Maximus delivered a solid Q2 FY2025 with 3% organic revenue growth to $1.36 billion and an adjusted EBITDA margin of 13.7%, landing at the upper end of its near-term guidance. The U.S. Federal Services segment was the primary growth driver, offsetting normalization in U.S. Services post-Medicaid unwinding and contributing to strong overall profitability. The company reinforced its strategic focus on Maximus Forward—leveraging automation, AI, and process improvements to boost productivity and scale across government programs. Management raised full-year revenue guidance by $50 million and nudged up adjusted EBITDA margin guidance by 50 bps, signaling confidence in operating performance despite a cautious outlook for the second half amid government spending scrutiny. The pipeline remains robust (41.2B total; 2.9B awarded; 451M awarded but not signed), underpinning a favorable medium-term growth trajectory, though near-term cash flow was pressured by higher DSO driven by state program extensions. In sum, Maximus exhibits meaningful margin expansion in core federal work, a diversified portfolio with continued growth potential in international and clinical assessment services, and a disciplined capital allocation strategy that includes opportunistic buybacks and selective M&A considerations.