Medpace’s third-quarter revenue increased 8.5% to $716 million, while net new business awards rose 10.6% to $873.4 million, according to its October 21, 2026 issuer release. The clinical-research services company also announced a new $1 billion share-repurchase authorization. For readers assessing the results, the main distinction is between revenue already recognized, future contracted work and permission to spend cash on shares.
The financial quarter ended September 30, 2026. US dollars are used throughout. Reported earnings below follow US generally accepted accounting principles, or GAAP; EBITDA is a separate non-GAAP measure.
Medpace’s quarterly figures
| Measure | Current result | Prior-year comparison or limit | Primary source |
|---|---|---|---|
| Revenue | $716.0 million | $659.9 million; growth of 8.5% | Results PDF, page 1 |
| GAAP net income | $137.5 million | $111.1 million | Results PDF, page 1 |
| GAAP diluted EPS | $4.84 | $3.86 | Financial statements |
| EBITDA | $172.1 million | Non-GAAP; $148.4 million a year earlier | Reconciliation |
| Net new business awards | $873.4 million | Up 10.6%; not quarterly revenue | Issuer release |
| Backlog at quarter end | $3,167.2 million | Up 5.6%; future conversion is not guaranteed | Issuer release |
Orders and accounting profit answer different questions
The $873.4 million of new awards describes business added during the period, not an extra amount to add to the $716 million revenue line. Backlog captures work expected to be delivered over time. Medpace explicitly identifies delayed or cancelled contracts and failure to convert backlog as risks, so backlog is neither guaranteed future sales nor cash in the bank.
EBITDA removes interest, tax, depreciation and amortization effects under the company’s calculation. It is not the same as GAAP net income or cash flow. The issuer provides the reconciliation rather than asking readers to replace reported profit with the larger EBITDA figure. For comparison, CapKet’s Thermo Fisher report also separates reported and company-adjusted earnings measures.
The buyback is an authorization, not completed spending
On October 20, the board ended the prior repurchase program, which had $527 million remaining, and authorized up to $1 billion of repurchases through December 31, 2028. The new amount is a dollar limit, not one billion shares. It replaces the old authorization; the two amounts should not be added together as current buying capacity.
The release says the program does not oblige Medpace to buy a minimum amount and can be changed or stopped. No shares were repurchased during the reported third quarter. Future transactions depend on management decisions and conditions, so the authorization is not evidence that $1 billion has already been spent.
What remains a forecast
Medpace’s full-year outlook calls for revenue of $2.835 billion-$2.855 billion and GAAP diluted EPS of $17.97-$18.32. These ranges are forecasts, not completed results. The company says its guidance excludes potential repurchases after September 30. Readers should follow subsequent financial disclosures for actual revenue conversion, cash generation and executed purchases rather than assuming the pipeline or permission to spend guarantees them.
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