[10-Q] Medpace Holdings, Inc. Quarterly Earnings Report

Q: How did MEDP perform in Q3 2025?

Revenue was $659.9 million (up 23.7% YoY), net income was $111.1 million , and diluted EPS was $3.86 .

Q: What were Medpace’s year-to-date 2025 results?

For the nine months, revenue was $1.82 billion , net income $316.0 million , and diluted EPS $10.64 .

Q: What is MEDP’s backlog and recent awards?

Backlog was $3,000.6 million as of September 30, 2025, with Q3 net new awards of $789.6 million and year-to-date $1,910.2 million .

Q: How much cash does MEDP have and what drove changes?

Cash and equivalents were $285.4 million , down from $669.4 million year‑end, primarily due to share repurchases.

Q: How much stock did Medpace repurchase in 2025?

Year to date, the company repurchased shares totaling $912.9 million ; Q3 repurchases were $4.5 million .

Q: What was MEDP’s effective tax rate?

The effective tax rate was 22.2% in Q3 2025 and 18.0% for the nine months ended September 30, 2025.

Q: How many MEDP shares are outstanding?

Common shares outstanding were 28,168,223 as of October 17, 2025.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Medpace Holdings, Inc. reported strong quarterly results in its Q3 2025 10‑Q. Revenue reached $659.9 million, up 23.7% year over year, driven by growth in Metabolic, Oncology and CNS. Net income was $111.1 million and diluted EPS was $3.86. Operating income rose to $141.8 million as total operating expenses increased with higher reimbursed out‑of‑pocket and personnel costs.

For the first nine months, revenue was $1.82 billion with net income of $316.0 million and diluted EPS of $10.64. Operating cash flow was $520.6 million, while share repurchases totaled $912.9 million year to date, contributing to a decline in cash and equivalents to $285.4 million from $669.4 million at year‑end. The company ended the quarter with $3,000.6 million in backlog and net new awards of $789.6 million in Q3. The effective tax rate was 22.2% in the quarter, reflecting lower FDII benefits.

As of October 17, 2025, common shares outstanding were 28,168,223. The unsecured credit facility remained undrawn with $10.0 million available.

Insights

Solid growth, strong cash generation, heavy buybacks reduced cash.

Medpace delivered double‑digit revenue growth in Q3 2025 to $659.9M, with operating income of $141.8M. Net income of $111.1M and diluted EPS of $3.86 reflect healthy execution across Metabolic, Oncology and CNS. Nine‑month operating cash flow of $520.6M underscores cash‑generative operations.

Cash declined to $285.4M primarily due to share repurchases of $912.9M year to date. Interest income fell versus 2024 as average cash balances decreased, and the effective tax rate rose to 22.2% on lower FDII benefits.

Backlog was $3,000.6M with Q3 net new awards of $789.6M. Actual revenue conversion depends on project mix and cancellations disclosed by the company; subsequent filings may provide additional detail on conversion pace.

10/23/2025 - 04:03 PM

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________

FORM 10-Q

___________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 001-37856

___________________________________________

Medpace Holdings, Inc.

(Exact name of registrant as specified in its charter)

___________________________________________


Delaware			32-0434904
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5375 Medpace Way, Cincinnati, OH 45227

(Address of principal executive offices) (Zip Code)

(513) 579-9911

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.01 par value	MEDP	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.


Class						Number of Shares Outstanding
Common Stock $0.01 par value						28,168,223 shares outstanding as of October 17, 2025

Table of Contents

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

FORM 10-Q

FOR QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS


Item Number		Page
	PART I — FINANCIAL INFORMATION	3
Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

	PART II — OTHER INFORMATION	27
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	30
	EXHIBIT INDEX	31
	SIGNATURES	32

-2-

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(Amounts in thousands, except share amounts)	As of
	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	285,351	$	669,436
Accounts receivable and unbilled, net (includes $3.6 million and $4.2 million with related parties at September 30, 2025 and December 31, 2024, respectively)	373,034		296,443
Prepaid expenses and other current assets	78,900		63,350
Total current assets	737,285		1,029,229
Property and equipment, net	133,175		123,615
Operating lease right-of-use assets	123,586		128,649
Goodwill	662,396		662,396
Intangible assets, net	33,657		34,366
Deferred income taxes	37,189		100,357
Other assets	25,724		22,254
Total assets	$	1,753,012	$	2,100,866
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable (includes $0.3 million and $0.2 million with related parties at September 30, 2025 and December 31, 2024, respectively)	$	26,523	$	32,528
Accrued expenses	368,746		307,807
Advanced billings (includes $14.1 million and $14.6 million with related parties at September 30, 2025 and December 31, 2024, respectively)	834,328		710,585
Other current liabilities	54,317		53,633
Total current liabilities	1,283,914		1,104,553
Operating lease liabilities	119,067		126,234
Deferred income tax liability	1,899		1,800
Other long-term liabilities	54,491		42,734
Total liabilities	1,459,371		1,275,321
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2025 and December 31, 2024	—		—
Common stock - $0.01 par-value; 250,000,000 shares authorized at September 30, 2025 and December 31, 2024; 28,168,223 and 30,630,799 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	282		306
Treasury stock - 70,073 shares at September 30, 2025 and December 31, 2024	(12,235)		(12,235)
Additional paid-in capital	907,483		844,050
(Accumulated deficit) retained earnings	(596,237)		8,167
Accumulated other comprehensive loss	(5,652)		(14,743)
Total shareholders’ equity	293,641		825,545
Total liabilities and shareholders’ equity	$	1,753,012	$	2,100,866

See notes to condensed consolidated financial statements.

-3-

Table of Contents

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,
	2025		2024		2025		2024
Revenue, net (includes $12.2 million and $15.5 million with related parties for the three months ended September 30, 2025 and 2024, respectively, and $42.9 million and $39.5 million with related parties for the nine months ended September 30, 2025 and 2024, respectively)	$	659,903	$	533,317	$	1,821,784	$	1,572,465
Operating expenses:
Direct service costs, excluding depreciation and amortization	186,335		171,540		549,977		514,573
Reimbursed out-of-pocket expenses	276,629		192,769		716,505		579,904
Total direct costs	462,964		364,309		1,266,482		1,094,477
Selling, general and administrative	48,082		49,217		152,643		134,751
Depreciation	6,813		7,158		20,284		20,663
Amortization	236		360		709		1,082
Total operating expenses	518,095		421,044		1,440,118		1,250,973
Income from operations	141,808		112,273		381,666		321,492
Other income, net:
Miscellaneous (expense) income, net	(489)		(1,025)		(5,180)		3,435
Interest income, net	1,517		7,528		9,058		17,113
Total other income, net	1,028		6,503		3,878		20,548
Income before income taxes	142,836		118,776		385,544		342,040
Income tax provision	31,701		22,350		69,554		54,672
Net income	$	111,135	$	96,426	$	315,990	$	287,368
Net income per share attributable to common shareholders:
Basic	$	3.95	$	3.11	$	10.88	$	9.28
Diluted	$	3.86	$	3.01	$	10.64	$	8.96
Weighted average common shares outstanding:
Basic	28,136		31,047		29,033		30,960
Diluted	28,817		32,088		29,710		32,060

See notes to condensed consolidated financial statements.

-4-

Table of Contents

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


(Amounts in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	111,135	$	96,426	$	315,990	$	287,368
Other comprehensive income
Foreign currency translation adjustments, net of taxes	2		3,413		9,091		896
Comprehensive income	$	111,137	$	99,839	$	325,081	$	288,264

See notes to condensed consolidated financial statements.

