Medpace Holdings, Inc. Reports Third Quarter 2026 Results

• Revenue of $716.0 million in the third quarter of 2026 increased 8.5% from revenue of $659.9 million for the comparable prior-year period, representing a backlog conversion rate of 23.8%.
• Net new business awards were $873.4 million in the third quarter of 2026, representing an increase of 10.6% from net new business awards of $789.6 million for the comparable prior-year period.
• Third quarter of 2026 GAAP net income was $137.5 million, or $4.84 per diluted share, versus GAAP net income of $111.1 million, or $3.86 per diluted share, for the comparable prior-year period. Net income margin was 19.2% and 16.8% for the third quarter of 2026 and 2025, respectively.
• EBITDA was $172.1 million for the third quarter of 2026, an increase of 16.0% from EBITDA of $148.4 million for the comparable prior-year period, resulting in an EBITDA margin of 24.0%.

CINCINNATI–(BUSINESS WIRE)–Medpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Financial Results

Revenue for the three months ended September 30, 2026 increased 8.5% to $716.0 million, compared to $659.9 million for the comparable prior-year period. On a constant currency basis, revenue for the third quarter of 2026 increased 8.6% compared to the third quarter of 2025.

Backlog as of September 30, 2026 increased 5.6% to $3,167.2 million from $3,000.6 million as of September 30, 2025. Net new business awards were $873.4 million, as compared to $789.6 million for the comparable prior-year period.

For the third quarter of 2026, total direct costs were $492.1 million, compared to total direct costs of $463.0 million in the third quarter of 2025. Selling, general and administrative (SG&A) expenses were $51.8 million in the third quarter of 2026, compared to SG&A expenses of $48.1 million in the third quarter of 2025.

GAAP net income for the third quarter of 2026 was $137.5 million, or $4.84 per diluted share, versus GAAP net income of $111.1 million, or $3.86 per diluted share, for the third quarter of 2025. This resulted in a net income margin of 19.2% and 16.8% for the third quarter of 2026 and 2025, respectively.

EBITDA for the third quarter of 2026 increased 16.0% to $172.1 million, or 24.0% of revenue, compared to $148.4 million, or 22.5% of revenue, for the comparable prior-year period. On a constant currency basis, EBITDA for the third quarter of 2026 increased 16.0% from the third quarter of 2025.

A reconciliation of the Company’s non-GAAP financial measures, including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below.

Year-to-Date 2026 Financial Results

Revenue for the nine months ended September 30, 2026 was $2,129.9 million, and increased 16.9% on a reported basis and 16.7% on a constant currency basis from the comparable prior-year period. Year-to-date 2026 GAAP net income was $382.7 million, or $13.37 per diluted share, compared to $316.0 million, or $10.64 per diluted share, for the comparable prior-year period. Year-to-date 2026 EBITDA was $474.9 million, or 22.3% of revenue, and increased 19.5% on a reported basis and 20.4% on a constant currency basis from the comparable prior-year period.

Balance Sheet and Liquidity

The Company’s Cash and cash equivalents were $705.3 million at September 30, 2026, and the Company generated $216.6 million in cash flow from operating activities during the third quarter of 2026. There were no share repurchases in the third quarter of 2026. As of September 30, 2026, the Company had $527.0 million remaining under its authorized share repurchase program.

Effective October 20, 2026 (“Effective Date”), the Company’s Board of Directors (“Board”) terminated the Company’s current stock repurchase authorization of the Company’s common stock, $0.01 par value (“common stock”) which was set to expire on December 31, 2026. As of the Effective Date, this repurchase authorization had $527.0 million remaining.

Effective as of the Effective Date, the Board approved a new stock repurchase authorization, pursuant to which the Company is authorized to repurchase up to $1.0 billion shares of common stock until December 31, 2028, at the discretion of the Company’s management. Repurchases under this new authorization may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to alternative uses of capital, prevailing market conditions, applicable regulatory requirements, and other considerations. Under the new authorization, any such repurchases may be executed using open market purchases, privately negotiated transactions, transactions in accordance with Rule 10b5-1 of the Exchange Act, or other transactions, and will be funded from cash on hand. The new authorization does not obligate the Company to acquire any minimum amount of common stock and the new authorization may be modified, limited, extended, suspended or terminated by the Board at any time without prior notice.

