Medpace Holdings, Inc. has reported its financial results for the fourth quarter and full year 2025. In the fourth quarter of 2025, the company's revenue increased by 32.0% to $708.5 million compared to the same period in the prior year. The net new business awards for the same quarter were $736.6 million, marking a significant increase of 39.1% from the comparable prior-year period.
The GAAP net income for the fourth quarter of 2025 was $135.1 million, or $4.67 per diluted share, which is an improvement from the GAAP net income of $117.0 million, or $3.67 per diluted share, for the same quarter in 2024. However, the net income margin decreased from 21.8% in the fourth quarter of 2024 to 19.1% in the fourth quarter of 2025.
The EBITDA for the fourth quarter of 2025 was $160.2 million, indicating a 20.0% increase from the EBITDA of $133.5 million for the same period in the prior year. However, the EBITDA margin decreased from 24.9% in the fourth quarter of 2024 to 22.6% in the fourth quarter of 2025.
For the full year 2025, Medpace reported a 20.0% increase in revenue to $2,530.2 million compared to the full year 2024. The net new business awards for the full year 2025 were $2,646.8 million, representing a net book-to-bill ratio of 1.05x, compared to $2,230.0 million for the full year 2024.
The GAAP net income for the full year 2025 was $451.1 million, or $15.28 per diluted share, compared to GAAP net income of $404.4 million, or $12.63 per diluted share, for the full year 2024. The net income margin decreased from 19.2% in the full year 2024 to 17.8% in the full year 2025.
Additionally, EBITDA for the full year 2025 increased by 16.1% to $557.7 million, but the EBITDA margin decreased from 22.8% in the prior year to 22.0% in 2025.
Medpace's cash and cash equivalents were $497.0 million at December 31, 2025, and the company generated $192.7 million in cash flow from operating activities during the fourth quarter of 2025. The company also repurchased 2,961,924 shares for a total of $912.9 million during the full year 2025, with $821.7 million remaining under its authorized share repurchase program as of December 31, 2025.
Looking ahead, the company has forecasted 2026 revenue in the range of $2.755 billion to $2.855 billion, representing growth of 8.9% to 12.8% over 2025 revenue. The GAAP net income for full year 2026 is forecasted in the range of $487.0 million to $511.0 million, with full year 2026 EBITDA expected in the range of $605.0 million to $635.0 million.
The market has reacted to these announcements by moving the company's shares -1.16% to a price of $610.90. For the full picture, make sure to review Medpace's 8-K report.
