10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________.

Commission file number: 1-12997

Maximus, Inc.
(Exact name of registrant as specified in its charter)
Virginia	54-1000588
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1600 Tysons Boulevard, McLean, Virginia	22102
(Address of principal executive offices)	(Zip Code)
(703) 251-8500
(Registrant's telephone number, including the area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	MMS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

There were 52,357,763 shares of the registrant's Common Stock outstanding as of August 3, 2026.

Table of Contents to Third Quarter 2026 Form 10-Q

	SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS	3
Part I - Financial Information		5
Item 1.	Financial Statements	5
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Balance Sheets	7
	Consolidated Statements of Cash Flows	8
	Consolidated Statements of Changes in Shareholders’ Equity	9
	Notes to Consolidated Financial Statements	11
	1. Organization	11
	2. Significant Accounting Policies	11
	3. Business Segments	12
	4. Revenue Recognition	15
	5. Earnings Per Share	17
	6. Divestitures	17
	7. Debt and Derivatives	18
	8. Fair Value Measurements	19
	9. Equity	21
	10. Other Items	21
	11. Commitments and Contingencies	22
	12. Subsequent Event	23
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Business Overview	24
	Financial Overview	25
	Results of Operations	25
	Liquidity and Capital Resources	30
	Critical Accounting Policies and Estimates	33
	Non-GAAP and Other Measures	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
Part II - Other Information		37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
	Signatures	39

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Unless otherwise specified, references in this Quarterly Report on Form 10-Q to "our," "we," "us," "Maximus," the "Company," and "our business" refer to Maximus, Inc. and its subsidiaries.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Included in this Quarterly Report on Form 10-Q are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," “on track,” "opportunity," "could," "potential," "believe," "project," "estimate," "expect," "continue," "forecast," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.

Any statements herein that are not historical facts, including statements about our confidence, strategies and initiatives, and our expectations about revenues, results of operations, profitability, future contracts, liquidity, market opportunities, market demand, acceptance of our products and service offerings, or acquisitions and divestitures, are forward-looking statements that are subject to risks and uncertainties. These risks could cause our actual results to differ materially from those indicated by such forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

•a failure to meet performance requirements under our contracts could lead to penalties, liquidated damages, actual damages, adverse settlement agreements, and/or contract termination;

•our ability to successfully compete, bid for, and accurately price contracts to generate our desired profit;

•the effects of future legislative or government budgetary and spending changes, including the impact of a prolonged U.S. government shutdown;

•the impact of the U.S. government on federal procurement, federal funding to states' safety-net programs, and the overall decision-making process related to our industry, including our business and customers;

•the ability of the U.S. government to issue or revise existing rules, regulations, executive orders, and directives at any time, or to take non-routine actions, which creates uncertainty for our business operations and requires significant additional compliance efforts and costs;

•our ability to manage our growth, including acquired businesses;

•difficulties in integrating or achieving projected revenues, earnings, and other benefits associated with acquired businesses;

•the outcome of reviews or audits, which might result in financial penalties and impair our ability to respond to invitations for new work;

•our ability to manage capital investments and other contract startup costs;

•our ability to manage our debt;

•our ability to maintain our technology systems and otherwise protect confidential or protected information;

•our discovery of additional information related to our previously disclosed cybersecurity incident and any potential legal, business, reputational, or financial consequences resulting from that incident or any other cybersecurity incidents;

•our ability to attract and retain executive officers, senior managers, and other qualified personnel to execute our business;

•the effect of union activity and organizing efforts at our U.S. locations;

•the ability of government customers to not exercise options, or to recompete or terminate contracts on short notice, with or without cause;

•our ability to win recompetes and/or succeed in protests on our significant contracts;

•our reliance on a small number of individual contracts and customers;

•our ability to realize the full value of our backlog;

•our ability to maintain relationships with key government entities from whom a substantial portion of our revenue is derived;

•a failure to comply with laws governing our business, which might result in the Company being subject to fines, penalties, suspension, debarment, and other sanctions;

•the costs and outcome of litigation;

•our ability to manage third parties upon whom we depend to provide services to our customers;

•the effects of changes in laws and regulations governing our business, including actions resulting from non-routine government actions or orders, changes in tax laws and applicable interpretations and guidance thereunder, or changes in accounting policies, rules, methodologies, and practices, and our ability to estimate the impact of such

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changes including shifting macroeconomic conditions and uncertainty;

•the effects of emerging technologies, such as artificial intelligence (AI) and machine learning (ML), on our business;

•matters related to businesses we disposed of or divested; and

•other factors set forth in Item 1A, "Risk Factors" of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on November 20, 2025.

Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

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PART I - Financial Information

Item 1. Financial Statements

Maximus, Inc.

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands, except per share amounts)
Revenue	$	1,278,971	$	1,348,400	$	3,929,984	$	4,112,861
Cost of revenue	930,168		988,887		2,920,247		3,112,970
Gross profit	348,803		359,513		1,009,737		999,891
Selling, general, and administrative expenses	167,188		170,831		492,827		525,423
Amortization of intangible assets	20,187		23,010		60,785		69,041
Operating income	161,428		165,672		456,125		405,427
Interest expense	23,878		22,657		66,805		61,648
Other (income)/expense, net	(608)		48		(1,639)		(603)
Income before income taxes	138,158		142,967		390,959		344,382
Provision for income taxes	34,565		36,986		95,360		100,636
Net income	$	103,593	$	105,981	$	295,599	$	243,746
Earnings per share:
Basic	$	1.96	$	1.87	$	5.48	$	4.22
Diluted	$	1.95	$	1.86	$	5.45	$	4.20
Weighted average shares outstanding:
Basic	52,854		56,683		53,974		57,776
Diluted	53,057		56,984		54,243		58,100
Dividends declared per share	$	0.33	$	0.30	$	0.96	$	0.90

See accompanying notes to consolidated financial statements.

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Maximus, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands)
Net income	$	103,593	$	105,981	$	295,599	$	243,746
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments	255		7,320		(2,276)		21,503
Net gains/(losses) on cash flow hedges, net of tax provision/(benefit) of $28, $(561), $(206), and $(596), respectively	79		(1,574)		(578)		(1,672)
Other comprehensive (loss)/income	334		5,746		(2,854)		19,831
Comprehensive income	$	103,927	$	111,727	$	292,745	$	263,577

See accompanying notes to consolidated financial statements.

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Maximus, Inc.

Consolidated Balance Sheets

	June 30, 2026		September 30, 2025
	(unaudited)
	(in thousands)
Assets:
Cash and cash equivalents	$	56,953	$	222,351
Accounts receivable, net	1,382,014		898,095
Income taxes receivable	31,019		3,904
Prepaid expenses and other current assets	171,377		128,574
Total current assets	1,641,363		1,252,924
Property and equipment, net	28,485		30,972
Capitalized software, net	201,373		214,260
Operating lease right-of-use assets	88,302		100,514
Goodwill	1,780,543		1,782,095
Intangible assets, net	477,031		538,266
Deferred contract costs, net	60,205		63,332
Deferred compensation plan assets	67,877		63,272
Deferred income taxes	8,047		11,491
Other assets	13,553		12,513
Total assets	$	4,366,779	$	4,069,639
Liabilities and Shareholders' Equity:
Liabilities:
Accounts payable and accrued liabilities	$	263,220	$	296,888
Accrued compensation and benefits	146,064		236,948
Deferred revenue, current portion	36,626		53,784
Income taxes payable	1,138		17,321
Long-term debt, current portion	71,599		52,680
Operating lease liabilities, current portion	38,280		38,605
Other current liabilities	121,142		68,937
Total current liabilities	678,069		765,163
Deferred revenue, non-current portion	35,863		43,757
Deferred income taxes	199,887		149,020
Long-term debt, non-current portion	1,565,336		1,281,593
Deferred compensation plan liabilities, non-current portion	66,468		62,145
Operating lease liabilities, non-current portion	56,603		71,289
Other liabilities	24,002		22,637
Total liabilities	2,626,228		2,395,604
Commitments and contingencies (Note 11)
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 52,358 and 54,805 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	647,138		628,118
Accumulated other comprehensive loss	(20,721)		(17,867)
Retained earnings	1,114,134		1,063,784
Total shareholders' equity	1,740,551		1,674,035
Total liabilities and shareholders' equity	$	4,366,779	$	4,069,639

See accompanying notes to consolidated financial statements.

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Maximus, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Cash flows from operating activities:
Net income	$	295,599	$	243,746
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment, and capitalized software	37,091		27,502
Capitalized software impairment charges	6,914		—
Amortization of intangible assets	60,785		69,041
Amortization of debt issuance costs and debt discount	2,314		2,046
Deferred income taxes	54,416		(5,829)
Stock compensation expense	24,274		30,324
Divestiture-related charges/(gains)	(10,147)		39,343
Change in assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	(489,403)		(553,297)
Prepaid expenses and other current assets	13,152		9,341
Deferred contract costs	2,748		(856)
Accounts payable and accrued liabilities	(33,345)		(21,808)
Accrued compensation and benefits	(79,734)		(50,369)
Deferred revenue	(24,658)		(8,675)
Income taxes	(40,504)		5,625
Operating lease right-of-use assets and liabilities	(2,814)		(3,508)
Other assets and liabilities	3,449		(2,626)
Net cash used in operating activities	(179,863)		(220,000)
Cash flows from investing activities:
Purchases of property and equipment and capitalized software	(28,752)		(55,686)
Proceeds from divestitures	16,842		736
Other	(2,500)		(2,165)
Net cash used in investing activities	(14,410)		(57,115)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders	(51,437)		(51,865)
Purchases of Maximus common stock	(204,919)		(306,443)
Tax withholding related to RSU vesting	(17,325)		(16,451)
Payments for debt financing costs	(2,393)		(1,658)
Proceeds from borrowings	1,368,675		1,335,208
Principal payments for debt	(1,065,935)		(810,174)
Other, including customer escrowed funds	60,841		(1,824)
Net cash provided by financing activities	87,507		146,793
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(444)		(65)
Net change in cash, cash equivalents, and restricted cash	(107,210)		(130,387)
Cash, cash equivalents, and restricted cash, beginning of period	260,459		235,763
Cash, cash equivalents, and restricted cash, end of period	$	153,249	$	105,376

See accompanying notes to consolidated financial statements.

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Maximus, Inc.

Consolidated Statements of Changes in Shareholders' Equity

(Unaudited)

	Common Stock			Accumulated Other Comprehensive Loss		Retained Earnings		Total Shareholders' Equity
	Shares	Amount
	(in thousands)
Balance as of September 30, 2025	54,805	$	628,118	$	(17,867)	$	1,063,784	$	1,674,035
Net income	—	—		—		93,943		93,943
Foreign currency translation	—	—		248		—		248
Cash flow hedge, net of tax	—	—		(1,407)		—		(1,407)
Cash dividends	—	—		—		(16,338)		(16,338)
Dividends on RSUs	—	363		—		(363)		—
Purchases of Maximus common stock	(353)	—		—		(31,055)		(31,055)
Stock compensation expense	—	7,019		—		—		7,019
Tax withholding adjustment related to RSU vesting	—	(6,633)		—		—		(6,633)
RSUs vested	97	—		—		—		—
Balance as of December 31, 2025	54,549	628,867		(19,026)		1,109,971		1,719,812
Net income	—	—		—		98,063		98,063
Foreign currency translation	—	—		(2,779)		—		(2,779)
Cash flow hedge, net of tax	—	—		750		—		750
Cash dividends	—	—		—		(17,821)		(17,821)
Dividends on RSUs	—	503		—		(503)		—
Purchases of Maximus common stock	(1,445)	—		—		(110,963)		(110,963)
Stock compensation expense	—	9,899		—		—		9,899
RSUs vested	6	—		—		—		—
Balance as of March 31, 2026	53,110	639,269		(21,055)		1,078,747		1,696,961
Net income	—	—		—		103,593		103,593
Foreign currency translation	—	—		255		—		255
Cash flow hedge, net of tax	—	—		79		—		79
Cash dividends	—	—		—		(17,278)		(17,278)
Dividends on RSUs	—	513				(513)		—
Purchases of Maximus common stock	(752)	—		—		(50,415)		(50,415)
Stock compensation expense	—	7,356				—		7,356
Balance as of June 30, 2026	52,358	$	647,138	$	(20,721)	$	1,114,134	$	1,740,551

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	Common Stock			Accumulated Other Comprehensive Loss		Retained Earnings		Total Shareholders' Equity
	Shares	Amount
	(in thousands)
Balance at September 30, 2024	60,352	$	598,304	$	(32,460)	$	1,276,971	$	1,842,815
Net income	—	—		—		41,196		41,196
Foreign currency translation	—	—		10,452		—		10,452
Cash flow hedge, net of tax	—	—		2,454		—		2,454
Cash dividends	—	—		—		(18,060)		(18,060)
Dividends on RSUs	—	301		—		(301)		—
Purchases of Maximus common stock	(3,113)	—		—		(236,655)		(236,655)
Stock compensation expense	—	6,952		—		—		6,952
Tax withholding adjustment related to RSU vesting	—	(2,305)		—		—		(2,305)
RSUs vested	47	—		—		—		—
Balance as of December 31, 2024	57,286	603,252		(19,554)		1,063,151		1,646,849
Net income	—	—		—		96,569		96,569
Foreign currency translation	—	—		3,731		—		3,731
Cash flow hedge, net of tax	—	—		(2,552)		—		(2,552)
Cash dividends	—	—		—		(16,901)		(16,901)
Dividends on RSUs	—	440		—		(440)		—
Purchases of Maximus common stock	(947)	—		—		(72,845)		(72,845)
Stock compensation expense	—	12,623		—		—		12,623
RSUs vested	10	—		—		—		—
Balance as of March 31, 2025	56,349	616,315		(18,375)		1,069,534		1,667,474
Net income	—	—		—		105,981		105,981
Foreign currency translation	—	—		7,320		—		7,320
Cash flow hedge, net of tax	—	—		(1,574)		—		(1,574)
Cash dividends	—	—		—		(16,904)		(16,904)
Dividends on RSUs	—	442		—		(442)		—
Stock compensation expense	—	10,749		—		—		10,749
Tax withholding adjustment related to RSU vesting	—	(10)		—		—		(10)
RSUs vested	1	—		—		—		—
Balance as of June 30, 2025	56,350	$	627,496	$	(12,629)	$	1,158,169	$	1,773,036

See accompanying notes to consolidated financial statements.

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Maximus, Inc.

Notes to the Consolidated Financial Statements

1. ORGANIZATION

Maximus, a Virginia corporation, is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that are designed to improve government’s effectiveness in serving its citizens.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements, including the notes, include our accounts and those of our subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the Securities and Exchange Commission (SEC). All intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation for Interim Periods

Certain information and disclosures normally included for the annual financial statements to be prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. We believe that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly our financial position and the results of operations and cash flows for the periods presented.

The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for the year or future periods. The financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. We have continued to follow the accounting policies set forth in those financial statements.

Use of Estimates

The preparation of these financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expenses. At each reporting period end, we make estimates, including those related to revenue recognition and cost estimation on certain contracts, the realizability of long-lived assets, and amounts related to income taxes, certain accrued liabilities, and contingencies and litigation.

At June 30, 2026, our capitalized software balance includes $32.3 million related to technology for new services within our U.S. Services Segment. During the second quarter of fiscal year 2026, we recorded an impairment charge of $6.9 million to an asset following a client decision that resulted in its carrying value no longer being recoverable. At this time, we believe that the remaining balance of these assets is recoverable. We continue to monitor these assets, and if circumstances change, we may be required to further adjust the value or useful life of the remaining assets.

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3. BUSINESS SEGMENTS

We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Our operating segments represent the manner in which our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM), reviews our financial results. The CODM reviews segment-level revenue, gross profit, and segment operating income/(loss) on a regular basis to assess performance and manage the business. Revenue is used to evaluate growth trends and performance relative to budget, while gross profit and segment operating income/(loss) are used to assess overall profitability, business efficiency, and the effectiveness of cost-reduction initiatives. These measures also inform the CODM’s decisions regarding the allocation of resources across segments, including allocations of management bonus as well as investments in technology, personnel, and strategic transactions, such as mergers and acquisitions.

Our CODM does not evaluate operating segments using asset or liability information.

U.S. Federal Services

Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute their missions, including program operations and management, clinical services, and advanced technology solutions.

U.S. Services

Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services, and advanced technology solutions and related professional services for U.S. state and local government programs. These services support a variety of programs, including those under Medicaid and the Children's Health Insurance Program (CHIP), the Affordable Care Act (ACA) marketplaces, and Temporary Assistance for Needy Families (TANF).

Outside the U.S.

Our Outside the U.S. Segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and advanced technologies for modernization. We support programs and deliver services in the United Kingdom, including the Functional Assessment Services (FAS) contract and the Restart employment program. We also provide services in Canada and the Middle East.

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Table 3.1: Results of Operations by Business Segment for the Three Months Ended
	For the Three Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1 )		U.S. Services		% (1 )		Outside the U.S.		% (1 )		Total
Revenue	$	720,991			$	418,227			$	139,753			$	1,278,971
Cost of revenue	498,720		69.2	%	311,449		74.5	%	119,999		85.9	%	930,168
Gross profit	222,271		30.8	%	106,778		25.5	%	19,754		14.1	%	348,803
Other segment items (2)	88,231		12.2	%	61,589		14.7	%	18,548		13.3	%	168,368
Segment operating income	$	134,040	18.6	%	$	45,189	10.8	%	$	1,206	0.9	%	180,435
Divestiture-related gains/(charges) (3)													1,162
Other (4)													18
Amortization of intangible assets													(20,187)
Operating income													$	161,428
Depreciation and amortization	$	7,223	1.0	%	$	3,997	1.0	%	$	654	0.5	%	$	11,874
	For the Three Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	761,174			$	439,818			$	147,408			$	1,348,400
Cost of revenue	535,040		70.3	%	333,886		75.9	%	119,961		81.4	%	988,887
Gross profit	226,134		29.7	%	105,932		24.1	%	27,447		18.6	%	359,513
Other segment items (2)	88,272		11.6	%	60,975		13.9	%	21,507		14.6	%	170,754
Segment operating income	$	137,862	18.1	%	$	44,957	10.2	%	$	5,940	4.0	%	188,759
Other (4)													(77)
Amortization of intangible assets													(23,010)
Operating income													$	165,672
Depreciation and amortization	$	3,125	0.4	%	$	4,631	1.1	%	$	1,851	1.3	%	$	9,607

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Table 3.2: Results of Operations by Business Segment for the Nine Months Ended
	For the Nine Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,260,735			$	1,249,229			$	420,020			$	3,929,984
Cost of revenue	1,598,084		70.7	%	957,548		76.7	%	364,615		86.8	%	2,920,247
Gross profit	662,651		29.3	%	291,681		23.3	%	55,405		13.2	%	1,009,737
Other segment items (2)	266,174		11.8	%	178,616		14.3	%	58,664		14.0	%	503,454
Segment operating income/(loss)	$	396,477	17.5	%	$	113,065	9.1	%	$	(3,259)	(0.8)	%	506,283
Divestiture-related gains/(charges) (3)													10,147
Other (4)													480
Amortization of intangible assets													(60,785)
Operating income													$	456,125
Depreciation and amortization	$	21,637	1.0	%	$	12,381	1.0	%	$	3,073	0.7	%	$	37,091
	For the Nine Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,319,756			$	1,334,418			$	458,687			$	4,112,861
Cost of revenue	1,718,249		74.1	%	1,021,712		76.6	%	373,009		81.3	%	3,112,970
Gross profit	601,507		25.9	%	312,706		23.4	%	85,678		18.7	%	999,891
Other segment items (2)	245,563		10.6	%	173,096		13.0	%	66,822		14.6	%	485,481
Segment operating income	$	355,944	15.3	%	$	139,610	10.5	%	$	18,856	4.1	%	514,410
Divestiture-related gains/(charges) (3)													(39,343)
Other (4)													(599)
Amortization of intangible assets													(69,041)
Operating income													$	405,427
Depreciation and amortization	$	9,653	0.4	%	$	12,603	0.9	%	$	5,246	1.1	%	$	27,502

(1)Percentage of respective revenue, as applicable.

