馬克西姆斯第三季收入跌5.1%至12.8億美元 每股盈利1.95美元勝預期

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Table of Contents

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)

Virginia54-1000588
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueMMSNew 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

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 
3

Table of Contents

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.
4

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PART I - Financial Information

Item 1. Financial Statements

 Maximus, Inc.
Consolidated Statements of Operations
(Unaudited)

For the Three Months EndedFor the Nine Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands, except per share amounts)
Revenue$1,278,971 $1,348,400 $3,929,984 $4,112,861 
Cost of revenue930,168 988,887 2,920,247 3,112,970 
Gross profit348,803 359,513 1,009,737 999,891 
Selling, general, and administrative expenses167,188 170,831 492,827 525,423 
Amortization of intangible assets20,187 23,010 60,785 69,041 
Operating income161,428 165,672 456,125 405,427 
Interest expense23,878 22,657 66,805 61,648 
Other (income)/expense, net(608)48 (1,639)(603)
Income before income taxes138,158 142,967 390,959 344,382 
Provision for income taxes34,565 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:
Basic52,854 56,683 53,974 57,776 
Diluted53,057 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 EndedFor the Nine Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Net income$103,593 $105,981 $295,599 $243,746 
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustments255 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)/income334 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, 2026September 30, 2025
(unaudited)
(in thousands)
Assets:
Cash and cash equivalents$56,953 $222,351 
Accounts receivable, net1,382,014 898,095 
Income taxes receivable31,019 3,904 
Prepaid expenses and other current assets171,377 128,574 
Total current assets1,641,363 1,252,924 
Property and equipment, net28,485 30,972 
Capitalized software, net201,373 214,260 
Operating lease right-of-use assets88,302 100,514 
Goodwill1,780,543 1,782,095 
Intangible assets, net477,031 538,266 
Deferred contract costs, net60,205 63,332 
Deferred compensation plan assets67,877 63,272 
Deferred income taxes8,047 11,491 
Other assets13,553 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 benefits146,064 236,948 
Deferred revenue, current portion36,626 53,784 
Income taxes payable1,138 17,321 
Long-term debt, current portion71,599 52,680 
Operating lease liabilities, current portion38,280 38,605 
Other current liabilities121,142 68,937 
Total current liabilities678,069 765,163 
Deferred revenue, non-current portion35,863 43,757 
Deferred income taxes199,887 149,020 
Long-term debt, non-current portion1,565,336 1,281,593 
Deferred compensation plan liabilities, non-current portion66,468 62,145 
Operating lease liabilities, non-current portion56,603 71,289 
Other liabilities24,002 22,637 
Total liabilities2,626,228 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 earnings1,114,134 1,063,784 
Total shareholders' equity1,740,551 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, 2026June 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 software37,091 27,502 
Capitalized software impairment charges6,914 — 
Amortization of intangible assets60,785 69,041 
Amortization of debt issuance costs and debt discount2,314 2,046 

Deferred income taxes54,416 (5,829)
Stock compensation expense24,274 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 assets13,152 9,341 
Deferred contract costs2,748 (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 liabilities3,449 (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 divestitures16,842 736 
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 borrowings1,368,675 1,335,208 
Principal payments for debt(1,065,935)(810,174)
Other, including customer escrowed funds60,841 (1,824)
Net cash provided by financing activities87,507 146,793 
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 period260,459 235,763 
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 StockAccumulated
Other
Comprehensive
LossRetained
EarningsTotal
Shareholders' Equity
SharesAmount
(in thousands)
Balance as of September 30, 202554,805$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 vested97— — — — 
Balance as of December 31, 202554,549628,867 (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 vested6— — — — 
Balance as of March 31, 202653,110639,269 (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, 202652,358$647,138 $(20,721)$1,114,134 $1,740,551 

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Common StockAccumulated
Other
Comprehensive
LossRetained
EarningsTotal
Shareholders' Equity
SharesAmount
(in thousands)
Balance at September 30, 202460,352$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 vested47— — — — 
Balance as of December 31, 202457,286603,252 (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 vested10— — — — 
Balance as of March 31, 202556,349616,315 (18,375)1,069,534 1,667,474 
Net income———105,981105,981
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 vested1————
Balance as of June 30, 202556,350$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 revenue498,720 69.2 %311,449 74.5 %119,999 85.9 %930,168 
Gross profit222,271 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 revenue535,040 70.3 %333,886 75.9 %119,961 81.4 %988,887 
Gross profit226,134 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 revenue1,598,084 70.7 %957,548 76.7 %364,615 86.8 %2,920,247 
Gross profit662,651 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 revenue1,718,249 74.1 %1,021,712 76.6 %373,009 81.3 %3,112,970 
Gross profit601,507 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 EndedFor the Nine Months Ended
June 30, 2026June 30, 2025June 30, 2026June 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 Services553,075 43.2 %560,360 41.6 %1,607,602 40.9 %1,535,849 37.3 %
Employment & Other55,852 4.4 %81,906 6.1 %186,025 4.7 %274,513 6.7 %
Technology Solutions67,237 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 EndedFor the Nine Months Ended
June 30, 2026June 30, 2025June 30, 2026June 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-plus303,486 23.7 %301,385 22.4 %1,033,798 26.3 %1,020,311 24.8 %
Fixed price155,200 12.1 %180,390 13.4 %489,327 12.5 %540,078 13.1 %
Time and materials64,459 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 EndedFor the Nine Months Ended
June 30, 2026June 30, 2025June 30, 2026June 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.