2026 Financial Guidance

The Company forecasts 2026 revenue in the range of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion. GAAP net income for full year 2026 is forecasted in the range of $514.0 million to $524.0 million. Additionally, full year 2026 EBITDA is expected in the range of $638.0 million to $652.0 million. Based on forecasted 2026 revenue of $2.835 billion to $2.855 billion and GAAP net income of $514.0 million to $524.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.97 to $18.32. This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $22.9 million, foreign exchange rates as of September 30, 2026, and 28.6 million diluted weighted average shares outstanding. This guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after September 30, 2026.

Conference Call Details

Medpace will host a conference call at 9:00 a.m. ET, Thursday, October 22, 2026, to discuss its third quarter 2026 results.

To participate in the conference call, interested parties must register in advance by clicking on this link. While it is not required, it is recommended you join 10 minutes prior to the event start. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call.

To access the conference call via webcast, visit the “Investors” section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. A supplemental slide presentation will also be available at the “Investors” section of Medpace’s website prior to the start of the call.

About Medpace

Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 6,600 people across 46 countries as of September 30, 2026.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “forecast,” “may,” “could,” “likely,” “project,” “goal,” “objective,” “potential,” “range,” “estimate,” “preliminary,” “opportunity,” “outlook,” “trend,” “can,” “might,” “drives,” “hope,” “future,” “predict” and similar expressions, and variations or negatives of these words. However, the absence of these words does not mean that a statement is not forward-looking.

These forward-looking statements are largely based on management’s current expectations and projections about future events and financial trends that we believe may affect, among other things, our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate(s); the failure to maintain or generate new business awards; fluctuation in our results between fiscal quarters and years; the risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; decreased operating margins due to increased pricing pressure or other factors; our failure to perform our services or operate our business in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; the failure of third parties to provide us critical support services; our failure to increase our market share, grow our business, successfully execute our growth strategies or manage our growth effectively; the impact of a failure to retain key executives or other personnel or recruit qualified personnel; the risks associated with our information systems infrastructure, including potential cybersecurity breaches and other disruptions which could compromise patient information or our information; risks from use of machine learning and generative artificial intelligence (“AI”), including risks from insufficient human oversight of AI or lack of controls and procedures monitoring AI use; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services, including risks of liability resulting from harm to patients; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; general economic conditions, including inflation, in the markets in which we and our customers operate, including financial market conditions; the impact of unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of consolidation in the biopharmaceutical industry; our failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of indications related to or withdraw an approved drug, biologic or medical device from the market; and the impact of industry-wide reputational harm to CROs. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

These and other factors discussed under the caption “Risk Factors” in Item 1A, Part I of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. If known or unknown risks or uncertainties materialize or if underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events, developments or circumstances cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

Certain financial measures presented in this press release, such as EBITDA and EBITDA margin, are not recognized under generally accepted accounting principles in the United States of America, or U.S. GAAP. Management uses EBITDA and EBITDA margin or comparable metrics as a measurement used in evaluating our operating performance on a consistent basis, as a consideration to assess incentive compensation for our employees, for planning purposes, including the preparation of our internal annual operating budget, and to evaluate the performance and effectiveness of our operational strategies.

EBITDA and EBITDA margin have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under U.S. GAAP. See the condensed consolidated financial statements included elsewhere in this release for our U.S. GAAP results. Additionally, for reconciliations of EBITDA and EBITDA margin to our closest reported U.S. GAAP measures, refer to the appendix of this press release.

We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. EBITDA is calculated as net income attributable to Medpace Holdings, Inc. before income tax expense, interest income, net, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by Revenue, net for each period. Our presentation of EBITDA and EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Contacts

Investor Contact:

David Ruhe

283-227-6472

[email protected]

Media Contact:

Michael Maley

283-227-6367

[email protected]