Filing Flows › Maximus (MMS) › Q4 FY25
Maximus (MMS) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 20, 2025
Maximus (MMS) reported revenue of $1.3B for the fourth quarter fiscal 2025 (Q4 FY25), +0.2% from a year earlier and -2% from the quarter before. Operating margin was 9.3%, net earnings $75.3M (5.7% of revenue).
Maximus, Q4 FY25: revenue $1.3B (+0.2% year over year), operating margin 9.3%, net earnings $75.3M, operating cash flow $649M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -2% | +0.2% |
| Gross profit | $334M | -7% | +11% |
| Operating profit | $123M | -26% | +10% |
| Net earnings | $75.3M | -29% | +4% |
| Operating cash flow | $649M | — | +296% |
| Free cash flow | $642M | — | +387% |
What changed
Revenue was $1.3B in Q4 FY25, roughly flat year over year and down 2% from the previous quarter.
Gross margin was 25.3%, up 2.4 points from Q4 FY24. Operating profit was $0.12B, a 9.3% margin (up 0.8 points year over year). Of the extra revenue versus Q4 FY24, 436% reached operating profit, above the 8% margin then. Operating expenses grew 11% against flat revenue. The fastest-growing cost line was SG&A (+12%). Net earnings were $0.08B, up 4% year over year. The effective tax rate was 25.1%.
Operating cash flow was $0.65B (up 296% year over year), 863% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.55B. After purchases of property and equipment and capitalized software ($0.01B), free cash flow as the company reports it was $0.64B.
Questions
What was Maximus' revenue in the fourth quarter fiscal 2025?
Maximus (MMS) reported revenue of $1.3B for the fourth quarter fiscal 2025 (Q4 FY25), +0.2% from a year earlier and -2% from the quarter before.
Was Maximus profitable in the fourth quarter fiscal 2025?
Operating profit was $123M (9.3% of revenue) and net earnings $75.3M.
Source: Maximus 10-K on SEC EDGAR.