Filing Flows › Maximus (MMS) › Q3 FY25
Maximus (MMS) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Aug 7, 2025
Maximus (MMS) reported revenue of $1.3B for the third quarter fiscal 2025 (Q3 FY25), +3% from a year earlier and -1% from the quarter before. Operating margin was 12.3%, net earnings $106M (7.9% of revenue).
Maximus, Q3 FY25: revenue $1.3B (+2% year over year), operating margin 12.3%, net earnings $106M, operating cash flow −$183M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -1% | +3% |
| Gross profit | $360M | +6% | +8% |
| Operating profit | $166M | +8% | +17% |
| Net earnings | $106M | +10% | +18% |
| Operating cash flow | −$183M | -528% | — |
What changed
Revenue was $1.3B in Q3 FY25, up 3% year over year and down 1% from the previous quarter. Program Operations was the largest line at 46% of revenue. Clinical Services added $0.05B year over year (up 11%), 162% of the total change. Employment & Other declined 27%.
Gross margin was 26.7%, up 1.4 points from a year earlier. Operating profit was $0.17B, a 12.3% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 72% reached operating profit, above the 11% margin then. Operating expenses grew 2% against revenue growth of 3%. Net earnings were $0.11B, up 18% year over year. The effective tax rate was 25.9%.
Operating cash flow was −$0.18B. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $0.02B exceeded it, leaving free cash flow of −$0.20B.
Questions
What was Maximus' revenue in the third quarter fiscal 2025?
Maximus (MMS) reported revenue of $1.3B for the third quarter fiscal 2025 (Q3 FY25), +3% from a year earlier and -1% from the quarter before.
Was Maximus profitable in the third quarter fiscal 2025?
Operating profit was $166M (12.3% of revenue) and net earnings $106M.
Source: Maximus 10-Q on SEC EDGAR.