Medpace (MEDP) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $707.3 million, up 17.2% year-over-year, with net income of $121.4 million, a 34.5% increase, and EBITDA of $153.4 million, up 17.6%.

• Net new business awards rose 28.2% to $795.7 million, with a net book-to-bill ratio of 1.13 and backlog ending at $3.01 billion, up 4.9%.

• Growth was driven by strong performance in Metabolic, Oncology, CNS, and AVAI therapeutic areas, with a shift in mix back toward oncology programs.

• RFPs increased both sequentially and year-over-year, with high-quality opportunities and a robust business environment.

• Backlog conversion rate for Q2 2026 was 24.1%.

Financial highlights

• Six-month revenue was $1.41 billion, up 21.7% year-over-year; year-to-date EBITDA was $302.8 million, up 21.5%.

• Diluted EPS for Q2 2026 was $4.25, up from $3.10 in Q2 2025.

• Net income margin improved to 17.2% from 15.0% in Q2 2025.

• Cash and cash equivalents at quarter-end were $502.7 million; operating cash flow for Q2 was $162 million.

• Share repurchases totaled $294.7 million for 705,616–706,000 shares in Q2; $527 million remains authorized.

Outlook and guidance

• Full-year 2026 revenue is projected at $2.805–$2.885 billion, up 10.9%–14% over 2025.

• 2026 EBITDA is expected at $618–$642 million, with net income guidance of $494–$514 million.

• EPS for 2026 is forecast at $17.25–$17.95; guidance assumes a 19%–19.5% tax rate and no further share repurchases.

• Management expects continued growth driven by demand in key therapeutic areas and operational expansion.

• $1.95–$1.97 billion of backlog expected to convert to revenue in the next 12 months.