Maximus, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $319.0M | $306.9M | $161.8M | $203.8M | $291.2M | $214.5M | $240.8M | $220.8M |
| Depreciation & Amortization | $41.7M | $34.0M | $54.7M | $42.3M | $46.4M | $64.5M | $52.4M | $51.9M |
| Depreciation | $19.5M | $19.2M | $28.4M | $28.3M | $34.1M | $54.9M | $45.2M | $40.7M |
| Amortization | $92.0M | $91.6M | $94.6M | $90.5M | $44.4M | $35.6M | $33.1M | $10.3M |
| Stock-Based Compensation | $41.2M | $35.3M | $29.5M | $30.5M | $28.6M | $23.7M | $20.8M | $20.2M |
| Net Cash from Operating Activities | $429.4M | $515.3M | $314.3M | $289.8M | $517.3M | $244.6M | $356.7M | $316.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $63.2M | $114.2M | $90.7M | $56.1M | $36.6M | $40.7M | $66.8M | $26.5M |
| Business Acquisitions | — | $0 | $0 | $14.3M | $1.80B | $7.1M | $436.8M | $0 |
| Net Cash from Investing Activities | $-60.3M | $-129.1M | $-81.0M | $-54.0M | $-1.84B | $-44.1M | $-483.9M | $-45.2M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $447.5M | $73.1M | $0 | $96.1M | $3.4M | $167.0M | $47.4M | $66.9M |
| Net Cash from Financing Activities | $-343.9M | $-275.6M | $-250.8M | $-248.3M | $1.39B | $-230.1M | $-110.9M | $-91.9M |
| Net Change in Cash | $24.7M | $113.7M | $-14.7M | $-19.8M | $68.0M | $-27.9M | $-240.1M | $183.0M |
| Free Cash Flow | $366.2M | $401.1M | $223.6M | $233.7M | $480.8M | $203.9M | $289.9M | $290.3M |