Medpace Holdings, Inc. (NASDAQ: MEDP) announced its third‑quarter 2025 financial results on October 23, 2025. Revenue for the nine‑month period ended September 30 rose 23.7% year‑over‑year to $659.9 million, and on a constant‑currency basis increased 23.4%. The company’s backlog as of September 30 was $3.0006 billion, up 2.5% from $2.9274 billion a year earlier, and net new business awards totaled $789.6 million, giving a book‑to‑bill ratio of 1.20x.
The earnings beat consensus estimates, with diluted earnings per share of $3.86 versus the $3.52 consensus, and GAAP net income of $111.1 million. EBITDA reached $148.4 million, a 24.9% year‑over‑year increase, and represented 22.5% of revenue. The company also reported a negative net days sales outstanding of –65 days, indicating strong cash collection from customers.
Medpace raised its full‑year 2025 outlook, now forecasting revenue of $2.480 billion to $2.530 billion, GAAP net income of $431 million to $439 million, and EBITDA of $545 million to $555 million. Diluted EPS for the year is now projected at $14.60 to $14.86. The company also disclosed that it repurchased 14,649 shares for $4.5 million during the quarter and had $821.7 million remaining under its authorized share‑repurchase program.
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