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Medpace (Nasdaq: MEDP) lifts Q2 2026 revenue to $707.3M and raises EPS

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Medpace Holdings, Inc. reported second quarter 2026 revenue of $707.3 million, up 17.2% from $603.3 million a year earlier, with backlog of $3,014.2 million, up 4.9%. Net new business awards reached $795.7 million, 28.2% above the prior-year period and producing a net book-to-bill ratio of 1.13x. GAAP net income was $121.4 million, or $4.25 per diluted share, versus $90.3 million, or $3.10 per diluted share, and net income margin improved to 17.2% from 15.0%. EBITDA rose to $153.4 million, representing a 21.7% margin.

For the six months ended June 30, 2026, revenue was $1,413.9 million, up 21.7% year over year, with GAAP net income of $245.2 million and EBITDA of $302.8 million. Cash and cash equivalents were $502.7 million, and operating activities generated $162.0 million of cash in the quarter. Medpace repurchased 705,616 shares for $294.7 million, leaving $527.0 million available under its share repurchase program. For full year 2026, the company forecasts revenue of $2.805–$2.885 billion, GAAP net income of $494.0–$514.0 million, EBITDA of $618.0–$642.0 million, and diluted EPS of $17.25–$17.95.

Positive

  • Q2 2026 revenue rose 17.2% to $707.3 million, with GAAP net income increasing to $121.4 million and EBITDA up 17.6%, and full-year 2026 guidance implying 10.9%–14.0% revenue growth over 2025.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $707.3 million Three months ended June 30, 2026; up 17.2% from $603.3 million in Q2 2025
Q2 2026 GAAP Net Income $121.4 million Second quarter 2026 GAAP net income; margin 17.2% vs 15.0% in Q2 2025
Q2 2026 Diluted EPS (GAAP) $4.25 GAAP diluted earnings per share for the quarter vs $3.10 in Q2 2025
Q2 2026 EBITDA $153.4 million Non-GAAP EBITDA; 21.7% of revenue vs $130.5 million and 21.6% margin a year earlier
Cash and Cash Equivalents $502.7 million Balance of cash and cash equivalents as of June 30, 2026
Q2 2026 Share Repurchases $294.7 million Cash spent to repurchase 705,616 shares during the second quarter of 2026
2026 Revenue Guidance $2.805–$2.885 billion Forecast full-year 2026 revenue; 10.9%–14.0% growth over $2.530 billion in 2025
backlog conversion rate financial
"revenue of $603.3 million for the comparable prior-year period, representing a backlog conversion rate of 24.1%."
Backlog conversion rate measures how quickly work that a company has promised but not yet delivered—orders, contracts or production backlog—turns into actual revenue or completed shipments over a set period. For investors it signals whether promised demand is being fulfilled on schedule and how reliably future sales will materialize; a higher rate is like seeing a long grocery list steadily checked off, while a lower rate suggests delays, capacity problems, or weakening demand that can affect near-term cash flow and growth forecasts.
net book-to-bill ratio financial
"net new business awards of $620.5 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.13x."
Net book-to-bill ratio measures the value of new orders a company receives during a period divided by the value of goods or services it ships or invoices in that same period, with “net” indicating orders are adjusted for cancellations or returns. It matters to investors because a ratio above one suggests rising demand and growing future revenue (more bookings than deliveries), while below one signals weakening demand or shrinking backlog, like taking more reservations than you can fulfill or vice versa.
EBITDA margin financial
"EBITDA was $153.4 million for the second quarter of 2026, an increase of 17.6% ... resulting in an EBITDA margin of 21.7%."
EBITDA margin is the share of each dollar of sales that a company keeps as operating cash profit before interest, taxes, and accounting for equipment wear and long-term investments. Think of it like the cash a store has left from every sale after paying day-to-day running costs but before paying rent, loan interest or replacing old machinery. Investors use it to compare core profitability and operational efficiency across companies by removing financing and accounting differences.
advanced billings financial
"Advanced billings | 904,722 | | | 854,390 |"
stock-based compensation expense financial
"Stock-based compensation expense | 9,266 | | | 22,843 |"
Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.
Q2 2026 revenue $707.3 million up 17.2% from $603.3 million in Q2 2025
Q2 2026 GAAP net income $121.4 million up from $90.3 million in Q2 2025
Q2 2026 diluted EPS (GAAP) $4.25 up from $3.10 in Q2 2025
Q2 2026 EBITDA (non-GAAP) $153.4 million up 17.6% from $130.5 million in Q2 2025
Guidance

For full year 2026, Medpace forecasts revenue of $2.805–$2.885 billion, GAAP net income of $494.0–$514.0 million, EBITDA of $618.0–$642.0 million, and diluted EPS of $17.25–$17.95, assuming a 19.0%–19.5% tax rate and 28.6 million diluted shares.