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MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)


(Amounts in thousands)	Common Stock		Treasury Stock		Additional Paid-In Capital		(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Loss		Total
BALANCE — December 31, 2023	$	308	$	(12,322)	$	802,681	$	(221,645)	$	(10,072)	$	558,950
Net income							102,591				102,591
Foreign currency translation									(1,969)		(1,969)
Stock-based compensation expense					4,310						4,310
Stock options exercised	2				7,658						7,660
Re-issuance of treasury stock			87				(87)				—
BALANCE — March 31, 2024	$	310	$	(12,235)	$	814,649	$	(119,141)	$	(12,041)	$	671,542
Net income							88,351				88,351
Foreign currency translation									(548)		(548)
Stock-based compensation expense					3,588						3,588
Stock options exercised					666						666
BALANCE — June 30, 2024	$	310	$	(12,235)	$	818,903	$	(30,790)	$	(12,589)	$	763,599
Net income							96,426				96,426
Foreign currency translation									3,413		3,413
Stock-based compensation expense					11,727						11,727
Stock options exercised	1				6,273						6,274
BALANCE — September 30, 2024	$	311	$	(12,235)	$	836,903	$	65,636	$	(9,176)	$	881,439

	Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Total
BALANCE — December 31, 2024	$	306	$	(12,235)	$	844,050	$	8,167	$	(14,743)	$	825,545
Net income							114,595				114,595
Foreign currency translation									3,122		3,122
Stock-based compensation expense					16,892						16,892
Stock options exercised	4				25,941						25,945
Repurchases of common stock	(12)						(392,478)				(392,490)
BALANCE — March 31, 2025	$	298	$	(12,235)	$	886,883	$	(269,716)	$	(11,621)	$	593,609
Net income							90,260				90,260
Foreign currency translation									5,967		5,967
Stock-based compensation expense					5,951						5,951
Stock options exercised					340						340
Repurchases of common stock	(17)						(523,759)				(523,776)
BALANCE — June 30, 2025	$	281	$	(12,235)	$	893,174	$	(703,215)	$	(5,654)	$	172,351
Net income							111,135				111,135
Foreign currency translation									2		2
Stock-based compensation expense					6,323						6,323
Stock options exercised	1				7,986						7,987
Repurchases of common stock							(4,157)				(4,157)
BALANCE — September 30, 2025	$	282	$	(12,235)	$	907,483	$	(596,237)	$	(5,652)	$	293,641

See notes to condensed consolidated financial statements.

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MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


(Amounts in thousands)	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	315,990	$	287,368
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20,284		20,663
Amortization	709		1,082
Stock-based compensation expense	29,166		19,625
Noncash lease expense	17,329		17,305
Deferred income tax provision (benefit)	63,366		(2,433)
Other	(433)		(3,836)
Changes in assets and liabilities:
Accounts receivable and unbilled, net	(77,119)		(13,032)
Prepaid expenses and other current assets	(15,607)		(11,108)
Accounts payable	1,296		(3,029)
Accrued expenses	57,521		13,933
Advanced billings	123,743		111,079
Lease liabilities	(18,131)		(15,417)
Other assets and liabilities, net	2,457		(4,051)
Net cash provided by operating activities	520,571		418,149
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(26,820)		(28,905)
Other	153		8,159
Net cash used in investing activities	(26,667)		(20,746)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises	34,272		14,600
Repurchases of common stock	(917,389)		—
Net cash (used in) provided by financing activities	(883,117)		14,600
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	5,128		(552)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(384,085)		411,451
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	669,436		245,449
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	$	285,351	$	656,900

See notes to condensed consolidated financial statements.

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MEDPACE HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

(1) Basis of Presentation

Description of Business

Medpace Holdings, Inc. (together with its subsidiaries, “Medpace” or the “Company”), a Delaware corporation, is a global provider of clinical research-based drug and medical device development services. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company’s drug development services focus on full service Phase I-IV clinical development services and include development plan design, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, post-marketing clinical support, laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials.

The Company’s operations are principally based in North America, Europe, and Asia.

Unaudited Interim Financial Information

The interim condensed consolidated financial statements include the accounts of the Company, are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), and are unaudited. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The preparation of the interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results and outcomes could differ from management’s estimates and assumptions. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Share Repurchases

In 2022, the Company’s Board of Directors approved a share repurchase program which has been amended several times to increase the aggregate amount of the share repurchase authorization. During the three and nine months ended September 30, 2025, the Company repurchased 14,649 shares and 2,961,924 shares for $4.5 million and $912.9 million, respectively. The Company did not execute any share repurchases during the three and nine months ended September 30, 2024. As of September 30, 2025, the Company has remaining authorization of $821.7 million under the repurchase program.

Repurchases under the share repurchase program are executed in the open market or negotiated transactions under trading plans put in place pursuant to Rule 10b5-1. The Company constructively retired the repurchased shares associated with these approved share repurchases, except for a small portion which were retained as Treasury Shares on the condensed consolidated statements of shareholders' equity. Retired share repurchase amounts paid in excess of par value are reflected within Accumulated deficit/Retained earnings in the Company’s condensed consolidated balance sheets.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" which requires entities to enhance disclosures around income taxes. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this standard in the fourth quarter of 2025 by adding additional tax related disclosures to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to improve disclosures by providing more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning

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after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” to modernize the accounting for software development costs and specify disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

(2) Net Income Per Share

Basic and diluted earnings or loss per share (“EPS”) are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s Restricted Stock Awards (“RSA”) are considered participating securities because they are legally issued at the date of grant and holders are entitled to receive non-forfeitable dividends during the vesting term.

The computation of diluted EPS includes additional common shares, such as unvested Restricted Stock Units (“RSU”) and stock options with exercise prices less than the average market price of the Company’s common stock during the period (“in-the-money options”), which would be considered outstanding. This assumes that additional shares would have to be issued in cases where the exercise price of stock options is less than the value of the common stock being acquired because the cash proceeds received from the stock option holder would not be sufficient to acquire that same number of shares. The Company does not compute diluted EPS in cases where the inclusion of such additional shares would be anti-dilutive in effect.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for earnings per share):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Weighted-average shares:
Common shares outstanding	28,136		31,047		29,033		30,960
RSAs	—		—		—		4
Total weighted-average shares	28,136		31,047		29,033		30,964
Earnings per common share—Basic
Net income	$	111,135	$	96,426	$	315,990	$	287,368
Less: Undistributed earnings allocated to RSAs	—		—		—		(41)
Net income available to common shareholders—Basic	$	111,135	$	96,426	$	315,990	$	287,327

Net income per common share—Basic	$	3.95	$	3.11	$	10.88	$	9.28

Basic weighted-average common shares outstanding	28,136		31,047		29,033		30,960
Effect of diluted shares	681		1,041		677		1,100
Diluted weighted-average shares outstanding	28,817		32,088		29,710		32,060

Net income per common share—Diluted	$	3.86	$	3.01	$	10.64	$	8.96

During the nine months ended September 30, 2025, the Company had (in thousands) 78.1 stock options that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period. During the three and nine months ended September 30, 2024, the Company had (in thousands) 5.6 and 80.2 stock options, respectively, that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

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(3) Fair Value Measurements

The Company follows accounting guidance related to fair value measurements that defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy for inputs used in measuring fair value. This hierarchy maximizes the use of “observable” inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy specifies three levels based on the inputs, as follows:

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities.

Level 2: Valuations based on directly observable inputs or unobservable inputs corroborated by market data.

Level 3: Valuations based on unobservable inputs supported by little or no market activity representing management’s determination of assumptions of how market participants would price the assets or liabilities.

