Medpace (MEDP) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue rose 8.5% YoY to $716.0M; EBITDA increased 16.0% to $172.1M and net income rose 23.7% to $137.5M.

• Net new awards reached $873.4M, up 10.6% YoY; trailing 12-month awards rose 23.9% to $3,024.2M and backlog reached $3,167.2M, up 5.6%.

Financial highlights

• Q3 diluted EPS was $4.84 versus $3.86, up 25.4%; operating income was $165.5M versus $141.8M.

• 9M revenue rose 16.9% to $2,129.9M; EBITDA increased 19.5% to $474.9M and net income rose 21.1% to $382.7M.

• 9M diluted EPS was $13.37 versus $10.64; constant-currency revenue and EBITDA growth were 16.7% and 20.4%, respectively.

• Q3 operating expenses rose 6.2% to $550.5M, below revenue growth of 8.5%; 9M operating expenses increased 16.4% to $1.68B.

Outlook and guidance

• FY2026 revenue guidance was raised to $2.835B–$2.855B, representing 12.0%–12.8% growth; EBITDA guidance is $638M–$652M, up 14.4%–16.9%.

• FY2026 net income guidance is $514M–$524M and diluted EPS is $17.97–$18.32.

• Guidance assumes a 19.0%–19.5% tax rate, $22.9M interest income, 28.6M diluted weighted-average shares and September 30 FX rates; excludes additional repurchases.

• 2027 guidance is expected in February; Q4 awards and cancellations remain key inputs, with current modeling broadly aligned with analyst consensus.