10-Q · April 23, 2026
Medpace reported Q1 2026 revenue of $706.6M, up $148.0M (26.5% y/y) and GAAP diluted EPS of $4.28, beating estimates. Gross margin compressed materially while operating margin held roughly steady; cash generation…
Earnings analysis · 10-Q
MEDP earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Medpace delivered a strong Q3, with revenue of $716.0 million and diluted EPS of $4.84, increasing 8.5% and 25.4% year over year, respectively, and exceeding consensus by $2.7 million and $0.38. FY 2026 EPS guidance was…
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Medpace delivered a strong Q3, with revenue of $716.0 million and diluted EPS of $4.84, increasing 8.5% and 25.4% year over year, respectively, and exceeding consensus by $2.7 million and $0.38. FY 2026 EPS guidance was raised to $17.97-$18.32, while the revenue midpoint remained $2.845 billion but the range narrowed. The filing reports no significant changes to risk factors and no material changes in market-risk disclosures, supporting a neutral rather than decisively bullish assessment.
Reported figures
- Earnings per share
- $4.84
What stood out
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Revenue exceeded consensus
Q3 revenue was $716.0 million, up 1.3% from $707 million in Q2 2026 and 8.5% from $660 million in Q3 2025. Revenue exceeded the $713.3 million consensus estimate by approximately $2.7 million.
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EPS beat and accelerated
Diluted EPS was $4.84, up 13.9% from $4.25 in Q2 2026 and 25.4% from $3.86 in Q3 2025. EPS exceeded the $4.46 consensus estimate by $0.38, or 8.5%.
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EPS outlook raised
FY 2026 GAAP EPS guidance increased to $17.97-$18.32 from $17.25-$17.95, representing a $0.72 increase at the low end and a $0.37 increase at the high end.
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Revenue midpoint maintained
FY 2026 revenue guidance midpoint remained $2.845 billion, while the range moved to $2.835-$2.855 billion from $2.805-$2.885 billion, increasing the low end by $30 million and reducing the high end by $30 million.
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Controls remained effective
Management reported that disclosure controls were effective as of September 30, 2026, and stated there were no changes in internal control over financial reporting during the three months ended September 30, 2026 that materially affected or were reasonably likely to materially affect controls.
What to watch
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No risk-factor reduction
The filing states there have been no significant changes to previously disclosed risk factors: 0 significant risk-factor changes versus the 2025 Form 10-K. Consequently, previously disclosed operating, customer, contract, and collection risks remain applicable.
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Revenue upside range narrowed
The revenue outlook range narrowed to $2.835-$2.855 billion from $2.805-$2.885 billion. Although the midpoint stayed at $2.845 billion, the $30 million reduction in the high end limits upside reflected in the formal outlook.
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Planned insider share sales
The filing discloses Rule 10b5-1 arrangements covering up to 307,959 shares for the CEO, 7,500 shares for the EVP of Operations, and 3,400 shares for the CFO. These planned sales may create an incremental market-perception risk, although they do not establish a change in fundamental operating risk.
Management's outlook
FY 2026 GAAP EPS guidance was raised from $17.25-$17.95 to $17.97-$18.32. Revenue guidance was narrowed to $2.835-$2.855 billion from $2.805-$2.885 billion, maintaining the $2.845 billion midpoint while increasing the low end and reducing the high end.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.