Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q3 2025 Earnings Presentation
15 slides from Medpace's earnings presentation, Oct 22, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS OCTOBER 22, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of histori
Slide 3: Q3 2025 – Key Operating Highlights
Q3 2025 – KEY OPERATING HIGHLIGHTS ($ in millions) Third Quarter Year-to-Date 2025 2024 % Change 2025 2024 % Change Revenue, net $ 659.9 $ 533.3 23.7 % $ 1,821.8 $ 1,572.5 15.9 % Net New Business Awards $ 789.6 $ 533.7 47.9 % $ 1,910.2 $ 1,700.3 12.3 % Net Book-to-Bill (A) 1.20 1.00 n.m. 1.05 1.08 n
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 23.0% 1.23x 1.20x 1.20x 21.2% 1.04x 1.03x 1.00x 0.99x 19.2% 0.90x 18.5% 18.2% 18.2% 18.2% 18.3% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q3 2025 – Key Financial Highlights
Q3 2025 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Third Quarter Year-to-Date 2025 2024 % Change(B) 2025 2024 % Change(B) Revenue, net $ 659.9 $ 533.3 23.7 % $ 1,821.8 $ 1,572.5 15.9 % EBITDA(A) $ 148.4 $ 118.8 24.9 % $ 397.5 $ 346.7 14.7 % % Margin 22.5 % 22.3 % n.m. 21.8 % 2
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $148.4 $659.9 $133.5 $130.5 $603.3 $115.7 $118.8 $118.6 $533.3 $536.6 $558.6 $112.3 $498.4 $511.0 $528.1 $95.8 24.9% 22.6% 22.3% 21.6% 22.5% 21.3% 21.2% 19.2% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q23 1Q24 2Q24 3Q24 4Q24
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue CAGR - 2 2 . 3% +21.8% +17.6% - 20.0% YOY +11.8% YOY +29.2% YOY +27.8% YOY +23.4% YOY Guidance Range $2,109.1 $2,480 - $2,530 $1,885.8 $1,460.0 $925.9 $1,142.4 2020 2021 2022 2023 2024 2025 ($ in millions) EBITDA(A) . 2 % CAGR +13.5% - 15.6% YOY +23.8 % -
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income C A GR 6.6% - 8.6% YOY % % - 24.7 +43.0% YOY +24.3 +15.3% YOY +34.9% YOY +25.1% YOY Guidance Range $404.4 $431 - $439 $245.4 $282.8 $145.4 $181.8 2020 2021 2022 2023 2024 2025 Net Income per diluted share 15.6% - 17.7% YOY .1% CAGR 0 .6 % - 31 +42.2% Y
Slide 9: YTD 2025 – Revenue Composition
YTD 2025 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) (A) OTH Large 18% Mid-sized Pharma Top 5 ONC Biopharma 5% 23% AVAI 30% 14% YTD 2025 5% CV Small Rest of 10% Biopharma All Other Top 10 81% 67% 10% CNS 10% MET 27% OTH (A) Top
Slide 10: Q3 2025 – Cash Position
Q3 2025 – CASH POSITION ($ in millions) ($ in millions) Third Quarter Year-to-Date Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2025 2024 2025 2024 Operating Cash Flow (A) $ 246.2 $ 149.1 $ 520.6 $ 418.1 Free Cash Flow Free Cash Flow Conversion % (GAAP) 158.7% 137.1% Less: CAPEX 10
Slide 11: Full Year 2025 Guidance
FULL YEAR 2025 GUIDANCE ($ in millions, except per share data) As of July 21, 2025 As of October 22, 2025 Guidance Range Growth Rate Guidance Range Growth Rate Revenue, net $2,420.0 - $2,520.0 14.7% - 19.5% $2,480.0 - $2,530.0 17.6% - 20.0% EBITDA $515.0 - $545.0 7.3% - 13.5% $545.0 - $555.0 13.5% -
Slide 12: Appendix
APPENDIX rest
Slide 13: Q3 2025 – Income Statement
Q3 2025 – INCOME STATEMENT % % Revenue, Revenue, 3Q25 vs. 3Q24 ($ in millions, except per share amounts) 3Q25 net 3Q24 net $ Change % Change Revenue, net $ 659.9 100.0 % $ 533.3 100.0 % $ 126.6 23.7 % Operating expenses: Direct service costs, excluding depreciation and amortization 186.3 28.2 % 171.
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION YTD YTD ($ in millions) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2024 2025 Net income as reported (GAAP) $ 78.3 $102.6 $ 88.4 $ 96.4 $117.0 $114.6 $ 90.3 $111.1 $ 287.4 $ 316.0 Income tax provision 12.4 10.2 22.1 22.4 16.9 3.6 34.3 31.7 54.7 69.6 Interest income, net (1.8) (4.1)
Slide 15: FY2025 Guidance Reconciliation
FY2025 GUIDANCE RECONCILIATION ($ in millions, except per share amounts) Net Income per diluted Net Income share Low High Low High Net income and net income per diluted share (GAAP) $ 431.0 $ 439.0 $ 14.60 $ 14.86 Income tax provision 97.8 99.8 Interest income, net (12.2) (12.2) Depreciation 27.5 27