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Dec 31, 2025
Medpace Q4 2025 Earnings Report
Medpace reported strong fourth quarter 2025 results with significant revenue and net income growth.
Key Takeaways
Medpace Holdings, Inc. announced robust financial results for the fourth quarter and full year ended December 31, 2025. The company reported a 32.0% increase in revenue to $708.5 million for Q4 2025, with GAAP net income rising to $135.1 million, or $4.67 per diluted share. Net new business awards also saw a substantial increase of 39.1%, leading to a net book-to-bill ratio of 1.04x.
Revenue for Q4 2025 increased 32.0% to $708.5 million compared to the prior-year period.
GAAP net income for Q4 2025 was $135.1 million, or $4.67 per diluted share, up from $117.0 million, or $3.67 per diluted share, in Q4 2024.
Net new business awards grew by 39.1% to $736.6 million, resulting in a net book-to-bill ratio of 1.04x.
EBITDA for Q4 2025 increased 20.0% to $160.2 million, with an EBITDA margin of 22.6%.
Forward Guidance
Medpace forecasts 2026 revenue to be between $2.755 billion and $2.855 billion, representing an 8.9% to 12.8% growth over 2025. GAAP net income is expected to range from $487.0 million to $511.0 million, with diluted EPS between $16.68 and $17.50. Full year 2026 EBITDA is projected to be between $605.0 million and $635.0 million.
Positive Outlook
- Projected revenue growth of 8.9% to 12.8% for 2026.
- Forecasted GAAP net income between $487.0 million and $511.0 million.
- Anticipated diluted EPS between $16.68 and $17.50.
- Expected EBITDA in the range of $605.0 million to $635.0 million.
- Assumes a favorable tax rate of 18.5% to 19.5% for 2026.
Challenges Ahead
- Guidance does not include the potential impact of any future share repurchases.
- Relies on specific foreign exchange rates as of December 31, 2025.
- Assumes a fixed number of diluted weighted average shares outstanding (29.2 million).
Historical Earnings Impact
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