Medpace Holdings, Inc.

Revenue was $716 million in Q3 2026, up 8.5% year over year. EBITDA was $172.1 million, up from $148.4 million, with EBITDA margin at 24% versus 22.5% last year. Net income was $137.5 million, up 23.7% from $111.1 million, and diluted EPS was $4.84 versus $3.86. For the first nine months, revenue was $2.13 billion, EBITDA was $474.9 million, and net income was $382.7 million. Net new business awards entering backlog were $873 million, up 10.6%, with trailing 12-month awards of $3.02 billion, up 23.9%; ending backlog was about $3.2 billion, and the company expects about $1.99 billion to convert to revenue in the next 12 months. Cash flow from operating activities was $217 million, cash ended at $705.3 million, and net days sales outstanding were -66 days. Updated 2026 guidance calls for revenue of $2.835 billion to $2.855 billion, EBITDA of $638 million to $652 million, net income of $514 million to $524 million, and EPS of $17.97 to $18.32. The guidance assumes a 19% to 19.5% tax rate, $22.9 million of interest income, 28.6 million diluted weighted average shares, no additional share repurchases, and FX rates as of September 30, 2026.

August Troendle said the business environment remains strong, with high-quality RFP activity, strong initial award notifications, and a good win rate. He emphasized that net new business awards hit an all-time high and said recent process changes made late in 2025 appear to be helping win rates. He also framed 2027 as still developing, saying the company will provide formal 2027 guidance in February and that visibility is improving month to month, but cancellations remain a key variable.

Kevin Brady highlighted broad-based financial strength: Q3 revenue of $716 million, EBITDA of $172.1 million, EBITDA margin of 24%, net income of $137.5 million, and EPS of $4.84. He said margins benefited from lower reimbursable costs, and noted strong cash generation with $217 million of operating cash flow, $705.3 million in cash, and no additional share repurchases assumed in guidance. He also pointed to the new Cincinnati expansion as a 2027 headwind, adding about $20 million of operating costs next year.

Analysts pressed on bookings, competitive intensity, and whether the stronger award pace is sustainable. Management said the improvement reflects both a strong market and Medpace’s stronger win rate, with therapeutic mix tilting more toward oncology and some recovery in metabolic opportunities, while cancellations were described as still elevated versus what the company would like but within expected range. On 2027, management repeatedly said consensus looks reasonable but that there is not yet enough visibility to give firm guidance, especially because Q4 cancellations and award flow will affect next year.