Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,500 people. Operating under a full-service model, the company also offers global central laboratory, imaging and ECG core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio. The company started trading stock as a public firm in 2016.3Wikipedia text CC BY-SA 4.0
Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,500 people. Operating under a full-service model, the company also offers global central laboratory, imaging and ECG core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Share buybacks
Capital spending3¢$31.4M
Share buybacks97¢$917.4M
Out of $713.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7
Financial statements
Revenue8910117$2.5B in 2025+194% since 2019Operating income8910117$534.9M in 2025+320% since 2019Net income8910117$451.1M in 2025+349% since 2019
Revenue1213$707.3M in Q2 FY2026+0% since Q1 FY2026Operating income1213$146.8M in Q2 FY2026+4% since Q1 FY2026Net income1213$121.4M in Q2 FY2026−2% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue, net (includes $53.2 million, $50.0 million and $59.6 million with related parties for the years ended December 31, 2025, 2024 and 2023, respectively)
$2.5B
$2.1B
$1.9B
Direct operating costs
$1.8B
$1.5B
$1.4B
Selling, general and administrative
$197.6M
$180.2M
$161.4M
Depreciation
$27.2M
$27.8M
$24.1M
Amortization
$946.0K
$1.4M
$2.2M
Total operating expenses
$2.0B
$1.7B
$1.5B
Income from operations
$534.9M
$446.9M
$336.8M
Miscellaneous (expense) income, net
-$5.3M
$4.1M
-$655.0K
Interest income (expense), net
$12.8M
$25.0M
-$488.0K
Total other income (expense), net
$7.4M
$29.1M
-$1.1M
Income before income taxes
$542.4M
$475.9M
$335.7M
Income tax provision
$91.3M
$71.5M
$52.9M
Net income
$451.1M
$404.4M
$282.8M
Earnings per share, basic (in dollars per share)
$15.64
$13.06
$9.20
Earnings per share, diluted (in dollars per share)
$15.28
$12.63
$8.88
Weighted average number of shares outstanding, basic (in shares)
28.8M shares
31.0M shares
30.7M shares
Weighted-average shares outstanding, diluted (in shares)
29.5M shares
32.0M shares
31.8M shares
No quarter-by-quarter statement was filed.
Total assets148910117$2.0B in 2025+73% since 2019Total liabilities148910117$1.5B in 2025+264% since 2019Shareholders’ equity910117$459.1M in 2025−37% since 2019Cash148910117$497.0M in 2025+277% since 2019
Total assets1213$2.1B in Q2 FY2026+4% since Q1 FY2025Total liabilities1213$1.6B in Q2 FY2026+7% since Q1 FY2025Shareholders’ equity1213$433.9M in Q2 FY2026−5% since Q1 FY2025Cash1213$502.7M in Q2 FY2026+1% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$497.0M
$669.4M
Accounts receivable and unbilled, net (includes $3.5 million and $4.2 million with related parties at December 31, 2025 and 2024, respectively)
$402.1M
$296.4M
Total current assets
$989.6M
$1.0B
Property and equipment, net
$131.1M
$123.6M
Operating lease right-of-use assets
$117.8M
$128.6M
Goodwill
$662.4M
$662.4M
Intangible assets, net
$33.4M
$34.4M
Deferred income taxes
$19.2M
$100.4M
Other assets
$21.9M
$22.3M
Total assets
$2.0B
$2.1B
Accrued expenses
$408.4M
$307.8M
Advanced billings (includes $12.3 million and $14.6 million with related parties at December 31, 2025 and 2024, respectively)
$854.4M
$710.6M
Other current liabilities
$52.8M
$53.6M
Total current liabilities
$1.3B
$1.1B
Operating lease liabilities
$113.6M
$126.2M
Deferred income tax liability
$1.4M
$1.8M
Other long-term liabilities
$57.7M
$42.7M
Total liabilities
$1.5B
$1.3B
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock - $0.01 par-value; 250,000,000 shares authorized at December 31, 2025 and 2024; 28,370,780 and 30,630,799 shares issued and outstanding at December 31, 2025 and 2024, respectively
$284.0K
$306.0K
Treasury stock - 69,623 and 70,073 shares at December 31, 2025 and 2024, respectively
-$12.2M
-$12.2M
Additional paid-in capital
$935.8M
$844.0M
(Accumulated deficit) retained earnings
-$460.0M
$8.2M
Accumulated other comprehensive loss
-$4.9M
-$14.7M
Total shareholders equity
$459.1M
$825.5M
$559.0M
$386.4M
Total liabilities and shareholders equity
$2.0B
$2.1B
Prepaid expenses and other current assets
