$MEDP · Medpace Holdings, Inc.
Medpace Holdings reported Q3 2026 results with revenue of $716.0M (+8.5% YoY), GAAP diluted EPS of $4.84 (vs $3.86), and net new business awards of $873.4M (+10.6% YoY). The Board terminated the prior buyback program and authorized a new $1.0B share repurchase plan through December 2028. FY2026 guidance calls for revenue of $2.835B-$2.855B and GAAP EPS of $17.97-$18.32.
- Q3 revenue of $716.0M, up 8.5% YoY from $659.9M, with backlog conversion rate of 23.8%.
- Net new business awards hit $873.4M, up 10.6% YoY from $789.6M.
- GAAP diluted EPS of $4.84 vs $3.86 in Q3 2025; net income margin expanded to 19.2% from 16.8%.
- Board terminated existing buyback and authorized new $1.0B repurchase program through December 2028.
- FY2026 guidance: revenue $2.835B-$2.855B (+12.0%-12.8%), GAAP EPS $17.97-$18.32.
Stock closed regular session at $662.48 (+6.43%), but extended-hours last trade at $658.00 (-0.68% vs close), suggesting modest post-print giveback despite strong results and the $1B buyback authorization.
Medpace pairs a clean Q3 beat with a $1B buyback authorization — a strong capital-return signal from a CRO already trading at a premium multiple.
Medpace's 23.8% backlog conversion rate and 24.0% EBITDA margin remain best-in-class among mid-cap CROs, reinforcing its premium valuation relative to peers facing slower biotech funding environments.
Backlog grew only 5.6% YoY to $3.17B, lagging the 10.6% net new awards growth, suggesting conversion or cancellation risk. Guidance assumes no buyback impact and a 19.0%-19.5% tax rate, leaving EPS sensitive to execution and macro shifts.
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