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FAQ

How did Medpace (MEDP) perform financially in Q2 2026?
Medpace reported Q2 2026 revenue of $707.3 million, up 17.2% year over year. GAAP net income was $121.4 million, or $4.25 per diluted share, and EBITDA was $153.4 million, representing an EBITDA margin of 21.7%.

What were Medpace (MEDP)'s net new business awards and book-to-bill in Q2 2026?
Net new business awards in Q2 2026 were $795.7 million, up 28.2% from $620.5 million a year earlier. This level of awards produced a net book-to-bill ratio of 1.13x, calculated by dividing net new business awards by revenue.

What guidance did Medpace (MEDP) provide for full-year 2026?
For 2026, Medpace forecasts revenue of $2.805–$2.885 billion and GAAP net income of $494.0–$514.0 million. EBITDA is expected at $618.0–$642.0 million and diluted EPS at $17.25–$17.95, assuming a 19.0%–19.5% tax rate and 28.6 million diluted shares.

How strong is Medpace (MEDP)'s cash position and cash flow as of June 30, 2026?
As of June 30, 2026, Medpace held $502.7 million in cash and cash equivalents. The business generated $162.0 million of cash flow from operating activities during the second quarter, and $313.8 million from operating activities over the first six months of 2026.

How much did Medpace (MEDP) spend on share repurchases in Q2 2026?
During Q2 2026, Medpace repurchased 705,616 shares of common stock for a total of $294.7 million. After these buybacks, the company had $527.0 million remaining under its authorized share repurchase program as of June 30, 2026.

What were Medpace (MEDP)'s year-to-date 2026 results through June 30?
For the six months ended June 30, 2026, Medpace generated revenue of $1,413.9 million, an increase of 21.7% year over year. Year-to-date GAAP net income was $245.2 million, or $8.53 per diluted share, and EBITDA totaled $302.8 million, a 21.4% margin.
FALSE000166839700016683972026-07-222026-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________
FORM 8-K
______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
______________________________________________________
Medpace Holdings, Inc.
(Exact name of Registrant as Specified in Its Charter)
______________________________________________________
Delaware001-3785632-0434904
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
5375 Medpace Way
Cincinnati, Ohio
45227
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: 513 579-9911
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock $0.01 par valueMEDPNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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


Item 2.02 Results of Operations and Financial Condition.
On July 22, 2026, Medpace Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026. The full text of the press release was posted on the Company’s internet website and is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information contained in, or incorporated into, Item 2.02, including the press release attached as Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1
Press release dated July 22, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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.
Date:July 22, 2026By:/s/ Kevin M. Brady
Kevin M. Brady, Chief Financial Officer


Exhibit 99.1
medpace-logoxonxwhite.jpg
Investor Contact:
David Ruhe
283-227-6472
d.ruhe@medpace.com
FOR IMMEDIATE RELEASE
Media Contact:
Michael Maley
283-227-6367
m.maley@medpace.com
Medpace Holdings, Inc. Reports Second Quarter 2026 Results
•Revenue of $707.3 million in the second quarter of 2026 increased 17.2% from revenue of $603.3 million for the comparable prior-year period, representing a backlog conversion rate of 24.1%.
•Net new business awards were $795.7 million in the second quarter of 2026, representing an increase of 28.2% from net new business awards of $620.5 million for the comparable prior-year period, which resulted in a net book-to-bill ratio of 1.13x.
•Second quarter of 2026 GAAP net income was $121.4 million, or $4.25 per diluted share, versus GAAP net income of $90.3 million, or $3.10 per diluted share, for the comparable prior-year period. Net income margin was 17.2% and 15.0% for the second quarter of 2026 and 2025, respectively.
•EBITDA was $153.4 million for the second quarter of 2026, an increase of 17.6% from EBITDA of $130.5 million for the comparable prior-year period, resulting in an EBITDA margin of 21.7%.
CINCINNATI, OHIO, July 22, 2026-- Medpace Holdings, Inc. (Nasdaq: MEDP) (“Medpace”) today announced financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Results
Revenue for the three months ended June 30, 2026 increased 17.2% to $707.3 million, compared to $603.3 million for the comparable prior-year period. On a constant currency basis, revenue for the second quarter of 2026 increased 17.2% compared to the second quarter of 2025.
Backlog as of June 30, 2026 increased 4.9% to $3,014.2 million from $2,873.6 million as of June 30, 2025. Net new business awards were $795.7 million, representing a net book-to-bill ratio of 1.13x for the second quarter of 2026, as compared to $620.5 million for the comparable prior-year period. The Company calculates the net book-to-bill ratio by dividing net new business awards by revenue.
For the second quarter of 2026, total direct costs were $505.7 million, compared to total direct costs of $423.3 million in the second quarter of 2025. Selling, general and administrative (SG&A) expenses were $48.1 million in the second quarter of 2026, compared to SG&A expenses of $46.7 million in the second quarter of 2025.
GAAP net income for the second quarter of 2026 was $121.4 million, or $4.25 per diluted share, versus GAAP net income of $90.3 million, or $3.10 per diluted share, for the second quarter of 2025. This resulted in a net income margin of 17.2% and 15.0% for the second quarter of 2026 and 2025, respectively.
EBITDA for the second quarter of 2026 increased 17.6% to $153.4 million, or 21.7% of revenue, compared to $130.5 million, or 21.6% of revenue, for the comparable prior-year period. On a constant currency basis, EBITDA for the second quarter of 2026 increased 17.8% from the second quarter of 2025.
A reconciliation of the Company’s non-GAAP financial measures, including EBITDA and EBITDA margin to the corresponding GAAP measures is provided below.

