Medpace Reports Q3 2026 Results and Approves New $1.0 Billion Share Repurchase Program

Executive Overview

On October 21, 2026, Medpace Holdings, Inc. ($MEDP) filed a Form 8-K disclosing its third-quarter 2026 financial results (Item 2.02) and announcing the approval of a new $1.0 billion share repurchase authorization (Item 8.01) after terminating its existing program.

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Key Financial Highlights (Q3 2026)

• Revenue: Reached $716.0 million, up 8.5% YoY (8.6% on a constant currency basis) compared to $659.9 million in Q3 2025.
• Profitability:
  • GAAP Net Income: $137.5 million ($4.84 per diluted share), up 23.7% from $111.1 million ($3.86 per diluted share) in Q3 2025.
  • Net Income Margin: Expanded 240 bps to 19.2% from 16.8% in Q3 2025.
  • EBITDA: $172.1 million, up 16.0% YoY, delivering an EBITDA margin of 24.0% (vs. 22.5% in Q3 2025).
• Bookings & Backlog:
  • Net New Business Awards: $873.4 million, up 10.6% YoY.
  • Ending Backlog: $3,167.2 million, up 5.6% YoY from $3,000.6 million.
  • Backlog Conversion Rate: 23.8%.
• Cash Flow & Liquidity:
  • Generated $216.6 million in operating cash flow during Q3 2026.
  • Cash & Cash Equivalents: $705.3 million as of September 30, 2026.

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Capital Allocation: New $1.0B Share Repurchase Program

• Effective Date: October 20, 2026.
• Action: The Board of Directors terminated the existing program (which had $527.0 million remaining and was set to expire December 31, 2026) and authorized a new $1.0 billion share repurchase program expiring December 31, 2028.
• Funding & Execution: Repurchases will be funded via cash on hand through open-market purchases, privately negotiated transactions, or Rule 10b5-1 plans.

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Updated Full-Year 2026 Guidance

• Total Revenue: $2.835 billion to $2.855 billion (growth of 12.0% to 12.8% YoY).
• GAAP Net Income: $514.0 million to $524.0 million.
• Diluted EPS: $17.97 to $18.32 (based on 28.6 million diluted shares).
• EBITDA: $638.0 million to $652.0 million.
• Assumptions: Effective tax rate of 19.0%–19.5%, net interest income of $22.9 million, excluding prospective repurchases executed after September 30, 2026.