Maximus (MMS) Cash Flow: Operating & Free Cash Flow

Maximus (MMS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Sep 30, 2025), Maximus generated $429.37M of operating cash flow and spent $63.21M on capital expenditures. That left free cash flow of $366.16M, down 8.7% from $401.07M a year earlier, or 6.7% of revenue. It returned $516.19M to shareholders through $68.71M in dividends and $447.48M in share buybacks.

Maximus Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Maximus, Inc. (MMS) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	0.32	0.31	0.16	0.20	0.29	0.21	0.24	0.22	0.21
Depreciation & Amortization	0.13	0.13	0.15	0.13	0.09	0.10	0.09	0.06	0.07
Deferred Income Tax	-0.02	-0.04	0.00	0.01	-0.01	-0.02	0.01	0.01	0.00
Stock Based Compensation	0.04	0.04	0.03	0.03	0.03	0.02	0.02	0.02	0.02
Change in Working Capital	-0.09	0.08	-0.03	-0.08	0.10	-0.07	0.00	0.01	0.03
Change in Accounts Receivable	-0.03	-0.05	-0.02	0.01	0.04	-0.14	-0.06	0.03	0.05
Change in Inventory	0.00	0.00	0.00	0.00	-0.03	-0.08	-0.05	0.01	0.00
Change in Accounts Payable	-0.01	0.02	0.02	-0.03	0.03	0.08	0.05	-0.01	-0.03
Change in Other Working Capital	-0.05	0.11	-0.01	-0.06	0.07	0.07	0.06	-0.02	0.00
Other Operating Activities	0.04	0.00	0.01	-0.01	0.01	0.00	0.00	0.11	0.00
Net Cash from Operating Activities	0.43	0.52	0.31	0.29	0.52	0.24	0.36	0.32	0.34
Investing Activities
Capital Expenditures	-0.06	-0.11	-0.09	-0.06	-0.04	-0.04	-0.07	-0.03	-0.02
Acquisitions	0.00	0.00	0.01	-0.01	-1.80	0.00	-0.44	0.00	0.00
Purchases of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.02	-0.02	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	0.00	0.00	-0.02	0.00	0.00
Other Investing Activities	0.00	-0.02	0.00	0.02	0.00	0.00	0.02	0.00	0.00
Net Cash from Investing Activities	-0.06	-0.13	-0.08	-0.05	-1.84	-0.04	-0.48	-0.05	-0.03
Financing Activities
Debt Repayment	0.20	-0.11	-0.95	-0.16	1.49	0.02	0.01	0.00	-0.16
Common Stock Repurchased	-0.45	-0.07	-0.01	-0.10	0.00	-0.17	-0.05	-0.07	-0.03
Dividends Paid	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.06	-0.01	-0.01
Other Financing Activities	-0.03	-0.02	-0.07	0.07	-0.04	-0.01	-0.01	-0.01	-0.01
Net Cash from Financing Activities	-0.34	-0.28	-0.25	-0.25	1.39	-0.23	-0.11	-0.09	-0.22
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	0.02	0.11	-0.01	-0.02	0.07	-0.03	-0.24	0.18	0.10
Cash at Beginning of Period	0.24	0.12	0.14	0.16	0.09	0.12	0.36	0.17	0.07
Cash at End of Period	0.26	0.24	0.12	0.14	0.16	0.09	0.12	0.35	0.17
Free Cash Flow	0.37	0.40	0.22	0.23	0.48	0.20	0.29	0.30	0.31
Supplemental Disclosures
Interest Paid	0.08	0.08	0.08	0.04	0.01	-	-	-	-
Income Taxes Paid	0.15	0.10	0.06	0.08	0.10	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Maximus Cash Flow

What is Maximus's free cash flow?

Maximus generated free cash flow of $366.16M in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of $429.37M minus $63.21M of capital expenditures. That was down 8.7% from $401.07M a year earlier. Free cash flow equaled 6.7% of revenue.

How much does Maximus spend on capital expenditures?

Maximus spent $63.21M on capital expenditures in fiscal 2025, compared with $114.19M a year earlier. That equals 14.7% of operating cash flow.

Does Maximus pay dividends or buy back shares?

Yes. In fiscal 2025 Maximus returned $68.71M in dividends and $447.48M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition