MMS Announces Expanded Share Repurchase Program, Exhibit 99.1 Filed

Rhea-AI Filing Summary

MAXIMUS, Inc. announced an increase to its existing stock purchase program and said it intends to buy shares opportunistically in the open market, under 10b5-1 plans, or via privately negotiated transactions. The company specified the program has no set purchase amount or expiration date and may be extended, modified, suspended or discontinued at its discretion. A press release describing the increase is filed as Exhibit 99.1 to this Current Report. The filing includes standard forward-looking statements language and points investors to the company’s Annual Report for additional risk factors and disclosures.

Positive

• Company announced an increase to its existing stock purchase program
• Flexible execution methods disclosed: open-market purchases, 10b5-1 plans, and privately negotiated transactions
• Press release filed as Exhibit 99.1 to the Current Report for investor review

Negative

• No specified aggregate purchase amount disclosed in the provided content
• No set expiration date but no obligation to acquire any particular amount, limiting certainty about program scale
• Key quantitative details (authorization cap, funding source, timetable) are not included in the excerpt

Insights

Financial Analyst

TL;DR: Share repurchase program increase signals capital return flexibility; size and timing remain unspecified.

The company publicly confirmed an increase to its stock buyback program and emphasized multiple execution methods, including open-market purchases and 10b5-1 plans. This gives management flexibility to return capital when shares are attractive, but the filing does not disclose the aggregate authorization, timetable, or funding source. The standard forward-looking statements and references to risk factors are included, so investors should look to the referenced press release (Exhibit 99.1) and the Annual Report for quantitative detail before drawing conclusions about the program’s likely impact on EPS or leverage.

Corporate Governance Expert

TL;DR: Governance disclosure is routine; the board retains discretion and has not committed to specific repurchase levels.

The filing documents a board-authorized intent to increase repurchases but explicitly states there is no obligation to buy a particular amount and no fixed expiration. That language preserves board discretion and operational flexibility while complying with disclosure requirements. The inclusion of Exhibit 99.1 (press release) and forward-looking statement safeguards is standard. Material details such as authorization cap, execution limits, or repurchase funding are not included in the excerpt and should be reviewed in the full exhibit for governance assessment.

0001032220FALSE00010322202025-09-082025-09-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 8, 2025

Maximus, Inc.

(Exact name of registrant as specified in its charter)

Virginia

1-12997

54-1000588

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1600 Tysons Boulevard

McLean

,

VA

22102

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including the area code

(

703

)

251-8500

No Change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 8.01    Other Events.

On September 8, 2025, the Board of Directors (the “Board”) of Maximus, Inc. (the “Company”) approved an increase to the Company's existing stock purchase program. The increased stock purchase program authorizes the Company to purchase up to an aggregate amount of $400 million of the Company’s common stock, no par value (“Common Stock”).

The Company intends to purchase shares opportunistically at prevailing market prices in the open market, via 10b5-1 plans, or in privately negotiated transactions, with the amount and timing of purchases depending on market conditions, corporate needs, and other factors.

This program does not obligate the Company to acquire any particular amount of Common Stock, has no specified expiration date, and may be extended, modified, suspended or discontinued at any time at the Company’s discretion.

The Company issued a press release announcing the increase to the existing stock purchase program. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this Current Report on Form 8-K are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s stock purchase program, capital allocation plans and strategic priorities. Actual results may differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: the fact that common stock purchases may not be conducted in the timeframe or in the manner the Company expects, or at all, the Company’s capital allocation priorities may shift and the other risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024, as updated by the Company’s other filings with the Securities and Exchange Commission, copies of which are available free of charge on the Company’s website at investor.maximus.com. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Item 9.01    Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.			Description
99.1			Press release issued by Maximus, Inc. dated September 10, 2025
104			Cover Page Interactive Data File, formatted in Inline XBRL.

2

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 hereunto duly authorized.

						Maximus, Inc.
						(Registrant)
Date: September 10, 2025						/s/ John T. Martinez
						John T. Martinez
						Chief Legal Officer and Secretary

3

FAQ

What did MAXIMUS (MMS) announce regarding its stock repurchase program?

The company announced an increase to its existing stock purchase program and stated it intends to buy shares opportunistically via open-market purchases, 10b5-1 plans, or privately negotiated transactions.

Does the filing specify how many shares MAXIMUS will repurchase?

No. The provided content states there is no obligation to acquire any particular amount and does not disclose an aggregate authorization or target amount.

Is there an expiration date for the repurchase program?

The filing indicates the program has no specified expiration date and may be extended, modified, suspended, or discontinued at the company's discretion.

Where can investors find more details about the repurchase announcement?

The company filed a press release as Exhibit 99.1 to this Current Report; investors should review that exhibit and the company's Annual Report for additional disclosures and risk factors.

Did MAXIMUS provide forward-looking statement protections in this filing?

Yes. The filing includes standard forward-looking statements language and directs readers to risk factors in the Annual Report for the year ended September 30, 2024.