Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q4 2025 Earnings Presentation
15 slides from Medpace's earnings presentation, Feb 10, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS FEBRUARY 9, 2026
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: Q4 2025 – Key Operating Highlights
Q4 2025 – KEY OPERATING HIGHLIGHTS ($ in millions) Fourth Quarter Full Year 2025 2024 % Change 2025 2024 % Change Revenue, net $ 708.5 $ 536.6 32.0 % $ 2,530.2 $ 2,109.1 20.0 % Net New Business Awards $ 736.6 $ 529.7 39.1 % $ 2,646.8 $ 2,230.0 18.7 % Net Book-to-Bill (A) 1.04 0.99 n.m. 1.05 1.06 n.m
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 23.6% 23.0% 1.20x 1.20x 21.2% 1.04x 1.03x 1.04x 1.00x 19.2% 0.99x 18.2% 18.2% 18.2% 18.3% 0.90x 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q4 2025 – Key Financial Highlights
Q4 2025 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) Fourth Quarter Full Year 2025 2024 % Change(B) 2025 2024 % Change(B) Revenue, net $ 708.5 $ 536.6 32.0 % $ 2,530.2 $ 2,109.1 20.0 % EBITDA(A) $ 160.2 $ 133.5 20.0 % $ 557.7 $ 480.2 16.1 % % Margin 22.6 % 24.9 % n.m. 22.0 % 22.
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $708.5 $659.9 $160.2 $603.3 $148.4 $528.1 $533.3 $536.6 $558.6 $133.5 $130.5 $511.0 $115.7 $118.8 $118.6 $112.3 24.9% 22.6% 22.3% 21.6% 22.5% 22.6% 21.3% 21.2% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue C AGR +8.9% - 12.8% YOY - 20 . 1 % +19.3% +20.0% YOY +11.8% YOY +29.2% YOY +27.8% YOY Guidance Range $2,530.2 $2,755 - $2,855 $1,885.8 $2,109.1 $1,460.0 $1,142.4 2021 2022 2023 2024 2025 2026 ($ in millions) EBITDA(A) 8.5% - 13.9% YOY R - 23 .3% CAG +16.1
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income % CAG R - 2 3 . 0 8.0% - 13.3% YOY +21.8% +11.6% YOY +43.0% YOY +15.3% YOY +34.9% YOY Guidance Range $404.4 $451.1 $487 - $511 $245.4 $282.8 $181.8 2021 2022 2023 2024 2025 2026 Net Income per diluted share CAG R 9.2% - 14.5% YOY 2 9 . 5 % +28.2%- +21.
Slide 9: 2025 – Revenue Composition
2025 – REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration(C) OTH (A) Large 16% Mid-sized Pharma Top 5 ONC Biopharma 5% 25% AVAI 30% 13% 5% 2025 CV Small Rest of 10% All Other Biopharma Top 10 82% 65% CNS 10% 10% MET 29% OTH (A) Top 5 20% M
Slide 10: Q4 2025 – Cash Position
Q4 2025 – CASH POSITION ($ in millions) ($ in millions) Fourth Quarter Full Year Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2025 2024 2025 2024 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow $ 192.7 $ 190.7 $ 713.2 $ 608.8 (GAAP) 158.7% 137.1% Less: CAPEX 4.5
Slide 11: Full Year 2026 Guidance
FULL YEAR 2026 GUIDANCE ($ in millions, except per share data) As of February 9, 2026 Guidance Range Growth Rate Revenue, net $2,755.0 - $2,855.0 8.9% - 12.8% EBITDA $605.0 - $635.0 8.5% - 13.9% Net Income $487.0 - $511.0 8.0% - 13.3% Net Income per diluted share $16.68 - $17.50 9.2% - 14.5% Note: S
Slide 12: Appendix
APPENDIX rest
Slide 13: Q4 2025 – Income Statement
Q4 2025 – INCOME STATEMENT % % Revenue, Revenue, 4Q25 vs. 4Q24 ($ in millions, except per share amounts) 4Q25 net 4Q24 net $ Change % Change Revenue, net $ 708.5 100.0 % $ 536.6 100.0 % $ 171.9 32.0 % Operating Expenses: Direct service costs, excluding depreciation and amortization 182.2 25.7 % 167.
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net income as reported (GAAP) $102.6 $ 88.4 $ 96.4 $117.0 $114.6 $ 90.3 $111.1 $135.1 Income tax provision 10.2 22.1 22.4 16.9 3.6 34.3 31.7 21.7 Interest income, net (4.1) (5.5) (7.5) (7.9) (6.5) (1.1) (1.5) (3.7) Depreci
Slide 15: FY2026 Guidance Reconciliation
FY2026 GUIDANCE RECONCILIATION ($ 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) $ 487.0 $ 511.0 $ 16.68 $ 17.50 Income tax provision 113.9 119.9 Interest income, net (24.3) (24.3) Depreciation 27.8