Medpace Holdings, Inc.

MEDP Healthcare Diagnostics & Research

Medpace Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 20.0% from fiscal 2024.

Revenue
+8.50%
EPS
+24.6%
Free cash flow
−16.6%

Quarter to September 2026, against a year earlier

634.63 22.14 −3.37%
Market cap
$17.8B
P/E
34.6×
Fwd P/E
35.8×
Dividend yield
—
F-score
8/9
Altman Z
8.04
Beneish M
−2.92
Dividend safety
n/a

Medpace Holdings, Inc. (MEDP) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

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