$90.5M
$63.4M
Accounts payable
$28.1M
$32.5M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
5.0M shares
5.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock authorized (in shares)
250.0M shares
250.0M shares
Common stock issued (in shares)
28.4M shares
30.6M shares
Common stock outstanding (in shares)
28.4M shares
30.6M shares
Treasury stock (in shares)
69.6K shares
70.1K shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$497.0M
$669.4M
Accounts receivable and unbilled, net (includes $3.5 million and $4.2 million with related parties at December 31, 2025 and 2024, respectively)
$402.1M
$296.4M
Total current assets
$989.6M
$1.0B
Property and equipment, net
$131.1M
$123.6M
Operating lease right-of-use assets
$117.8M
$128.6M
Goodwill
$662.4M
$662.4M
Intangible assets, net
$33.4M
$34.4M
Deferred income taxes
$19.2M
$100.4M
Other assets
$21.9M
$22.3M
Total assets
$2.0B
$2.1B
Accrued expenses
$408.4M
$307.8M
Advanced billings (includes $12.3 million and $14.6 million with related parties at December 31, 2025 and 2024, respectively)
$854.4M
$710.6M
Other current liabilities
$52.8M
$53.6M
Total current liabilities
$1.3B
$1.1B
Operating lease liabilities
$113.6M
$126.2M
Deferred income tax liability
$1.4M
$1.8M
Other long-term liabilities
$57.7M
$42.7M
Total liabilities
$1.5B
$1.3B
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock - $0.01 par-value; 250,000,000 shares authorized at December 31, 2025 and 2024; 28,370,780 and 30,630,799 shares issued and outstanding at December 31, 2025 and 2024, respectively
$284.0K
$306.0K
Treasury stock - 69,623 and 70,073 shares at December 31, 2025 and 2024, respectively
-$12.2M
-$12.2M
Additional paid-in capital
$935.8M
$844.0M
(Accumulated deficit) retained earnings
-$460.0M
$8.2M
Accumulated other comprehensive loss
-$4.9M
-$14.7M
Total shareholders equity
$459.1M
$825.5M
$559.0M
$386.4M
Total liabilities and shareholders equity
$2.0B
$2.1B
Prepaid expenses and other current assets
$90.5M
$63.4M
Accounts payable
$28.1M
$32.5M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
5.0M shares
5.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock authorized (in shares)
250.0M shares
250.0M shares
Common stock issued (in shares)
28.4M shares
30.6M shares
Common stock outstanding (in shares)
28.4M shares
30.6M shares
Treasury stock (in shares)
69.6K shares
70.1K shares
Cash from operations8910117$713.2M in 2025+253% since 2019Capital spending8910117$31.4M in 2025+75% since 2019Free cash flow8910117$681.9M in 2025+271% since 2019Share buybacks8910117$917.4M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Medpace sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Medpace
August J. TroendleFiled SCHEDULE 13D/A on Medpace, latest Sep 28, 2026 (11 filings since Dec 23, 2021)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Medpace, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
WASATCH ADVISORS LPFiled SC 13G/A on Medpace, latest Feb 9, 2024 (3 filings since Feb 11, 2022)
BlackRockFiled SC 13G/A on Medpace, latest Jan 26, 2024 (5 filings since Jan 26, 2022)
MedpaceCincinnati, Ohio, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Medpace reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we had leased commercial locations in various countries across North America, Europe, Asia, South America, Africa and Australia. We also own buildings in Leuven, Belgium for our laboratory, office and logistics operations. Most of our global facilities consist solely of office space; however, we have five laboratories located across four locations and two logistics warehouses. Our principal executive offices are located on a corporate campus in Cincinnati, Ohio consisting of five buildings totaling approximately 620,000 square feet. The leases for three buildings in our Cincinnati site expire in 2027, 2032 and 2040. We own the fourth and fifth buildings. None of our leases are individually material to our business model and all have either options to renew or are located in major markets with what we believe are adequate opportunities to continue business operations on terms satisfactory to us.
