Latest quarter
Medpace reported Q2 FY2026 revenue of $707.3 million, up from $603.3 million a year earlier. Diluted earnings per share rose to $4.25 from $3.10. Gross margin increased to 71.4% from 69.2%, while operating margin was 20.8%, compared with 20.9% a year earlier. Free cash flow was $138.1 million, down from $142.4 million.
For the later quarter ended September 30, 2026, Medpace reported revenue of $716.0 million, above the consensus of $708.8 million. Adjusted earnings per share, as counted by the consensus, were $4.84, above the consensus estimate of $4.45.
In its filing, Medpace attributed the September quarter’s revenue increase from a year earlier primarily to growth in the metabolic, oncology and central nervous system therapeutic areas. The company said direct costs rose primarily because of higher reimbursed out-of-pocket expenses and personnel costs supporting growth in service activities.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $707.3 million | $603.3 million | 17.2% |
| Diluted EPS | $4.25 | $3.10 | 37.1% |
| Gross margin | 71.4% | 69.2% | 2.2 percentage points |
| Operating margin | 20.8% | 20.9% | −0.2 percentage points |
| Free cash flow | $138.1 million | $142.4 million | −3.03% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $4.84 | $4.45 | Beat by 8.76% |
| Revenue | $716.0 million | $708.8 million | Beat by 1.02% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
The earnings call is not available, so its discussion of demand, pricing and the quarter ahead cannot be reported.
Guidance
Medpace’s full-year FY2026 outlook is in its results release. A comparison with its previous forecast is unavailable, so changes to that outlook cannot be established.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EPS, GAAP | FY2026 | $17.97–$18.32 | — | New |
| EBITDA | FY2026 | $638.0 million–$652.0 million | — | New |
| Net income, GAAP | FY2026 | $514.0 million–$524.0 million | — | New |
| Revenue | FY2026 | $2.8 billion–$2.9 billion | — | New |