U.S. Federal Government Agencies was Maximus’s largest revenue line in fiscal 2025, bringing in $3.00B of $5.43B (55%).
| Customer | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| U.S. Federal Government Agencies | — | $2.34B | $2.67B | $3.00B | |||
| United States Federal Government Agencies | $2.19B | — | — | — | |||
| U. S. Federal Government Agencies | — | — | — | — | |||
| U.S. State Government Agencies | — | — | — | — | |||
| Other U.S. State Government Agencies | $1.22B | $1.28B | $1.26B | $1.15B | |||
| International Government Agencies | $722.19M | $663.04M | $642.22M | $590.80M | |||
| New York State Government Agencies | $389.00M | $525.05M | $647.35M | $610.76M | |||
| Other, Including Local Municipalities & Commercial Customers | $114.07M | $96.01M | $87.43M | $79.97M | |||
| Total | $4.63B | $4.90B | $5.31B | $5.43B |
Maximus brought in $5.43B from its five revenue lines in fiscal 2025, the year ended September 30, 2025. That was up 2.4% from $5.31B in fiscal 2024. U.S. Federal Government Agencies was the largest at $3.00B (55.2%), ahead of Other U.S. State Government Agencies at $1.15B (21.2%) and New York State Government Agencies at $610.76M (11.2%). The other two revenue lines brought in $670.77M combined.
Compared with fiscal 2024, U.S. Federal Government Agencies grew fastest, up 12.0% to $3.00B, while Other U.S. State Government Agencies fell the most, down 8.1% to $1.15B.
Maximus began breaking out U.S. Federal Government Agencies in fiscal 2023, when it brought in $2.34B. Maximus stopped reporting United States Federal Government Agencies as a separate revenue line after fiscal 2022, when it brought in $2.19B.
Program Operations was Maximus’s largest product and service line in fiscal 2025, bringing in $2.65B of $5.43B (49%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Program Operations | $2.50B | $2.50B | $2.57B | $2.65B | |||
| Clinical Services | $1.18B | $1.49B | $1.89B | $2.10B | |||
| Program Administration | — | — | — | — | |||
| Employment Other | $551.76M | $520.98M | $469.30M | $354.84M | |||
| Technology Solutions | $400.56M | $397.03M | $375.11M | $324.73M | |||
| Workforce Services | — | — | — | — | |||
| Assessments & Appeals | — | — | — | — | |||
| Employment & Children Services | — | — | — | — | |||
| Other | — | — | — | — | |||
| Total | $4.63B | $4.90B | $5.31B | $5.43B |
Maximus brought in $5.43B from its four product and service lines in fiscal 2025, the year ended September 30, 2025. That was up 2.4% from $5.31B in fiscal 2024. Program Operations was the largest at $2.65B (48.8%), ahead of Clinical Services at $2.10B (38.7%) and Employment Other at $354.84M (6.5%). The remaining line, Technology Solutions, brought in $324.73M.
Compared with fiscal 2024, Clinical Services grew fastest, up 11.1% to $2.10B, while Employment Other fell the most, down 24.4% to $354.84M. From fiscal 2022 to 2025, combined revenue from these lines grew from $4.63B to $5.43B, a compound annual growth rate of 5.5%. Program Operations' share of the total fell from 54.0% to 48.8%.
Performance-Based was Maximus’s largest revenue line in fiscal 2025, bringing in $2.95B of $5.43B (54%).
| Contract with Customer, Basis of Pricing | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Performance-Based | $2.09B | $2.43B | $2.94B | $2.95B | |||
| Cost-Plus | $1.25B | $1.24B | $1.25B | $1.32B | |||
| Fixed Price | $627.40M | $717.17M | $686.56M | $712.88M | |||
| Time & Materials | $663.25M | $523.39M | $432.90M | $447.36M | |||
| Total | $4.63B | $4.90B | $5.31B | $5.43B |
Maximus brought in $5.43B from its four revenue lines in fiscal 2025, the year ended September 30, 2025. That was up 2.4% from $5.31B in fiscal 2024. Performance-Based was the largest at $2.95B (54.4%), ahead of Cost-Plus at $1.32B (24.2%) and Fixed Price at $712.88M (13.1%). The remaining revenue line, Time & Materials, brought in $447.36M.
Compared with fiscal 2024, Cost-Plus grew fastest, up 5.6% to $1.32B. Every revenue line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $4.63B to $5.43B, a compound annual growth rate of 5.5%. Performance-Based's share of the total rose from 45.2% to 54.4%.
Maximus (MMS) reports its revenue by customer, by product and service and by contract with customer, basis of pricing. In fiscal 2025, U.S. Federal Government Agencies was its largest revenue line, bringing in $3.00B (55.2% of the total), followed by Other U.S. State Government Agencies at $1.15B (21.2%).
U.S. Federal Government Agencies was Maximus' largest revenue line in fiscal 2025, bringing in $3.00B, or 55.2% of the $5.43B total across its five revenue lines.
Program Operations was Maximus' largest product and service line in fiscal 2025, bringing in $2.65B, or 48.8% of the $5.43B total across its four product and service lines.
Among Maximus' revenue lines that make up at least 2% of revenue, U.S. Federal Government Agencies grew fastest in fiscal 2025, up 12.0% from $2.67B to $3.00B.
Every figure comes from Maximus' annual financial filings, as reported. Each line keeps the name Maximus gives it, and years follow its fiscal calendar.
Maximus' revenue by customer goes back to fiscal 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.