(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.

(3)During fiscal years 2026 and 2025, we divested businesses from our U.S. Services and Outside the U.S. Segments, respectively. See "Note 6. Divestitures" for additional information.

(4)Other expenses include credits and costs that are not allocated to a particular segment.

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4. REVENUE RECOGNITION

We recognize revenue as, or when, we satisfy performance obligations under a contract. The majority of our contracts have performance obligations that are satisfied over time. In most cases, we view our performance obligations as promises to transfer a series of distinct services to our customers that are substantially the same and which have the same pattern of service. We recognize revenue over the performance period as a customer receives the benefits of our services.

Disaggregation of Revenue

In addition to our segment reporting, we disaggregate our revenues by service type, contract type, and customer type.

Table 4.1: Revenue by Service Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
Program Operations	$	602,807	47.1	%	$	626,981	46.5	%	$	1,924,106	49.0	%	$	2,045,720	49.7	%
Clinical Services	553,075		43.2	%	560,360		41.6	%	1,607,602		40.9	%	1,535,849		37.3	%
Employment & Other	55,852		4.4	%	81,906		6.1	%	186,025		4.7	%	274,513		6.7	%
Technology Solutions	67,237		5.3	%	79,153		5.9	%	212,251		5.4	%	256,779		6.2	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.2: Revenue by Contract Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(in thousands)
Performance-based	$	755,826	59.1	%	$	761,428	56.5	%	$	2,209,585	56.2	%	$	2,193,605	53.3	%
Cost-plus	303,486		23.7	%	301,385		22.4	%	1,033,798		26.3	%	1,020,311		24.8	%
Fixed price	155,200		12.1	%	180,390		13.4	%	489,327		12.5	%	540,078		13.1	%
Time and materials	64,459		5.0	%	105,197		7.8	%	197,274		5.0	%	358,867		8.7	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.3: Revenue by Customer Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
New York state government agencies	$	148,067	11.6	%	$	148,408	11.0	%	$	445,548	11.3	%	$	466,053	11.3	%
Other U.S. state government agencies	275,793		21.6	%	291,312		21.6	%	817,052		20.8	%	869,561		21.1	%
Total U.S. state government agencies	423,860				439,720				1,262,600				1,335,614
U.S. federal government agencies	701,932		54.9	%	743,058		55.1	%	2,204,623		56.1	%	2,267,078		55.1	%
International government agencies	137,462		10.7	%	146,018		10.8	%	413,321		10.5	%	451,608		11.0	%
Other, including local municipalities and commercial customers	15,717		1.2	%	19,604		1.5	%	49,440		1.3	%	58,561		1.4	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

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Contract balances

Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. We classify these assets as accounts receivable — billed and billable and unbilled receivables; the liabilities are classified as deferred revenue.

In many contracts, we bill our customers on a monthly basis shortly after the month end for work performed in that month, and such balances are considered collectible and are included within accounts receivable, net.

Exceptions to this pattern will arise for various reasons, including those listed below.

•Under cost-plus contracts, we are typically required to estimate a contract's share of our general and administrative expenses. This share is based upon estimates of total costs, which may vary over time. We typically invoice our customers at an agreed provisional billing rate, which may differ from actual rates incurred. If our actual rates are higher than the provisional billing rates, an asset is recorded for this variance; if the provisional billing rates are higher than our actual rates, we record a liability.

•Certain contracts include retainage balances, whereby revenue is earned, but some portion of cash payments are held back by the customer for a period of time, typically to allow the customer to confirm the objective criteria laid out by the contract have been met. This balance is classified as accounts receivable-unbilled, until restrictions on billing are lifted. As of June 30, 2026, and September 30, 2025, $27.4 million and $24.1 million, respectively, of our unbilled receivables related to amounts pursuant to contractual retainage provisions.

•In certain contracts, we may receive funds from our customers prior to performing operations. These funds are typically referred to as "set-up costs" and reflect the need for us to make investments in infrastructure prior to providing a service. This investment in infrastructure is not a performance obligation that is distinct from the service that is subsequently provided, and, as a result, revenue is not recognized based upon the establishment of this infrastructure, but rather over the course of the contractual relationship. The funds are initially recorded as deferred revenue and recognized over the term of the contract. Other contracts may not include set-up fees but will provide higher fees in earlier periods of the contract. The premium on these fees is deferred.

•Some of our contracts, notably our employment services contracts in the Outside the U.S. Segment, include payments for specific milestones, such as job placement and job retention, and these outcome payments occur over several months. We are required to estimate these outcome fees ahead of their realization and recognize this estimated fee over the period of delivery.

During the three and nine months ended June 30, 2026, we recognized revenue of $2.0 million and $45.2 million, respectively, included in our deferred revenue balances at September 30, 2025. During the three and nine months ended June 30, 2025, we recognized revenue of $13.8 million and $87.0 million, respectively, included in our deferred revenue balances at September 30, 2024.

Contract estimates

We are required to use estimates in recognizing revenue from some of our contracts.

Certain performance-based contracts include variable consideration in the form of penalties and incentives, based upon our performance under the terms of the contract. The calculation of these penalties and incentives requires the evaluation of both objective and subjective criteria, which may require the use of estimates.

Within our employment services business in our Outside the U.S. Segment, some of our performance-based contract revenue is recognized based upon future milestones defined in each contract, which requires us to make estimates about the attainment of those milestones.

We estimate the total variable consideration we will receive using the expected value method. We recognize the revenue over the expected period of performance. At each reporting period, we update our estimates of the variable fees to represent the circumstances present at the end of the reporting period. We include variable consideration in our estimates to the extent it is probable that a subsequent change in the estimate will not result in a significant reversal of cumulative revenue when the uncertainty is resolved. We do not have a history of significant constraints on these contracts.

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Table 4.4: Effect of Changes in Contract Estimates
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands, except per share data)
Increase/(decrease) in revenue recognized due to changes in contract estimates	$	(1,291)	$	607	$	5,628	$	11,181
Increase/(decrease) in diluted earnings per share recognized due to changes in contract estimates	$	(0.02)	$	0.01	$	0.08	$	0.14

Remaining performance obligations

As of June 30, 2026, we had approximately $230 million of remaining performance obligations. We anticipate that we will recognize revenue on approximately 57% of this balance within the next 12 months. This balance excludes contracts with an original duration of twelve months or less, including contracts with a penalty-free termination for convenience clause, and any variable consideration that is allocated entirely to future performance obligations, including variable transaction fees or fees tied directly to costs incurred.

5. EARNINGS PER SHARE

Table 5: Weighted Average Number of Shares - Earnings Per Share
	For the Three Months Ended		For the Nine Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
	(in thousands)
Basic weighted average shares outstanding	52,854	56,683	53,974	57,776
Dilutive effect of unvested RSUs and PSUs	203	301	269	324
Denominator for diluted earnings per share	53,057	56,984	54,243	58,100

The diluted earnings per share calculations for the three and nine months ended June 30, 2026 exclude approximately 571,000 and 567,000 unvested anti-dilutive restricted stock units, respectively. The diluted earnings per share calculations for the three and nine months ended June 30, 2025 exclude approximately 140,000 and 142,000 unvested anti-dilutive restricted stock units, respectively.

6. DIVESTITURES

U.S. Services Segment

In December 2025, we sold our child support business within the United States for approximately $15.0 million. This business had been reporting approximately $25.0 million of annual revenue. We recorded a gain on sale of $10.1 million.

Outside the U.S. Segment

In December 2024, we sold our businesses in Australia and Korea for a nominal sum. The sale agreement includes up to $5.0 million of contingent consideration based upon future performance. As of June 30, 2026, we have not recorded any potential contingent consideration. Our total divestiture-related charges of $39.5 million included approximately $21.3 million of previously unrealized foreign exchange losses, which we had recorded through other comprehensive income. We also provided an indemnification to the buyer that has been recorded at fair value in our consolidated balance sheets. No tax benefit is anticipated from this transaction.

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7. DEBT AND DERIVATIVES

Table 7.1: Details of Debt
	June 30, 2026		September 30, 2025
	(in thousands)
Term Loan A (TLA)	$	819,375	$	853,125
Term Loan B (TLB)	814,173		493,750
Revolver	20,000		—
Total debt principal	1,653,548		1,346,875
Less: Unamortized debt-issuance costs and discounts	(16,613)		(12,602)
Total debt	1,636,935		1,334,273
Less: Current portion of long-term debt	(71,599)		(52,680)
Long-term debt	$	1,565,336	$	1,281,593

On May 27, 2026, we amended our existing credit agreement (the "Amendment") with J.P. Morgan Chase Bank, N.A. The Amendment increased our TLB by $325 million.

Our credit agreements require us to comply with a number of covenants, including leverage and interest coverage ratios. At June 30, 2026, we are in compliance with all covenants. We do not believe that the covenants represent a significant restriction on our ability to successfully operate the business or to pay dividends.

The following table sets forth future minimum principal payments due under our debt obligations as of June 30, 2026 for the remainder of fiscal year 2026 through fiscal year 2031:

Table 7.2: Details of Future Minimum Principal Payments Due
	Amount Due
	(in thousands)
July 1, 2026 through September 30, 2026	$	18,952
Year ended September 30, 2027	75,809
Year ended September 30, 2028	81,434
Year ended September 30, 2029	690,184
Year ended September 30, 2030	8,309
Years ended thereafter	778,860
Total payments	$	1,653,548

Interest Rate Derivative Instruments

Both our TLA and TLB interest payments are comprised of an applicable margin rate and a floating rate, the latter being based on SOFR. We utilize interest rate swaps that are designed to reduce our risk from changes in floating rates, which we have designated as cash flow hedges. Effective June 1, 2026, we entered into new interest rate swap agreements to reduce interest rate risks in both our TLA and TLB. The following table presents our active interest rate swaps:

Table 7.3: Interest Rate Derivative Instruments
As of June 30, 2026
Debt Principal Hedged	Notional Amount		Fixed Interest Rate		Expiry
(in thousands)
Term Loan B	$	75,000	3.72	%	September 2026
Term Loan B	$	75,000	3.62	%	September 2027
Term Loan A	$	150,000	3.14	%	September 2027
Term Loan A	$	200,000	3.47	%	September 2028
Term Loan B	$	75,000	4.04	%	September 2028
Term Loan A	$	50,000	4.05	%	May 2029
Term Loan B	$	50,000	4.06	%	September 2029

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The fixed interest rate on the table above identifies the payment rate to our counterparties in lieu of the floating rate.

The balance of the debt pays interest based upon the Secured Overnight Financing Rate (SOFR). At June 30, 2026, our effective interest rate, including the original issuance costs and discount rate, was 5.6%.

At June 30, 2026, we recorded an asset of $3.9 million and a liability of $0.8 million to reflect the fair value of our interest rate swap agreements, compared to an asset of $5.5 million and a liability of $1.7 million at September 30, 2025. The assets and liabilities are recorded as "other assets" and "other liabilities," respectively, within our consolidated balance sheets. As these instruments are effective cash flow hedges, gains and losses based upon interest rate fluctuations are recorded within "accumulated other comprehensive loss" on our consolidated financial statements.

8. FAIR VALUE MEASUREMENTS

We record the following assets and liabilities at fair value on a recurring basis.

•We hold mutual fund assets within a Rabbi Trust to cover liabilities in our deferred compensation plan. These assets have prices quoted within active markets and, accordingly, are classified as level 1 within the fair value hierarchy.

•We have interest rate swap agreements that are designed to manage our interest rate exposure. These agreements can be valued using observable data and, accordingly, are classified as level 2 within the fair value hierarchy.

•In connection with the businesses sold in Australia and Korea, we indemnified the buyer related to certain potential losses, which are recorded at fair value, based on an assessment of probability-weighted outcomes. Accordingly, these inputs are not observable and are classified as level 3 within the fair value hierarchy. Changes in the fair value of the indemnification liability are recorded in the consolidated statements of operations.

The table below presents assets and liabilities measured and recorded at fair value in our consolidated balance sheets on a recurring basis, along with their corresponding level within the fair value hierarchy. No transfers between Level 1, Level 2, and Level 3 fair value measurements occurred for the nine months ended June 30, 2026.

Table 8.1: Fair Value Measurements
	As of June 30, 2026
	Level 1		Level 2		Level 3		Balance
	(in thousands)
Assets:
Deferred compensation assets - Rabbi Trust	$	46,375	$	—	$	—	$	46,375
Interest rate swap - $450 million notional value	—		3,898		—		3,898
Total assets	$	46,375	$	3,898	$	—	$	50,273
Liabilities:
Interest rate swap - $225 million notional value	$	—	$	829	$	—	$	829
Indemnification liabilities	—		—		8,767		8,767
Total liabilities	$	—	$	829	$	8,767	$	9,596

The fair values of receivables, prepaid assets, other assets, accounts payable, accrued costs, and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. The carrying value of our debt is consistent with the fair value, as the stated interest rates in the agreements are consistent with the current market rates used in notes with similar terms in the markets (Level 2 inputs).

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Accumulated Other Comprehensive Loss

All amounts recorded in accumulated other comprehensive loss are related to our foreign currency translations and interest rate swaps, net of tax. The following table shows changes in accumulated other comprehensive loss. Amounts reclassified from other comprehensive income were recorded within our selling, general, and administrative expenses (for foreign currency translation adjustments) and within interest expense (for gains on derivatives).

Table 8.2: Details of Changes in Accumulated Other Comprehensive Loss by Category
	Foreign currency translation adjustments		Net unrealized gain on derivatives, net of tax		Total
	(in thousands)
Balance as of September 30, 2025	$	(20,706)	$	2,839	$	(17,867)
Other comprehensive income before reclassifications	(2,276)		3,223		947
Amounts reclassified from accumulated other comprehensive loss	—		(3,801)		(3,801)
Net current period other comprehensive income/(loss)	(2,276)		(578)		(2,854)
Balance as of June 30, 2026	$	(22,982)	$	2,261	$	(20,721)

Indemnification Liability

The fair value of our indemnification liability is recorded at fair value as of the disposal date, based on an assessment of probability-weighted outcomes. This liability is reviewed on a quarterly basis. Changes in estimates are recorded to selling and general administrative expenses and foreign currency translation adjustments are recorded in other income/expenses on our Consolidated Statement of Operations.

Movement in our indemnification liability balance is as follows:

Table 8.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Indemnification Liability
	(in thousands)
Opening indemnification liability as of September 30, 2025	$	11,342
Cash payments	(2,264)
Foreign currency translation adjustments	(311)
Closing indemnification liability as of June 30, 2026	$	8,767

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9. EQUITY

Stock Compensation

We grant restricted stock units (RSUs) and performance stock units (PSUs) to eligible participants under our 2021 Omnibus Incentive Plan, which was approved by our Board of Directors and stockholders. The RSUs granted to employees vest ratably over three to four years, with a small number that cliff vest after three years. The RSUs granted to directors cliff vest one year from the grant date. PSU vesting is subject to the achievement of certain performance and market conditions, and the number of PSUs earned could vary from 0% to 200% of the number of PSUs awarded. The PSUs will vest at the end of a three-year performance period if the performance conditions are met. We issue new shares to satisfy our obligations under these plans. The fair value of each RSU and PSU is calculated at the date of the grant.

During the nine months ended June 30, 2026, we issued approximately 341,000 RSUs, which will vest ratably over one to four years, and approximately 146,000 PSUs, which will vest after three years if the performance conditions are met.

Stock Repurchase Programs

In May 2026, our Board of Directors authorized an increase to our existing stock repurchase program that allows us to repurchase, at management's discretion, up to $400 million of our common stock; this resolution superseded a similar resolution authorized in September 2025.

During the nine months ended June 30, 2026, we purchased approximately 2.6 million common shares at a cost of $192.4 million, which includes an additional charge from the 1% excise tax on share repurchases. During the nine months ended June 30, 2025, we repurchased approximately 4.1 million common shares at a cost of $309.5 million under a similar program.

At June 30, 2026, approximately $400.0 million remained available for future stock repurchases.

10. OTHER ITEMS

Cash, Cash Equivalents, and Restricted Cash

Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash
	June 30, 2026		September 30, 2025
	(in thousands)
Cash and cash equivalents	$	56,953	$	222,351
Restricted cash	96,296		38,108
Cash, cash equivalents, and restricted cash	$	153,249	$	260,459

Restricted cash is recorded within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets.

Table 10.2: Supplemental Disclosures of Cash Flow Information
	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Interest payments	$	64,526	$	60,809
Income tax payments	$	81,479	$	100,891

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Accounts Receivable, Net

Table 10.3: Details of Accounts Receivable, Net
	June 30, 2026		September 30, 2025
	(in thousands)
Billed and billable receivables	$	1,055,494	$	720,495
Unbilled receivables	335,329		187,372
Allowance for credit losses	(8,809)		(9,772)
Accounts receivable, net	$	1,382,014	$	898,095

We have a Receivables Purchase Agreement (RPA) with Wells Fargo Bank N.A., under which we may sell certain U.S.-originated accounts receivable balances up to a maximum amount of $350.0 million at any given time. In return for these sales, we receive a cash payment equal to the face value of the receivables less a financing charge.