The fair value of financial instruments such as cash and cash equivalents, accounts receivable and unbilled, net, accounts payable, accrued expenses and advanced billings approximate their carrying amounts due to their short term maturities.

The Company does not have material recurring fair value measurements as of September 30, 2025 and December 31, 2024. There were no material transfers between Level 1, Level 2 or Level 3 during the three and nine months ended September 30, 2025 and 2024.

(4) Contract Assets and Contract Liabilities

Contract assets and liabilities are reflected in the Company’s condensed consolidated balance sheets within the accounts reflected below.

Contract Assets

Accounts receivable represent amounts due from the Company’s customers who are concentrated primarily in the pharmaceutical, biotechnology, and medical device industries. Unbilled represents revenue recognized to date that has not been billed or is not yet contractually billable to the customer. In general, amounts become billable upon the achievement of negotiated contractual events, in accordance with predetermined payment schedules or when a reimbursable expense has been incurred. Amounts classified to unbilled are those billable to customers within one year from the respective balance sheet date.

Accounts receivable and unbilled, net consisted of the following (in thousands):


	As of
	September 30, 2025		December 31, 2024
Accounts receivable	$	362,318	$	291,096
Unbilled receivables	10,716		5,347
Less: allowance for doubtful accounts	—		—
Total accounts receivable and unbilled, net	$	373,034	$	296,443

Contract Liabilities

Advanced billings represent cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized.

Advanced billings consisted of the following (in thousands):


	As of
	September 30, 2025		December 31, 2024
Advanced billings	$	834,328	$	710,585

As of September 30, 2025 and December 31, 2024, the Company had approximately $3.5 billion of performance obligations remaining to be performed for active projects.

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(5) Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	As of
	September 30, 2025		December 31, 2024
Intangible assets:
Finite-lived intangible assets:
Carrying amount:
Customer relationships	$	145,051	$	145,051
Accumulated amortization:
Customer relationships	(143,040)		(142,331)
Total finite-lived intangible assets, net	2,011		2,720
Trade name (indefinite-lived)	31,646		31,646
Total intangible assets, net	$	33,657	$	34,366

As of September 30, 2025, estimated amortization expense of the Company’s intangible assets for each of the remaining years is as follows (in thousands):


	Amortization
Remainder of 2025	$	237
2026	620
2027	577
2028	577
	$	2,011

(6) Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	September 30, 2025		December 31, 2024
Employee compensation and benefits	$	83,080	$	84,929
Project related reimbursable expenses	274,916		212,008
Other	10,750		10,870
Total accrued expenses	$	368,746	$	307,807

(7) Debt

On September 30, 2019, the Company entered into a Loan Agreement (as it may be amended from time to time, the “Loan Agreement”) providing for an unsecured credit facility (as amended from time to time, the “Credit Facility”) through its wholly owned subsidiaries, Medpace, Inc., as borrower (the “Borrower”), and Medpace IntermediateCo, Inc., as guarantor (the “Guarantor”). At the same time the Company entered into the Loan Agreement, the Guarantor executed a Guaranty Agreement providing for its guarantee of the payment and performance of the obligations under the Loan Agreement.

On July 17, 2025, the Company entered into Amendment No. 9 to the Loan Agreement, which changed the aggregate principal amount that may be borrowed under the Credit Facility to up to $10.0 million. The Credit Facility expires April 30, 2027 and bears interest at a rate of the sum of The Secured Overnight Financing Rate (SOFR) plus 100 basis points (1.00%) or the highest of the Prime Rate, the sum of the Overnight Bank Funding Rate plus 50 basis points (0.50%) and the sum of Daily Simple SOFR plus 100 basis points (1.00%). As of September 30, 2025 and December 31, 2024, the Company had no indebtedness under the Credit Facility.

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The Loan Agreement contains other customary loan terms, representations and warranties, and affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Loan Agreement contains certain events of default, including, among others, non-payment of principal or interest and breach of the covenants.

(8) Leases

The Company enters into leases for real estate and equipment. Real estate leases are for our corporate office space and laboratories around the world. Real estate leases have remaining lease terms of less than 1 year to 15 years. Many of the Company’s leases include options to extend the leases on a month to month basis or for set periods for up to 20 years. Many leases also include options to terminate the leases within 1 year or per other contractual terms.

The components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost	$	7,672	$	7,959	$	23,425	$	23,727
Variable lease cost	3,282		2,904		9,113		8,305

Supplemental cash flow information related to the leases was as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,738	$	16,232

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	8,285		2,222

Supplemental balance sheet information related to the leases was as follows (in thousands):


	As of
	September 30, 2025			December 31, 2024
Operating lease right-of-use assets - related parties	$	69,885		$	74,889
Operating lease right-of-use assets - non-related parties	53,701			53,760
Operating lease right-of-use assets	$	123,586		$	128,649

Other current liabilities - related parties	6,759			6,310
Other current liabilities - non-related parties	18,147			16,979
Other current liabilities	$	24,906		$	23,289

Operating lease liabilities - related parties	79,125			84,259
Operating lease liabilities - non-related parties	39,942			41,975
Operating lease liabilities	119,067			126,234
Total operating lease liabilities	$	143,973		$	149,523

Weighted Average Remaining Lease Term (years)
Operating leases	9.1			9.6
Weighted Average Discount Rate
Operating leases	5.7		%	5.7		%

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Lease payments due related to lease liabilities as of September 30, 2025 were as follows (in thousands):


	Related Party Operating Leases		Non-Related Parties Operating Leases		Total Operating Leases
Remainder of 2025	$	2,925	$	5,413	$	8,338
2026	11,807		18,704		30,511
2027	10,839		15,237		26,076
2028	8,609		9,941		18,550
2029	8,824		6,917		15,741
Later years	82,845		7,914		90,759
Total lease payments	125,849		64,126		189,975
Less: imputed interest	(39,965)		(6,037)		(46,002)
Total	$	85,884	$	58,089	$	143,973

As of September 30, 2025, we have an additional lease with contractual obligations, which have not yet commenced, with future payments of $0.3 million.

(9) Shareholders’ Equity and Stock-Based Compensation

The Company granted 157,805 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2025, consisting of 37,872 RSU and 35,473 stock options having five year vesting schedules and 84,460 stock option awards that vested upon issuance. The Company granted an additional 7,344 stock option awards to non-employee directors under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2025. These awards are scheduled to vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

Award Activity

The following table sets forth the Company’s stock option activity:


	Nine Months Ended September 30, 2025
	Stock Options	Weighted Average Exercise Price
Outstanding - beginning of period	1,143,368	$	130.33
Granted	127,277	$	324.56
Exercised	(489,426)	$	70.03
Cancelled/Forfeited/Expired	(10,786)	$	209.20
Outstanding - end of period	770,433	$	199.62

Exercisable - end of period	415,603	$	206.45

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The following table sets forth the Company’s RSA/RSU activity:


			Nine Months Ended September 30, 2025
			Shares/Units
Outstanding and unvested - beginning of period			365,492
Granted			37,872
Vested			(9,922)
Forfeited			(16,952)
Outstanding and unvested - end of period			376,490

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock-based compensation awards is summarized below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total direct costs	$	3,772	$	2,787	$	10,219	$	7,565
Selling, general and administrative	2,551		8,940		18,947		12,060
Total stock-based compensation expense	$	6,323	$	11,727	$	29,166	$	19,625

(10) Income Taxes

The Company’s effective income tax rate was 22.2% and 18.8% for the three months ended September 30, 2025 and 2024, respectively. The Company's effective income tax rate was 18.0% and 16.0% for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective income tax rate for the three months ended September 30, 2025 varied from the U.S. statutory rate of 21% primarily due to the impact of the state taxes and uncertain tax positions, which was partially offset by excess tax benefits recognized from share-based compensation. The Company’s effective income tax rate for the nine months ended September 30, 2025 varied from the U.S. statutory rate of 21% due to the impact of state taxes, which was favorably offset by excess tax benefits recognized from share-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. Where relevant, the Company has reflected any material items that were enacted in the condensed consolidated financial statements for the three and nine months ended September 30, 2025.

