Maximus provides outsourced government services — primarily program administration, clinical assessments, and technology modernization — to U.S. federal and state agencies, and to a lesser extent, international governments. Maximus operates mandatory government programs on behalf of its clients; citizens interact with Maximus as a result, not by choice. Key programs include operating 1-800-MEDICARE and the federal ACA marketplace for CMS, administering Medicaid eligibility support across roughly 23 states (making Maximus the largest private provider of Medicaid eligibility services in the U.S.), and conducting disability assessments for veterans on behalf of the VA. Maximus operates through three segments: U.S. Federal Services (~56% of revenue), U.S. Services (~32%), and Outside the U.S. (~11%), with the international segment primarily serving the U.K. Maximus earns revenue through four contract structures — performance-based (54% of revenue), cost-plus, time and materials, and fixed price. Performance-based contracts, where Maximus is paid per transaction processed, carry the highest margins and create operating leverage when volumes rise. Contracts are generally long-term, and Maximus maintains a large backlog with a ~90% historical rebid win rate. Growth priorities include expanding in defense and national security within U.S. Federal, capturing new administrative workloads created by the One Big Beautiful Bill Act (Medicaid work requirements and SNAP error-rate mandates), and deploying AI across both internal operations and as a product offering to government customers.