We account for these transfers as sales. We have no retained interest in the transferred receivables other than administrative responsibilities, and Wells Fargo has no recourse for any credit risk. We estimate that the implicit servicing fees for an arrangement of this size and type would be immaterial.

For the nine months ended June 30, 2026 and 2025, the value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $1.28 billion and $574.2 million, respectively. In exchange for these sales, we received cash of $1.27 billion and $570.7 million for the same periods, respectively. The difference, representing a loss on sale from these transfers, is included within our selling, general, and administrative expenses. We have recorded these transactions within our operating cash flows.

11. COMMITMENTS AND CONTINGENCIES

Litigation

We are subject to audits, investigations, and reviews relating to compliance with the laws and regulations that govern our role as a contractor to agencies and departments of federal, state, local, and foreign governments. Adverse findings could lead to criminal, civil, or administrative proceedings, and we could be faced with penalties, fines, suspension, or debarment. Adverse findings could also have a material adverse effect on us because of our reliance on government contracts. We are subject to periodic audits by federal, state, local, and foreign governments for taxes. We are also involved in various claims, arbitrations, and lawsuits arising in the normal conduct of our business, which include, but are not limited to, bid protests, employment matters, contractual disputes, and charges before administrative agencies. Except for the matters described below for which we cannot predict the outcome, we do not believe the outcome of any existing matter would likely have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

We evaluate developments in our litigation matters and establish or make adjustments to our accruals as appropriate. A liability is accrued if a loss is probable and the amount of such loss can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated, or the risk of loss is only reasonably possible, a potential liability will be disclosed but not accrued, if material. Due to the inherent uncertainty in the outcome of litigation, our estimates and assessments may prove to be incomplete or inaccurate and could be impacted by unanticipated events and circumstances, adverse outcomes, or other future determinations.

MOVEit Cybersecurity Incident Litigation

As previously disclosed, on May 31, 2023, Progress Software Corporation, the developer of MOVEit, a file transfer application used by many organizations to transfer data, announced a critical zero-day vulnerability in the application that allowed unauthorized third parties to access its customers’ MOVEit environments. Maximus uses MOVEit for internal and external file sharing purposes, including to share data with government customers related to Maximus' services in support of certain government programs. Based on our review of the impacted files to date, we have provided notices to individuals whose personal information, including Social Security numbers, protected health information, and/or other personal information, may have been included in the impacted files.

On August 1, 2023, a purported class action was filed against Maximus Federal Services, Inc. (a wholly-owned subsidiary of Maximus, Inc.) in the U.S. District Court for the Eastern District of Virginia arising out of the MOVEit cybersecurity incident – Bishop v. Maximus Federal Services, Case No. 1:23-cv-01019 (U.S. Dist. Ct. E. D. VA). The plaintiff, who

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purports to represent a nationwide class of individuals, alleges, among other things, that our negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. The plaintiff seeks damages to be proved at trial. Since then, thirteen similar cases have been filed in federal courts across the country (inclusive of one case filed in state court and removed to federal court by us).

On October 4, 2023, the United States Judicial Panel on Multidistrict Litigation granted a Motion to Transfer creating a Multidistrict Litigation (MDL) in the District of Massachusetts for all cases related to the MOVEit cybersecurity incident. Each of the actions pending in federal courts are centralized in the MDL.

On December 12, 2024, the Court granted in part Defendants' omnibus motion to dismiss Plaintiffs’ claims pursuant to Rule 12(b)(1), challenging Plaintiffs’ standing to bring this suit, dismissing claims brought by four of the Plaintiffs in the MOVEit MDL. None of the dismissed claims were asserted against us.

The Court has also named us as a bellwether defendant in the MDL. We and the other bellwether defendants submitted motions to dismiss the pending actions pursuant to Rule 12(b)(6), which the Court granted in part and denied in part on July 31, 2025. Approximately half of the claims asserted against us remain, and we are proceeding to discovery regarding those claims.

Separately, there is currently an individual action pending against us in Florida state court. On September 6, 2023, an individual action related to the MOVEit incident was filed in state court in the Florida Circuit Court for the 7th Judicial Circuit, Volusia County: Taylor v. Maximus Federal Services, Case No. 2023-12349 (Fla. Cir. Ct., 7th Jud. Cir., Volusia Cnty.). The plaintiff alleges, among other things, that our negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. The plaintiff seeks damages to be proved at trial. On April 3, 2024, the Court stayed this action pending further developments in the MOVEit MDL. This case remains stayed.

While we are unable to predict the ultimate outcome of any of the remaining proceedings, we have accrued an amount within a range of possible outcomes expected to be incurred to resolve the matters.

12. SUBSEQUENT EVENT

On July 6, 2026, our Board of Directors declared a quarterly cash dividend of $0.33 for each share of our common stock outstanding. The dividend is payable on August 31, 2026, to shareholders of record on August 14, 2026. Based upon the number of shares outstanding, we anticipate a cash payment of approximately $17.3 million.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with "Risk Factors," "Special Note Regarding Forward-Looking Statements," and our financial statements and related notes included in our Annual Report on Form 10-K for fiscal year 2025 filed with the SEC on November 20, 2025 and elsewhere in this Quarterly Report on Form 10-Q, as applicable.

Business Overview

Maximus is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens, as well as citizens in the United Kingdom (U.K.), Canada, and the Middle East, amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that are designed to improve government’s effectiveness in serving its citizens.

We create value for our customers by translating public policy into operating models that deliver outcomes for governments at scale. Our work covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. These services benefit from an industry with increasing demand, constrained government budgets, and an increased focus on technology as governments prioritize modernization. We also demonstrate the ability to move quickly, ranging from digitally enabled contact center support services for natural disaster response to swift establishments of public health and safety initiatives.

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Financial Overview

A number of factors have affected our results for the third quarter of fiscal year 2026. More detail on these changes is presented below within our "Results of Operations" section.

Results of Operations

The following table sets forth items from our consolidated statements of operations for the three and nine months ended June 30, 2026, and June 30, 2025.

Table MD&A 1: Consolidated Results of Operations
	For the Three Months Ended						For the Nine Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	(dollars in thousands, except per share data)
Revenue	$	1,278,971		$	1,348,400		$	3,929,984		$	4,112,861
Cost of revenue	930,168			988,887			2,920,247			3,112,970
Gross profit	348,803			359,513			1,009,737			999,891
Gross profit percentage	27.3		%	26.7		%	25.7		%	24.3		%
Selling, general, and administrative expenses	167,188			170,831			492,827			525,423
Selling, general, and administrative expenses as a percentage of revenue	13.1		%	12.7		%	12.5		%	12.8		%
Amortization of intangible assets	20,187			23,010			60,785			69,041
Operating income	161,428			165,672			456,125			405,427
Operating margin	12.6		%	12.3		%	11.6		%	9.9		%
Interest expense	23,878			22,657			66,805			61,648
Other (income)/expense, net	(608)			48			(1,639)			(603)
Income before income taxes	138,158			142,967			390,959			344,382
Provision for income taxes	34,565			36,986			95,360			100,636
Effective tax rate	25.0		%	25.9		%	24.4		%	29.2		%
Net income	$	103,593		$	105,981		$	295,599		$	243,746
Earnings per share:
Basic	$	1.96		$	1.87		$	5.48		$	4.22
Diluted	$	1.95		$	1.86		$	5.45		$	4.20

Our business segments have different factors driving revenue fluctuations and profitability. The sections that follow cover these segments in greater detail. Our revenue reflects fees earned for services provided. Cost of revenue consists of direct costs related to labor and its associated overhead, subcontractor labor, outside vendors, rent, and other direct costs. The largest component of cost of revenue, approximately two-thirds, is labor, including subcontracted labor.

Table MD&A 2: Changes in Revenue, Cost of Revenue, and Gross Profit for the Three Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Dollars		% Change		Dollars		% Change		Dollars		% Change
	(dollars in thousands)
Three Months Ended June 30, 2025	$	1,348,400			$	988,887			$	359,513
Organic effect	(63,043)		(4.7)	%	(53,615)		(5.4)	%	(9,428)		(2.6)	%
Disposal of businesses	(6,963)		(0.5)	%	(5,605)		(0.6)	%	(1,358)		(0.4)	%
Currency effect compared to the prior period	577		—	%	501		0.1	%	76		—	%
Three Months Ended June 30, 2026	$	1,278,971	(5.1)	%	$	930,168	(5.9)	%	$	348,803	(3.0)	%

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Table MD&A 3: Changes in Revenue, Cost of Revenue, and Gross Profit for the Nine Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Dollars		% Change		Dollars		% Change		Dollars		% Change
	(dollars in thousands)
Nine Months Ended June 30, 2025	$	4,112,861			$	3,112,970			$	999,891
Organic effect	(160,848)		(3.9)	%	(175,451)		(5.6)	%	14,603		1.5	%
Disposal of businesses	(34,588)		(0.8)	%	(28,647)		(0.9)	%	(5,941)		(0.6)	%
Currency effect compared to the prior period	12,559		0.3	%	11,375		0.4	%	1,184		0.1	%
Nine Months Ended June 30, 2026	$	3,929,984	(4.4)	%	$	2,920,247	(6.2)	%	$	1,009,737	1.0	%

Selling, general, and administrative expenses

Selling, general, and administrative (SG&A) expenses consist of indirect costs related to general management, marketing, and administration. It is primarily composed of labor costs. These costs may be incurred at a segment level, for dedicated resources that are not client-facing, or at a corporate level. We allocate corporate costs to segments on a consistent and rational basis. Fluctuations in our SG&A are primarily driven by changes in our administrative cost base, which are not directly driven by changes in our revenue. As part of our work for the U.S. federal government and many states, we allocate these costs using a methodology driven by the U.S. Federal Cost Accounting Standards.

Our SG&A expense for the nine months ended June 30, 2026, includes $10.1 million of divestiture-related gain from the sale of our child support business within the United States, which we divested in December 2025. Our SG&A expense for the nine months ended June 30, 2025, includes divestiture-related charges of $39.3 million from our sale of businesses in the Outside the U.S. Segment. These charges included accumulated foreign currency losses incurred over two decades of operations, as well as indemnifications provided to the buyer.

Amortization of intangible assets

Amortization of intangible assets has declined for the three and nine months ended June 30, 2026, as compared to the same periods in fiscal year 2025, since the amortization of technology-based assets acquired in fiscal year 2021 was completed prior to fiscal year 2026.

Our balance sheet includes $367.2 million of intangible assets from a 2021 acquisition. These assets, comprised of customer relationships and a medical provider network, continue to support medical disability examinations (MDE) contracts with the U.S. Department of Veterans Affairs. These assets are being amortized over their remaining useful life of approximately seven years. In the event that our expectations change with respect to these acquired contracts, the value of these assets and the estimated remaining lives of these assets may need to be adjusted.

Interest Expense

During fiscal years 2026 and 2025, we expanded our Term Loan B and Term Loan A Credit Facilities, respectively. This has resulted in an increase to our interest expense in the current year. We continue to mitigate a portion of our interest rate risk through hedging transactions on a portion of our outstanding debt.

Provision for Income Taxes

Our effective income tax rate for the three and nine months ended June 30, 2026, was 25.0% and 24.4%, respectively, compared to 25.9% and 29.2% for the three and nine months ended June 30, 2025, respectively. Our effective tax rate for the nine months ended June 30, 2026 includes approximately $4.5 million of benefit from research and development tax credits identified and claimed in the period. Our tax rate in fiscal year 2025 was affected by the disposal of our businesses in Australia and Korea and other non-recurring items. For fiscal year 2026, we expect an overall effective tax rate between 24% and 24.5%.

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U.S. Federal Services Segment

Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute their missions, including program operations and management, clinical services, and advanced technology solutions.

Table MD&A 4: U.S. Federal Services Segment - Financial Results
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(dollars in thousands)
Revenue	$	720,991	$	761,174	$	2,260,735	$	2,319,756
Cost of revenue	498,720		535,040		1,598,084		1,718,249
Gross profit	222,271		226,134		662,651		601,507
Selling, general, and administrative expenses	88,231		88,272		266,174		245,563
Operating income	134,040		137,862		396,477		355,944
Gross profit percentage	30.8 %		29.7 %		29.3 %		25.9 %
Operating margin percentage	18.6 %		18.1 %		17.5 %		15.3 %

Our revenue and cost of revenue for the three months ended June 30, 2026 and 2025 decreased 5.3% and 6.8%, respectively. Our revenue and cost of revenue for the nine months ended June 30, 2026 and 2025 decreased 2.5%and 7.0%, respectively.

Our results for the three and nine months ended June 30, 2026 have been affected by the following, when compared to the prior year comparative periods.

•Much of the revenue decline relates to year-over-year declines in volumes on our large, transaction-based contracts. During fiscal year 2025 and early fiscal year 2026, these volumes had been running at higher levels.

•Short-term disaster recovery work in fiscal year 2025 did not recur to the same extent in fiscal year 2026.

•Across the remainder of this segment, we received the benefit of growth on profitable contracts, resulting in improvements to margin.

Below is a reconciliation of revenue for the three and nine months ended June 30, 2026 compared to the prior year periods, including the impact of short‑term disaster recovery work and our organic revenue movement excluding this work.

Table MD&A 5: Change in Revenue, Excluding Natural Disaster Recovery Work
	Three Months Ended June 30, 2026				Nine Months Ended June 30, 2026
	Dollars		% Change		Dollars		% Change
	(dollars in thousands)
Revenue for 2025 fiscal period	$	761,174			$	2,319,756
Decline in short-term disaster recovery work	(18,362)		(2.4)	%	(83,289)		(3.6)	%
Organic revenue movement excluding short-term disaster recovery work	(21,821)		(2.9)	%	24,268		1.0	%
Revenue for 2026 fiscal period	$	720,991	(5.3)	%	$	2,260,735	(2.5)	%

In late May 2026, we received notification from a major customer regarding a temporary contractual modification effective July 1, 2026 through December 31, 2026. We anticipate that this modification will reduce our diluted earnings per share by approximately $0.35 per quarter through the remainder of fiscal year 2026 and the first quarter of fiscal year 2027. Accordingly, we anticipate operating margin for the U.S. Federal Services Segment in fiscal year 2026 to range between 16.5% and 17%.

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U.S. Services Segment

Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services, and advanced technology solutions and related professional services for U.S. state and local government programs. These services support a variety of programs, including those under Medicaid and the Children's Health Insurance Program (CHIP), the Affordable Care Act (ACA) marketplaces, and Temporary Assistance for Needy Families (TANF).

Table MD&A 6: U.S. Services Segment - Financial Results
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(dollars in thousands)
Revenue	$	418,227	$	439,818	$	1,249,229	$	1,334,418
Cost of revenue	311,449		333,886		957,548		1,021,712
Gross profit	106,778		105,932		291,681		312,706
Selling, general, and administrative expenses	61,589		60,975		178,616		173,096
Operating income	45,189		44,957		113,065		139,610
Gross profit percentage	25.5 %		24.1 %		23.3 %		23.4 %
Operating margin percentage	10.8 %		10.2 %		9.1 %		10.5 %

Our revenue and cost of revenue for the three months ended June 30, 2026 and 2025 decreased 4.9% and 6.7%, respectively. For the nine months ended June 30, 2026 and 2025, our revenue and cost of revenue decreased 6.4% and 6.3%, respectively.

Table MD&A 7: U.S. Services Segment - Changes in Revenue, Cost of Revenue, and Gross Profit for the Three Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Amount		% Change		Amount		% Change		Amount		% Change
	(dollars in thousands)
Three Months Ended June 30, 2025	$	439,818			$	333,886			$	105,932
Organic effect	(14,628)		(3.3)	%	(16,832)		(5.0)	%	2,204		2.1	%
Disposal of businesses	(6,963)		(1.6)	%	(5,605)		(1.7)	%	(1,358)		(1.3)	%
Three Months Ended June 30, 2026	$	418,227	(4.9)	%	$	311,449	(6.7)	%	$	106,778	0.8	%

Table MD&A 8: U.S. Services Segment - Changes in Revenue, Cost of Revenue, and Gross Profit for the Nine Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Amount		% Change		Amount		% Change		Amount		% Change
	(dollars in thousands)
Nine Months Ended June 30, 2025	$	1,334,418			$	1,021,712			$	312,706
Organic effect	(69,977)		(5.2)	%	(51,937)		(5.1)	%	(18,040)		(5.8)	%
Disposal of businesses	(15,212)		(1.1)	%	(12,227)		(1.2)	%	(2,985)		(1.0)	%
Nine Months Ended June 30, 2026	$	1,249,229	(6.4)	%	$	957,548	(6.3)	%	$	291,681	(6.7)	%

Our U.S. Services Segment continues to experience lower volumes and demand across a broad range of contracts compared to prior years. We believe the contracts and relationships held by this segment provide it with strong opportunities to assist state customers who will require higher engagement across their federally-funded social programs. As these activities pick up, we anticipate that we will return to organic growth in the fourth quarter of the current fiscal year.

As noted above, we sold our US-based child support business during the first quarter of the current fiscal year.

During the second quarter of fiscal year 2026, we recorded an impairment charge of $6.9 million related to a capitalized software asset following a client decision, which resulted in its carrying value no longer being recoverable.

We anticipate operating margins for the U.S. Services Segment in fiscal year 2026 to range between 9.5% and 10%.

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Outside the U.S. Segment

Our Outside the U.S. Segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and advanced technologies for modernization. We support programs and deliver services in the U.K., including the Functional Assessment Services (FAS) contract and the Restart employment program. We also provide services in Canada and the Middle East.

Table MD&A 9: Outside the U.S. Segment - Financial Results
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(dollars in thousands)
Revenue	$	139,753	$	147,408	$	420,020	$	458,687
Cost of revenue	119,999		119,961		364,615		373,009
Gross profit	19,754		27,447		55,405		85,678
Selling, general, and administrative expenses	18,548		21,507		58,664		66,822
Operating (loss)/income	1,206		5,940		(3,259)		18,856
Gross profit percentage	14.1 %		18.6 %		13.2 %		18.7 %
Operating margin percentage	0.9 %		4.0 %		(0.8) %		4.1 %

Table MD&A 10: Outside the U.S. Segment - Changes in Revenue, Cost of Revenue, and Gross Profit for the Three Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Amount		% Change		Amount		% Change		Amount		% Change
	(dollars in thousands)
Three Months Ended June 30, 2025	$	147,408			$	119,961			$	27,447
Organic effect	(8,232)		(5.6)	%	(463)		(0.4)	%	(7,769)		(28.3)	%
Currency effect compared to the prior period	577		0.4	%	501		0.4	%	76		0.3	%
Three Months Ended June 30, 2026	$	139,753	(5.2)	%	$	119,999	—	%	$	19,754	(28.0)	%

Table MD&A 11: Outside the U.S. Segment - Changes in Revenue, Cost of Revenue, and Gross Profit for the Nine Months Ended June 30, 2026
	Revenue				Cost of Revenue				Gross Profit
	Amount		% Change		Amount		% Change		Amount		% Change
	(dollars in thousands)
Nine Months Ended June 30, 2025	$	458,687			$	373,009			$	85,678
Organic effect	(31,850)		(6.9)	%	(3,349)		(0.9)	%	(28,501)		(33.3)	%
Disposal of businesses	(19,376)		(4.2)	%	(16,420)		(4.4)	%	(2,956)		(3.5)	%
Currency effect compared to the prior period	$	12,559	2.7	%	$	11,375	3.0	%	1,184		1.4	%
Nine Months Ended June 30, 2026	$	420,020	(8.4)	%	$	364,615	(2.3)	%	$	55,405	(35.3)	%

The organic decline in this segment relates to lower volumes on a number of our contracts.