1

Year-to-Date 2026 Financial Results
Revenue for the six months ended June 30, 2026 was $1,413.9 million, and increased 21.7% on a reported basis and 21.4% on a constant currency basis from the comparable prior-year period. Year-to-date 2026 GAAP net income was $245.2 million, or $8.53 per diluted share, compared to $204.9 million, or $6.79 per diluted share, for the comparable prior-year period. Year-to-date 2026 EBITDA was $302.8 million, or 21.4% of revenue, and increased 21.5% on a reported basis and 23.0% on a constant currency basis from the comparable prior-year period.
Balance Sheet and Liquidity
The Company’s Cash and cash equivalents were $502.7 million at June 30, 2026, and the Company generated $162.0 million in cash flow from operating activities during the second quarter of 2026.

During the second quarter of 2026, the Company repurchased 705,616 shares for a total of $294.7 million. As of June 30, 2026, the Company had $527.0 million remaining under its authorized share repurchase program.
2026 Financial Guidance
The Company forecasts 2026 revenue in the range of $2.805 billion to $2.885 billion, representing growth of 10.9% to 14.0% over 2025 revenue of $2.530 billion. GAAP net income for full year 2026 is forecasted in the range of $494.0 million to $514.0 million. Additionally, full year 2026 EBITDA is expected in the range of $618.0 million to $642.0 million. Based on forecasted 2026 revenue of $2.805 billion to $2.885 billion and GAAP net income of $494.0 million to $514.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.25 to $17.95. This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $21.1 million, foreign exchange rates as of June 30, 2026, and 28.6 million diluted weighted average shares outstanding. This guidance does not include the potential impact of any share repurchases the Company may make pursuant to the share repurchase program after June 30, 2026.
Conference Call Details
Medpace will host a conference call at 9:00 a.m. ET, Thursday, July 23, 2026, to discuss its second quarter 2026 results.
To participate in the conference call, interested parties must register in advance by clicking on this link. While it is not required, it is recommended you join 10 minutes prior to the event start. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call.
To access the conference call via webcast, visit the “Investors” section of Medpace’s website at medpace.com. The webcast replay of the call will be available at the same site approximately one hour after the end of the call. A supplemental slide presentation will also be available at the “Investors” section of Medpace’s website prior to the start of the call.
About Medpace
Medpace is a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace’s mission is to accelerate the global development of safe and effective medical therapeutics through its high-science and disciplined operating approach that leverages regulatory and therapeutic expertise across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective. Headquartered in Cincinnati, Ohio, Medpace employs approximately 6,500 people across 46 countries as of June 30, 2026.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our forecasted financial results and the effective tax rate used for non-GAAP adjustment purposes. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “forecast,” “may,” “could,” “likely,” “anticipate,” “project,” “goal,” “objective,” “potential,” “range,” “estimate,” “preliminary,” “opportunity,” “outlook,” “trend,”
2

