Maximus annual free cash flow
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2025
Maximus Free Cash Flow (FCF) History (MMS)
Maximus reported $366.2M in free cash flow for fiscal 2025, a decrease of 8.70% from the previous fiscal year, with a free cash flow margin of 6.74%.
View full Maximus company overviewMaximus free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-09-30 | $366.2M | −$34.9M | −8.70% | +6.74% |
| 2024 | 2024-09-30 | $401.1M | $177.4M | +79.33% | +7.56% |
| 2023 | 2023-09-30 | $223.6M | −$10.0M | −4.30% | +4.56% |
| 2022 | 2022-09-30 | $233.7M | −$247.1M | −51.39% | +5.05% |
| 2021 | 2021-09-30 | $480.8M | $276.9M | +135.80% | +11.30% |
| 2020 | 2020-09-30 | $203.9M | −$86.0M | −29.67% | +5.89% |
| 2019 | 2019-09-30 | $289.9M | −$373,000 | −0.13% | +10.04% |
| 2018 | 2018-09-30 | $290.3M | $183.0M | +170.70% | +12.13% |
| 2015 | 2015-09-30 | $107.2M | −$70.1M | −39.54% | +5.11% |
| 2014 | 2014-09-30 | $177.3M | $100.0M | +129.24% | +10.43% |
| 2013 | 2013-09-30 | $77.4M | −$19.4M | −20.08% | +5.81% |
| 2012 | 2012-09-30 | $96.8M | $18.4M | +23.53% | +9.22% |
| 2011 | 2011-09-30 | $78.4M | −$46.2M | −37.07% | +8.43% |
| 2010 | 2010-09-30 | $124.5M | $113.6M | +1038.18% | +14.97% |
| 2009 | 2009-09-30 | $10.9M | — | — | +1.52% |
Maximus quarterly free cash flow
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Q2.25
Q3.25
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Q1.26
Q2.26
Q3.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q3 2026 | 2026-06-30 | −$137.0M | $61.2M | — | −10.71% |
| Q2 2026 | 2026-03-31 | $179.0M | $153.5M | +601.81% | +13.71% |
| Q1 2026 | 2025-12-31 | −$250.7M | −$147.7M | — | −18.64% |
| Q4 2025 | 2025-09-30 | $641.8M | $510.0M | +386.68% | +48.68% |
| Q3 2025 | 2025-06-30 | −$198.2M | −$362.8M | — | −14.70% |
| Q2 2025 | 2025-03-31 | $25.5M | −$79.7M | −75.75% | +1.87% |
| Q1 2025 | 2024-12-31 | −$103.0M | −$102.3M | — | −7.34% |
| Q4 2024 | 2024-09-30 | $131.9M | $19.1M | +16.96% | +10.02% |
| Q3 2024 | 2024-06-30 | $164.6M | $195.0M | — | +12.52% |
| Q2 2024 | 2024-03-31 | $105.2M | −$186.5M | −63.93% | +7.80% |
| Q1 2024 | 2023-12-31 | −$639,000 | $149.7M | — | −0.05% |
| Q4 2023 | 2023-09-30 | $112.8M | $12.9M | +12.92% | +8.95% |
| Q3 2023 | 2023-06-30 | −$30.4M | −$75.3M | — | −2.56% |
| Q2 2023 | 2023-03-31 | $291.6M | $193.4M | +196.97% | +24.17% |
| Q1 2023 | 2022-12-31 | −$150.4M | −$141.1M | — | −12.04% |
| Q4 2022 | 2022-09-30 | $99.9M | −$166.4M | −62.49% | +8.48% |
| Q3 2022 | 2022-06-30 | $44.9M | $86.5M | — | +3.99% |
| Q2 2022 | 2022-03-31 | $98.2M | −$68.9M | −41.23% | +8.34% |
| Q1 2022 | 2021-12-31 | −$9.2M | −$98.3M | — | −0.80% |
| Q4 2021 | 2021-09-30 | $266.2M | $130.0M | +95.42% | +24.07% |
| Q3 2021 | 2021-06-30 | −$41.6M | −$19.1M | — | −3.34% |
| Q2 2021 | 2021-03-31 | $167.1M | $153.7M | +1149.76% | +17.42% |
| Q1 2021 | 2020-12-31 | $89.0M | $12.2M | +15.94% | +9.41% |
| Q4 2020 | 2020-09-30 | $136.2M | $144.6M | — | +14.75% |
| Q3 2020 | 2020-06-30 | −$22.5M | −$17.0M | — | −2.50% |
| Q2 2020 | 2020-03-31 | $13.4M | −$81.5M | −85.91% | +1.63% |
| Q1 2020 | 2019-12-31 | $76.8M | $102.8M | — | +9.38% |
| Q1 2016 | 2015-12-31 | −$8.3M | −$52.2M | — | −1.50% |
| Q4 2015 | 2015-09-30 | −$5.5M | −$36.1M | — | −0.95% |
| Q3 2015 | 2015-06-30 | $94.9M | $15.1M | +18.89% | +16.58% |
| Q2 2015 | 2015-03-31 | −$26.0M | −$55.4M | — | −5.40% |
| Q1 2015 | 2014-12-31 | $43.8M | $6.3M | +16.89% | +9.39% |
| Q4 2014 | 2014-09-30 | $30.6M | $16.9M | +123.97% | +7.02% |
| Q3 2014 | 2014-06-30 | $79.8M | $41.7M | +109.40% | +19.01% |
| Q2 2014 | 2014-03-31 | $29.4M | $6.4M | +27.71% | +6.71% |
| Q1 2014 | 2013-12-31 | $37.5M | $35.0M | +1377.20% | +9.22% |
| Q4 2013 | 2013-09-30 | $13.7M | −$10.0M | −42.19% | +3.55% |
| Q3 2013 | 2013-06-30 | $38.1M | $27.4M | +255.73% | +11.40% |
| Q2 2013 | 2013-03-31 | $23.1M | −$14.4M | −38.47% | +7.06% |
| Q1 2013 | 2012-12-31 | $2.5M | −$22.5M | −89.84% | +0.89% |
| Q4 2012 | 2012-09-30 | $23.6M | $3.7M | +18.56% | +7.85% |
| Q3 2012 | 2012-06-30 | $10.7M | −$18.8M | −63.63% | +4.02% |
| Q2 2012 | 2012-03-31 | $37.5M | $35.7M | +2057.83% | +15.39% |
| Q1 2012 | 2011-12-31 | $25.0M | −$2.2M | −8.20% | +10.43% |
| Q4 2011 | 2011-09-30 | $19.9M | $3.2M | +19.33% | +7.96% |
| Q3 2011 | 2011-06-30 | $29.5M | −$14.6M | −33.17% | +12.36% |
| Q2 2011 | 2011-03-31 | $1.7M | −$10.9M | −86.27% | +0.76% |
| Q1 2011 | 2010-12-31 | $27.2M | −$23.8M | −46.68% | +12.72% |
| Q4 2010 | 2010-09-30 | $16.7M | — | — | +7.85% |
| Q3 2010 | 2010-06-30 | $44.1M | — | — | +20.84% |
| Q2 2010 | 2010-03-31 | $12.6M | — | — | +6.18% |
| Q1 2010 | 2009-12-31 | $51.1M | — | — | +25.12% |
Maximus free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $203.9M to $366.2M, a compound annual growth rate of 12.42%. Maximus's latest reported quarter, Q3 2026, generated −$137.0M in free cash flow, an increase of $61.2M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Maximus filings at SEC.gov ↗