Government services · MMS
Maximus (MMS) gets 55% of its revenue from the U.S. government
What Maximus reports in its FY2025 10-K, and what federal contract records show.
Summary
Maximus reported that 55% of its FY2025 revenue came from the U.S. government: about $2.99B by our calculation of $5.43B in total. That ranks 17th of the 30 companies we cover that disclose a share. The share rose 5.0 pts from FY2024.
Federal agencies obligated $3.87B in prime contracts to the 4 recipient records we matched to Maximus in federal fiscal year 2025, 0.2% of it from the Department of Defense. That is 1.30 times the U.S. government revenue the company reports.
Share of revenue over time
Maximus: U.S. government share of revenue, by fiscal year
What Maximus counts as government revenue
- Definition used
- U.S. federal only
- Foreign military sales
- Not applicable
- Subcontract work
- Not stated
- Adjusted ex-FMS share
- Same as reported
“In fiscal year 2025, approximately 55% of our total revenue was derived from the U.S. federal government, and approximately 33% of our total revenue was derived from contracts with state …”
Maximus, FY2025 Form 10-K · read the filing
Another ~33% comes from U.S. state and local governments.
The contract record
Prime contract obligations on USAspending.gov for the 4 recipient records we matched to Maximus (obligations are not revenue).
In FFY2025, 0.2% of these obligations came from the Department of Defense and 99.8% from civilian agencies.
Contract obligations by awarding agency, FFY2025
Top 8 awarding sub-agencies; the rest grouped as Other.
| Awarding agency | Obligations | Share |
|---|---|---|
| Department of Veterans Affairs | $2.03B | 52.5% |
| Centers for Medicare and Medicaid Services | $929M | 24% |
| Department of Education | $481M | 12.4% |
| Internal Revenue Service | $152M | 3.9% |
| Federal Emergency Management Agency | $122M | 3.1% |
| Securities and Exchange Commission | $36.5M | 0.9% |
| Department of Energy | $32.9M | 0.8% |
| Transportation Security Administration | $29.9M | 0.8% |
| Other | $59.1M | 1.5% |
Obligations by federal fiscal year
| Federal fiscal year | Obligations | Note |
|---|---|---|
| FFY2026 | $2.92B | preliminary DoD data posts with a 90-day delay |
| FFY2025 | $3.87B | Matched to FY2025 |
| FFY2024 | $2.57B | |
| FFY2023 | $2.18B | |
| FFY2022 | $2.04B | |
| FFY2021 | $2.16B |
Largest contracts active in FFY2025
Ranked by total obligated value to date on each award (all years), among awards with activity in FFY2025. Links open the award on USAspending.gov.
| Award | Agency | Description | Obligated to date | Period |
|---|---|---|---|---|
| 75FCMC22C0038Maximus Federal Services, Inc. | Centers for Medicare and Medicaid Services | CONTACT CENTER OPERATIONS | $3.31B | 2022–2027 |
| DOCYA132316CN0017Maximus Federal Services, Inc. | U.S. Census Bureau | No description on file | $911M | 2016–2021 |
| EDFSA13C0021Maximus Federal Services, Inc. | Department of Education | DEBT MANAGEMENT AND COLLECTIONS SYSTEM (DMCS) IGF::CT::IGF | $893M | 2013–2026 |
| 91003120F0314Maximus Education Llc | Department of Education | PROVIDE DIRECT LOAN SERVICES SUCH AS CALL CENTER AND FINANCIAL REPORTING - NAVIENT FROM 12/15/2019 THROUGH 12/14/2020 | $764M | 2019–2024 |
| 36C10X23N0177Veterans Evaluation Services, Inc | Department of Veterans Affairs | FY24 FUNDING TASK ORDER. | $381M | 2023–2024 |
| 91003125C0011Maximus Federal Services, Inc. | Department of Education | THE PURPOSE OF DMCS IS TO MANAGE THE DEFAULT LOAN PORTFOLIO, AND STORE, MANAGE, PROTECT, AND PROVIDE STUDENT LOAN DEBTORS IN DEFAULT… | $328M | 2025–2027 |
| 91003124F0317Maximus Education Llc | Department of Education | OPERATIONS AND MAINTENANCE (O&M) TASK ORDER FOR STUDENT LOAN SERVICING IN ACCORDANCE WITH THE REQUIREMENTS OF THE USDS CONTRACT. ALL WORK… | $302M | 2024–2026 |
| 36C10X25N0186Veterans Evaluation Services, Inc | Department of Veterans Affairs | FY25 Q3 EXAMS R2 | $298M | 2025–2025 |
| 36C10X21N0190Veterans Evaluation Services, Inc | Department of Veterans Affairs | MEDICAL DISABILITY EXAMINATIONS (MDES) UNDER SECTION 504 OF THE VETERANS BENEFITS IMPROVEMENTS ACT OF 1996 (PUBLIC LAW 104 275 38 U.S.C.… | $204M | 2021–2022 |
| 36C10X25N0187Veterans Evaluation Services, Inc | Department of Veterans Affairs | FY25 Q3 EXAMS R3 | $201M | 2025–2025 |
Recipients we matched to Maximus
These USAspending recipient records are rolled into the figures above. Readers can check each one; if a match looks wrong, tell us.
| Recipient name | UEI | How matched | FFY2025 obligations |
|---|---|---|---|
| VETERANS EVALUATION SERVICES, INC | MT6ZNX9BMGB7 | USAspending parentMAXIMUS INC | $2.03B |
| MAXIMUS FEDERAL SERVICES, INC. | TREKW6J3QSF5 | USAspending parentMAXIMUS FEDERAL SERVICES, INC. | $1.48B |
| MAXIMUS EDUCATION LLC | HSUVUJE1ESU7 | USAspending parentMAXIMUS INC | $295M |
| MAXIMUS FEDERAL TECHNOLOGY SOLUTIONS, LLC | RYMXZHTX4WP3 | USAspending parentMAXIMUS INC | $62.5M |
Peers
| Company | Sector | U.S. gov share | Total revenue |
|---|---|---|---|
| MMSMaximus | Government services | 55% | $5.43B |
| PSNParsons | Government services | not disclosed | $6.36B |
| VVXV2X | Government services | 96% | $4.48B |
| SAICScience Applications International | Government services | 98% | $7.26B |
| KBRKBR | Government services | 57% | $7.79B |
| ICFIICF International | Government services | 43% | $1.87B |
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Sources
- Maximus, FY2025 annual report (U.S. government share) (accessed October 15, 2026)
- Maximus, FY2024 annual report (U.S. government share) (accessed October 16, 2026)
- Maximus, FY2023 annual report (U.S. government share) (accessed October 16, 2026)
- Maximus, FY2022 annual report (U.S. government share) (accessed October 16, 2026)
- Maximus, FY2021 annual report (U.S. government share) (accessed October 16, 2026)
- SEC XBRL company facts for Maximus (revenue history) (accessed October 16, 2026)
- USAspending.gov recipient profile: Veterans Evaluation Services, Inc (accessed October 16, 2026)
- USAspending.gov API, prime contract awards (award types A–D) (accessed October 16, 2026)
- Federal Exposure methodology