“can,” “might,” “drives,” “hope,” “future,” “predict” and similar expressions, and variations or negatives of these words. However, the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are largely based on management’s current expectations and projections about future events and financial trends that we believe may affect, among other things, our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other factors that may cause our financial condition, actual results, performance (including share price performance), or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the potential loss, delay or non-renewal of our contracts, or the non-payment by customers for services we have performed; the failure to convert backlog to revenue at our present or historical conversion rate(s); the failure to maintain or generate new business awards; fluctuation in our results between fiscal quarters and years; the risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; decreased operating margins due to increased pricing pressure or other factors; our failure to perform our services or operate our business in accordance with contractual requirements, government regulations and ethical considerations; the impact of underpricing our contracts, overrunning our cost estimates or failing to receive approval for or experiencing delays with documentation of change orders; the failure of third parties to provide us critical support services; our failure to increase our market share, grow our business, successfully execute our growth strategies or manage our growth effectively; the impact of a failure to retain key executives or other personnel or recruit qualified personnel; the risks associated with our information systems infrastructure, including potential cybersecurity breaches and other disruptions which could compromise patient information or our information; risks from use of machine learning and generative artificial intelligence (“AI”), including risks from insufficient human oversight of AI or lack of controls and procedures monitoring AI use; adverse results from customer or therapeutic area concentration; the risks associated with doing business internationally, including the effects of tariffs and trade wars; the risks associated with the Foreign Corrupt Practices Act and other anti-corruption laws; future net losses; the impact of changes in tax laws and regulations; our failure to attract suitable investigators and patients to our clinical trials; the liability risks associated with our research and development services, including risks of liability resulting from harm to patients; inadequate insurance coverage for our operations and indemnification obligations; fluctuations in exchange rates; general economic conditions, including inflation, in the markets in which we and our customers operate, including financial market conditions; the impact of unfavorable economic conditions, including conditions caused by the uncertain international economic environment and current and future international conflicts; the impact of a natural disaster or other catastrophic event; negative outsourcing trends in the biopharmaceutical industry and a reduction in aggregate expenditures and research and development budgets; our inability to compete effectively with other CROs; the impact of healthcare reform; the impact of consolidation in the biopharmaceutical industry; our failure to comply with federal, state and foreign healthcare laws; the effect of current and proposed laws and regulations regarding the protection of personal data; our potential involvement in costly intellectual property lawsuits; actions by regulatory authorities or customers to limit the scope of indications related to or withdraw an approved drug, biologic or medical device from the market; and the impact of industry-wide reputational harm to CROs. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.
These and other factors discussed under the caption “Risk Factors” in Item 1A, Part I of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. We cannot guarantee that any forward-looking statement will be realized. Achievement of anticipated results is subject to substantial risks, uncertainties and inaccurate assumptions. If known or unknown risks or uncertainties materialize or if underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events, developments or circumstances cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
3


Non-GAAP Financial Measures
Certain financial measures presented in this press release, such as EBITDA and EBITDA margin, are not recognized under generally accepted accounting principles in the United States of America, or U.S. GAAP. Management uses EBITDA and EBITDA margin or comparable metrics as a measurement used in evaluating our operating performance on a consistent basis, as a consideration to assess incentive compensation for our employees, for planning purposes, including the preparation of our internal annual operating budget, and to evaluate the performance and effectiveness of our operational strategies.
EBITDA and EBITDA margin have important limitations as analytical tools and you should not consider them in isolation, or as a substitute for, analysis of our results as reported under U.S. GAAP. See the condensed consolidated financial statements included elsewhere in this release for our U.S. GAAP results. Additionally, for reconciliations of EBITDA and EBITDA margin to our closest reported U.S. GAAP measures, refer to the appendix of this press release.
We believe that EBITDA and EBITDA margin are useful to provide additional information to investors about certain material non-cash and non-recurring items. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, because not all companies use identical calculations, this presentation of EBITDA and EBITDA margin may not be comparable to other similarly titled measures of other companies and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. EBITDA is calculated as net income attributable to Medpace Holdings, Inc. before income tax expense, interest income, net, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by Revenue, net for each period. Our presentation of EBITDA and EBITDA margin should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
4

