferred taxes−$13.4MReceivables−$267MPayables−$19.1MEmployee-related liabilities−$6.3MDeferred revenue−$3.1MPrepaid and other assets$7.2MIncome taxes payable$34.0MOther operating capital−$1.2MOperating cash flow−$125M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2689—2762
Q2 FY2678—2553
Q1 FY2670—2545
Q4 FY2581—2754
Q3 FY2585—2758
Q2 FY2568—2642
Q1 FY2560—2536
Q4 FY2460—2634

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26−$125M−$12.0M−$49.9M−$17.3M$103M$91.4M−$137M
Q2 FY26$190M−$10.5M−$114M−$17.8M−$32.5M−$65.2M$179M
Q1 FY26−$244M−$6.3M−$40.6M−$16.3M$232M$80.9M−$251M
Q4 FY25$649M−$7.5M−$141M−$16.8M−$324M−$155M$642M
Q3 FY25−$183M−$15.5M—−$16.9M$164M$50.6M−$198M
Q2 FY25$42.7M−$17.2M−$77.8M−$16.9M$106M−$33.1M$25.5M
Q1 FY25−$80.0M−$23.0M−$229M−$18.1M$256M$113M−$103M
Q4 FY24$164M−$32.0M−$25.8M−$18.1M−$9.4M−$88.0M$132M

Maximus: income statement and cash flow

Maximus, Q3 FY26: revenue $1.3B (-5% year over year), operating margin 12.6%. The chart follows the revenue to costs, profit and cash.

Maximus: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.