The divestiture of our businesses in Australia and Korea occurred in December 2024.

The effects of the organic decline and the divestiture were partially offset by the strengthening of the British Pound against the U.S. Dollar.

Following the divestitures in both fiscal years 2024 and 2025, we have taken the opportunity to expand our business development initiatives. We are tracking a number of opportunities, with the aim of driving growth and margin improvement in this segment. For fiscal year 2026, we anticipate a breakeven operating margin.

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Liquidity and Capital Resources

Our primary sources of liquidity are cash on hand, cash from operations, our $750 million revolving credit facility, and our $350 million Receivables Purchase Agreement (RPA). As of June 30, 2026, we had $57.0 million in cash and cash equivalents. We believe that our current cash position, access to our debt facilities, and cash flow generated from operations should be sufficient for our operating requirements and should enable us to fund required long-term debt repayments, dividends, and any share repurchases we might choose to make. See "Note 7. Debt and Derivatives" to the Consolidated Financial Statements for a more detailed discussion of our debt financing arrangements.

We have included the following table showing our debt balances as of June 30, 2026, and their effective interest rates.

Table MD&A 12: Debt Balances and Interest Rates as of June 30, 2026
	June 30, 2026
	Carrying value		Effective cash interest rate		Interest rate basis
	(dollars in thousands)
Term Loan A - Hedged through September 2027	$	150,000	4.51	%	Fixed rate of 3.14% plus margin. (1)
Term Loan A - Hedged through September 2028	200,000		4.84	%	Fixed rate of 3.47% plus margin. (1)
Term Loan A - Hedged through May 2029	50,000		5.42	%	Fixed rate of 4.05% plus margin. (1)
Term Loan A - Unhedged	419,375		5.02	%	Term SOFR reset monthly plus margin. (1)
Term Loan B - Hedged through September 2026	75,000		5.72	%	Fixed rate of 3.72% plus 2% margin.
Term Loan B - Hedged through September 2027	75,000		5.62	%	Fixed rate of 3.62% plus 2% margin.
Term Loan B - Hedged through September 2028	75,000		6.04	%	Fixed rate of 4.04% plus 2% margin.
Term Loan B - Hedged through September 2029	50,000		6.06	%	Fixed rate of 4.06% plus 2% margin.
Term Loan B - Unhedged	539,173		5.64	%	Term SOFR reset monthly plus margin. (1)
Revolver	20,000		5.01	%	Term SOFR reset monthly plus margin. (1)
Debt Principal	$	1,653,548

(1) The applicable margin for Term Loan A ranges from 1% to 2%, depending on our leverage ratio as determined based on our most recently filed financial statements. As of June 30, 2026, the applicable margin was 1.375%.

Our effective interest rate reflects the drivers of our cash interest payments as of June 30, 2026, which can change based upon the reset of the rates. Including the amortization of the upfront payments, our effective interest rate as of June 30, 2026, was 5.6%.

The table below summarizes our change in cash, cash equivalents, and restricted cash.

Table MD&A 13: Net Change in Cash and Cash Equivalents and Restricted Cash
	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Operating activities:
Net cash used in operating activities	$	(179,863)	$	(220,000)
Net cash used in investing activities	(14,410)		(57,115)
Net cash provided by financing activities	87,507		146,793
Effect of foreign exchange rates on cash and cash equivalents and restricted cash	(444)		(65)
Net change in cash and cash equivalents and restricted cash	$	(107,210)	$	(130,387)

Net Cash Used in Operating Activities

We reported net cash used in operations of $179.9 million for the first nine months of fiscal year 2026, compared to $220.0 million for the first nine months of fiscal year 2025. We continue to experience administrative delays on payments from one of our large contracts with the U.S. federal government. Subsequent to June 30, 2026, we have received $245 million of cash due from this customer, and we anticipate additional cash collections through the fourth quarter of fiscal year 2026.

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These short-term delays in collections are reflected in Days Sales Outstanding ("DSO") at June 30, 2026, which were 98 days, compared with 62 days at September 30, 2025. Excluding the effects of the RPA, DSO would have been 123 days and 73 days, respectively.

Net Cash Used in Investing Activities

We reported net cash used in investing activities of $14.4 million for the first nine months of fiscal year 2026, compared to net cash used in investing activities of $57.1 million for the first nine months of fiscal year 2025.

In fiscal year 2025, we made significant investments in our capital base, most notably in updating technology on our Federal MDE contracts. Much of this update was completed in the third quarter of that year.

Our cash flows in fiscal year 2026 include the cash received from the sale of our child support business within the United States, as well as the final installments on our 2023 sale of our commercial practice in the United Kingdom.

Net Cash Provided by Financing Activities

We reported net cash provided by financing activities of $87.5 million for the first nine months of fiscal year 2026, compared to $146.8 million for the first nine months of fiscal year 2025.

During fiscal years 2026 and 2025, we expanded our term loans to provide additional capital for our operations, as well as funds to support share repurchases. We have utilized $204.9 million and $306.4 million in fiscal years 2026 and 2025, respectively, to purchase our common shares.

We have certain contracts where we hold cash on behalf of our customers. We show these funds as restricted cash and include their movement within financing cash flows. During the current fiscal year, the customer under a single large contract has increased their volume of work with us, resulting in significant growth in this balance. The restricted cash asset is offset by a current liability.

Credit Facilities

Our principal debt agreement is with JPMorgan Chase Bank N.A. (the "Credit Agreement"). At June 30, 2026, we owed $1.65 billion under the Credit Agreement, with access to approximately $730.0 million through a revolving credit facility. Mandatory repayments are required under this agreement through May 2031, when the agreement ends, and must be renegotiated or the funds repaid.

The Credit Agreement contains a number of covenants. Failure to meet these requirements would result in a need to renegotiate the agreement, seek a waiver, or a requirement to repay our outstanding debt in full. There are two financial covenants, both defined in the Credit Agreement:

•Our Consolidated Net Total Leverage Ratio means, for any twelve-month period, the ratio of our Funded Debt (as defined by the Credit Agreement), offset by up to $150 million of unrestricted cash (Consolidated Net Total Leverage), against our Consolidated EBITDA (as defined by the Credit Agreement). To comply with our Credit Agreement, this ratio cannot exceed 4.00:1.00 at the end of each quarter, with a step up to 4.50:1.00 under certain circumstances. This ratio also determines both our interest rate and the charge we pay on the unused component of our revolving credit facility, with the charge increasing as the Consolidated Net Total Leverage Ratio increases.

•Our Consolidated Net Interest Coverage Ratio means, for any twelve-month period, the ratio of our Consolidated EBITDA against our Consolidated Net Interest Expense, as defined by the Credit Agreement. To comply with our Credit Agreement, this ratio cannot be less than 3.00:1.00 at the end of each quarter.

Consolidated EBITDA also drives certain permissions within the Credit Agreement, such as the level of investment we are entitled to make without seeking additional approval from our lenders.

Our Credit Agreement defines Consolidated EBITDA, as well as other components of the calculations above. The definition of Consolidated EBITDA requires us to include adjustments not typically included within EBITDA, including unusual, non-recurring expenses, certain non-cash adjustments, the pro forma effects of acquisitions and disposals, and estimated synergies from acquisitions. As a result, Consolidated EBITDA as defined by the Credit Agreement may not be comparable to EBITDA or related or similarly titled measures presented by other companies.

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We have summarized below the components of our two financial ratio calculations, including the components of Consolidated EBITDA as defined by the Credit Agreement which are included within our financial statements. At June 30, 2026, we were in compliance with all applicable covenants of our Credit Agreement. We do not believe that these covenants represent a significant restriction on our ability to operate our business or to pay our dividends.

Table MD&A 14: Reconciliation of Net Income to Consolidated EBITDA as defined by our Credit Agreement
	For the Three Months Ended		For the Trailing Twelve Months Ended
	June 30, 2026		June 30, 2026
	(in thousands)
Net income	$	103,593	$	370,887
Adjustments:
Interest expense	23,878		89,237
Other (income)/expense, net	(608)		(1,676)
Provision for income taxes	34,565		120,539
Amortization of intangibles	20,187		83,791
Stock compensation expense	7,356		35,132
Capitalized software impairment charges	—		6,914
Divestiture-related (gains)/charges, net	(1,162)		(9,941)
Depreciation and amortization of property, equipment, and capitalized software	11,874		51,258
Pro forma and other adjustments permitted by our Credit Agreement	10,715		52,278
Consolidated EBITDA (as defined by our Credit Agreement)	$	210,398	$	798,419

Table MD&A 15: Consolidated Net Total Leverage Ratio
	For the Trailing Twelve Months Ended
	June 30, 2026
	(in thousands, except ratio data)
Funded Debt (as defined by our Credit Agreement)	$	1,653,548
Cash and cash equivalents up to $150 million	56,953
Consolidated Net Total Leverage (as defined by our Credit Agreement)	$	1,596,595
Consolidated Net Total Leverage Ratio (as defined by our Credit Agreement)	2.00

Table MD&A 16: Consolidated Net Interest Coverage Ratio
	For the Trailing Twelve Months Ended
	June 30, 2026
	(in thousands, except ratio data)
Consolidated EBITDA (as defined by our Credit Agreement)	$	798,419
Interest expense	89,237
Components of other income/expense, net allowed in ratio calculation	2,351
Consolidated Net Interest Expense (as defined by our Credit Agreement)	$	91,588
Consolidated Net Interest Coverage Ratio (as defined by our Credit Agreement)	8.72

32

Cash in Foreign Locations

We have no requirement to remit funds from our foreign locations to the United States. We will continue to explore opportunities to remit additional funds, taking into consideration the working capital requirements and relevant tax rules in each jurisdiction. When we are unable to remit funds back without incurring a penalty, we will consider these funds indefinitely reinvested until such time as these restrictions are changed. As a result, we do not record U.S. deferred income taxes on any funds held in foreign jurisdictions. We have not attempted to calculate our potential liability from any transfer of these funds, as any such transaction might include tax planning strategies that we have not fully explored. Accordingly, it is not possible to estimate the potential tax obligations if we were to remit all of our funds from foreign locations to the United States.

Free Cash Flow (Non-GAAP)

Table MD&A 17: Free Cash Flow (Non-GAAP)
	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Net cash used in operating activities	$	(179,863)	(220,000)
Purchases of property and equipment and capitalized software	(28,752)		(55,686)
Free cash flow (Non-GAAP)	$	(208,615)	$	(275,686)

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates, judgments, and assumptions that affect the amounts reported. Actual results could differ from those estimates. Our Annual Report on Form 10-K, filed with the SEC on November 20, 2025, includes a summary of critical accounting policies we believe are the most important to aid in understanding our financial results. There have been no changes to those critical accounting policies that have had a material impact on our reported amounts of assets, liabilities, revenues, or expenses during the nine months ended June 30, 2026.

Non-GAAP and Other Measures

We utilize non-GAAP measures where we believe it will assist users of our financial statements in understanding our business. The presentation of these measures is meant to complement, but not replace, other financial measures in this document. The presentation of non-GAAP numbers is not meant to be considered in isolation, nor as an alternative to revenue growth, net cash used in operating activities, operating income, net income, or earnings per share as measures of performance or liquidity. These non-GAAP measures, as determined and presented by us, may not be comparable to related or similarly titled measures presented by other companies.

For the three months ended June 30, 2026, 11% of our revenue was generated outside the U.S. We believe that users of our financial statements want to understand the performance of our foreign operations using a methodology that excludes the effect of year-over-year exchange rate fluctuations. To calculate year-over-year currency movement, we determine the current fiscal year's results for all foreign businesses using the exchange rates in the prior fiscal year.

From time to time, we enter into acquisitions and divestitures. We believe users of our financial statements want to evaluate the performance of our operations, excluding changes that have arisen due to businesses acquired or disposed of. We identify acquired revenue and cost of revenue by showing these results for periods for which no comparative results exist within our financial statements. We identify revenue and cost of revenue that have been disposed of in a similar manner. This information is supplemented by our calculations of organic growth. To calculate organic growth, we compare current fiscal year results, excluding transactions from acquisitions or disposals, to our prior fiscal year results.

Our previous acquisitions have resulted in significant intangible assets, which are amortized over their estimated useful lives. We believe users of our financial statements want to understand the performance of the business by using a methodology that excludes the amortization of our intangible assets. For the nine months ended June 30, 2026 and 2025, we also incurred gains and losses on sales of businesses. We believe that providing supplemental measures that exclude the impact of the items detailed below is useful to investors in evaluating our core operations and results in relation to past periods. Accordingly, we have calculated our net income and diluted earnings per share, excluding the effects of the amortization of intangible assets and divestiture-related gains and charges. Although these measures exclude the amortization of intangible assets acquired as part of our acquisitions, they do include the post-acquisition revenue from

33

the acquired businesses. In addition, Adjusted EBITDA, as calculated by us, is also a useful measure of performance that focuses on the cash generating capacity of the business as it excludes the non-cash expenses of depreciation and amortization of property, equipment, and capitalized software, amortization of intangible assets, capitalized software impairment charges, and divestiture-related activity. We believe that these non-GAAP measures assist investors in making comparisons between the operating performance of companies with different capital structures by excluding interest expense and therefore, the impacts of financing costs. Although Adjusted EBITDA excludes the amortization of intangible assets acquired as part of our acquisitions, it does include the post-acquisition revenue from the acquired businesses. As disclosed above, Adjusted EBITDA is calculated in a different manner from Consolidated EBITDA, as defined by our Credit Agreement.

We have included a table showing our reconciliation of these income measures to their corresponding GAAP measures.

Table MD&A 18: Non-GAAP Adjusted Results - Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share
	For the Three Months Ended						For the Nine Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	(dollars in thousands, except per share data)
Net income	$	103,593		$	105,981		$	295,599		$	243,746
Provision for income taxes	34,565			36,986			95,360			100,636
Interest expense	23,878			22,657			66,805			61,648
Other (income)/expense, net	(608)			48			(1,639)			(603)
Amortization of intangible assets	20,187			23,010			60,785			69,041
Divestiture-related charges/(gains)	(1,162)			—			(10,147)			39,343
Depreciation and amortization of property, equipment, and capitalized software	11,874			9,607			37,091			27,502
Capitalized software impairment charges	—			—			6,914			—
Adjusted EBITDA (Non-GAAP)	$	192,327		$	198,289		$	550,768		$	541,313
Net income margin (GAAP)*	8.1		%	7.9		%	7.5		%	5.9		%
Adjusted EBITDA margin (Non-GAAP)*	15.0		%	14.7		%	14.0		%	13.2		%
* Margins are calculated as a percentage of revenue
Net income	$	103,593		$	105,981		$	295,599		$	243,746
Add back: Amortization of intangible assets, net of tax	14,878			16,958			44,799			50,883
Add back: Divestiture-related charges/(gains), net of tax	(856)			—			(7,478)			39,343
Adjusted net income excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP)	$	117,615		$	122,939		$	332,920		$	333,972
Diluted earnings per share	$	1.95		$	1.86		$	5.45		$	4.20
Add back: Effect of amortization of intangible assets on diluted earnings per share	0.28			0.30			0.83			0.88
Add back: Effect of divestiture-related charges/(gains) on diluted earnings per share	(0.01)			—			(0.14)			0.67
Adjusted diluted earnings per share excluding amortization of intangible assets and divestiture-related adjustments (Non-GAAP)	$	2.22		$	2.16		$	6.14		$	5.75

34

In order to sustain our cash flows from operations, we regularly refresh our fixed assets and technology. We believe that users of our financial statements want to understand the cash flows that directly correspond with our operations and the investments we must make in those operations using a methodology that combines operating cash flows and capital expenditures. We provide free cash flow to complement our statement of cash flows. Free cash flow shows the effects of our operations and replacement capital expenditures and excludes the cash flow effects of acquisitions, repurchases of our common stock, dividend payments, and other financing transactions. We have provided a reconciliation of cash flows from operations to free cash flow in "Liquidity and Capital Resources."

To sustain our operations, our principal source of financing comes from receiving payments from our customers. We believe that users of our financial statements want to evaluate our efficiency in converting revenue into cash receipts. Accordingly, we provide DSO, which we calculate by dividing billed and unbilled receivable balances at the end of each quarter by revenue per day for the quarter. Revenue per day for a quarter is determined by dividing total revenue by 91 days.

35

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are exposed to financial risks such as changes in interest rates, foreign currency exchange rates, and counterparty risk. We use derivative instruments to manage selected interest rate exposures. The Company's market rate risk disclosures set forth in Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk" on our Annual Report on Form 10-K, filed with the SEC on November 20, 2025, have not changed materially during the nine month period ended June 30, 2026.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with the evaluation of our internal control that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

36

PART II - Other Information

Item 1. Legal Proceedings

Refer to our disclosures included in "Note 11. Commitments and Contingencies" included in Part 1, Item 1 of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There were no material changes during the nine months ended June 30, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K, filed with the SEC on November 20, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)None.

(b)None.

(c)The following table sets forth the information required regarding repurchases of common stock that we made during the three months ended June 30, 2026.

Common Stock Repurchase Activity During the Three Months Ended June 30, 2026
Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Publicly Announced Plans or Programs (1)	Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs (in thousands)
April 1, 2026 - April 30, 2026	570,100	$	66.51	570,100	$	102,282
May 1, 2026 - May 31, 2026	182,600	65.58		182,600	$	400,000
June 1, 2026 - June 30, 2026	—	—		—	$	400,000
Total	752,700	$	66.29	752,700

(1)In May 2026, the Board of Directors authorized an increase to our existing stock repurchase program whereby we may purchase, at management's discretion, up to $400 million of our common stock. This resolution superseded a similar resolution passed in September 2025.

Item 3. Defaults Upon Senior Securities

(a)None.