(11) Commitments and Contingencies

Legal Proceedings

The Company is involved in legal proceedings from time to time in the ordinary course of its business, including employment claims and claims related to other business transactions. The Company cannot predict with certainty the outcome of such proceedings, but it believes that adequate reserves have been recorded and losses already recognized with respect to such proceedings, which were immaterial as of September 30, 2025 and December 31, 2024. There is a reasonable possibility that a loss exceeding amounts already recognized may be incurred related to these actions; however, the Company believes that such potential losses were immaterial as of September 30, 2025.

Purchase Commitments

The Company has several minimum purchase commitments for project related supplies totaling $18.0 million as of September 30, 2025. In return for the commitment, Medpace receives preferential pricing. The commitments expire at various times through 2029.

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(12) Related Party Transactions

Employee Loans

The Company periodically extends short term loans or advances to employees, typically upon commencement of employment. Total receivables as a result of these employee advances of $0.4 million and $0.3 million at September 30, 2025 and December 31, 2024, respectively, are included in the Prepaid expenses and other current assets and Other assets line items of the condensed consolidated balance sheets, respectively, depending on the contractual repayment date.

Service Agreement

LIB Therapeutics LLC and subsidiaries (“LIB”)

Certain executives and employees of the Company, including the chief executive officer, are members of LIB’s board of managers. The Company entered into a MSA dated November 24, 2015 with LIB, a company that engages in research, development, marketing and commercialization of pharmaceutical drugs. Subsequently, the Company and LIB have entered into several task orders for the Company to perform clinical trial related services. The Company recognized total revenue from LIB of $1.8 million and $8.3 million during the three months ended September 30, 2025 and 2024, respectively, and $5.7 million and $18.7 million during the nine months ended September 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the Company had Advanced billings from LIB of $8.3 million and $9.5 million, respectively, in the condensed consolidated balance sheets. In addition, as of September 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from LIB of $1.1 million and $2.8 million, respectively, in the condensed consolidated balance sheets.

CinRX Pharma, subsidiaries and affiliates (“CinRx”)

Certain executives and employees of the Company, including the chief executive officer, are members of CinRx’s board of managers and/or have equity investments in CinRx, a biotech company. The Company and CinRx have entered into several task orders for the Company to perform clinical trial related services. The Company recognized total revenue from CinRx of $10.4 million and $7.2 million during the three months ended September 30, 2025 and 2024, respectively, and $37.2 million and $20.8 million during the nine months ended September 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the Company had Advanced billings from CinRx of $5.8 million and $5.2 million, respectively, in the condensed consolidated balance sheets. In addition, as of September 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from CinRx of $2.4 million and $1.4 million, respectively, in the condensed consolidated balance sheets.

The Summit Hotel (“The Summit”)

The Summit Hotel, located on the Medpace campus, is owned by the chief executive officer, and managed by an unrelated hospitality management entity. Medpace incurs travel lodging and meeting expenses at The Summit. Medpace incurred expenses of $0.1 million during the three months ended September 30, 2025 and 2024, and $0.2 million and $0.3 million during the nine months ended September 30, 2025 and 2024, respectively, at The Summit.

Leased Real Estate

Campus Headquarters Leases

The Company entered into an operating lease for the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the chief executive officer of the Company. The Company has evaluated its relationship with the related party and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship other than the lease. The lease was renewed in the first quarter of fiscal year 2023 for a term of ten years through December 2032 with a renewal option for one 10-year term at prevailing market rates. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for its corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $0.7 million. Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $2.1 million. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $16.3 million and $17.6 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2025 were $1.8 million and $15.2 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at

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December 31, 2024 were $1.6 million and $16.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

In 2018, Medpace, Inc. entered into a multi-year lease agreement governing future occupancy of additional office space in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company began to occupy the premises in the second quarter of fiscal year 2020. The lease expires in 2040 and the Company has two 10-year options to extend the term of the lease. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $1.5 million. Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $4.3 million. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $48.8 million and $50.2 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2025 were $1.7 million and $60.7 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2024 were $1.5 million and $62.0 million, respectively and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Company entered into a multi-year lease agreement governing the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company assumed occupancy in 2012 and the lease expires in 2027 with the Company having one 10-year option to extend the lease term. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $0.6 million. Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $1.9 million. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $4.8 million and $6.4 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2025 were $2.3 million and $2.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2024 were $2.2 million and $4.2 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Company entered into a multi-year lease agreement governing the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family. The Company assumed occupancy in 2012 and the lease expires in 2027 with the Company having one 10-year option to extend the lease term. In the first quarter of 2024, the Company reduced the lease term in connection with a plan to replace the leased office beginning in early 2025. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was less than $0.1 million and $0.7 million, respectively. Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $0.8 million and $2.2 million, respectively. The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations. The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $0.0 million and $0.7 million, respectively, in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at September 30, 2025 were $1.0 million and $0.8 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets. The current and long-term portions of the lease liabilities at December 31, 2024 were $0.9 million and $1.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

Travel Services

The Company incurs expenses for travel services for company executives provided by private aviation charter companies which is a company controlled by the chief executive officer of the Company (each a “private aviation charter”). The Company may contract directly with the private aviation charter for the use of its aircraft or indirectly through a third party

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aircraft management and jet charter company (the “Aircraft Management Company”). The travel services provided are primarily for business purposes, with certain personal travel paid for as part of the executives’ compensation arrangements. The Aircraft Management Company also makes the private aviation charter aircraft available to third parties. The Company incurred travel expenses of $0.5 million and $0.4 million during the three months ended September 30, 2025 and 2024, respectively, and $1.4 million during the nine months ended September 30, 2025 and 2024 related to these travel services. These travel expenses are recorded in Selling, general and administrative in the Company’s condensed consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the Company had Accounts payable to the Aircraft Management Company of $0.2 million in the condensed consolidated balance sheets.

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(13) Segment Disclosures

Information about the reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue, net	$	659,903	$	533,317	$	1,821,784	$	1,572,465
Operating expenses:
Direct service costs, excluding depreciation and amortization - Employee compensation	149,295		136,872		441,164		411,316
Direct service costs, excluding depreciation and amortization - Other segment items (a)	37,040		34,668		108,813		103,257
Reimbursed out-of-pocket expenses	276,629		192,769		716,505		579,904
Total direct costs	462,964		364,309		1,266,482		1,094,477
Selling, general and administrative	48,082		49,217		152,643		134,751
Depreciation	6,813		7,158		20,284		20,663
Amortization	236		360		709		1,082
Total operating expenses	518,095		421,044		1,440,118		1,250,973
Income from operations	141,808		112,273		381,666		321,492
Other income, net:
Miscellaneous (expense) income, net	(489)		(1,025)		(5,180)		3,435
Interest income, net	1,517		7,528		9,058		17,113
Total other income, net	1,028		6,503		3,878		20,548
Income before income taxes	142,836		118,776		385,544		342,040
Income tax provision	31,701		22,350		69,554		54,672
Segment net income	$	111,135	$	96,426	$	315,990	$	287,368

Reconciliation of profit or loss
Adjustments and reconciling items	—		—		—		—
Condensed consolidated net income	$	111,135	$	96,426	$	315,990	$	287,368

(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs.

