Medpace Holdings, Inc. · NASDAQ:MEDP
Medpace — Q1 2026 Earnings Presentation
15 slides from Medpace's earnings presentation, Apr 23, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS APRIL 22, 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: Q1 2026 – Key Operating Highlights
Q1 2026 – KEY OPERATING HIGHLIGHTS ($ in millions) First Quarter 2026 2025 % Change Revenue, net $ 706.6 $ 558.6 26.5 % Net New Business Awards $ 618.4 $ 500.0 23.7 % Net Book-to-Bill (A) 0.88 0.90 n.m. Net Book-to-Bill (LTM) 1.03 0.98 n.m. Ending Backlog $ 2,929.2 $ 2,846.0 2.9 % Backlog Conversion
Slide 4: Backlog and New Award Trends
BACKLOG AND NEW AWARD TRENDS Net Book-to-Bill Backlog Conversion Rate 23.6% 23.3% 1.20x 23.0% 1.04x 1.04x 21.2% 1.00x 1.03x 0.99x 0.90x 0.88x 19.2% 18.2% 18.2% 18.3% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Net New Business Awards Ending Backlog and Est. NTM Ba
Slide 5: Q1 2026 – Key Financial Highlights
Q1 2026 – KEY FINANCIAL HIGHLIGHTS ($ in millions, except per share data) First Quarter 2026 2025 % Change(B) Revenue, net $ 706.6 $ 558.6 26.5 % EBITDA(A) $ 149.4 $ 118.6 25.9 % % Margin 21.1 % 21.2 % n.m. Net Income $ 123.9 $ 114.6 8.1 % Net Income per diluted share $ 4.28 $ 3.67 16.6 % A. See the
Slide 6: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) ($ in millions) Revenue, net EBITDA(A) $708.5 $706.6 $659.9 $160.2 $603.3 $148.4 $149.4 $528.1 $533.3 $536.6 $558.6 $133.5 $130.5 $112.3 $118.8 $118.6 24.9% 22.3% 21.6% 22.5% 22.6% 21.3% 21.2% 21.1% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 7: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Revenue .1 % CA GR +8.9% - 12.8% YOY - 2 0 +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) . 3 % CA GR - 2 3 +22.1% 8.5% - 13.9%
Slide 8: Key Financial Trends
KEY FINANCIAL TRENDS ($ in millions) Net Income 0 % CAGR - 2 3 . 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 $181.8 2021 2022 2023 2024 2025 2026 Net Income per diluted share % CA GR 2 9 .5 9.2% - 14.5% YOY +28.2 %- +21.0
Slide 9: Revenue Composition
REVENUE COMPOSITION Therapeutic Area Customer Tier Top 10 Customer Concentration Concentration(B) Concentration (A) OTH Large Mid-sized 16% MET Pharma Biopharma Top 5 AVAI 31% 11% 5% 28% 5% Q1 2026 LTM CV Small 9% All Other Biopharma 63% CNS 84% Rest of 10% Top 10 ONC 9% 29% (A) OTH Top 5 19% Mid-si
Slide 10: Q1 2026 – Cash Position
Q1 2026 – CASH POSITION ($ in millions) ($ in millions) First Quarter Free Cash Flow and Free Cash Flow Conversion(A) Free Cash Flow 2026 2025 (A) Free Cash Flow Free Cash Flow Conversion % Operating Cash Flow (GAAP) $ 151.8 $ 125.8 158.7% 117.4% Less: CAPEX 6.8 10.0 109.2% $235.5 97.6% 97.1% $188.1
Slide 11: Full Year 2026 Guidance
FULL YEAR 2026 GUIDANCE ($ in millions, except per share data) As of April 22, 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 - $17.50 9.2% - 14.5% Note: See
Slide 12: Appendix
APPENDIX rest
Slide 13: Q1 2026 – Income Statement
Q1 2026 – INCOME STATEMENT % % Revenue, Revenue, 1Q26 vs. 1Q25 ($ in millions, except per share amounts) 1Q26 net 1Q25 net $ Change % Change Revenue, net $ 706.6 100.0 % $ 558.6 100.0 % $ 148.0 26.5 % Operating Expenses: Direct service costs, excluding depreciation and amortization 198.3 28.1 % 177.
Slide 14: EBITDA Reconciliation
EBITDA RECONCILIATION ($ in millions) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Net income as reported (GAAP) $ 88.4 $ 96.4 $117.0 $114.6 $ 90.3 $111.1 $135.1 $123.9 Income tax provision 22.1 22.4 16.9 3.6 34.3 31.7 21.7 23.7 Interest income, net (5.5) (7.5) (7.9) (6.5) (1.1) (1.5) (3.7) (5.1) Depreci
Slide 15: FY2026 Guidance Reconciliation
FY2026 GUIDANCE RECONCILIATION ($ 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 117.4 123.4 Interest income, net (27.5) (27.5) Depreciation 27.5