August Troendle founded Medpace in Cincinnati, Ohio, in 1992 as Medical Research Services. Troendle first became interested in the CRO sector after working in both the regulatory and pharmaceutical area. He began his career as a reviewer with the FDA, specializing in the development of lipid lowering therapies to treat high cholesterol.
With a team of industry physicians, Jonathan Issacsohn and Evan Stein completed many early studies while at Medpace and Medpace Reference Laboratories on the use of statin therapies for the treatment of hypercholesterolemia. Another Medpace physician, David Orloff was regarded as an industry opinion leader in the study of metabolic diseases – most specifically diabetes and obesity. Troendle was honored for his work as a Medpace founder in 2012 by the Cincinnati Chamber of Commerce.
Medpace completed construction on a new campus in 2012 in Madisonville, a neighborhood on the eastern side of Cincinnati. The project encompassed revitalizing an urban brownfield site formerly occupied by NuTone, and creating a state of the art LEED (Leadership in Energy and Environmental Design) certified campus.
In 2022, Medpace announced a $150 million capital investment to expand its headquarters in Cincinnati, Ohio, adding an estimated expansion of 1,500 new jobs.
Medpace expanded internationally through several acquisitions between 2007 and 2012. It acquired the Czech Republic contract research organization Monax in 2007, followed by Switzerland-based PharmaBrains AG in 2009. In 2010, Medpace acquired the Minneapolis medical-device consultancy Symbios and Germany's Medical Consulting Dr. Schlichtiger GmbH. In 2012 they acquired MediTech BV, a medical device consultancy based in the Netherlands.
Medpace is a full-service contract research organization that manages Phase 1 through Phase IV clinical development programs for pharmaceutical, biotechnology, and medical device companies. Its services include development-plan and protocol design, project management, regulatory affairs, clinical monitoring, data management and analysis, and post-marketing support. Its principal operating regions are North America, Europe, Latin America, and Asia Pacific.
Oct 22, 2025Reported quarterly or annual results39
Jul 21, 2025Reported quarterly or annual results40
Apr 21, 2025Reported quarterly or annual results42
Feb 10, 2025Reported quarterly or annual results44
Oct 21, 2024Reported quarterly or annual results45
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
483 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 36 major events, 306 insider forms, 24 large holders, 97 other. The latest 20:
270 open-market trades by officers, directors and large owners since October 2021: 36 buys and 234 sales. Grants, option exercises and gifts are left out.
BlackRockSC 13G/A, 5 filings Jan 26, 2022 to Jan 26, 202451
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 10, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Medpace names in Item 1A of its 10-K filed Feb 10, 2026: 38 risks under these headings, as written.16
Business and Economic Risks
The potential loss, delay or non-renewal of our contracts, or the non-payment by our customers for services that we have performed, could adversely affect our results.
Our backlog may not convert to net revenue at our historical conversion rates.
Our operating results have historically fluctuated between fiscal quarters and years and may continue to fluctuate in the future, which may adversely affect the market price of our stock.
Our operating margins could decrease due to increased pricing pressure or other pressures, if we are unable to either achieve efficiencies in our operating expenses or grow revenues at a rate faster than expenses.
Our customer or therapeutic area concentration may have a material adverse effect on our business, financial condition, results of operations or cash flows.
We bear financial risk if we underprice our fixed-fee contracts or overrun cost estimates, and our financial results can also be adversely affected by failure to receive approval for change orders or delays in documenting change orders.
Our business and operations may be impacted in the future by epidemics, pandemics or widespread public health crisis.
If we are unable to successfully execute our growth strategies or manage our growth effectively, our results of operations or financial condition could be adversely affected.
If we are unable to recruit suitable investigators and enroll patients for our customers’ clinical trials, our clinical development business may suffer.
The failure of third parties to provide us critical support services could materially adversely affect our business, financial condition, results of operations, cash flows or reputation.
Current or potential future investments by the Company in our customers’ businesses or products could have a negative impact on our financial results.