(b)None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)None.

(b)None.

(c)During the three months ended June 30, 2026, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

37

Item 6. Exhibits

Exhibit No.		Description of Exhibit
31.1	v	Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2	v	Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1	Φ	Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
32.2	Φ	Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
10.1		Second Amendment to Amended and Restated Credit Agreement, dated as of May 27, 2026, by and among the Company, the loan parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, an issuing lender and swing line lender and the lenders and other financial institutions party thereto (incorporated by reference to the Company's Current Report on Form 8-K, filed May 28, 2026).
101.INS	v	Inline XBRL Instance Document.
101.SCH	v	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	v	Inline XBRL Taxonomy Calculation Linkbase Document.
101.DEF	v	Inline XBRL Taxonomy Definition Linkbase Document.
101.LAB	v	Inline XBRL Taxonomy Label Linkbase Document.
101.PRE	v	Inline XBRL Taxonomy Presentation Linkbase Document.
104	v	Cover Page Interactive Data File (formatted as Inline XBRL tags and contained in Exhibit 101).

v	Filed herewith.
Φ	Furnished herewith.

38

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Maximus, Inc.
	/s/ Bruce L. Caswell	August 6, 2026
By:	Bruce L. Caswell
	President and Chief Executive Officer
	(Principal Executive Officer)
	/s/ David W. Mutryn	August 6, 2026
By:	David W. Mutryn
	Chief Financial Officer
	(Principal Financial Officer)

39

EX-31.1

EXHIBIT 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Bruce L. Caswell, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Maximus, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Bruce L. Caswell	August 6, 2026
By:	Bruce L. Caswell
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David W. Mutryn, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Maximus, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ David W. Mutryn	August 6, 2026
By:	David W. Mutryn
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Maximus, Inc. (the "Company") on Form 10-Q for the fiscal quarter ended June 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bruce Caswell, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Bruce L. Caswell	August 6, 2026
By:	Bruce L. Caswell
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Maximus, Inc. (the "Company") on Form 10-Q for the fiscal quarter ended June 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David Mutryn, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ David W. Mutryn	August 6, 2026
By:	David W. Mutryn
	Chief Financial Officer
	(Principal Financial Officer)

XML

Cover Page - shares	9 Months Ended
	Jun. 30, 2026	Aug. 03, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	1-12997
Entity Registrant Name	Maximus, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1000588
Entity Address, Address Line One	1600 Tysons Boulevard
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	251-8500
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MMS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,357,763
Entity Central Index Key	0001032220
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,278,971	$ 1,348,400	$ 3,929,984	$ 4,112,861
Cost of revenue	930,168	988,887	2,920,247	3,112,970
Gross profit	348,803	359,513	1,009,737	999,891
Selling, general, and administrative expenses	167,188	170,831	492,827	525,423
Amortization of intangible assets	20,187	23,010	60,785	69,041
Operating income	161,428	165,672	456,125	405,427
Interest expense	23,878	22,657	66,805	61,648
Other (income)/expense, net	(608)	48	(1,639)	(603)
Income before income taxes	138,158	142,967	390,959	344,382
Provision for income taxes	34,565	36,986	95,360	100,636
Net income	$ 103,593	$ 105,981	$ 295,599	$ 243,746
Earnings per share:
Basic (in dollars per share)	$ 1.96	$ 1.87	$ 5.48	$ 4.22
Diluted (in dollars per share)	$ 1.95	$ 1.86	$ 5.45	$ 4.20
Weighted average shares outstanding:
Basic (in shares)	52,854	56,683	53,974	57,776
Diluted (in shares)	53,057	56,984	54,243	58,100
Dividends declared per share (in dollars per share)	$ 0.33	$ 0.30	$ 0.96	$ 0.90

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 103,593	$ 105,981	$ 295,599	$ 243,746
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments	255	7,320	(2,276)	21,503
Net gains/(losses) on cash flow hedges, net of tax provision/(benefit) of $28, $(561), $(206), and $(596), respectively	79	(1,574)	(578)	(1,672)
Other comprehensive (loss)/income	334	5,746	(2,854)	19,831
Comprehensive income	$ 103,927	$ 111,727	$ 292,745	$ 263,577

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net gains/(losses) on cash flow hedges, tax provision/(benefit)	$ 28	$ (561)	$ (206)	$ (596)

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Assets:
Cash and cash equivalents	$ 56,953	$ 222,351
Accounts receivable, net	1,382,014	898,095
Income taxes receivable	31,019	3,904
Prepaid expenses and other current assets	171,377	128,574
Total current assets	1,641,363	1,252,924
Property and equipment, net	28,485	30,972
Capitalized software, net	201,373	214,260
Operating lease right-of-use assets	88,302	100,514
Goodwill	1,780,543	1,782,095
Intangible assets, net	477,031	538,266
Deferred contract costs, net	60,205	63,332
Deferred compensation plan assets	67,877	63,272
Deferred income taxes	8,047	11,491
Other assets	13,553	12,513
Total assets	4,366,779	4,069,639
Liabilities:
Accounts payable and accrued liabilities	263,220	296,888
Accrued compensation and benefits	146,064	236,948
Deferred revenue, current portion	36,626	53,784
Income taxes payable	1,138	17,321
Long-term debt, current portion	71,599	52,680
Operating lease liabilities, current portion	38,280	38,605
Other current liabilities	121,142	68,937
Total current liabilities	678,069	765,163
Deferred revenue, non-current portion	35,863	43,757
Deferred income taxes	199,887	149,020
Long-term debt, non-current portion	1,565,336	1,281,593
Deferred compensation plan liabilities, non-current portion	66,468	62,145
Operating lease liabilities, non-current portion	56,603	71,289
Other liabilities	24,002	22,637
Total liabilities	2,626,228	2,395,604
Commitments and contingencies (Note 11)
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 52,358 and 54,805 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	647,138	628,118
Accumulated other comprehensive loss	(20,721)	(17,867)
Retained earnings	1,114,134	1,063,784
Total shareholders' equity	1,740,551	1,674,035
Total liabilities and shareholders' equity	$ 4,366,779	$ 4,069,639

XML

Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Jun. 30, 2026	Sep. 30, 2025
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	52,358	54,805
Common stock, shares outstanding (in shares)	52,358	54,805

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 295,599	$ 243,746
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment, and capitalized software	37,091	27,502
Capitalized software impairment charges	6,914	0
Amortization of intangible assets	60,785	69,041
Amortization of debt issuance costs and debt discount	2,314	2,046
Deferred income taxes	54,416	(5,829)
Stock compensation expense	24,274	30,324
Divestiture-related charges/(gains)	(10,147)	39,343
Change in assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	(489,403)	(553,297)
Prepaid expenses and other current assets	13,152	9,341
Deferred contract costs	2,748	(856)
Accounts payable and accrued liabilities	(33,345)	(21,808)
Accrued compensation and benefits	(79,734)	(50,369)
Deferred revenue	(24,658)	(8,675)
Income taxes	(40,504)	5,625
Operating lease right-of-use assets and liabilities	(2,814)	(3,508)
Other assets and liabilities	3,449	(2,626)
Net cash used in operating activities	(179,863)	(220,000)
Cash flows from investing activities:
Purchases of property and equipment and capitalized software	(28,752)	(55,686)
Proceeds from divestitures	16,842	736
Other	(2,500)	(2,165)
Net cash used in investing activities	(14,410)	(57,115)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders	(51,437)	(51,865)
Purchases of Maximus common stock	(204,919)	(306,443)
Tax withholding related to RSU vesting	(17,325)	(16,451)
Payments for debt financing costs	(2,393)	(1,658)
Proceeds from borrowings	1,368,675	1,335,208
Principal payments for debt	(1,065,935)	(810,174)
Other, including customer escrowed funds	60,841	(1,824)
Net cash provided by financing activities	87,507	146,793
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(444)	(65)
Net change in cash, cash equivalents, and restricted cash	(107,210)	(130,387)
Cash, cash equivalents, and restricted cash, beginning of period	260,459	235,763
Cash, cash equivalents, and restricted cash, end of period	$ 153,249	$ 105,376

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Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Sep. 30, 2024		60,352
Beginning balance at Sep. 30, 2024	$ 1,842,815	$ 598,304	$ (32,460)	$ 1,276,971
Increase (Decrease) in Shareholders' Equity
Net income	41,196			41,196
Foreign currency translation	10,452		10,452
Cash flow hedge, net of tax	2,454		2,454
Cash dividends	(18,060)			(18,060)
Dividends on RSUs	0	$ 301		(301)
Purchases of Maximus common stock (in shares)		(3,113)
Purchases of Maximus common stock	(236,655)			(236,655)
Stock compensation expense	6,952	$ 6,952
Tax withholding adjustment related to RSU vesting	(2,305)	$ (2,305)
RSUs vested (in shares)		47
Ending balance (in shares) at Dec. 31, 2024		57,286
Ending balance at Dec. 31, 2024	1,646,849	$ 603,252	(19,554)	1,063,151
Beginning balance (in shares) at Sep. 30, 2024		60,352
Beginning balance at Sep. 30, 2024	1,842,815	$ 598,304	(32,460)	1,276,971
Increase (Decrease) in Shareholders' Equity
Net income	243,746
Foreign currency translation	21,503
Cash flow hedge, net of tax	(1,672)
Ending balance (in shares) at Jun. 30, 2025		56,350
Ending balance at Jun. 30, 2025	1,773,036	$ 627,496	(12,629)	1,158,169
Beginning balance (in shares) at Dec. 31, 2024		57,286
Beginning balance at Dec. 31, 2024	1,646,849	$ 603,252	(19,554)	1,063,151
Increase (Decrease) in Shareholders' Equity
Net income	96,569			96,569
Foreign currency translation	3,731		3,731
Cash flow hedge, net of tax	(2,552)		(2,552)
Cash dividends	(16,901)			(16,901)
Dividends on RSUs	0	$ 440		(440)
Purchases of Maximus common stock (in shares)		(947)
Purchases of Maximus common stock	(72,845)			(72,845)
Stock compensation expense	12,623	$ 12,623
RSUs vested (in shares)		10
Ending balance (in shares) at Mar. 31, 2025		56,349
Ending balance at Mar. 31, 2025	1,667,474	$ 616,315	(18,375)	1,069,534
Increase (Decrease) in Shareholders' Equity
Net income	105,981			105,981
Foreign currency translation	7,320		7,320
Cash flow hedge, net of tax	(1,574)		(1,574)
Cash dividends	(16,904)			(16,904)
Dividends on RSUs	0	442		(442)
Stock compensation expense	10,749	10,749
Tax withholding adjustment related to RSU vesting	(10)	$ (10)
RSUs vested (in shares)		1
Ending balance (in shares) at Jun. 30, 2025		56,350
Ending balance at Jun. 30, 2025	$ 1,773,036	$ 627,496	(12,629)	1,158,169
Beginning balance (in shares) at Sep. 30, 2025	54,805	54,805
Beginning balance at Sep. 30, 2025	$ 1,674,035	$ 628,118	(17,867)	1,063,784
Increase (Decrease) in Shareholders' Equity
Net income	93,943			93,943
Foreign currency translation	248		248
Cash flow hedge, net of tax	(1,407)		(1,407)
Cash dividends	(16,338)			(16,338)
Dividends on RSUs	0	$ 363		(363)
Purchases of Maximus common stock (in shares)		(353)
Purchases of Maximus common stock	(31,055)			(31,055)
Stock compensation expense	7,019	$ 7,019
Tax withholding adjustment related to RSU vesting	(6,633)	$ (6,633)
RSUs vested (in shares)		97
Ending balance (in shares) at Dec. 31, 2025		54,549
Ending balance at Dec. 31, 2025	$ 1,719,812	$ 628,867	(19,026)	1,109,971
Beginning balance (in shares) at Sep. 30, 2025	54,805	54,805
Beginning balance at Sep. 30, 2025	$ 1,674,035	$ 628,118	(17,867)	1,063,784
Increase (Decrease) in Shareholders' Equity
Net income	295,599
Foreign currency translation	(2,276)
Cash flow hedge, net of tax	$ (578)
Ending balance (in shares) at Jun. 30, 2026	52,358	52,358
Ending balance at Jun. 30, 2026	$ 1,740,551	$ 647,138	(20,721)	1,114,134
Beginning balance (in shares) at Dec. 31, 2025		54,549
Beginning balance at Dec. 31, 2025	1,719,812	$ 628,867	(19,026)	1,109,971
Increase (Decrease) in Shareholders' Equity
Net income	98,063			98,063
Foreign currency translation	(2,779)		(2,779)
Cash flow hedge, net of tax	750		750
Cash dividends	(17,821)			(17,821)
Dividends on RSUs	0	$ 503		(503)
Purchases of Maximus common stock (in shares)		(1,445)
Purchases of Maximus common stock	(110,963)			(110,963)
Stock compensation expense	9,899	$ 9,899
RSUs vested (in shares)		6
Ending balance (in shares) at Mar. 31, 2026		53,110
Ending balance at Mar. 31, 2026	1,696,961	$ 639,269	(21,055)	1,078,747
Increase (Decrease) in Shareholders' Equity
Net income	103,593			103,593
Foreign currency translation	255		255
Cash flow hedge, net of tax	79		79
Cash dividends	(17,278)			(17,278)
Dividends on RSUs	0	$ 513		(513)
Purchases of Maximus common stock (in shares)		(752)
Purchases of Maximus common stock	(50,415)			(50,415)
Stock compensation expense	$ 7,356	$ 7,356
Ending balance (in shares) at Jun. 30, 2026	52,358	52,358
Ending balance at Jun. 30, 2026	$ 1,740,551	$ 647,138	$ (20,721)	$ 1,114,134

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Organization	9 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATIONMaximus, a Virginia corporation, is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that are designed to improve government’s effectiveness in serving its citizens.

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Significant Accounting Policies

9 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements, including the notes, include our accounts and those of our subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the Securities and Exchange Commission (SEC). All intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation for Interim Periods

Certain information and disclosures normally included for the annual financial statements to be prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. We believe that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly our financial position and the results of operations and cash flows for the periods presented.

The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for the year or future periods. The financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. We have continued to follow the accounting policies set forth in those financial statements.

Use of Estimates

The preparation of these financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expenses. At each reporting period end, we make estimates, including those related to revenue recognition and cost estimation on certain contracts, the realizability of long-lived assets, and amounts related to income taxes, certain accrued liabilities, and contingencies and litigation.

At June 30, 2026, our capitalized software balance includes $32.3 million related to technology for new services within our U.S. Services Segment. During the second quarter of fiscal year 2026, we recorded an impairment charge of $6.9 million to an asset following a client decision that resulted in its carrying value no longer being recoverable. At this time, we believe that the remaining balance of these assets is recoverable. We continue to monitor these assets, and if circumstances change, we may be required to further adjust the value or useful life of the remaining assets.

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Business Segments

9 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

We conduct our operations through three business segments: U.S. Federal Services, U.S. Services, and Outside the U.S. Our operating segments represent the manner in which our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM), reviews our financial results. The CODM reviews segment-level revenue, gross profit, and segment operating income/(loss) on a regular basis to assess performance and manage the business. Revenue is used to evaluate growth trends and performance relative to budget, while gross profit and segment operating income/(loss) are used to assess overall profitability, business efficiency, and the effectiveness of cost-reduction initiatives. These measures also inform the CODM’s decisions regarding the allocation of resources across segments, including allocations of management bonus as well as investments in technology, personnel, and strategic transactions, such as mergers and acquisitions.

Our CODM does not evaluate operating segments using asset or liability information.

U.S. Federal Services

Our U.S. Federal Services Segment delivers solutions that help various U.S. federal government agencies better execute their missions, including program operations and management, clinical services, and advanced technology solutions.

U.S. Services

Our U.S. Services Segment provides a variety of services, such as program operations, clinical services, employment services, and advanced technology solutions and related professional services for U.S. state and local government programs. These services support a variety of programs, including those under Medicaid and the Children's Health Insurance Program (CHIP), the Affordable Care Act (ACA) marketplaces, and Temporary Assistance for Needy Families (TANF).

Outside the U.S.

Our Outside the U.S. Segment provides business process services and other solutions for international governments. These services include health and disability assessments, program administration for employment services, wellbeing solutions and other job seeker-related services, digitally-enabled customer services, and advanced technologies for modernization. We support programs and deliver services in the United Kingdom, including the Functional Assessment Services (FAS) contract and the Restart employment program. We also provide services in Canada and the Middle East.

Table 3.1: Results of Operations by Business Segment for the Three Months Ended
	For the Three Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1 )		U.S. Services		% (1 )		Outside the U.S.		% (1 )		Total
Revenue	$	720,991			$	418,227			$	139,753			$	1,278,971
Cost of revenue	498,720		69.2	%	311,449		74.5	%	119,999		85.9	%	930,168
Gross profit	222,271		30.8	%	106,778		25.5	%	19,754		14.1	%	348,803
Other segment items (2)	88,231		12.2	%	61,589		14.7	%	18,548		13.3	%	168,368
Segment operating income	$	134,040	18.6	%	$	45,189	10.8	%	$	1,206	0.9	%	180,435
Divestiture-related gains/(charges) (3)													1,162
Other (4)													18
Amortization of intangible assets													(20,187)
Operating income													$	161,428
Depreciation and amortization	$	7,223	1.0	%	$	3,997	1.0	%	$	654	0.5	%	$	11,874
	For the Three Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	761,174			$	439,818			$	147,408			$	1,348,400
Cost of revenue	535,040		70.3	%	333,886		75.9	%	119,961		81.4	%	988,887
Gross profit	226,134		29.7	%	105,932		24.1	%	27,447		18.6	%	359,513
Other segment items (2)	88,272		11.6	%	60,975		13.9	%	21,507		14.6	%	170,754
Segment operating income	$	137,862	18.1	%	$	44,957	10.2	%	$	5,940	4.0	%	188,759
Other (4)													(77)
Amortization of intangible assets													(23,010)
Operating income													$	165,672
Depreciation and amortization	$	3,125	0.4	%	$	4,631	1.1	%	$	1,851	1.3	%	$	9,607

Table 3.2: Results of Operations by Business Segment for the Nine Months Ended
	For the Nine Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,260,735			$	1,249,229			$	420,020			$	3,929,984
Cost of revenue	1,598,084		70.7	%	957,548		76.7	%	364,615		86.8	%	2,920,247
Gross profit	662,651		29.3	%	291,681		23.3	%	55,405		13.2	%	1,009,737
Other segment items (2)	266,174		11.8	%	178,616		14.3	%	58,664		14.0	%	503,454
Segment operating income/(loss)	$	396,477	17.5	%	$	113,065	9.1	%	$	(3,259)	(0.8)	%	506,283
Divestiture-related gains/(charges) (3)													10,147
Other (4)													480
Amortization of intangible assets													(60,785)
Operating income													$	456,125
Depreciation and amortization	$	21,637	1.0	%	$	12,381	1.0	%	$	3,073	0.7	%	$	37,091
	For the Nine Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,319,756			$	1,334,418			$	458,687			$	4,112,861
Cost of revenue	1,718,249		74.1	%	1,021,712		76.6	%	373,009		81.3	%	3,112,970
Gross profit	601,507		25.9	%	312,706		23.4	%	85,678		18.7	%	999,891
Other segment items (2)	245,563		10.6	%	173,096		13.0	%	66,822		14.6	%	485,481
Segment operating income	$	355,944	15.3	%	$	139,610	10.5	%	$	18,856	4.1	%	514,410
Divestiture-related gains/(charges) (3)													(39,343)
Other (4)													(599)
Amortization of intangible assets													(69,041)
Operating income													$	405,427
Depreciation and amortization	$	9,653	0.4	%	$	12,603	0.9	%	$	5,246	1.1	%	$	27,502

(1)Percentage of respective revenue, as applicable.

