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Maximus, Inc. cash flow statement

In fiscal 2025, Maximus, Inc.'s operations generated $429m of cash; it spent $63.2m on capital projects, leaving free cash flow of $366m. It returned $68.7m in dividends and $447m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Cash from operations3113897115121214206180336317357245517290314515429470
Depreciation and amortisation121823263143475856525265464255344251
Stock-based pay789121517171921202124293030354135
Capital spending20141918443699——2767413756911146336
Free cash flow11125789777177107——290290204481234224401366433
Free cash flow after stock pay411769856316090——270269180452203194366325398
Dividends paid8810121212121212126470696968736968
Share buybacks30405713331118333296747167396073447346

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Maximus, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Maximus, Inc.