Medpace earnings rise 25% and drug-trial firm sets new $1 billion buyback

Medpace, which runs clinical trials for drug and device makers, grew third-quarter earnings per share 25% and authorized a new $1 billion stock buyback.

Net income rose to $137.5 million, or $4.84 a diluted share, from $111.1 million, or $3.86, a year earlier, according to the earnings release Medpace filed with an 8-K on Wednesday. Revenue increased 8.5% to $716.0 million.

Net new business awards, a gauge of future revenue, rose 10.6% to $873.4 million. Backlog grew 5.6% to $3.17 billion, and the backlog conversion rate was 23.8%.

EBITDA, a non-GAAP measure, climbed 16.0% to $172.1 million, lifting the margin to 24.0% from 22.5%.

New buyback

Effective Oct. 20, the board ended the company's existing repurchase authorization, which had $527.0 million remaining and was set to expire at year-end, and replaced it with a new authorization to buy back up to $1.0 billion of stock through Dec. 31, 2028.

Guidance

Medpace forecasts 2026 revenue of $2.835 billion to $2.855 billion, growth of 12.0% to 12.8%, and GAAP EPS of $17.97 to $18.32. It expects full-year EBITDA of $638.0 million to $652.0 million. The outlook does not include the effect of any buybacks after Sept. 30.

By the numbers

• Revenue: $716.0 million, up 8.5%
• EPS: $4.84, vs. $3.86
• Net new business awards: $873.4 million, up 10.6%
• Backlog: $3.17 billion, up 5.6%
• New buyback authorization: $1.0 billion

Sources

1. Medpace Holdings, Inc., Form 8-K (Items 2.02, 8.01) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001668397-26-000034

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