The raised guidance and $1.0B buyback authorization are the key catalysts. Watch the Q4 2026 earnings call for backlog conversion rates and net new award momentum — the 0.88x book-to-bill in Q1 2026 improved to a stronger Q3, but the full-year conversion rate will determine whether the raised guidance is achievable.
Price Chart
Executive Summary
Medpace reported Q3 2026 revenue of $716.0M (+8.5% YoY) and GAAP diluted EPS of $4.84, slightly below consensus estimates of $4.87. Net new business awards rose 10.6% to $873.4M, backlog grew 5.6% to $3.17B, and EBITDA margin expanded to 24.0% from 22.5%. The company raised its full-year 2026 guidance: revenue now $2.835B-$2.855B (from $2.755B-$2.855B) and EPS $17.97-$18.32 (from $16.68-$17.50), and the Board approved a new $1.0B share repurchase authorization through 2028, replacing the prior $527M remaining authorization.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $716.0M, +8.5% YoY (vs $659.9M); constant-currency +8.6%
- GAAP diluted EPS $4.84 vs $3.86 YoY (+25.4%); consensus was $4.87 (miss by 0.6%)
- Net new business awards $873.4M, +10.6% YoY; backlog $3,167.2M, +5.6% YoY
- EBITDA $172.1M, +16.0% YoY; EBITDA margin 24.0% vs 22.5%
- FY 2026 guidance raised: revenue $2.835B-$2.855B (prior $2.755B-$2.855B); EPS $17.97-$18.32 (prior $16.68-$17.50)
- New $1.0B share repurchase authorization approved through Dec 2028, replacing $527M remaining authorization
- Cash and equivalents $705.3M; Q3 operating cash flow $216.6M; no share repurchases in Q3
Financial Impact
Guidance raised by $80M at midpoint on revenue and $1.06 at midpoint on EPS; new $1.0B buyback authorization signals strong capital return
Risk Factors
- EPS slightly missed consensus ($4.84 vs $4.87), which may cause short-term volatility
- Revenue growth decelerated sharply to 8.5% from 26.5% in Q1 2026, signaling normalization
- Net income margin compressed to 19.2% from 20.5% in Q1 2026, though improved from 16.8% YoY
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001668397-26-000034 |
| Document: medp-20261020.htm | 0001668397-26-000034 |
| Document: 0001668397-26-000034-index-headers.html | 0001668397-26-000034 |
| Document: 0001668397-26-000034-index.html | 0001668397-26-000034 |
| Document: 0001668397-26-000034.txt | 0001668397-26-000034 |
| 8-K Data (Synthetic) | 0001668397-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 144 | $673.20 | awaiting T+1 | — | $673.79 (+0.09%) |
Oct 26, 2026 1d ago | 144 | $676.79 | awaiting T+1 | — | $673.79 (−0.44%) |
Oct 23, 2026 4d ago | Institutional Cluster | $669.20 $676.77 | ▲ +1.13% | ▲ +0.42% | $673.79 (+0.69%) |
Oct 21, 2026 6d ago | 8-K | $653.96 $669.20 | ▲ +2.33% | ▲ +2.85% | $673.79 (+3.03%) |
Sep 28, 2026 29d ago | SC 13D/A | $622.11 $624.18 | ▲ +0.33% | ▲ +0.54% | $673.79 (+8.31%) |
Aug 31, 2026 8w ago | Insider Cluster | $583.21 $593.02 | ▲ +1.68% | ▲ +1.24% | $673.79 (+15.53%) |
Aug 28, 2026 8w ago | Insider Cluster | $593.99 $583.21 | ▼ −1.81% | ▼ −1.13% | $673.79 (+13.43%) |
Aug 27, 2026 8w ago | Insider Cluster | $600.65 $593.99 | ▼ −1.11% | ▼ −0.81% | $673.79 (+12.18%) |
Aug 25, 2026 9w ago | Insider Cluster | $619.05 $611.57 | ▲ +1.21% | ▲ +1.86% | $673.79 (−8.84%) |
Aug 24, 2026 9w ago | Insider Cluster | $614.06 $619.05 | ▲ +0.81% | ▲ +0.79% | $673.79 (+9.73%) |
US Market Status
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