(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.

(3)During fiscal years 2026 and 2025, we divested businesses from our U.S. Services and Outside the U.S. Segments, respectively. See "Note 6. Divestitures" for additional information.

(4)Other expenses include credits and costs that are not allocated to a particular segment.

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Revenue Recognition

9 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

We recognize revenue as, or when, we satisfy performance obligations under a contract. The majority of our contracts have performance obligations that are satisfied over time. In most cases, we view our performance obligations as promises to transfer a series of distinct services to our customers that are substantially the same and which have the same pattern of service. We recognize revenue over the performance period as a customer receives the benefits of our services.

Disaggregation of Revenue

In addition to our segment reporting, we disaggregate our revenues by service type, contract type, and customer type.

Table 4.1: Revenue by Service Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
Program Operations	$	602,807	47.1	%	$	626,981	46.5	%	$	1,924,106	49.0	%	$	2,045,720	49.7	%
Clinical Services	553,075		43.2	%	560,360		41.6	%	1,607,602		40.9	%	1,535,849		37.3	%
Employment & Other	55,852		4.4	%	81,906		6.1	%	186,025		4.7	%	274,513		6.7	%
Technology Solutions	67,237		5.3	%	79,153		5.9	%	212,251		5.4	%	256,779		6.2	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.2: Revenue by Contract Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(in thousands)
Performance-based	$	755,826	59.1	%	$	761,428	56.5	%	$	2,209,585	56.2	%	$	2,193,605	53.3	%
Cost-plus	303,486		23.7	%	301,385		22.4	%	1,033,798		26.3	%	1,020,311		24.8	%
Fixed price	155,200		12.1	%	180,390		13.4	%	489,327		12.5	%	540,078		13.1	%
Time and materials	64,459		5.0	%	105,197		7.8	%	197,274		5.0	%	358,867		8.7	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.3: Revenue by Customer Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
New York state government agencies	$	148,067	11.6	%	$	148,408	11.0	%	$	445,548	11.3	%	$	466,053	11.3	%
Other U.S. state government agencies	275,793		21.6	%	291,312		21.6	%	817,052		20.8	%	869,561		21.1	%
Total U.S. state government agencies	423,860				439,720				1,262,600				1,335,614
U.S. federal government agencies	701,932		54.9	%	743,058		55.1	%	2,204,623		56.1	%	2,267,078		55.1	%
International government agencies	137,462		10.7	%	146,018		10.8	%	413,321		10.5	%	451,608		11.0	%
Other, including local municipalities and commercial customers	15,717		1.2	%	19,604		1.5	%	49,440		1.3	%	58,561		1.4	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Contract balances

Differences in timing between revenue recognition and cash collection result in contract assets and contract liabilities. We classify these assets as accounts receivable — billed and billable and unbilled receivables; the liabilities are classified as deferred revenue.

In many contracts, we bill our customers on a monthly basis shortly after the month end for work performed in that month, and such balances are considered collectible and are included within accounts receivable, net.

Exceptions to this pattern will arise for various reasons, including those listed below.

•Under cost-plus contracts, we are typically required to estimate a contract's share of our general and administrative expenses. This share is based upon estimates of total costs, which may vary over time. We typically invoice our customers at an agreed provisional billing rate, which may differ from actual rates incurred. If our actual rates are higher than the provisional billing rates, an asset is recorded for this variance; if the provisional billing rates are higher than our actual rates, we record a liability.

•Certain contracts include retainage balances, whereby revenue is earned, but some portion of cash payments are held back by the customer for a period of time, typically to allow the customer to confirm the objective criteria laid out by the contract have been met. This balance is classified as accounts receivable-unbilled, until restrictions on billing are lifted. As of June 30, 2026, and September 30, 2025, $27.4 million and $24.1 million, respectively, of our unbilled receivables related to amounts pursuant to contractual retainage provisions.

•In certain contracts, we may receive funds from our customers prior to performing operations. These funds are typically referred to as "set-up costs" and reflect the need for us to make investments in infrastructure prior to providing a service. This investment in infrastructure is not a performance obligation that is distinct from the service that is subsequently provided, and, as a result, revenue is not recognized based upon the establishment of this infrastructure, but rather over the course of the contractual relationship. The funds are initially recorded as deferred revenue and recognized over the term of the contract. Other contracts may not include set-up fees but will provide higher fees in earlier periods of the contract. The premium on these fees is deferred.

•Some of our contracts, notably our employment services contracts in the Outside the U.S. Segment, include payments for specific milestones, such as job placement and job retention, and these outcome payments occur over several months. We are required to estimate these outcome fees ahead of their realization and recognize this estimated fee over the period of delivery.

During the three and nine months ended June 30, 2026, we recognized revenue of $2.0 million and $45.2 million, respectively, included in our deferred revenue balances at September 30, 2025. During the three and nine months ended June 30, 2025, we recognized revenue of $13.8 million and $87.0 million, respectively, included in our deferred revenue balances at September 30, 2024.

Contract estimates

We are required to use estimates in recognizing revenue from some of our contracts.

Certain performance-based contracts include variable consideration in the form of penalties and incentives, based upon our performance under the terms of the contract. The calculation of these penalties and incentives requires the evaluation of both objective and subjective criteria, which may require the use of estimates.

Within our employment services business in our Outside the U.S. Segment, some of our performance-based contract revenue is recognized based upon future milestones defined in each contract, which requires us to make estimates about the attainment of those milestones.

We estimate the total variable consideration we will receive using the expected value method. We recognize the revenue over the expected period of performance. At each reporting period, we update our estimates of the variable fees to represent the circumstances present at the end of the reporting period. We include variable consideration in our estimates to the extent it is probable that a subsequent change in the estimate will not result in a significant reversal of cumulative revenue when the uncertainty is resolved. We do not have a history of significant constraints on these contracts.

Table 4.4: Effect of Changes in Contract Estimates
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands, except per share data)
Increase/(decrease) in revenue recognized due to changes in contract estimates	$	(1,291)	$	607	$	5,628	$	11,181
Increase/(decrease) in diluted earnings per share recognized due to changes in contract estimates	$	(0.02)	$	0.01	$	0.08	$	0.14

Remaining performance obligations

As of June 30, 2026, we had approximately $230 million of remaining performance obligations. We anticipate that we will recognize revenue on approximately 57% of this balance within the next 12 months. This balance excludes contracts with an original duration of twelve months or less, including contracts with a penalty-free termination for convenience clause, and any variable consideration that is allocated entirely to future performance obligations, including variable transaction fees or fees tied directly to costs incurred.

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Earnings Per Share

9 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Table 5: Weighted Average Number of Shares - Earnings Per Share
	For the Three Months Ended		For the Nine Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
	(in thousands)
Basic weighted average shares outstanding	52,854	56,683	53,974	57,776
Dilutive effect of unvested RSUs and PSUs	203	301	269	324
Denominator for diluted earnings per share	53,057	56,984	54,243	58,100

The diluted earnings per share calculations for the three and nine months ended June 30, 2026 exclude approximately 571,000 and 567,000 unvested anti-dilutive restricted stock units, respectively. The diluted earnings per share calculations for the three and nine months ended June 30, 2025 exclude approximately 140,000 and 142,000 unvested anti-dilutive restricted stock units, respectively.

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Divestitures

9 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

DIVESTITURES

U.S. Services Segment

In December 2025, we sold our child support business within the United States for approximately $15.0 million. This business had been reporting approximately $25.0 million of annual revenue. We recorded a gain on sale of $10.1 million.

Outside the U.S. Segment

In December 2024, we sold our businesses in Australia and Korea for a nominal sum. The sale agreement includes up to $5.0 million of contingent consideration based upon future performance. As of June 30, 2026, we have not recorded any potential contingent consideration. Our total divestiture-related charges of $39.5 million included approximately $21.3 million of previously unrealized foreign exchange losses, which we had recorded through other comprehensive income. We also provided an indemnification to the buyer that has been recorded at fair value in our consolidated balance sheets. No tax benefit is anticipated from this transaction.

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Debt And Derivatives

9 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt And Derivatives

DEBT AND DERIVATIVES

Table 7.1: Details of Debt
	June 30, 2026		September 30, 2025
	(in thousands)
Term Loan A (TLA)	$	819,375	$	853,125
Term Loan B (TLB)	814,173		493,750
Revolver	20,000		—
Total debt principal	1,653,548		1,346,875
Less: Unamortized debt-issuance costs and discounts	(16,613)		(12,602)
Total debt	1,636,935		1,334,273
Less: Current portion of long-term debt	(71,599)		(52,680)
Long-term debt	$	1,565,336	$	1,281,593

On May 27, 2026, we amended our existing credit agreement (the "Amendment") with J.P. Morgan Chase Bank, N.A. The Amendment increased our TLB by $325 million.

Our credit agreements require us to comply with a number of covenants, including leverage and interest coverage ratios. At June 30, 2026, we are in compliance with all covenants. We do not believe that the covenants represent a significant restriction on our ability to successfully operate the business or to pay dividends.

The following table sets forth future minimum principal payments due under our debt obligations as of June 30, 2026 for the remainder of fiscal year 2026 through fiscal year 2031:

Table 7.2: Details of Future Minimum Principal Payments Due
	Amount Due
	(in thousands)
July 1, 2026 through September 30, 2026	$	18,952
Year ended September 30, 2027	75,809
Year ended September 30, 2028	81,434
Year ended September 30, 2029	690,184
Year ended September 30, 2030	8,309
Years ended thereafter	778,860
Total payments	$	1,653,548

Interest Rate Derivative Instruments

Both our TLA and TLB interest payments are comprised of an applicable margin rate and a floating rate, the latter being based on SOFR. We utilize interest rate swaps that are designed to reduce our risk from changes in floating rates, which we have designated as cash flow hedges. Effective June 1, 2026, we entered into new interest rate swap agreements to reduce interest rate risks in both our TLA and TLB. The following table presents our active interest rate swaps:

Table 7.3: Interest Rate Derivative Instruments
As of June 30, 2026
Debt Principal Hedged	Notional Amount		Fixed Interest Rate		Expiry
(in thousands)
Term Loan B	$	75,000	3.72	%	September 2026
Term Loan B	$	75,000	3.62	%	September 2027
Term Loan A	$	150,000	3.14	%	September 2027
Term Loan A	$	200,000	3.47	%	September 2028
Term Loan B	$	75,000	4.04	%	September 2028
Term Loan A	$	50,000	4.05	%	May 2029
Term Loan B	$	50,000	4.06	%	September 2029

The fixed interest rate on the table above identifies the payment rate to our counterparties in lieu of the floating rate.

The balance of the debt pays interest based upon the Secured Overnight Financing Rate (SOFR). At June 30, 2026, our effective interest rate, including the original issuance costs and discount rate, was 5.6%.

At June 30, 2026, we recorded an asset of $3.9 million and a liability of $0.8 million to reflect the fair value of our interest rate swap agreements, compared to an asset of $5.5 million and a liability of $1.7 million at September 30, 2025. The assets and liabilities are recorded as "other assets" and "other liabilities," respectively, within our consolidated balance sheets. As these instruments are effective cash flow hedges, gains and losses based upon interest rate fluctuations are recorded within "accumulated other comprehensive loss" on our consolidated financial statements.

Debt And Derivatives

DEBT AND DERIVATIVES

Table 7.1: Details of Debt
	June 30, 2026		September 30, 2025
	(in thousands)
Term Loan A (TLA)	$	819,375	$	853,125
Term Loan B (TLB)	814,173		493,750
Revolver	20,000		—
Total debt principal	1,653,548		1,346,875
Less: Unamortized debt-issuance costs and discounts	(16,613)		(12,602)
Total debt	1,636,935		1,334,273
Less: Current portion of long-term debt	(71,599)		(52,680)
Long-term debt	$	1,565,336	$	1,281,593

On May 27, 2026, we amended our existing credit agreement (the "Amendment") with J.P. Morgan Chase Bank, N.A. The Amendment increased our TLB by $325 million.

Our credit agreements require us to comply with a number of covenants, including leverage and interest coverage ratios. At June 30, 2026, we are in compliance with all covenants. We do not believe that the covenants represent a significant restriction on our ability to successfully operate the business or to pay dividends.

The following table sets forth future minimum principal payments due under our debt obligations as of June 30, 2026 for the remainder of fiscal year 2026 through fiscal year 2031:

Table 7.2: Details of Future Minimum Principal Payments Due
	Amount Due
	(in thousands)
July 1, 2026 through September 30, 2026	$	18,952
Year ended September 30, 2027	75,809
Year ended September 30, 2028	81,434
Year ended September 30, 2029	690,184
Year ended September 30, 2030	8,309
Years ended thereafter	778,860
Total payments	$	1,653,548

Interest Rate Derivative Instruments

Both our TLA and TLB interest payments are comprised of an applicable margin rate and a floating rate, the latter being based on SOFR. We utilize interest rate swaps that are designed to reduce our risk from changes in floating rates, which we have designated as cash flow hedges. Effective June 1, 2026, we entered into new interest rate swap agreements to reduce interest rate risks in both our TLA and TLB. The following table presents our active interest rate swaps:

Table 7.3: Interest Rate Derivative Instruments
As of June 30, 2026
Debt Principal Hedged	Notional Amount		Fixed Interest Rate		Expiry
(in thousands)
Term Loan B	$	75,000	3.72	%	September 2026
Term Loan B	$	75,000	3.62	%	September 2027
Term Loan A	$	150,000	3.14	%	September 2027
Term Loan A	$	200,000	3.47	%	September 2028
Term Loan B	$	75,000	4.04	%	September 2028
Term Loan A	$	50,000	4.05	%	May 2029
Term Loan B	$	50,000	4.06	%	September 2029

The fixed interest rate on the table above identifies the payment rate to our counterparties in lieu of the floating rate.

The balance of the debt pays interest based upon the Secured Overnight Financing Rate (SOFR). At June 30, 2026, our effective interest rate, including the original issuance costs and discount rate, was 5.6%.

At June 30, 2026, we recorded an asset of $3.9 million and a liability of $0.8 million to reflect the fair value of our interest rate swap agreements, compared to an asset of $5.5 million and a liability of $1.7 million at September 30, 2025. The assets and liabilities are recorded as "other assets" and "other liabilities," respectively, within our consolidated balance sheets. As these instruments are effective cash flow hedges, gains and losses based upon interest rate fluctuations are recorded within "accumulated other comprehensive loss" on our consolidated financial statements.

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Fair Value Measurements

9 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

We record the following assets and liabilities at fair value on a recurring basis.

•We hold mutual fund assets within a Rabbi Trust to cover liabilities in our deferred compensation plan. These assets have prices quoted within active markets and, accordingly, are classified as level 1 within the fair value hierarchy.

•We have interest rate swap agreements that are designed to manage our interest rate exposure. These agreements can be valued using observable data and, accordingly, are classified as level 2 within the fair value hierarchy.

•In connection with the businesses sold in Australia and Korea, we indemnified the buyer related to certain potential losses, which are recorded at fair value, based on an assessment of probability-weighted outcomes. Accordingly, these inputs are not observable and are classified as level 3 within the fair value hierarchy. Changes in the fair value of the indemnification liability are recorded in the consolidated statements of operations.

The table below presents assets and liabilities measured and recorded at fair value in our consolidated balance sheets on a recurring basis, along with their corresponding level within the fair value hierarchy. No transfers between Level 1, Level 2, and Level 3 fair value measurements occurred for the nine months ended June 30, 2026.

Table 8.1: Fair Value Measurements
	As of June 30, 2026
	Level 1		Level 2		Level 3		Balance
	(in thousands)
Assets:
Deferred compensation assets - Rabbi Trust	$	46,375	$	—	$	—	$	46,375
Interest rate swap - $450 million notional value	—		3,898		—		3,898
Total assets	$	46,375	$	3,898	$	—	$	50,273
Liabilities:
Interest rate swap - $225 million notional value	$	—	$	829	$	—	$	829
Indemnification liabilities	—		—		8,767		8,767
Total liabilities	$	—	$	829	$	8,767	$	9,596

The fair values of receivables, prepaid assets, other assets, accounts payable, accrued costs, and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. The carrying value of our debt is consistent with the fair value, as the stated interest rates in the agreements are consistent with the current market rates used in notes with similar terms in the markets (Level 2 inputs).

Accumulated Other Comprehensive Loss

All amounts recorded in accumulated other comprehensive loss are related to our foreign currency translations and interest rate swaps, net of tax. The following table shows changes in accumulated other comprehensive loss. Amounts reclassified from other comprehensive income were recorded within our selling, general, and administrative expenses (for foreign currency translation adjustments) and within interest expense (for gains on derivatives).

Table 8.2: Details of Changes in Accumulated Other Comprehensive Loss by Category
	Foreign currency translation adjustments		Net unrealized gain on derivatives, net of tax		Total
	(in thousands)
Balance as of September 30, 2025	$	(20,706)	$	2,839	$	(17,867)
Other comprehensive income before reclassifications	(2,276)		3,223		947
Amounts reclassified from accumulated other comprehensive loss	—		(3,801)		(3,801)
Net current period other comprehensive income/(loss)	(2,276)		(578)		(2,854)
Balance as of June 30, 2026	$	(22,982)	$	2,261	$	(20,721)

Indemnification Liability

The fair value of our indemnification liability is recorded at fair value as of the disposal date, based on an assessment of probability-weighted outcomes. This liability is reviewed on a quarterly basis. Changes in estimates are recorded to selling and general administrative expenses and foreign currency translation adjustments are recorded in other income/expenses on our Consolidated Statement of Operations.

