Q4 2025 Medpace Holdings Inc Earnings Call Transcript
Key Points
- Medpace Holdings Inc (MEDP) reported a 32% year-over-year increase in revenue for Q4 2025, reaching $708.5 million.
- Full year 2025 revenue was $2.53 billion, marking a 20% increase from 2024.
- Net new business awards in Q4 increased by 39.1% from the prior year, totaling $736.6 million.
- Ending backlog as of December 31, 2025, was approximately $3 billion, a 4.3% increase from the prior year.
- The company generated $192.7 million in cash flow from operating activities in Q4 2025.
- Backlog cancellations were elevated in Q4, resulting in the highest cancellation rate in over a year.
- The net book-to-bill ratio was lower than anticipated at 1.04 due to high cancellations.
- EBITDA margin for Q4 2025 decreased to 22.6% from 24.9% in the prior year period.
- Net income growth was below EBITDA growth, primarily due to lower interest income and a slightly higher effective tax rate.
- The company anticipates a slower revenue growth rate of 8.9% to 12.8% for 2026 compared to 2025.
Good day, ladies and gentlemen, and welcome to the Medpace Fourth Quarter and Full Year 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference call, Lauren Morris, Medpace's Director of Investor Relations. You may begin.
Good morning, and thank you for joining Medpace's Fourth Quarter and Full Year 2025 Earnings Conference Call. Also on the call today is our CEO, August Troendle; our President, Jesse Geiger; and our CFO, Kevin Brady. During this teleconference, we may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve inherent assumptions with known and unknown risks and uncertainties as well as other important factors that could cause actual results to differ materially from our current expectations. These factors are discussed in our Form 10-K filings with the SEC.
Please note that we assume no
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