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Jun 30, 2025
Medpace Q2 2025 Earnings Report
Medpace reported solid revenue and net income growth in Q2 2025.
Key Takeaways
Medpace delivered strong revenue growth and steady profitability in Q2 2025, driven by robust new business awards and healthy backlog conversion.
Revenue grew to $603.3M with solid backlog conversion of 21.2%
Net income reached $90.3M, translating to $3.10 per diluted share
New business awards totaled $620.5M, keeping book-to-bill above 1.0x
EBITDA increased to $130.5M with a 21.6% margin
Forward Guidance
Medpace expects continued growth in 2025 with revenue, net income, and EBITDA all projected to rise significantly.
Positive Outlook
- Revenue forecasted between $2.42B and $2.52B
- GAAP net income expected between $405M and $428M
- EBITDA forecasted between $515M and $545M
- Diluted EPS guided to $13.76 - $14.53
- Healthy tax rate of 18.5% to 19% assumed
Challenges Ahead
- Backlog slightly declined from prior year
- Net income margin decreased YoY from 16.7% to 15.0%
- Guidance does not account for further share repurchases
- Potential headwinds from pricing pressure mentioned in risk factors
- Book-to-bill ratio only slightly above 1.0x, indicating moderate growth pace
Historical Earnings Impact
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Avg. Return Before/After Earnings
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