Revenue by Category

The following table disaggregates the Company’s revenue by major source (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Therapeutic Area
Oncology	$	192,635	$	164,917	$	551,669	$	483,067
Metabolic	199,256		124,733		495,144		334,674
Other	106,398		107,371		320,296		328,203
Central Nervous System	65,627		42,098		181,657		132,753
Cardiology	59,470		55,814		176,333		172,150
AVAI	36,517		38,384		96,685		121,618
Total revenue	$	659,903	$	533,317	$	1,821,784	$	1,572,465

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q, with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and with the information under the heading “Management Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This item and the related discussion contain forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those indicated in such forward-looking statements. Factors that may cause such differences include, but are not limited to, those discussed under the “Forward-Looking Statements” below and “Risk Factors” in “Item 1A Risk Factors” of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained herein, are forward looking statements. Forward looking statements include, without limitation, statements regarding our results of operations; financial position and performance; liquidity and our ability to fund our business operations and initiatives; capital expenditure and debt service obligations; business strategies, plans and goals, including those related to marketing, acquisitions and expansion of our business; product approvals and plans; industry trends; general economic conditions, including inflation, interest rates and other pricing pressures that could impact our operating margins; expectations regarding consumer behaviors and trends; our culture and operating philosophy; human resource management; arrangements with and delivery of our services to the customers; conversion of backlog; dividend policy; legal proceedings; and our objectives for future operations. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “likely,” “opportunity,” “may,” “could,” “outlook,” “can,” “trend,” “might,” “drives,” “hope,” “potential,” “project,” “predict,” and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based largely on our current expectations and projections about future events and financial or other trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Any forward-looking statement speaks only as of the date it is made. These forward-looking statements are subject to inherent uncertainties, risks, changes in circumstances and other factors that are difficult to predict. 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 such factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed may not occur and our financial condition and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. In other words, these statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. We caution you therefore against relying on these forward-looking statements. Some of the factors that could cause actual results to differ from our expectations include regional, national, or global political, economic, business, competitive, market and regulatory conditions, government shutdowns and the other factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 in “Item 1A Risk Factors,” “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Item 7A Quantitative and Qualitative Disclosures About Market Risk.”

We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. For a further discussion of the risks relating to our business, see “Item 1A Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and “Part II – Other Information, Item 1A Risk Factors” herein.

Business Overview

We are one of the world’s leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Our mission is to accelerate the global development of safe and effective medical therapeutics. We differentiate ourselves from our competitors by our disciplined operating model centered on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-

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effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small- and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers.

We focus on conducting clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic Disease, Cardiology, Central Nervous System, or CNS, and Antiviral and Anti-infective, or AVAI. Our global platform includes approximately 6,200 employees across 44 countries as of September 30, 2025, providing our customers with broad access to diverse markets and patient populations as well as local regulatory expertise and market knowledge.

How We Generate Revenue

We earn fees through the performance of services detailed in our customer contracts. Contract scope and pricing is typically based on either a fixed-fee or unit-of-service model, with consideration of activities performed by third parties, as well as ancillary costs necessary to deliver on the contract scope that are reimbursable by our customers. Our contracts can range in duration from a few months to several years. These contracts are individually priced and negotiated based on the anticipated project scope, including the complexity of the project and the performance risks inherent in the project. The majority of our contracts are structured with an upfront fee that is collected at the time of contract signing, and the balance of the fee is collected over the duration of the contract either through an arranged billing schedule or upon completion of certain performance targets or defined milestones.

Revenue, which is distinct from billing and cash receipt, is recognized based on the satisfaction of the individual performance obligations identified in each contract. Substantially all of our customer contracts consist of a single performance obligation, as the promise to transfer the individual services defined in the contracts are not separately identifiable from other promises in the contract, and therefore not distinct. Our performance obligations are generally satisfied over time and recognized as services are performed. The progression of our contract performance obligations are measured primarily utilizing the input method of cost to cost. Cancellation provisions in our contracts allow our customers to terminate a contract either immediately or according to advance notice terms specified within the applicable contract, which is typically 30 days. Contract cancellation may occur for various reasons, including, but not limited to, adverse patient reactions, lack of efficacy, or inadequate patient enrollment. Upon cancellation, we are entitled to fees for services rendered through the date of termination, including payment for subsequent services necessary to conclude the study or close out the contract. These fees are typically discussed and agreed upon with the customer and are realized as revenue when we believe the amount can be estimated reliably and its realization is probable. Changes in revenue from period to period are driven primarily by new business volume and task order execution activity, project cancellations, and the mix of active studies during a given period that can vary based on therapeutic area and/or study life cycle stage.

Costs and Expenses

Our costs and expenses are comprised primarily of our total direct costs, selling, general and administrative costs, depreciation and amortization and income taxes.

Total Direct Costs

Total direct costs are primarily driven by labor and related employee benefits, but also include contracted third party service related expenses, fees paid to site investigators, reimbursed out of pocket expenses, laboratory supplies and other expenses contributing to service delivery. The other costs of service delivery can include office rent, utilities, supplies and software licenses which are allocated between Total direct costs and selling, general and administrative expenses based on the estimated contribution among service delivery and support function efforts on a percentage basis. Total direct costs are expensed as incurred and are not deferred in anticipation of contracts being awarded or finalization of changes in scope. Total direct costs, as a percentage of net revenue, can vary from period to period due to project labor efficiencies, changes in workforce, compensation/bonus programs and service mix.

Selling, General and Administrative

Selling, general and administrative expenses are primarily driven by compensation and related employee benefits, as well as rent, utilities, supplies, software licenses, professional fees (e.g., legal and accounting expenses), bad debt expense, travel, marketing and other operating expenses.

Depreciation

Depreciation is provided on our property and equipment on the straight-line method at rates adequate to allocate the cost of the applicable assets over their estimated useful lives, which is three to five years for computer hardware, software, phone,

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and medical imaging equipment, five to seven years for furniture and fixtures and other equipment, and thirty to forty years for buildings. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful life of the improvement or the associated remaining lease term.

Amortization

Amortization relates to finite-lived intangible assets recognized as expense using the straight-line method or using an accelerated method over their estimated useful lives of 15 years.

Income Tax Provision

Income tax provision consists of federal, state and local taxes on income in multiple jurisdictions. Our income tax is impacted by the pre-tax earnings in jurisdictions with varying tax rates and any related tax credits that may be available to us. Our current and future provision for income taxes will vary from statutory rates due to the impact of valuation allowances in certain countries, income tax incentives, certain non-deductible expenses, and other discrete items.

Key Performance Metrics

To evaluate the performance of our business, we utilize a variety of financial and performance metrics. These key measures include new business awards, cancellations and backlog.

New Business Awards, Cancellations and Backlog

New business awards represent the value of anticipated future net revenue that has been awarded during the period that is recognized in backlog. This value is recognized upon the signing of a contract or receipt of a written pre-contract confirmation from a customer that confirms an agreement in principle on budget and scope. New business awards also include contract amendments, or changes in scope, where the customer has provided written authorization for changes in budget and scope or has approved us to perform additional work as of the measurement date. Awards may not be recognized as backlog after consideration of a number of factors, including whether (i) the relevant net revenue is expected only after a pending regulatory hurdle, which might result in cancellation of the study, (ii) the customer funding needed for commencement of the study is not believed to have been secured or (iii) study timelines are uncertain or not well defined. In addition, study amounts that extend beyond a three-year timeline are not included in backlog. The number and amount of new business awards can vary significantly from period to period, and an award’s contractual duration can range from several months to several years based on customer and project specifications.