The other 27 risks
Continued evolution and use of machine learning and generative artificial intelligence ("AI"), including risks arising from insufficient human oversight of AI or a lack of controls and procedures monitoring the use of AI in day-to-day operations as well as from potential future competitive disadvantages related to a lack of investment in AI tools, could have a negative impact on our financial results.
Technical and Cybersecurity Risks
Our business depends on the continued effectiveness and availability of our information systems, including the information systems we use to provide our services to our customers, such as ClinTrak, and failures of these systems may materially limit our operations.
If the security of confidential information used in connection with our services is breached or otherwise subject to unauthorized access, our reputation and business may be materially harmed.
International Risks
Due to the global nature of our business, we may be exposed to liabilities under the Foreign Corrupt Practices Act and various other anti-corruption laws, and any allegation or determination that we violated these laws could have a material adverse effect on our business.
Industry Risks
Outsourcing trends in the biopharmaceutical industry and changes in aggregate expenditures and R&D budgets could adversely affect our operating results and growth rate.
We may be affected by healthcare reform and potential additional regulatory reforms, which may adversely impact the biopharmaceutical industry or otherwise reduce the need for our services or negatively impact our profitability.
Consolidation in the biopharmaceutical industry could lead to a reduction in our revenues.
The biopharmaceutical industry has a history of patent and other intellectual property litigation, and we might be involved in costly intellectual property lawsuits.
If we do not keep pace with rapid technological changes, including AI, our services may become less competitive or obsolete.
Circumstances beyond our control could cause the CRO industry to suffer reputational or other harm that could result in an industry-wide reduction in demand for CRO services, which could harm our business.
Other Legal, Regulatory, Insurance and Tax Risks
If we fail to perform our services in accordance with contractual requirements, government regulations and ethical considerations, we could be subject to significant costs or liability and our reputation could be adversely affected.
Insufficient customer funding to complete a clinical trial.
Interactive voice/web response service malfunction.
Some of our services involve direct interaction with clinical trial patients and operation of a Phase I clinical facility, which could create potential liability that may adversely affect our results of operations and financial condition.
Our clinical development services could subject us to potential liability that may adversely affect our results of operations and financial condition.
Our operations involve the use and disposal of hazardous substances and waste which can give rise to liability that could adversely impact our financial condition.
We act as legal representative and/or data representative for some clients.
Our insurance may not cover all of our indemnification obligations and other liabilities associated with our operations.
Our effective income tax rate may fluctuate, which may adversely affect our operations, earnings and earnings per share.
If we fail to comply with federal, state and foreign healthcare laws, including fraud and abuse laws, we could face substantial penalties and our business, results of operations, financial condition and prospects could be adversely affected.
Laws and regulations regarding the protection of personal data could result in increased risks of liability or increased cost to us or could limit our service offerings.
Our business could be harmed from the loss or suspension of a license or imposition of a fine or penalties under, or future changes in, or interpretations of, the law or regulations of the Clinical Laboratory Improvement Act of 1967, and the Clinical Laboratory Improvement Amendments of 1988 (CLIA), or those of other national, state or local agencies in the U.S. and other countries where we operate laboratories.
Environmental, Social and Governance initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results.
Structural and Organizational Risks
Our Chief Executive Officer and founder controls a substantial amount of our outstanding common stock and his interests may be different from or conflict with those of our other shareholders.
We are party to transactions with related persons that may increase the risk of allegations of conflicts of interest, and such allegations may impair our ability to realize the benefits we expect from these transactions.
General Risks
If we lose the services of key personnel or are unable to recruit experienced personnel, our business could be adversely affected.
Our operations might be affected by the occurrence of a natural disaster or other catastrophic event.
Legal proceedings
We are party to legal proceedings incidental to our business and may become subject to additional legal proceedings in the future. While the outcome of these matters could differ from management’s expectations, we do not believe that the resolution of these matters, individually and in the aggregate, is reasonably likely to have a material adverse effect to our consolidated financial statements. Litigation is subject to inherent uncertainties. See Note 12 “Commitments, Contingencies and Guarantees—Legal Proceedings” to our consolidated financial statements included in Item 8 of Part II in this Annual Report on Form 10-K.
