Medpace reports Q3 2026 revenue up 8.5%, replaces buyback plan with $1.0 billion authorization

Medpace Holdings reported third quarter 2026 results on October 21, 2026, covering the period ended September 30, 2026. Revenue for the three months ended September 30, 2026 increased 8.5% to $716.0 million, compared to $659.9 million for the comparable prior-year period.¹ That reflected a backlog conversion rate of 23.8%.¹

Net new business awards were $873.4 million in the third quarter of 2026, an increase of 10.6% from $789.6 million in the prior-year period.¹ Backlog as of September 30, 2026 increased 5.6% to $3,167.2 million from $3,000.6 million a year earlier.¹

On the capital return side, effective October 20, 2026, the company's board terminated its existing stock repurchase authorization, which had been set to expire December 31, 2026 and had $527.0 million remaining.¹ In its place, the board approved a new authorization permitting repurchases of up to $1.0 billion of common stock through December 31, 2028, at management's discretion.¹ The company noted the new authorization does not obligate it to buy back any minimum amount of stock and may be modified or terminated by the board at any time without notice.¹

For the full year, Medpace forecasts 2026 revenue of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion.¹ Full-year GAAP net income is forecasted at $514.0 million to $524.0 million, with EBITDA expected in the range of $638.0 million to $652.0 million.¹ The company said this guidance does not include the potential impact of any share repurchases made under the program after September 30, 2026.¹

On liquidity, cash and cash equivalents were $705.3 million at September 30, 2026, with $216.6 million generated in operating cash flow during the quarter.¹ There were no share repurchases in the third quarter of 2026.¹

Medpace will hold a conference call on October 22, 2026 to discuss the results.