Maximus, Inc. (MMS) FY2026 YTD Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-10-01 to 2026-06-30

Swipe to see the full flow
Maximus, Inc. cash flow reconciliation, Oct 1, 2025 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Proceeds from borrowings → financing reconciliation: $1,368,675,000.00Other, including customer escrowed funds → financing reconciliation: $60,841,000.00financing reconciliation → Net cash from financing activities: $87,507,000.00financing reconciliation → Principal payments for debt: $1,065,935,000.00financing reconciliation → Purchases of Maximus common stock: $204,919,000.00financing reconciliation → Cash dividends paid to Maximus shareholders: $51,437,000.00financing reconciliation → Tax withholding related to RSU vesting: $17,325,000.00financing reconciliation → Payments for debt financing costs: $2,393,000.00Proceeds from divestitures → investing reconciliation: $16,842,000.00investing reconciliation → Purchases of property and equipment and capitalized software: $28,752,000.00investing reconciliation → Other: $2,500,000.00Net cash used in operating activities → operating reconciliation: $179,863,000.00Net income → operating reconciliation: $295,599,000.00Amortization of intangible assets → operating reconciliation: $60,785,000.00Deferred income taxes → operating reconciliation: $54,416,000.00Depreciation and amortization of property, equipment, and capitalized software → operating reconciliation: $37,091,000.00Stock compensation expense → operating reconciliation: $24,274,000.00Prepaid expenses and other current assets → operating reconciliation: $13,152,000.00Capitalized software impairment charges → operating reconciliation: $6,914,000.00Other assets and liabilities → operating reconciliation: $3,449,000.00Deferred contract costs → operating reconciliation: $2,748,000.00Amortization of debt issuance costs and debt discount → operating reconciliation: $2,314,000.00operating reconciliation → Accounts receivable: $489,403,000.00operating reconciliation → Accrued compensation and benefits: $79,734,000.00operating reconciliation → Income taxes: $40,504,000.00operating reconciliation → Accounts payable and accrued liabilities: $33,345,000.00operating reconciliation → Deferred revenue: $24,658,000.00operating reconciliation → Divestiture-related charges/(gains): $10,147,000.00operating reconciliation → Operating lease right-of-use assets and liabilities: $2,814,000.00Net cash used in investing activities → investing reconciliation: $14,410,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $260,459,000.00Net cash from financing activities → Cash sources and uses: $87,507,000.00Cash sources and uses → Exchange-rate effect: $444,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $153,249,000.00Cash sources and uses → Net cash used in investing activities: $14,410,000.00Cash sources and uses → Net cash used in operating activities: $179,863,000.00Net income: $295,599,000.00Net income+$295.60 MDepreciation and amortization of property, equipment, and capitalized software: $37,091,000.00Depreciation & software amort.+$37.09 MAmortization of intangible assets: $60,785,000.00Intangible amortization+$60.79 MAmortization of debt issuance costs and debt discount: $2,314,000.00Debt cost amortization+$2.31 MDeferred income taxes: $54,416,000.00Deferred income taxes+$54.42 MStock compensation expense: $24,274,000.00Stock-based compensation+$24.27 MDivestiture-related charges/(gains): -$10,147,000.00Business sale gain & loss−$10.15 MAccounts receivable: -$489,403,000.00Accounts receivable−$489.40 MCapitalized software impairment charges: $6,914,000.00Long-lived asset impairment+$6.91 MPrepaid expenses and other current assets: $13,152,000.00Prepaid & other assets+$13.15 MDeferred contract costs: $2,748,000.00Deferred costs+$2.75 MAccounts payable and accrued liabilities: -$33,345,000.00Payables & accrued liabilities−$33.35 MAccrued compensation and benefits: -$79,734,000.00Accrued compensation−$79.73 MDeferred revenue: -$24,658,000.00Deferred revenue−$24.66 MIncome taxes: -$40,504,000.00Income taxes, net−$40.50 MOperating lease right-of-use assets and liabilities: -$2,814,000.00Lease right-of-use & liabilities−$2.81 MOther assets and liabilities: $3,449,000.00Other working capital, net+$3.45 MNet cash used in operating activities: -$179,863,000.00. Cash required to fund net payments.Operating cash−$179.86 Moperating reconciliation: $680,605,000.00Cash dividends paid to Maximus shareholders: -$51,437,000.00Ordinary dividends paid−$51.44 MPurchases of Maximus common stock: -$204,919,000.00Common stock repurchases−$204.92 MTax withholding related to RSU vesting: -$17,325,000.00Stock-award tax withholding−$17.33 MPayments for debt financing costs: -$2,393,000.00Financing costs paid−$2.39 MProceeds from borrowings: $1,368,675,000.00Debt issued+$1.37 BPrincipal payments for debt: -$1,065,935,000.00Debt repaid−$1.07 BOther, including customer escrowed funds: $60,841,000.00Other financing, net+$60.84 MNet cash from financing activities: $87,507,000.00Financing cash+$87.51 Mfinancing reconciliation: $1,429,516,000.00Purchases of property and equipment and capitalized software: -$28,752,000.00Capital expenditures−$28.75 MProceeds from divestitures: $16,842,000.00Business sales+$16.84 MOther: -$2,500,000.00Other investing, net−$2.50 MNet cash used in investing activities: -$14,410,000.00. Cash required to fund net payments.Investing cash−$14.41 Minvesting reconciliation: $31,252,000.00Cash sources and uses: $347,966,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $260,459,000.00Beginning cash$260.46 MEnding cash: Cash, cash equivalents, and restricted cash: $153,249,000.00Ending cash$153.25 MExchange-rate effect: -$444,000.00FX effect−$444.00 KCASH RECONCILIATIONFinancingflowsInvestingflowsOperatingflowsFree cash flow−$208.62 MOperating cash − cash spent on productive assetsCash flow / Net income−0.61×Operating cash flow ÷ net incomeNet cash change−$107.21 MEnding cash − beginning cash
Chart details