Movement in our indemnification liability balance is as follows:

Table 8.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Indemnification Liability
	(in thousands)
Opening indemnification liability as of September 30, 2025	$	11,342
Cash payments	(2,264)
Foreign currency translation adjustments	(311)
Closing indemnification liability as of June 30, 2026	$	8,767

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Equity

9 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity

EQUITY

Stock Compensation

We grant restricted stock units (RSUs) and performance stock units (PSUs) to eligible participants under our 2021 Omnibus Incentive Plan, which was approved by our Board of Directors and stockholders. The RSUs granted to employees vest ratably over three to four years, with a small number that cliff vest after three years. The RSUs granted to directors cliff vest one year from the grant date. PSU vesting is subject to the achievement of certain performance and market conditions, and the number of PSUs earned could vary from 0% to 200% of the number of PSUs awarded. The PSUs will vest at the end of a three-year performance period if the performance conditions are met. We issue new shares to satisfy our obligations under these plans. The fair value of each RSU and PSU is calculated at the date of the grant.

During the nine months ended June 30, 2026, we issued approximately 341,000 RSUs, which will vest ratably over one to four years, and approximately 146,000 PSUs, which will vest after three years if the performance conditions are met.

Stock Repurchase Programs

In May 2026, our Board of Directors authorized an increase to our existing stock repurchase program that allows us to repurchase, at management's discretion, up to $400 million of our common stock; this resolution superseded a similar resolution authorized in September 2025.

During the nine months ended June 30, 2026, we purchased approximately 2.6 million common shares at a cost of $192.4 million, which includes an additional charge from the 1% excise tax on share repurchases. During the nine months ended June 30, 2025, we repurchased approximately 4.1 million common shares at a cost of $309.5 million under a similar program.

At June 30, 2026, approximately $400.0 million remained available for future stock repurchases.

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Other Items

9 Months Ended

Jun. 30, 2026

Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]

Other Items

OTHER ITEMS

Cash, Cash Equivalents, and Restricted Cash

Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash
	June 30, 2026		September 30, 2025
	(in thousands)
Cash and cash equivalents	$	56,953	$	222,351
Restricted cash	96,296		38,108
Cash, cash equivalents, and restricted cash	$	153,249	$	260,459

Restricted cash is recorded within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets.

Table 10.2: Supplemental Disclosures of Cash Flow Information
	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Interest payments	$	64,526	$	60,809
Income tax payments	$	81,479	$	100,891

Accounts Receivable, Net

Table 10.3: Details of Accounts Receivable, Net
	June 30, 2026		September 30, 2025
	(in thousands)
Billed and billable receivables	$	1,055,494	$	720,495
Unbilled receivables	335,329		187,372
Allowance for credit losses	(8,809)		(9,772)
Accounts receivable, net	$	1,382,014	$	898,095

We have a Receivables Purchase Agreement (RPA) with Wells Fargo Bank N.A., under which we may sell certain U.S.-originated accounts receivable balances up to a maximum amount of $350.0 million at any given time. In return for these sales, we receive a cash payment equal to the face value of the receivables less a financing charge.

We account for these transfers as sales. We have no retained interest in the transferred receivables other than administrative responsibilities, and Wells Fargo has no recourse for any credit risk. We estimate that the implicit servicing fees for an arrangement of this size and type would be immaterial.

For the nine months ended June 30, 2026 and 2025, the value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $1.28 billion and $574.2 million, respectively. In exchange for these sales, we received cash of $1.27 billion and $570.7 million for the same periods, respectively. The difference, representing a loss on sale from these transfers, is included within our selling, general, and administrative expenses. We have recorded these transactions within our operating cash flows.

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Commitments And Contingencies

9 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Litigation

We are subject to audits, investigations, and reviews relating to compliance with the laws and regulations that govern our role as a contractor to agencies and departments of federal, state, local, and foreign governments. Adverse findings could lead to criminal, civil, or administrative proceedings, and we could be faced with penalties, fines, suspension, or debarment. Adverse findings could also have a material adverse effect on us because of our reliance on government contracts. We are subject to periodic audits by federal, state, local, and foreign governments for taxes. We are also involved in various claims, arbitrations, and lawsuits arising in the normal conduct of our business, which include, but are not limited to, bid protests, employment matters, contractual disputes, and charges before administrative agencies. Except for the matters described below for which we cannot predict the outcome, we do not believe the outcome of any existing matter would likely have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

We evaluate developments in our litigation matters and establish or make adjustments to our accruals as appropriate. A liability is accrued if a loss is probable and the amount of such loss can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated, or the risk of loss is only reasonably possible, a potential liability will be disclosed but not accrued, if material. Due to the inherent uncertainty in the outcome of litigation, our estimates and assessments may prove to be incomplete or inaccurate and could be impacted by unanticipated events and circumstances, adverse outcomes, or other future determinations.

MOVEit Cybersecurity Incident Litigation

As previously disclosed, on May 31, 2023, Progress Software Corporation, the developer of MOVEit, a file transfer application used by many organizations to transfer data, announced a critical zero-day vulnerability in the application that allowed unauthorized third parties to access its customers’ MOVEit environments. Maximus uses MOVEit for internal and external file sharing purposes, including to share data with government customers related to Maximus' services in support of certain government programs. Based on our review of the impacted files to date, we have provided notices to individuals whose personal information, including Social Security numbers, protected health information, and/or other personal information, may have been included in the impacted files.

On August 1, 2023, a purported class action was filed against Maximus Federal Services, Inc. (a wholly-owned subsidiary of Maximus, Inc.) in the U.S. District Court for the Eastern District of Virginia arising out of the MOVEit cybersecurity incident – Bishop v. Maximus Federal Services, Case No. 1:23-cv-01019 (U.S. Dist. Ct. E. D. VA). The plaintiff, who

purports to represent a nationwide class of individuals, alleges, among other things, that our negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. The plaintiff seeks damages to be proved at trial. Since then, thirteen similar cases have been filed in federal courts across the country (inclusive of one case filed in state court and removed to federal court by us).

On October 4, 2023, the United States Judicial Panel on Multidistrict Litigation granted a Motion to Transfer creating a Multidistrict Litigation (MDL) in the District of Massachusetts for all cases related to the MOVEit cybersecurity incident. Each of the actions pending in federal courts are centralized in the MDL.

On December 12, 2024, the Court granted in part Defendants' omnibus motion to dismiss Plaintiffs’ claims pursuant to Rule 12(b)(1), challenging Plaintiffs’ standing to bring this suit, dismissing claims brought by four of the Plaintiffs in the MOVEit MDL. None of the dismissed claims were asserted against us.

The Court has also named us as a bellwether defendant in the MDL. We and the other bellwether defendants submitted motions to dismiss the pending actions pursuant to Rule 12(b)(6), which the Court granted in part and denied in part on July 31, 2025. Approximately half of the claims asserted against us remain, and we are proceeding to discovery regarding those claims.

Separately, there is currently an individual action pending against us in Florida state court. On September 6, 2023, an individual action related to the MOVEit incident was filed in state court in the Florida Circuit Court for the 7th Judicial Circuit, Volusia County: Taylor v. Maximus Federal Services, Case No. 2023-12349 (Fla. Cir. Ct., 7th Jud. Cir., Volusia Cnty.). The plaintiff alleges, among other things, that our negligence resulted in the compromise of the plaintiff’s personally identifiable information and protected health information. The plaintiff seeks damages to be proved at trial. On April 3, 2024, the Court stayed this action pending further developments in the MOVEit MDL. This case remains stayed.

While we are unable to predict the ultimate outcome of any of the remaining proceedings, we have accrued an amount within a range of possible outcomes expected to be incurred to resolve the matters.

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Subsequent Event

9 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On July 6, 2026, our Board of Directors declared a quarterly cash dividend of $0.33 for each share of our common stock outstanding. The dividend is payable on August 31, 2026, to shareholders of record on August 14, 2026. Based upon the number of shares outstanding, we anticipate a cash payment of approximately $17.3 million.

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Significant Accounting Policies (Policies)

9 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements, including the notes, include our accounts and those of our subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the Securities and Exchange Commission (SEC). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of these financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expenses. At each reporting period end, we make estimates, including those related to revenue recognition and cost estimation on certain contracts, the realizability of long-lived assets, and amounts related to income taxes, certain accrued liabilities, and contingencies and litigation.

At June 30, 2026, our capitalized software balance includes $32.3 million related to technology for new services within our U.S. Services Segment. During the second quarter of fiscal year 2026, we recorded an impairment charge of $6.9 million to an asset following a client decision that resulted in its carrying value no longer being recoverable. At this time, we believe that the remaining balance of these assets is recoverable. We continue to monitor these assets, and if circumstances change, we may be required to further adjust the value or useful life of the remaining assets.

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Business Segments (Tables)

9 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Results of Operations by Business Segment

Table 3.1: Results of Operations by Business Segment for the Three Months Ended
	For the Three Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1 )		U.S. Services		% (1 )		Outside the U.S.		% (1 )		Total
Revenue	$	720,991			$	418,227			$	139,753			$	1,278,971
Cost of revenue	498,720		69.2	%	311,449		74.5	%	119,999		85.9	%	930,168
Gross profit	222,271		30.8	%	106,778		25.5	%	19,754		14.1	%	348,803
Other segment items (2)	88,231		12.2	%	61,589		14.7	%	18,548		13.3	%	168,368
Segment operating income	$	134,040	18.6	%	$	45,189	10.8	%	$	1,206	0.9	%	180,435
Divestiture-related gains/(charges) (3)													1,162
Other (4)													18
Amortization of intangible assets													(20,187)
Operating income													$	161,428
Depreciation and amortization	$	7,223	1.0	%	$	3,997	1.0	%	$	654	0.5	%	$	11,874
	For the Three Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	761,174			$	439,818			$	147,408			$	1,348,400
Cost of revenue	535,040		70.3	%	333,886		75.9	%	119,961		81.4	%	988,887
Gross profit	226,134		29.7	%	105,932		24.1	%	27,447		18.6	%	359,513
Other segment items (2)	88,272		11.6	%	60,975		13.9	%	21,507		14.6	%	170,754
Segment operating income	$	137,862	18.1	%	$	44,957	10.2	%	$	5,940	4.0	%	188,759
Other (4)													(77)
Amortization of intangible assets													(23,010)
Operating income													$	165,672
Depreciation and amortization	$	3,125	0.4	%	$	4,631	1.1	%	$	1,851	1.3	%	$	9,607

Table 3.2: Results of Operations by Business Segment for the Nine Months Ended
	For the Nine Months Ended June 30, 2026
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,260,735			$	1,249,229			$	420,020			$	3,929,984
Cost of revenue	1,598,084		70.7	%	957,548		76.7	%	364,615		86.8	%	2,920,247
Gross profit	662,651		29.3	%	291,681		23.3	%	55,405		13.2	%	1,009,737
Other segment items (2)	266,174		11.8	%	178,616		14.3	%	58,664		14.0	%	503,454
Segment operating income/(loss)	$	396,477	17.5	%	$	113,065	9.1	%	$	(3,259)	(0.8)	%	506,283
Divestiture-related gains/(charges) (3)													10,147
Other (4)													480
Amortization of intangible assets													(60,785)
Operating income													$	456,125
Depreciation and amortization	$	21,637	1.0	%	$	12,381	1.0	%	$	3,073	0.7	%	$	37,091
	For the Nine Months Ended June 30, 2025
(dollars in thousands)	U.S. Federal Services		% (1)		U.S. Services		% (1)		Outside the U.S.		% (1)		Total
Revenue	$	2,319,756			$	1,334,418			$	458,687			$	4,112,861
Cost of revenue	1,718,249		74.1	%	1,021,712		76.6	%	373,009		81.3	%	3,112,970
Gross profit	601,507		25.9	%	312,706		23.4	%	85,678		18.7	%	999,891
Other segment items (2)	245,563		10.6	%	173,096		13.0	%	66,822		14.6	%	485,481
Segment operating income	$	355,944	15.3	%	$	139,610	10.5	%	$	18,856	4.1	%	514,410
Divestiture-related gains/(charges) (3)													(39,343)
Other (4)													(599)
Amortization of intangible assets													(69,041)
Operating income													$	405,427
Depreciation and amortization	$	9,653	0.4	%	$	12,603	0.9	%	$	5,246	1.1	%	$	27,502

(1)Percentage of respective revenue, as applicable.

(2)Other segment items are principally selling, general, and administrative expenses allocated to segments.

(3)During fiscal years 2026 and 2025, we divested businesses from our U.S. Services and Outside the U.S. Segments, respectively. See "Note 6. Divestitures" for additional information.

(4)Other expenses include credits and costs that are not allocated to a particular segment.

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Revenue Recognition (Tables)

9 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Table 4.1: Revenue by Service Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
Program Operations	$	602,807	47.1	%	$	626,981	46.5	%	$	1,924,106	49.0	%	$	2,045,720	49.7	%
Clinical Services	553,075		43.2	%	560,360		41.6	%	1,607,602		40.9	%	1,535,849		37.3	%
Employment & Other	55,852		4.4	%	81,906		6.1	%	186,025		4.7	%	274,513		6.7	%
Technology Solutions	67,237		5.3	%	79,153		5.9	%	212,251		5.4	%	256,779		6.2	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.2: Revenue by Contract Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(in thousands)
Performance-based	$	755,826	59.1	%	$	761,428	56.5	%	$	2,209,585	56.2	%	$	2,193,605	53.3	%
Cost-plus	303,486		23.7	%	301,385		22.4	%	1,033,798		26.3	%	1,020,311		24.8	%
Fixed price	155,200		12.1	%	180,390		13.4	%	489,327		12.5	%	540,078		13.1	%
Time and materials	64,459		5.0	%	105,197		7.8	%	197,274		5.0	%	358,867		8.7	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.3: Revenue by Customer Type
	For the Three Months Ended								For the Nine Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
	(dollars in thousands)
New York state government agencies	$	148,067	11.6	%	$	148,408	11.0	%	$	445,548	11.3	%	$	466,053	11.3	%
Other U.S. state government agencies	275,793		21.6	%	291,312		21.6	%	817,052		20.8	%	869,561		21.1	%
Total U.S. state government agencies	423,860				439,720				1,262,600				1,335,614
U.S. federal government agencies	701,932		54.9	%	743,058		55.1	%	2,204,623		56.1	%	2,267,078		55.1	%
International government agencies	137,462		10.7	%	146,018		10.8	%	413,321		10.5	%	451,608		11.0	%
Other, including local municipalities and commercial customers	15,717		1.2	%	19,604		1.5	%	49,440		1.3	%	58,561		1.4	%
Total revenue	$	1,278,971			$	1,348,400			$	3,929,984			$	4,112,861

Table 4.4: Effect of Changes in Contract Estimates
	For the Three Months Ended				For the Nine Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands, except per share data)
Increase/(decrease) in revenue recognized due to changes in contract estimates	$	(1,291)	$	607	$	5,628	$	11,181
Increase/(decrease) in diluted earnings per share recognized due to changes in contract estimates	$	(0.02)	$	0.01	$	0.08	$	0.14

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Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares used to Compute Earnings Per Share

Table 5: Weighted Average Number of Shares - Earnings Per Share
	For the Three Months Ended		For the Nine Months Ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
	(in thousands)
Basic weighted average shares outstanding	52,854	56,683	53,974	57,776
Dilutive effect of unvested RSUs and PSUs	203	301	269	324
Denominator for diluted earnings per share	53,057	56,984	54,243	58,100

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Debt And Derivatives (Tables)

9 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Table 7.1: Details of Debt
	June 30, 2026		September 30, 2025
	(in thousands)
Term Loan A (TLA)	$	819,375	$	853,125
Term Loan B (TLB)	814,173		493,750
Revolver	20,000		—
Total debt principal	1,653,548		1,346,875
Less: Unamortized debt-issuance costs and discounts	(16,613)		(12,602)
Total debt	1,636,935		1,334,273
Less: Current portion of long-term debt	(71,599)		(52,680)
Long-term debt	$	1,565,336	$	1,281,593

Schedule of Future Minimum Principal Payments Due

The following table sets forth future minimum principal payments due under our debt obligations as of June 30, 2026 for the remainder of fiscal year 2026 through fiscal year 2031:

Table 7.2: Details of Future Minimum Principal Payments Due
	Amount Due
	(in thousands)
July 1, 2026 through September 30, 2026	$	18,952
Year ended September 30, 2027	75,809
Year ended September 30, 2028	81,434
Year ended September 30, 2029	690,184
Year ended September 30, 2030	8,309
Years ended thereafter	778,860
Total payments	$	1,653,548

Schedule of Interest Rate Derivative Instruments

The following table presents our active interest rate swaps:

Table 7.3: Interest Rate Derivative Instruments
As of June 30, 2026
Debt Principal Hedged	Notional Amount		Fixed Interest Rate		Expiry
(in thousands)
Term Loan B	$	75,000	3.72	%	September 2026
Term Loan B	$	75,000	3.62	%	September 2027
Term Loan A	$	150,000	3.14	%	September 2027
Term Loan A	$	200,000	3.47	%	September 2028
Term Loan B	$	75,000	4.04	%	September 2028
Term Loan A	$	50,000	4.05	%	May 2029
Term Loan B	$	50,000	4.06	%	September 2029

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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The table below presents assets and liabilities measured and recorded at fair value in our consolidated balance sheets on a recurring basis, along with their corresponding level within the fair value hierarchy. No transfers between Level 1, Level 2, and Level 3 fair value measurements occurred for the nine months ended June 30, 2026.

Table 8.1: Fair Value Measurements
	As of June 30, 2026
	Level 1		Level 2		Level 3		Balance
	(in thousands)
Assets:
Deferred compensation assets - Rabbi Trust	$	46,375	$	—	$	—	$	46,375
Interest rate swap - $450 million notional value	—		3,898		—		3,898
Total assets	$	46,375	$	3,898	$	—	$	50,273
Liabilities:
Interest rate swap - $225 million notional value	$	—	$	829	$	—	$	829
Indemnification liabilities	—		—		8,767		8,767
Total liabilities	$	—	$	829	$	8,767	$	9,596

Schedule of Accumulated Other Comprehensive Loss

The following table shows changes in accumulated other comprehensive loss. Amounts reclassified from other comprehensive income were recorded within our selling, general, and administrative expenses (for foreign currency translation adjustments) and within interest expense (for gains on derivatives).

