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Medpace (MEDP) investor relations material
Medpace Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 14.2% year-over-year to $603.3M, with EBITDA up 16.2% to $130.5M and net income at $90.3M.
Net new business awards for Q2 were $620.5M, up 12.6% year-over-year, with a book-to-bill ratio of 1.03.
Backlog as of June 30, 2025, was $2.87B, down 1.8% year-over-year, with $1.75B expected to convert to revenue in the next 12 months.
Cancellations were significantly lower in Q2, supporting improved bookings and revenue performance.
Share repurchases in the first half of 2025 totaled $908.4M, with $826.3M remaining authorized.
Financial highlights
Year-to-date revenue grew 11.8% to $1.16B; EBITDA increased 9.3% to $249.1M.
Q2 EBITDA margin was 21.6%, up from 21.3% a year ago; net income margin was 15.0%.
Diluted EPS for Q2 2025 was $3.10, up from $2.75 in Q2 2024.
Cash and cash equivalents as of June 30, 2025, were $46.3M, down from $669.4M at year-end 2024, mainly due to share repurchases.
Operating cash flow for Q2 2025 was $148.5M.
Outlook and guidance
2025 revenue guidance raised to $2.42B–$2.52B, representing 14.7%–19.5% growth over 2024.
2025 EBITDA expected at $515M–$545M, up 7.3%–13.5% year-over-year.
Net income guidance for 2025 is $405M–$428M; EPS expected at $13.76–$14.53.
Approximately $1.74–$1.76B of backlog is expected to convert to revenue over the next twelve months.
Guidance assumes a tax rate of 18.5%–19.0% and 29.4M diluted shares outstanding.
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