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except per share amounts)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue, net$707,331 $603,311 $1,413,935 $1,161,881 
Operating expenses:
Direct service costs, excluding depreciation and amortization202,555 185,826 400,829 363,642 
Reimbursed out-of-pocket expenses303,139 237,472 615,143 439,876 
Total direct costs505,694 423,298 1,015,972 803,518 
Selling, general and administrative48,103 46,664 96,020 104,561 
Depreciation6,555 6,777 13,306 13,471 
Amortization155 237 310 473 
Total operating expenses560,507 476,976 1,125,608 922,023 
Income from operations146,824 126,335 288,327 239,858 
Other income (expense), net:
Miscellaneous (expense) income, net(147)(2,875)824 (4,691)
Interest income, net4,986 1,078 10,103 7,541 
Total other income (expense), net4,839 (1,797)10,927 2,850 
Income before income taxes151,663 124,538 299,254 242,708 
Income tax provision30,301 34,278 54,022 37,853 
Net income$121,362 $90,260 $245,232 $204,855 
Net income per share attributable to common shareholders:
Basic$4.31 $3.16 $8.66 $6.95 
Diluted$4.25 $3.10 $8.53 $6.79 
Weighted average common shares outstanding:
Basic28,17428,60128,30829,489
Diluted28,55429,14328,76130,165
5

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except share amounts)
As of
June 30,
2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$502,688 $497,049 
Accounts receivable and unbilled, net441,797 402,078 
Prepaid expenses and other current assets105,800 90,497 
Total current assets1,050,285 989,624 
Property and equipment, net157,114 131,055 
Operating lease right-of-use assets125,849 117,815 
Goodwill662,396 662,396 
Intangible assets, net33,110 33,420 
Deferred income taxes3,231 19,223 
Other assets25,196 21,939 
Total assets$2,057,181 $1,975,472 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$37,527 $28,142 
Accrued expenses451,076 408,382 
Advanced billings904,722 854,390 
Other current liabilities42,104 52,834 
Total current liabilities1,435,429 1,343,748 
Operating lease liabilities120,100 113,643 
Deferred income tax liability8,207 1,355 
Other long-term liabilities59,584 57,655 
Total liabilities1,623,320 1,516,401 
Commitments and contingencies
Shareholders’ equity:
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025
— — 
Common stock - $0.01 par-value; 250,000,000 shares authorized at June 30, 2026 and December 31, 2025; 27,910,605 and 28,370,780 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
279 284 
Treasury stock - 69,593 and 69,623 shares at June 30, 2026 and December 31, 2025, respectively
(12,151)(12,156)
Additional paid-in capital964,183 935,830 
Accumulated deficit(511,368)(459,981)
Accumulated other comprehensive loss(7,082)(4,906)
Total shareholders’ equity433,861 459,071 
Total liabilities and shareholders’ equity$2,057,181 $1,975,472 
6

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)Six Months Ended
June 30,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$245,232 $204,855 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation13,306 13,471 
Amortization310 473 
Stock-based compensation expense9,266 22,843 
Noncash lease expense11,902 11,687 
Deferred income tax provision22,824 34,856 
Other255 (520)
Changes in assets and liabilities:
Accounts receivable and unbilled, net(39,361)(81,980)
Prepaid expenses and other current assets(15,949)(33,130)
Accounts payable(45)12,021 
Accrued expenses43,717 12,249 
Advanced billings50,332 98,198 
Lease liabilities(12,357)(12,615)
Other assets and liabilities, net(15,633)(8,046)
Net cash provided by operating activities313,799 274,362 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures(30,725)(16,107)
Other92 100 
Net cash used in investing activities(30,633)(16,007)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercises19,094 26,285 
Repurchases of common stock(294,764)(912,815)
Net cash used in financing activities(275,670)(886,530)
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH		(1,857)5,069 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH5,639 (623,106)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period497,049 669,436 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period$502,688 $46,330 
7

MEDPACE HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(Amounts in thousands, except percentages)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
RECONCILIATION OF GAAP NET INCOME TO EBITDA
Net income (GAAP)$121,362 $90,260 $245,232 $204,855 
Interest income, net(4,986)(1,078)(10,103)(7,541)
Income tax provision30,301 34,278 54,022 37,853 
Depreciation6,555 6,777 13,306 13,471 
Amortization155 237 310 473 
EBITDA (Non-GAAP)$153,387 $130,474 $302,767 $249,111 
Net income margin (GAAP)17.2 %15.0 %17.3 %17.6 %
EBITDA margin (Non-GAAP)21.7 %21.6 %21.4 %21.4 %
FY 2026 GUIDANCE RECONCILIATION (UNAUDITED)
(Amounts in millions, except per share amounts)
Forecast 2026
Net IncomeNet income per diluted share
LowHighLowHigh
Net income and net income per diluted share (GAAP)$494.0 $514.0 $17.25 $17.95 
     Income tax provision117.4 121.4 
     Interest income, net(21.1)(21.1)
     Depreciation27.1 27.1 
     Amortization0.6 0.6 
EBITDA (Non-GAAP)$618.0 $642.0 
8

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