Table 8.2: Details of Changes in Accumulated Other Comprehensive Loss by Category
	Foreign currency translation adjustments		Net unrealized gain on derivatives, net of tax		Total
	(in thousands)
Balance as of September 30, 2025	$	(20,706)	$	2,839	$	(17,867)
Other comprehensive income before reclassifications	(2,276)		3,223		947
Amounts reclassified from accumulated other comprehensive loss	—		(3,801)		(3,801)
Net current period other comprehensive income/(loss)	(2,276)		(578)		(2,854)
Balance as of June 30, 2026	$	(22,982)	$	2,261	$	(20,721)

Schedule of Fair Value Measurement using Significant Unobservable Inputs (Level 3)

Movement in our indemnification liability balance is as follows:

Table 8.3: Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	Indemnification Liability
	(in thousands)
Opening indemnification liability as of September 30, 2025	$	11,342
Cash payments	(2,264)
Foreign currency translation adjustments	(311)
Closing indemnification liability as of June 30, 2026	$	8,767

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Other Items (Tables)

9 Months Ended

Jun. 30, 2026

Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]

Schedule of Cash and Cash Equivalents

Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash
	June 30, 2026		September 30, 2025
	(in thousands)
Cash and cash equivalents	$	56,953	$	222,351
Restricted cash	96,296		38,108
Cash, cash equivalents, and restricted cash	$	153,249	$	260,459

Schedule of Restricted Cash and Cash Equivalents

Table 10.1: Details of Cash and Cash Equivalents and Restricted Cash
	June 30, 2026		September 30, 2025
	(in thousands)
Cash and cash equivalents	$	56,953	$	222,351
Restricted cash	96,296		38,108
Cash, cash equivalents, and restricted cash	$	153,249	$	260,459

Schedule of Supplementary Cash Flow Information

Table 10.2: Supplemental Disclosures of Cash Flow Information
	For the Nine Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Interest payments	$	64,526	$	60,809
Income tax payments	$	81,479	$	100,891

Schedule of Accounts Receivable, Net

Table 10.3: Details of Accounts Receivable, Net
	June 30, 2026		September 30, 2025
	(in thousands)
Billed and billable receivables	$	1,055,494	$	720,495
Unbilled receivables	335,329		187,372
Allowance for credit losses	(8,809)		(9,772)
Accounts receivable, net	$	1,382,014	$	898,095

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Organization - Narrative (Details)	Jun. 30, 2026 citizen
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of citizens impacted by service improvements (more than)	100,000,000

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Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Property, Plant, and Equipment [Line Items]
Capitalized software, net		$ 201,373		$ 214,260
Impairment charge		6,914	$ 0
U.S. Services
Property, Plant, and Equipment [Line Items]
Capitalized software, net		$ 32,300
Technology Equipment
Property, Plant, and Equipment [Line Items]
Impairment charge	$ 6,900

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Business Segments - Narrative (Details)	9 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments not disclosed	business segments

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Business Segments - Schedule of Results of Operations by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Financial information for each of the Company's business segments
Revenue	$ 1,278,971	$ 1,348,400	$ 3,929,984	$ 4,112,861
Cost of revenue	930,168	988,887	2,920,247	3,112,970
Gross profit	348,803	359,513	1,009,737	999,891
Other segment items	168,368	170,754	503,454	485,481
Segment operating income/(loss)	180,435	188,759	506,283	514,410
Divestiture-related gains/(charges)			10,147	(39,343)
Amortization of intangible assets	(20,187)	(23,010)	(60,785)	(69,041)
Operating income	161,428	165,672	456,125	405,427
Depreciation and amortization	11,874	9,607	37,091	27,502
Operating Segments | U.S. Federal Services
Financial information for each of the Company's business segments
Revenue	720,991	761,174	2,260,735	2,319,756
Cost of revenue	$ 498,720	$ 535,040	$ 1,598,084	$ 1,718,249
Cost of revenue (as a percent)	69.20%	70.30%	70.70%	74.10%
Gross profit	$ 222,271	$ 226,134	$ 662,651	$ 601,507
Gross profit (as a percent)	30.80%	29.70%	29.30%	25.90%
Other segment items	$ 88,231	$ 88,272	$ 266,174	$ 245,563
Other segment items (as a percent)	12.20%	11.60%	11.80%	10.60%
Segment operating income/(loss)	$ 134,040	$ 137,862	$ 396,477	$ 355,944
Segment operating income/(loss) (as a percent)	18.60%	18.10%	17.50%	15.30%
Depreciation and amortization	$ 7,223	$ 3,125	$ 21,637	$ 9,653
Depreciation and amortization (as a percent)	1.00%	0.40%	1.00%	0.40%
Operating Segments | U.S. Services
Financial information for each of the Company's business segments
Revenue	$ 418,227	$ 439,818	$ 1,249,229	$ 1,334,418
Cost of revenue	$ 311,449	$ 333,886	$ 957,548	$ 1,021,712
Cost of revenue (as a percent)	74.50%	75.90%	76.70%	76.60%
Gross profit	$ 106,778	$ 105,932	$ 291,681	$ 312,706
Gross profit (as a percent)	25.50%	24.10%	23.30%	23.40%
Other segment items	$ 61,589	$ 60,975	$ 178,616	$ 173,096
Other segment items (as a percent)	14.70%	13.90%	14.30%	13.00%
Segment operating income/(loss)	$ 45,189	$ 44,957	$ 113,065	$ 139,610
Segment operating income/(loss) (as a percent)	10.80%	10.20%	9.10%	10.50%
Depreciation and amortization	$ 3,997	$ 4,631	$ 12,381	$ 12,603
Depreciation and amortization (as a percent)	1.00%	1.10%	1.00%	0.90%
Operating Segments | Outside the U.S.
Financial information for each of the Company's business segments
Revenue	$ 139,753	$ 147,408	$ 420,020	$ 458,687
Cost of revenue	$ 119,999	$ 119,961	$ 364,615	$ 373,009
Cost of revenue (as a percent)	85.90%	81.40%	86.80%	81.30%
Gross profit	$ 19,754	$ 27,447	$ 55,405	$ 85,678
Gross profit (as a percent)	14.10%	18.60%	13.20%	18.70%
Other segment items	$ 18,548	$ 21,507	$ 58,664	$ 66,822
Other segment items (as a percent)	13.30%	14.60%	14.00%	14.60%
Segment operating income/(loss)	$ 1,206	$ 5,940	$ (3,259)	$ 18,856
Segment operating income/(loss) (as a percent)	0.90%	4.00%	(0.80%)	4.10%
Depreciation and amortization	$ 654	$ 1,851	$ 3,073	$ 5,246
Depreciation and amortization (as a percent)	0.50%	1.30%	0.70%	1.10%
Segment Reconciling Items
Financial information for each of the Company's business segments
Divestiture-related gains/(charges)	$ 1,162		$ 10,147	$ (39,343)
Other	18	$ (77)	480	(599)
Amortization of intangible assets	$ (20,187)	$ (23,010)	$ (60,785)	$ (69,041)

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Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,278,971	$ 1,348,400	$ 3,929,984	$ 4,112,861
New York state government agencies
Disaggregation of Revenue [Line Items]
Total revenue	$ 148,067	$ 148,408	$ 445,548	$ 466,053
New York state government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	11.60%	11.00%	11.30%	11.30%
Other U.S. state government agencies
Disaggregation of Revenue [Line Items]
Total revenue	$ 275,793	$ 291,312	$ 817,052	$ 869,561
Other U.S. state government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	21.60%	21.60%	20.80%	21.10%
Total U.S. state government agencies
Disaggregation of Revenue [Line Items]
Total revenue	$ 423,860	$ 439,720	$ 1,262,600	$ 1,335,614
U.S. federal government agencies
Disaggregation of Revenue [Line Items]
Total revenue	$ 701,932	$ 743,058	$ 2,204,623	$ 2,267,078
U.S. federal government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	54.90%	55.10%	56.10%	55.10%
International government agencies
Disaggregation of Revenue [Line Items]
Total revenue	$ 137,462	$ 146,018	$ 413,321	$ 451,608
International government agencies | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	10.70%	10.80%	10.50%	11.00%
Other, including local municipalities and commercial customers
Disaggregation of Revenue [Line Items]
Total revenue	$ 15,717	$ 19,604	$ 49,440	$ 58,561
Other, including local municipalities and commercial customers | Revenue Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	1.20%	1.50%	1.30%	1.40%
Performance-based
Disaggregation of Revenue [Line Items]
Total revenue	$ 755,826	$ 761,428	$ 2,209,585	$ 2,193,605
Performance-based | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	59.10%	56.50%	56.20%	53.30%
Cost-plus
Disaggregation of Revenue [Line Items]
Total revenue	$ 303,486	$ 301,385	$ 1,033,798	$ 1,020,311
Cost-plus | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	23.70%	22.40%	26.30%	24.80%
Fixed price
Disaggregation of Revenue [Line Items]
Total revenue	$ 155,200	$ 180,390	$ 489,327	$ 540,078
Fixed price | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	12.10%	13.40%	12.50%	13.10%
Time and materials
Disaggregation of Revenue [Line Items]
Total revenue	$ 64,459	$ 105,197	$ 197,274	$ 358,867
Time and materials | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	5.00%	7.80%	5.00%	8.70%
Program Operations
Disaggregation of Revenue [Line Items]
Total revenue	$ 602,807	$ 626,981	$ 1,924,106	$ 2,045,720
Program Operations | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	47.10%	46.50%	49.00%	49.70%
Clinical Services
Disaggregation of Revenue [Line Items]
Total revenue	$ 553,075	$ 560,360	$ 1,607,602	$ 1,535,849
Clinical Services | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	43.20%	41.60%	40.90%	37.30%
Employment & Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 55,852	$ 81,906	$ 186,025	$ 274,513
Employment & Other | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	4.40%	6.10%	4.70%	6.70%
Technology Solutions
Disaggregation of Revenue [Line Items]
Total revenue	$ 67,237	$ 79,153	$ 212,251	$ 256,779
Technology Solutions | Revenue Benchmark | Contract Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue (as a percent)	5.30%	5.90%	5.40%	6.20%

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Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Deferred revenue, recognized	$ 2.0	$ 13.8	$ 45.2	$ 87.0
Revenue, remaining performance obligation, amount	$ 230.0		$ 230.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage (as a percent)	57.00%		57.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Unbilled receivables
Disaggregation of Revenue [Line Items]
Unbilled contracts receivable	$ 27.4		$ 27.4		$ 24.1

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Revenue Recognition - Schedule of Effect of Changes in Contract Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Increase/(decrease) in revenue recognized due to changes in contract estimates	$ 1,278,971	$ 1,348,400	$ 3,929,984	$ 4,112,861
Increase in diluted earnings per share recognized due to changes in contract estimates (in dollars per share)	$ 1.95	$ 1.86	$ 5.45	$ 4.20
Change in Contract Estimates
Disaggregation of Revenue [Line Items]
Increase/(decrease) in revenue recognized due to changes in contract estimates	$ (1,291)	$ 607	$ 5,628	$ 11,181
Increase in diluted earnings per share recognized due to changes in contract estimates (in dollars per share)	$ (0.02)	$ 0.01	$ 0.08	$ 0.14

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Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	52,854	56,683	53,974	57,776
Dilutive effect of unvested RSUs and PSUs (in shares)	203	301	269	324
Denominator for diluted earnings per share (in shares)	53,057	56,984	54,243	58,100

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Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	571	140	567	142

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Divestitures (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Child Support Business in the United States
Disposal Group, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration	$ 15.0
Annual revenue	25.0
Gain on sale of business	$ 10.1
Businesses in Australia and Korea
Disposal Group, Including Discontinued Operations [Line Items]
Contingent consideration		$ 5.0
Divestiture related charges		39.5
Foreign currency exchange loss		$ 21.3

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Debt And Derivatives - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Debt Instrument [Line Items]
Debt principal	$ 1,653,548
Total debt principal	1,653,548	$ 1,346,875
Less: Unamortized debt-issuance costs and discounts	(16,613)	(12,602)
Total debt	1,636,935	1,334,273
Less: Current portion of long-term debt	(71,599)	(52,680)
Long-term debt	1,565,336	1,281,593
Term Loan | Term Loan A (TLA)
Debt Instrument [Line Items]
Debt principal	819,375	853,125
Term Loan | Term Loan B (TLB)
Debt Instrument [Line Items]
Debt principal	814,173	493,750
Revolver | Revolver
Debt Instrument [Line Items]
Debt principal	$ 20,000	$ 0

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Debt And Derivatives - Narrative (Details) - USD ($) $ in Millions	May 27, 2026	Jun. 30, 2026	Sep. 30, 2025
Debt Instrument [Line Items]
Annual effective interest rate (as a percent)		5.60%
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Debt Instrument [Line Items]
Fair value of derivative asset		$ 3.9	$ 5.5
Balance Sheet Location [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Debt Instrument [Line Items]
Fair value of derivative liability		$ 0.8	$ 1.7
Secured Debt | Term Loan B (TLB)
Debt Instrument [Line Items]
Increase in borrowing capacity	$ 325.0

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Debt And Derivatives - Schedule of Future Minimum Principal Payments Due (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
July 1, 2026 through September 30, 2026	$ 18,952
Year ended September 30, 2027	75,809
Year ended September 30, 2028	81,434
Year ended September 30, 2029	690,184
Year ended September 30, 2030	8,309
Years ended thereafter	778,860
Total payments	$ 1,653,548

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Debt And Derivatives - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Swap - Term Loan $ in Thousands	Jun. 30, 2026 USD ($)
Term Loan B
Debt Instrument [Line Items]
Notional Amount	$ 75,000
Fixed Interest Rate	3.72%
Term Loan B
Debt Instrument [Line Items]
Notional Amount	$ 75,000
Fixed Interest Rate	3.62%
Term Loan A
Debt Instrument [Line Items]
Notional Amount	$ 150,000
Fixed Interest Rate	3.14%
Term Loan A
Debt Instrument [Line Items]
Notional Amount	$ 200,000
Fixed Interest Rate	3.47%
Term Loan B
Debt Instrument [Line Items]
Notional Amount	$ 75,000
Fixed Interest Rate	4.04%
Term Loan A
Debt Instrument [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	4.05%
Term Loan B
Debt Instrument [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	4.06%

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Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Financial information for each of the Company's business segments
Total assets	$ 50,273
Total liabilities	9,596
Indemnification liabilities	8,767
Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	3,898
Notional value, asset	450,000
Total liabilities	829
Notional value, liability	225,000
Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	46,375
Level 1
Financial information for each of the Company's business segments
Total assets	46,375
Total liabilities	0
Indemnification liabilities	0
Level 1 | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	0
Total liabilities	0
Level 1 | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	46,375
Level 2
Financial information for each of the Company's business segments
Total assets	3,898
Total liabilities	829
Indemnification liabilities	0
Level 2 | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	3,898
Total liabilities	829
Level 2 | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	0
Level 3
Financial information for each of the Company's business segments
Total assets	0
Total liabilities	8,767
Indemnification liabilities	8,767
Level 3 | Interest Rate Swap
Financial information for each of the Company's business segments
Total assets	0
Total liabilities	0
Level 3 | Deferred compensation assets - Rabbi Trust
Financial information for each of the Company's business segments
Total assets	$ 0

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Fair Value Measurements - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) in Shareholders' Equity
Beginning balance	$ 1,696,961	$ 1,667,474	$ 1,674,035	$ 1,842,815
Other comprehensive income before reclassifications			947
Amounts reclassified from accumulated other comprehensive loss			(3,801)
Other comprehensive (loss)/income	334	5,746	(2,854)	19,831
Ending balance	1,740,551	1,773,036	1,740,551	1,773,036
Foreign currency translation adjustments
Increase (Decrease) in Shareholders' Equity
Beginning balance			(20,706)
Other comprehensive income before reclassifications			(2,276)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive (loss)/income			(2,276)
Ending balance	(22,982)		(22,982)
Net unrealized gain on derivatives, net of tax
Increase (Decrease) in Shareholders' Equity
Beginning balance			2,839
Other comprehensive income before reclassifications			3,223
Amounts reclassified from accumulated other comprehensive loss			(3,801)
Other comprehensive (loss)/income			(578)
Ending balance	2,261		2,261
Total
Increase (Decrease) in Shareholders' Equity
Beginning balance	(21,055)	(18,375)	(17,867)	(32,460)
Ending balance	$ (20,721)	$ (12,629)	$ (20,721)	$ (12,629)

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Fair Value Measurements - Schedule of Fair Value Measurement using Significant Unobservable Inputs (Level 3) (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11,342
Cash payments	(2,264)
Foreign currency translation adjustments	$ (311)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Foreign currency translation adjustments
Ending balance	$ 8,767

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Equity (Details) - USD ($) shares in Thousands, $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	May 31, 2026
Stock-based compensation
Stock repurchase programs, authorized amount			$ 400.0
Common shares repurchased (in shares)	2,600	4,100
Common shares repurchased, value	$ 192.4	$ 309.5
Excise tax (as a percent)	1.00%
Amount remaining available for future stock repurchases	$ 400.0
Restricted Stock Units (RSUs)
Stock-based compensation
Shares issued (in shares)	341
Restricted Stock Units (RSUs) | Employee
Stock-based compensation
Vesting period	3 years
Restricted Stock Units (RSUs) | Member of Board of Directors
Stock-based compensation
Vesting period	1 year
Restricted Stock Units (RSUs) | Minimum
Stock-based compensation
Vesting period	1 year
Restricted Stock Units (RSUs) | Minimum | Employee
Stock-based compensation
Vesting period	3 years
Restricted Stock Units (RSUs) | Maximum
Stock-based compensation
Vesting period	4 years
Restricted Stock Units (RSUs) | Maximum | Employee
Stock-based compensation
Vesting period	4 years
Performance Shares
Stock-based compensation
Vesting period	3 years
Shares issued (in shares)	146
Performance Shares | Minimum
Stock-based compensation
Vesting rights (as a percent)	0.00%
Performance Shares | Maximum
Stock-based compensation
Vesting rights (as a percent)	200.00%

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Other Items - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	$ 56,953	$ 222,351
Restricted cash	96,296	38,108
Cash, cash equivalents, and restricted cash	$ 153,249	$ 260,459	$ 105,376	$ 235,763

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Other Items - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Interest payments	$ 64,526	$ 60,809
Income tax payments	$ 81,479	$ 100,891

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Other Items - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (8,809)	$ (9,772)
Accounts receivable, net	1,382,014	898,095
Billed and billable receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	1,055,494	720,495
Unbilled receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 335,329	$ 187,372

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Other Items - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Receivables purchase agreement, maximum sales amount	$ 350.0
Transfer of financial assets, accounted for as sales	1,280.0	$ 574.2
Cash received from transfer of financial assets	$ 1,270.0	$ 570.7

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Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 06, 2026	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Payments of dividends		$ 17,278	$ 17,821	$ 16,338	$ 16,904	$ 16,901	$ 18,060
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.33
Payments of dividends	$ 17,300