Medpace 2026Q3：营收$716.0M符合预期、EPS $4.84超预期，上调全年盈利指引并新设$10亿回购，利好盘中抢跑、盘后回落

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.
MEDPACE HOLDINGS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except per share amounts)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Revenue, net
$
716,000
$
659,903
$
2,129,935
$
1,821,784
Operating expenses:
Direct service costs, excluding depreciation and amortization
204,851
186,335
605,680
549,977
Reimbursed out-of-pocket expenses
287,264
276,629
902,407
716,505
Total direct costs
492,115
462,964
1,508,087
1,266,482
Selling, general and administrative
51,765
48,082
147,785
152,643
Depreciation
6,425
6,813
19,731
20,284
Amortization
155
236
465
709
Total operating expenses
550,460
518,095
1,676,068
1,440,118
Income from operations
165,540
141,808
453,867
381,666
Other income, net:
Miscellaneous income (expense), net
17
(489
)
841
(5,180
)
Interest income, net
5,349
1,517
15,452
9,058
Total other income, net
5,366
1,028
16,293
3,878
Income before income taxes
170,906
142,836
470,160
385,544
Income tax provision
33,446
31,701
87,468
69,554
Net income
$
137,460
$
111,135
$
382,692
$
315,990
Net income per share attributable to common shareholders:
Basic
$
4.92
$
3.95
$
13.58
$
10.88
Diluted
$
4.84
$
3.86
$
13.37
$
10.64
Weighted average common shares outstanding:
Basic
27,940
28,136
28,184
29,033
Diluted
28,372
28,817
28,630
29,710
MEDPACE HOLDINGS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except share amounts)
As of
September 30
,
2026
December 31
,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
705,315
$
497,049
Accounts receivable and unbilled, net
447,642
402,078
Prepaid expenses and other current assets
92,043
90,497
Total current assets
1,245,000
989,624
Property and equipment, net
175,004
131,055
Operating lease right-of-use assets
152,549
117,815
Goodwill
662,396
662,396
Intangible assets, net
32,955
33,420
Deferred income taxes
3,272
19,223
Other assets
31,419
21,939
Total assets
$
2,302,595
$
1,975,472
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
43,682
$
28,142
Accrued expenses
443,331
408,382
Advanced billings
961,855
854,390
Other current liabilities
47,229
52,834
Total current liabilities
1,496,097
1,343,748
Operating lease liabilities
146,041
113,643
Deferred income tax liability
13,657
1,355
Other long-term liabilities
61,861
57,655
Total liabilities
1,717,656
1,516,401
Commitments and contingencies
Shareholders’ equity:
Preferred stock -
$0.01
par-value; 5,000,000 shares authorized; no shares issued and outstanding at
September 30, 2026
and
December 31, 2025
—
—
Common stock -
$0.01
par-value; 250,000,000 shares authorized at
September 30, 2026
and
December 31, 2025
; 27,966,686 and 28,370,780 shares issued and outstanding at
September 30, 2026
and
December 31, 2025
, respectively
280
284
Treasury
stock - 69,593 and 69,623 shares at
September 30, 2026
and
December 31, 2025
, respectively
(12,151
)
(12,156
)
Additional paid-in capital
978,282
935,830
Accumulated deficit
(373,573
)
(459,981
)
Accumulated other comprehensive loss
(7,899
)
(4,906
)
Total shareholders’ equity
584,939
459,071
Total liabilities and shareholders’ equity
$
2,302,595
$
1,975,472
MEDPACE HOLDINGS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
Nine Months Ended
September 30
,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
382,692
$
315,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
19,731
20,284
Amortization
465
709
Stock-based compensation expense
16,870
29,166
Noncash lease expense
18,063
17,329
Deferred income tax provision
28,220
63,366
Other
669
(433
)
Changes in assets and liabilities:
Accounts receivable and unbilled, net
(45,148
)
(77,119
)
Prepaid expenses and other current assets
(2,576
)
(15,607
)
Accounts payable
1,469
1,296
Accrued expenses
36,101
57,521
Advanced billings
107,465
123,743
Lease liabilities
(17,807
)
(18,131
)
Other assets and liabilities, net
(15,818
)
2,457
Net cash provided by operating activities
530,396
520,571
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures
(50,886
)
(26,820
)
Other
115
153
Net cash used in investing activities
(50,771
)
(26,667
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises
25,590
34,272
Repurchases of common stock
(294,764
)
(917,389
)
Net cash used in financing activities
(269,174
)
(883,117
)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
(2,185
)
5,128
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
208,266
(384,085
)
CASH AND CASH EQUIVALENTS — Beginning of period
497,049
669,436
CASH AND CASH EQUIVALENTS — End of period
$
705,315
$
285,351
MEDPACE HOLDINGS, INC.
AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(Amounts in thousands, except percentages)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
RECONCILIATION OF GAAP NET INCOME TO EBITDA
Net income (GAAP)
$
137,460
$
111,135
$
382,692
$
315,990
Interest income, net
(5,349
)
(1,517
)
(15,452
)
(9,058
)
Income tax provision
33,446
31,701
87,468
69,554
Depreciation
6,425
6,813
19,731
20,284
Amortization
155
236
465
709
EBITDA (Non-GAAP)
$
172,137
$
148,368
$
474,904
$
397,479
Net income margin (GAAP)
19.2
%
16.8
%
18.0
%
17.3
%
EBITDA margin (Non-GAAP)
24.0
%
22.5
%
22.3
%
21.8
%
FY 2026 GUIDANCE RECONCILIATION (UNAUDITED)
(Amounts in millions, except per share amounts)
Forecast 2026
Net Income
Net income per diluted share
Low
High
Low
High
Net income and net income per diluted share (GAAP)
$
514.0
$
524.0
$
17.97
$
18.32
Income tax provision
119.5
123.5
Interest income, net
(22.9
)
(22.9
)
Depreciation
26.8
26.8
Amortization
0.6
0.6
EBITDA (Non-GAAP)
$
638.0
$
652.0
View source version on
businesswire.com
:
https://www.businesswire.com/news/home/20261021758492/en/
Investor Contact:
David Ruhe
283-227-6472
d.ruhe@medpace.com
Media Contact:
Michael Maley
283-227-6367
m.maley@medpace.com
Source:
Medpace Holdings, Inc.