Medpace Holdings (MEDP) Q3 2026 Earnings Report
MX:MEDP Q3 2026 EPS Results
- Actual EPS
- MXN 90.52
- Consensus EPS
- MXN 82.96
- Beat/Miss
- Beat by +MXN 7.56
- One Year Ago EPS
- MXN 72.19
MX:MEDP Q3 2026 Revenue Results
- Actual Revenue
- MXN 13.39B
- Expected Revenue
- MXN 13.36B
- Beat/Miss
- Beat by +MXN 28.63M
- YoY Revenue Growth
- +8.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- After Close
- Conference Call
- Wednesday, October 21, 2026
Medpace Holdings's next earnings date is estimated for February 15, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Medpace reported strong revenue, EBITDA, net income, EPS, bookings, backlog, cash flow, pipeline activity, win rates, utilization, and employee retention, and raised its 2026 outlook. The main challenges were elevated-but-manageable cancellations, uncertainty that delayed 2027 guidance, quarter-to-quarter margin volatility, lower current metabolic awards, and approximately $20 million of operating costs from the Cincinnati expansion in 2027.
For 2026, total revenue is now expected in the range of $2.835 billion to $2.855 billion, representing growth of 12% to 12.8% over 2025 total revenue of $2.53 billion; EBITDA is now expected in the range of $638 million to $652 million, representing growth of 14.4% to 16.9% compared to EBITDA of $557.7 million in 2025; net income is forecast in the range of $514 million to $524 million; the guidance assumes a full year 2026 effective tax rate of 19% to 19.5%, interest income of $22.9 million and 28.6 million diluted weighted average shares outstanding, with no additional share repurchases assumed; earnings per diluted share is now expected in the range of $17.97 to $18.32, based on foreign exchange rates as of September 30, 2026. Pass-through mix is expected to be “somewhere around where we finished the third quarter,” or “kind of 40% to 40.5% based on our current model,” while 2027 guidance will be provided at the time of Q4 reporting in February, with “no large disconnect” between analyst consensus estimates and current modeling, including about $20 million of operating costs from the Cincinnati expansion in 2027.
- Record Net New Business Awards and Strong Win RateManagement reported a strong business environment in the third quarter, with high-quality RFP activity, strong initial award notifications, and a good win rate. Net new business awards reached an all-time high, while awards over the last 12 months increased 23.9% year over year.
- Revenue GrowthThird-quarter revenue was $716 million, an 8.5% year-over-year increase. Revenue for the nine months ended September 30, 2026, was $2.13 billion, up 16.9% from the comparable prior-year period.
- EBITDA and Margin ExpansionThird-quarter EBITDA increased 16% to $172.1 million from $148.4 million in the prior-year period. EBITDA margin improved to 24% from 22.5%, benefiting from lower reimbursable costs. Year-to-date EBITDA rose 19.5% to $474.9 million, with year-to-date EBITDA margin increasing to 22.3% from 21.8%.
- Net Income and EPS GrowthThird-quarter net income increased 23.7% to $137.5 million, primarily driven by higher interest income and a lower effective tax rate compared with the prior-year period. Year-to-date net income increased 21.1% to $382.7 million. Third-quarter diluted EPS was $4.84 versus $3.86, while year-to-date diluted EPS was $13.37 versus $10.64.
- Backlog Growth and Revenue VisibilityThird-quarter net new business awards entering backlog increased 10.6% year over year to $873.4 million. Awards entering backlog over the last 12 months increased to $3.02 billion, up 23.9%. Ending backlog was approximately $3.2 billion, up 5.6%, with approximately $1.99 billion expected to convert to revenue over the next 12 months.
- Strong Cash Generation and LiquidityMedpace generated $216.6 million of operating cash flow in the third quarter. Net days sales outstanding was negative 66 days, and cash ended the quarter at $705.3 million.