Cancellations arise in the normal course of business and are reflected when we receive written confirmation from the customer to cease work on a contractual agreement. The majority of our customers can terminate our contracts without cause upon 30 days’ notice. Similar to new business awards, the number and amount of cancellations can vary significantly period over period due to timing of customer correspondence and study-specific circumstances.

Net new business awards represent gross new business awards received in a period offset by total cancellations in that period. Net new business awards were $789.6 million and $1,910.2 million for the three and nine months ended September 30, 2025, respectively. Net new business awards were $533.7 million and $1,700.3 million for the three and nine months ended September 30, 2024, respectively.

Backlog represents anticipated future net revenue from net new business awards that have not commenced or are currently in process but not complete. Reported backlog will fluctuate based on new business awards, changes in the scope of existing contracts, cancellations, revenue recognition on existing contracts and foreign exchange adjustments from non-U.S. dollar denominated backlog. As of September 30, 2025, our backlog increased by $73.2 million, or 2.5%, to $3,000.6 million compared to $2,927.4 million as of September 30, 2024. Included within backlog as of September 30, 2025 was approximately $1,830.0 million to $1,850.0 million that we expect to convert to net revenue over the next twelve months, with the remainder expected to convert to net revenue thereafter.

The effect of foreign currency adjustments on backlog was as follows: favorable foreign currency adjustments of $2.6 million for the three months ended September 30, 2025; favorable foreign currency adjustments of $24.0 million for the nine months ended September 30, 2025; favorable foreign currency adjustments of $5.8 million for the three months ended September 30, 2024; and unfavorable foreign currency adjustments of $2.2 million for the nine months ended September 30, 2024.

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Backlog and net new business award metrics may not be reliable indicators of our future period revenue as they are subject to a variety of factors that may cause material fluctuations from period to period. These factors include, but are not limited to, changes in the scope of projects, cancellations, and duration and timing of services provided.

Exchange Rate Fluctuations

The majority of our contracts and operational transactions are U.S. dollar denominated. The Euro represents the largest foreign currency denomination of our contractual and operational exposure. As a result, a portion of our revenue and expenses are subject to exchange rate fluctuations. We have translated the Euro into U.S. dollars using the following average exchange rates based on data obtained from www.xe.com:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
U.S. Dollars per Euro:	1.17	1.10	1.12	1.09

Results of Operations

Three Months Ended September 30, 2025 compared to Three Months Ended September 30, 2024


	Three Months Ended September 30,
(Amounts in thousands, except percentages)	2025		2024		Change		% Change
Revenue, net	$	659,903	$	533,317	$	126,586	23.7	%
Direct service costs, excluding depreciation and amortization	186,335		171,540		14,795		8.6	%
Reimbursed out-of-pocket expenses	276,629		192,769		83,860		43.5	%
Total direct costs	462,964		364,309		98,655		27.1	%
Selling, general and administrative	48,082		49,217		(1,135)		(2.3)	%
Depreciation	6,813		7,158		(345)		(4.8)	%
Amortization	236		360		(124)		(34.4)	%
Total operating expenses	518,095		421,044		97,051		23.1	%
Income from operations	141,808		112,273		29,535
Miscellaneous expense, net	(489)		(1,025)		536
Interest income, net	1,517		7,528		(6,011)
Income before income taxes	142,836		118,776		24,060
Income tax provision	31,701		22,350		9,351
Net income	$	111,135	$	96,426	$	14,709

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Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024


	Nine Months Ended September 30,
(Amounts in thousands, except percentages)	2025		2024		Change		% Change
Revenue, net	$	1,821,784	$	1,572,465	$	249,319	15.9	%
Direct service costs, excluding depreciation and amortization	549,977		514,573		35,404		6.9	%
Reimbursed out-of-pocket expenses	716,505		579,904		136,601		23.6	%
Total direct costs	1,266,482		1,094,477		172,005		15.7	%
Selling, general and administrative	152,643		134,751		17,892		13.3	%
Depreciation	20,284		20,663		(379)		(1.8)	%
Amortization	709		1,082		(373)		(34.5)	%
Total operating expenses	1,440,118		1,250,973		189,145		15.1	%
Income from operations	381,666		321,492		60,174
Miscellaneous (expense) income, net	(5,180)		3,435		(8,615)
Interest income, net	9,058		17,113		(8,055)
Income before income taxes	385,544		342,040		43,504
Income tax provision	69,554		54,672		14,882
Net income	$	315,990	$	287,368	$	28,622

Total revenue

Total revenue increased by $126.6 million to $659.9 million for the three months ended September 30, 2025, from $533.3 million for the three months ended September 30, 2024. Total revenue increased by $249.3 million to $1,821.8 million for the nine months ended September 30, 2025, from $1,572.5 million for the nine months ended September 30, 2024. The increase for the three and nine months ended September 30, 2025 was primarily driven by growth within the Metabolic, Oncology and Central Nervous System therapeutic areas, compared to the same periods in the prior year.

Total direct costs

Total direct costs increased by $98.7 million, to $463.0 million for the three months ended September 30, 2025 from $364.3 million for the three months ended September 30, 2024. Total direct costs increased by $172.0 million, to $1,266.5 million for the nine months ended September 30, 2025 from $1,094.5 million for the nine months ended September 30, 2024. The increase was primarily attributed to higher reimbursed out-of-pocket expenses and higher personnel costs to support the growth in service activities. Reimbursed out-of-pocket expenses, which can fluctuate significantly from period to period based on the timing of program initiation and closeout, increased by $83.9 million and $136.6 million for the three and nine months ended September 30, 2025, compared to the same periods in the prior year. The higher personnel costs portion increased by $12.4 million and $29.8 million for the three and nine months ended September 30, 2025, compared to the same periods in the prior year.

Selling, general and administrative

Selling, general and administrative expenses decreased by $1.1 million, to $48.1 million for the three months ended September 30, 2025 from $49.2 million for the three months ended September 30, 2024. Selling, general and administrative expenses increased by $17.9 million, to $152.6 million for the nine months ended September 30, 2025 from $134.8 million for the nine months ended September 30, 2024. The decrease for the three months ended September 30, 2025 was primarily attributed to a decrease in stock-based compensation expense of $6.4 million, partially offset by higher personnel costs, excluding stock-based compensation expense, to support the growth in service activities of $3.5 million, compared to the same period in the prior year. The increase for the nine months ended September 30, 2025 was primarily attributed to higher personnel costs to support the growth in service activities of $16.1 million, compared to the same period in the prior year.

Depreciation and Amortization

Depreciation and amortization expense of $7.0 million for the three months ended September 30, 2025, remained relatively consistent with $7.5 million for the three months ended September 30, 2024. Depreciation and amortization expense of

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$21.0 million for the nine months ended September 30, 2025, remained relatively consistent with $21.7 million for the nine months ended September 30, 2024.

Miscellaneous (expense) income, net

Miscellaneous expense, net decreased by $0.5 million to $0.5 million for the three months ended September 30, 2025, from $1.0 million for the three months ended September 30, 2024. Miscellaneous (expense) income, net changed by $8.6 million to $5.2 million of expense for the nine months ended September 30, 2025 from $3.4 million of income for the nine months ended September 30, 2024. These changes were mainly attributable to foreign exchange gains and losses that arise in connection with the revaluation of short-term intercompany balances between our domestic and international subsidiaries and from the settlement of third-party accounts receivables and payables denominated in a currency other than the local currency of the entity making the payment, third-party investment gains or losses and proceeds from the recovery of a note receivable, compared to the same periods in the prior year.

