Medpace Holdings, Inc. Q3 2025 Earnings Recap

Medpace reported a strong Q3 2025 with revenue of $659.9 million, up 23.7% year-over-year, driven by record net bookings and solid backlog growth.

Key Takeaways

• Net new business awards surged 47.9% year-over-year to $789.6 million, resulting in a net book-to-bill ratio of 1.20.
• Ending backlog rose to approximately $3 billion, reflecting a 2.5% increase year-over-year, with $1.84 billion expected to convert to revenue in the next 12 months.
• Q3 EBITDA climbed 24.9% to $148.4 million, with an EBITDA margin of 22.5%, supported by productivity gains despite higher reimbursable costs.
• Updated 2025 total revenue guidance set at $2.48 billion to $2.53 billion, indicating growth of 17.6% to 20% over 2024.
• Year-to-date cash flow from operations reached $246.2 million, and the company repurchased 2.96 million shares, reinforcing commitment to returning value to shareholders.