Maximus, Inc. cash flow reconciliation, Oct 1, 2025 through Jun 30, 2026

Cash flows for Oct 1, 2025 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Sep 30, 2025. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Sep 30, 2025
260,459,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
negative 179,863,000 US dollars. Net cash used.
Net income
295,599,000 US dollars
Depreciation and amortization of property, equipment, and capitalized software
37,091,000 US dollars
Amortization of intangible assets
60,785,000 US dollars
Amortization of debt issuance costs and debt discount
2,314,000 US dollars
Deferred income taxes
54,416,000 US dollars
Stock compensation expense
24,274,000 US dollars
Divestiture-related charges/(gains)
negative 10,147,000 US dollars
Accounts receivable
negative 489,403,000 US dollars
Capitalized software impairment charges
6,914,000 US dollars
Prepaid expenses and other current assets
13,152,000 US dollars
Deferred contract costs
2,748,000 US dollars
Accounts payable and accrued liabilities
negative 33,345,000 US dollars
Accrued compensation and benefits
negative 79,734,000 US dollars
Deferred revenue
negative 24,658,000 US dollars
Income taxes
negative 40,504,000 US dollars
Operating lease right-of-use assets and liabilities
negative 2,814,000 US dollars
Other assets and liabilities
3,449,000 US dollars
Investing activities
negative 14,410,000 US dollars. Net cash used.
Purchases of property and equipment and capitalized software
negative 28,752,000 US dollars
Proceeds from divestitures
16,842,000 US dollars
Other
negative 2,500,000 US dollars
Financing activities
87,507,000 US dollars. Net cash provided.
Cash dividends paid to Maximus shareholders
negative 51,437,000 US dollars
Purchases of Maximus common stock
negative 204,919,000 US dollars
Tax withholding related to RSU vesting
negative 17,325,000 US dollars
Payments for debt financing costs
negative 2,393,000 US dollars
Proceeds from borrowings
1,368,675,000 US dollars
Principal payments for debt
negative 1,065,935,000 US dollars
Other, including customer escrowed funds
60,841,000 US dollars
Operating adjustment reconciliation
680,605,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
1,429,516,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
31,252,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 444,000 US dollars
Ending cash on Jun 30, 2026
153,249,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
347,966,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 107,210,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
−0.61×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
negative 179,863,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
28,752,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 208,615,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income or operating cash is negative. The full signed reconciliation is retained: losses remain deductions, and any negative operating-cash total enters the junction from the cash pool. No positive direct-income connection is implied.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: negative 179,863,000 US dollars minus 28,752,000 US dollars equals negative 208,615,000 US dollars.
Maximus, Inc. (MMS) FY2026 YTD Q3 Statement of Cash Flows Sankey chart
Free to share unchanged, with credit to Plicit.ai · CC BY-NC-ND 4.0Download PNG

Newsletter

Get the teardowns by email

Subscribe if you want the public-company teardowns in your inbox when they're released.

Product waitlist

Health Check and Teardown for your own company

A health check uncovers insights of your private books, not a public ticker. Join this list to get notified as soon as we go-live!