Interest income, net

Interest income, net decreased by $6.0 million to $1.5 million for the three months ended September 30, 2025, from $7.5 million for the three months ended September 30, 2024. Interest income, net decreased by $8.1 million to $9.1 million for the nine months ended September 30, 2025, from $17.1 million for the nine months ended September 30, 2024. These changes were mainly attributable to decreased interest income on Cash and cash equivalents, compared to the same periods in the prior year.

Income tax provision

Income tax provision increased by $9.4 million, to $31.7 million for the three months ended September 30, 2025 from $22.4 million for the three months ended September 30, 2024. Income tax provision increased by $14.9 million, to $69.6 million for the nine months ended September 30, 2025 from $54.7 million for the nine months ended September 30, 2024. The overall effective tax rate for the three months ended September 30, 2025 was 22.2%, compared to an overall effective tax rate of 18.8% for the three months ended September 30, 2024. The overall effective tax rate for the nine months ended September 30, 2025 was 18.0% compared to an overall effective tax rate of 16.0% for the nine months ended September 30, 2024. The increase in the income tax provision for the three months ended September 30, 2025 was primarily attributable to an increase in pre-tax book income and a decrease in the estimated tax benefits related to Foreign Derived Intangible Income (FDII) compared to the same period in the prior year. The increase in the overall effective tax rate for the three months ended September 30, 2025 was primarily attributable to a decrease in the estimated tax benefits related to FDII compared to the same period in the prior year. The increase in the income tax provision for the nine months ended September 30, 2025 was primarily attributable to an increase in pre-tax book income and a decrease in the estimated tax benefits related to FDII, which was partially offset by an increase in excess tax benefits recognized from share-based compensation compared to the same period in the prior year. The increase in the overall effective tax rate for the nine months ended September 30, 2025 was primarily attributable to a decrease in the estimated tax benefits related to FDII, which was partially offset by an increase in excess tax benefits recognized from share-based compensation compared to the same period in the prior year.

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Our principal sources of liquidity as of September 30, 2025 are operating cash flows and from borrowings under our unsecured credit facility consisting of up to a $10.0 million revolving line of credit which we entered into on September 30, 2019 (the “Credit Facility”), and has subsequently been amended. All $10.0 million of the line of credit is available for borrowing as of September 30, 2025. As of September 30, 2025, we had cash and cash equivalents of $285.4 million which decreased from $669.4 million as of December 31, 2024 primarily due to repurchases of common stock. Approximately $19.7 million of cash and cash equivalents, none of which was restricted, was held by our foreign subsidiaries as of September 30, 2025.

Our expected primary cash needs on both a short and long-term basis are for investment in operational growth, including additional lease commitments, capital expenditures, share repurchases, selective strategic bolt-on acquisitions, other investments, and other general corporate needs. We have historically funded our operations and growth with cash flow

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from operations and borrowings under our credit facilities. We expect to continue expanding our operations through organic growth and potentially highly selective bolt-on acquisitions and investments. As of September 30, 2025, cash commitments to support operating business needs include lease liabilities discussed in Note 8 of the Condensed Consolidated Financial Statements, purchase commitments discussed in Note 11 of the Condensed Consolidated Financial Statements and capital expenditures primarily related to infrastructure investments in our facilities, equipment and technology. Capital spending as a percentage of revenue decreased by 37 basis points to 1.47% in the nine months ended September 30, 2025, compared to the same period in the prior year. We expect these activities will be funded from existing cash, cash flow from operations and, if necessary, borrowings under our existing or future credit facilities or other debt. We have deemed that foreign earnings will be indefinitely reinvested and therefore we have not provided taxes on these earnings. While we do not anticipate the need to repatriate these foreign earnings for liquidity purposes given our cash flows from operations and borrowings under existing and future credit facilities, we would incur taxes on these earnings if the need for repatriation due to liquidity purposes arises.


	Nine Months Ended September 30,
Cash Flows (Amounts in thousands)	2025		2024
Net cash provided by operating activities	$	520,571	$	418,149
Net cash used in investing activities	(26,667)		(20,746)
Net cash (used in) provided by financing activities	(883,117)		14,600
Effect of exchange rates on cash, cash equivalents, and restricted cash	5,128		(552)
(Decrease) increase in cash, cash equivalents, and restricted cash	$	(384,085)	$	411,451

Cash Flow from Operating Activities

Cash flows from operations are driven mainly by net income, deferred income tax provision, stock-based compensation expense, depreciation, noncash lease expense and net movement in advanced billings, accounts receivable and unbilled, net and accrued expenses. Advanced billings and accounts receivable and unbilled, net fluctuate on a regular basis as we perform our services, bill our customers and ultimately collect on those receivables. We attempt to negotiate payment terms in order to provide for payments prior to or soon after the provision of services, but this timing of collection can vary significantly on a period by period comparative basis.

Net cash flows provided by operating activities was $520.6 million for the nine months ended September 30, 2025 beginning with net income of $316.0 million. Adjustments to reconcile net income to net cash provided by operating activities were $130.4 million, primarily related to deferred income tax provision of $63.4 million, stock-based compensation expense of $29.2 million, depreciation of $20.3 million and noncash lease expense of $17.3 million. Changes in operating assets and liabilities provided $74.2 million in operating cash flows and was primarily driven by increased advanced billings of $123.7 million and increased accrued expenses of $57.5 million, partially offset by increased accounts receivable and unbilled, net of $77.1 million, decreased lease liabilities of $18.1 million and increased prepaid expenses and other current assets of 15.6 million.

Net cash flows provided by operating activities was $418.1 million for the nine months ended September 30, 2024 beginning with net income of $287.4 million. Adjustments to reconcile net income to net cash provided by operating activities were $52.4 million, primarily related to depreciation of $20.7 million, stock-based compensation expense of $19.6 million and noncash lease expense of $17.3 million. Changes in operating assets and liabilities provided $78.4 million in operating cash flows and was primarily driven by increased advanced billings of $111.1 million, partially offset by decreased lease liabilities of $15.4 million and increased accounts receivable and unbilled, net of $13.0 million.

Cash Flow from Investing Activities

Net cash used in investing activities was $26.7 million for the nine months ended September 30, 2025 primarily consisting of property and equipment expenditures.

Net cash used in investing activities was $20.7 million for the nine months ended September 30, 2024 primarily consisting of property and equipment expenditures of $28.9 million, partially offset by $8.2 million in other investing activity.

Cash Flow from Financing Activities

Net cash used in financing activities was $883.1 million for the nine months ended September 30, 2025 primarily related to $917.4 million in repurchases of common stock, partially offset by proceeds from stock option exercises of $34.3 million.

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Net cash provided by financing activities was $14.6 million for the nine months ended September 30, 2024 related to proceeds from stock option exercises.

Share Repurchases

Indebtedness

As of September 30, 2025, we had no indebtedness. Refer to Note 7 of the Notes to Condensed Consolidated Financial Statements for details regarding our Credit Facility.

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, requires us to make a variety of decisions which affect reported amounts and related disclosures, including the selection of appropriate accounting principles and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience and other assumptions. Actual results could differ from our estimates. We are committed to incorporating accounting principles, assumptions and estimates that promote the representational faithfulness, verifiability, neutrality and transparency of the accounting information included in the financial statements.