- New $1 Billion Share Repurchase AuthorizationEffective October 20, 2026, the Board terminated the existing share repurchase authorization and approved a new authorization for repurchases of up to $1 billion.
- Raised 2026 Revenue and EBITDA GuidanceFull-year 2026 revenue guidance is $2.835 billion to $2.855 billion, representing growth of 12% to 12.8% over 2025 revenue of $2.53 billion. EBITDA guidance is $638 million to $652 million, representing growth of 14.4% to 16.9% over 2025 EBITDA of $557.7 million.
- 2026 Net Income and EPS OutlookMedpace forecast 2026 net income of $514 million to $524 million and diluted EPS of $17.97 to $18.32. The guidance assumes a full-year effective tax rate of 19% to 19.5%, interest income of $22.9 million, and 28.6 million diluted weighted average shares outstanding. No additional share repurchases are assumed in the guidance.
- Improved Commercial ExecutionManagement said meaningful process adjustments made toward the end of 2025 to address the win rate have been very successful to date, although the company is continuing to assess the results over multiple quarters.
- Healthy Pipeline and Faster Customer DecisionsThe total dollar value of pending opportunities is up nicely, and total pending decisions by clients are very large. Management said projects are moving toward awards and startup at a relatively normal pace, with customer decision timelines moving faster than last year and the environment described as pretty normalized.
- Strong Utilization and Low Employee TurnoverUtilization remains in a good spot, with revenue growing faster than headcount at the given moment. Management also said attrition and turnover rates are in a very good and very low spot, with no abnormal pressure on salaries, wages, or benefits beyond expected increases.
- Positive Near-Term Awards OutlookManagement expects fourth-quarter awards could be another record and expects business awards moving into backlog to continue moving upward in the next quarter and sequentially, provided cancellations remain within range.
- Large Pharma Activity Supported by Existing RelationshipsManagement said much of the company's large-pharma opportunity comes from supporting existing biotech clients that were acquired, rather than from direct outreach to win entirely new large-pharma clients.
- Therapeutic Demand Remains ActiveAward notifications and awards have shifted more toward traditional oncology, which management described as the company's largest area, while there are also a lot of pending metabolic opportunities and quite a bit of metabolic work in the RFP pipeline.
- Flexible Full-Service Engagement ModelMedpace continues to prefer fully full-service opportunities but may pursue projects where it manages front-end operations, recruitment, quality, and overall execution while clients retain certain functions such as data, statistics, or medical writing. Management said it has not seen a meaningful step increase in carve-out activity.
- Pass-Through Mix Expected Near Third-Quarter LevelManagement expects second-half pass-through revenue mix to be approximately 40% to 40.5% based on the current model, with fourth-quarter levels expected to be around where the company finished the third quarter.
MX:MEDP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 15, 2027 | 2026 (Q4) | 90.41- | 87.34 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 82.9690.52 | 72.19 | 25.39% (+18.33) | |
| Jul 22, 2026 | 2026 (Q2) | 74.4079.48 | 57.98 | 37.10% (+21.51) | |
| Apr 22, 2026 | 2026 (Q1) | 73.3380.04 | 68.64 | 16.62% (+11.41) | |
| Feb 09, 2026 | 2025 (Q4) | 78.2787.34 | 68.64 | 27.25% (+18.70) | |
| Oct 22, 2025 | 2025 (Q3) | 66.1172.19 | 56.29 | 28.24% (+15.90) | |
| Jul 21, 2025 | 2025 (Q2) | 55.7957.98 | 51.43 | 12.73% (+6.55) | |
| Apr 21, 2025 | 2025 (Q1) | 57.2368.64 | 59.85 | 14.69% (+8.79) | |
| Feb 10, 2025 | 2024 (Q4) | 54.9768.64 | 46.01 | 49.19% (+22.63) | |
| Oct 21, 2024 | 2024 (Q3) | 51.8256.29 | 41.52 | 35.59% (+14.77) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
