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 | |||
| Program Administration | — | — | — | — | |||
| Clinical Services | $1.18B | $1.49B | $1.89B | $2.10B | |||
| Assessments & Appeals | — | — | — | — | |||
| Employment & Other | $551.76M | $520.98M | $469.30M | $354.84M | |||
| Technology Solutions | $400.56M | $397.03M | $375.11M | $324.73M | |||
| Workforce Services | — | — | — | — | |||
| 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%.
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.
U.S. Federal Services was Maximus’s largest segment in fiscal 2025, bringing in $3.07B of $5.43B (56%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Services | $1.61B | $1.81B | $1.91B | $1.76B | |||||||||||||
| U.S. Federal Services | $2.26B | $2.40B | $2.74B | $3.07B | |||||||||||||
| U.S. Health & Human Services | — | — | — | — | |||||||||||||
| Health Services | — | — | — | — | |||||||||||||
| Outside The Us | — | $689.05M | $657.14M | $599.89M | |||||||||||||
| Outside The U.S | $763.66M | — | — | — | |||||||||||||
| Human Services | — | — | — | — | |||||||||||||
| Total | $4.63B | $4.90B | $5.31B | $5.43B |
Maximus brought in $5.43B from its three segments in fiscal 2025, the year ended September 30, 2025. That was up 2.4% from $5.31B in fiscal 2024. U.S. Federal Services was the largest at $3.07B (56.5%), ahead of U.S. Services at $1.76B (32.5%) and Outside The Us at $599.89M (11.0%).
Compared with fiscal 2024, U.S. Federal Services grew fastest, up 12.1% to $3.07B, while Outside The Us fell the most, down 8.7% to $599.89M.
Maximus began breaking out Outside The Us in fiscal 2023, when it brought in $689.05M. Maximus stopped reporting Outside The U.S as a separate segment after fiscal 2022, when it brought in $763.66M.
Maximus (MMS) reports its revenue by product and service, by customer and by segment. In fiscal 2025, Program Operations was its largest product and service line, bringing in $2.65B (48.8% of the total), followed by Clinical Services at $2.10B (38.7%).
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.
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.
U.S. Federal Services was Maximus' largest segment in fiscal 2025, bringing in $3.07B, or 56.5% of the $5.43B total across its three segments.
Among Maximus' product and service lines that make up at least 2% of revenue, Clinical Services grew fastest in fiscal 2025, up 11.1% from $1.89B to $2.10B.
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 product and service 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.