There have been no significant changes in the critical accounting policies and estimates as previously described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Effect of Recent Accounting Pronouncements

Refer to Note 1 of the Condensed Consolidated Financial Statements for management’s discussion of the effect of recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to our quantitative and qualitative disclosures about market risk as compared to the quantitative and qualitative disclosures about market risk described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 4. Controls and Procedures

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Chief Executive Officer (the Principal Executive Officer) and Chief Financial Officer (the Principal Financial Officer), has evaluated the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13(a)-15(e) and 15(d) -15(e) of the Securities Exchange Act of 1934 (“Exchange Act”), as of the end of the period covered by this report. Based on this evaluation, we concluded that, as of the

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end of the period covered by this report, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s forms and rules, and the material information relating to the Company is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that control objectives are met. Because of inherent limitations in all control systems, no evaluation of controls can provide assurance that all control issues and instances of fraud, if any, within a company will be detected. Additionally, controls can be circumvented by individuals, by collusion of two or more people or by management override. Over time, controls can become inadequate because of changes in conditions or the degree of compliance may deteriorate. Further, the design of any system of controls is based in part upon assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all future conditions. Because of the inherent limitations in any cost-effective control system, misstatements due to errors or fraud may occur and not be detected.

Changes in Internal Control over Financial Reporting

In the ordinary course of business, we routinely enhance our information systems by either upgrading current systems or implementing new ones. There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are party to legal proceedings incidental to our business. While the outcome of these matters could differ from management’s expectations, we do not believe that the resolution of these matters is reasonably likely to have a material adverse effect to our financial statements.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. There have been no significant changes from the risk factors previously disclosed in our Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchases

This table provides certain information with respect to our monthly repurchases of the Company’s common stock during the third quarter of fiscal year 2025:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan
July 1, 2025, through July 31, 2025	14,649	$	309.55	11,522,521	$	821,721,531
Total	14,649	$	309.55	11,522,521

All share repurchases were made using cash resources and executed pursuant to established Rule 10b5-1 trading plans. Our share repurchases may occur through open market purchases or negotiated transactions. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards.

We returned $4.5 million to shareholders in the form of share repurchases in the third quarter of fiscal year 2025. Refer to Note 1 – Basis of Presentation of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further discussion regarding share repurchases.

Use of Proceeds from Registered Securities

Not applicable.

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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described in the table below:

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Action

Date

Trading Arrangement

Total Shares to be Purchased or Sold

Duration/Expiration Date

Rule 10b5-1*

Non-Rule 10b5-1**

Kevin M. Brady, Chief Financial Officer and Treasurer

Adopt

July 24, 2025 [1]

Up to 12,000 shares to be sold

July 30, 2025

Jesse J. Geiger, President

Adopt

July 24, 2025 [2]

Up to 41,801 shares to be sold

July 24, 2025

Susan E. Burwig, Executive Vice President, Operations

Adopt

July 24, 2025 [3]

Up to 7,500 shares to be sold

July 30, 2025

August J. Troendle, Chief Executive Officer and Chairman of the Board

Adopt

July 25, 2025 [4]

Up to 356,466 shares to be sold

Good until cancelled or until the commencement of the next blackout period, whichever occurs first

Stephen P. Ewald, General Counsel and Corporate Secretary

Adopt

July 28, 2025 [5]

Up to 3,000 shares to be sold

The earlier of until cancelled or 180 days from the placement of the limit order

August J. Troendle, Chief Executive Officer and Chairman of the Board

Terminate

August 1, 2025 [6]

Up to 356,466 shares to be sold

Good until cancelled or until the commencement of the next blackout period, whichever occurs first

August J. Troendle, Chief Executive Officer and Chairman of the Board

Adopt

August 1, 2025 [7]

Up to 38,013 shares to be sold

Good until cancelled or until the commencement of the next blackout period, whichever occurs first

Jesse J. Geiger, President

Adopt

August 6, 2025

Up to 21,503 shares to be sold

November 6, 2026

Susan E. Burwig, Executive Vice President, Operations

Adopt

September 3, 2025 [8]

Up to 10,000 shares to be sold

The earlier of until cancelled or 180 days from the placement of the limit order


*			Intended to satisfy the affirmative defense of Rule 10b5-1(c).
**			Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

[1] On July 24, 2025, Mr. Brady placed a limit order to sell up to 12,000 shares issued to him pursuant to his contemporaneous exercise of stock options.

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[2] On July 24, 2025, Mr. Geiger placed a limit order to sell up to 41,801 shares issued to him pursuant to his contemporaneous exercise of stock options.

[3] On July 24, 2025, Ms. Burwig placed a limit order to sell up to 7,500 shares that were previously acquired through a stock option exercise. Ms. Burwig modified the limit price on July 25, 2025.

[4] On July 25, 2025, Mr. Troendle placed a limit order to sell up to 356,466 shares that were previously acquired through stock option exercises. On July 28, 2025, Mr. Troendle sold 48,487 shares pursuant to the limit order. Mr. Troendle modified the limit price on July 29, 2025.

[5] On July 28, 2025, Mr. Ewald placed a limit order to sell up to 3,000 shares that were previously acquired through the vesting of restricted stock units and stock option exercises.

[6] On August 1, 2025, Mr. Troendle terminated the limit order originally adopted on July 25, 2025.

[7] On August 1, 2025, Mr. Troendle placed a limit order to sell up to 38,013 shares that were previously acquired through a stock option exercise.

[8] On September 3, 2025, Ms. Burwig placed a limit order to sell up to 10,000 shares that were previously acquired through a stock option exercise.

Item 6. Exhibits

The exhibits in the accompanying Exhibit Index preceding the signature page are filed or furnished as a part of this report and are incorporated herein by reference.

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EXHIBIT INDEX

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File No.

Exhibit

Filing

Date

Filed/
Furnished
Herewith

10.1

Amendment No. 9 dated July 17, 2025 to Loan Documents

8-K

001-37856

10.1

7/21/2025

31.1

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer

31.2

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer

32.1

Section 1350 Certification of Chief Executive Officer

32.2

Section 1350 Certification of Chief Financial Officer

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


*			Filed herewith.
**			Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			MEDPACE HOLDINGS, INC.

			/s/ Kevin M. Brady
			Kevin M. Brady
			Chief Financial Officer (Principal Financial Officer)

Date: October 23, 2025

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Source: View Original Filing on SEC EDGAR

FAQ

How did MEDP perform in Q3 2025?

Revenue was $659.9 million (up 23.7% YoY), net income was $111.1 million, and diluted EPS was $3.86.

What were Medpace’s year-to-date 2025 results?

For the nine months, revenue was $1.82 billion, net income $316.0 million, and diluted EPS $10.64.

What is MEDP’s backlog and recent awards?

Backlog was $3,000.6 million as of September 30, 2025, with Q3 net new awards of $789.6 million and year-to-date $1,910.2 million.

How much cash does MEDP have and what drove changes?

Cash and equivalents were $285.4 million, down from $669.4 million year‑end, primarily due to share repurchases.

How much stock did Medpace repurchase in 2025?

Year to date, the company repurchased shares totaling $912.9 million; Q3 repurchases were $4.5 million.

What was MEDP’s effective tax rate?

The effective tax rate was 22.2% in Q3 2025 and 18.0% for the nine months ended September 30, 2025.

How many MEDP shares are outstanding?

Common shares outstanding were 28,168,223 as of October 17, 2025.

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What is MEDP’s backlog and recent awards?

How much cash does MEDP have and what drove changes?

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How did MEDP perform in Q3 2025?

What were Medpace’s year-to-date 2025 results?

What is MEDP’s backlog and recent awards?

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