Medpace Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $2.53 billion, a 20% increase from $2.11 billion in 2024. The company's net income also rose to $451.1 million, compared to $404.4 million in the previous year, reflecting a 12% increase. This growth was primarily driven by strong activity in the Metabolic, Oncology, and Central Nervous System therapeutic areas. The company's operating income increased by 20% to $534.9 million, indicating improved operational efficiency alongside revenue growth.
In terms of operational metrics, Medpace's backlog increased by $125 million, or 4.3%, to $3.03 billion as of December 31, 2025. The company reported net new business awards of $2.65 billion, up from $2.23 billion in 2024, showcasing a robust demand for its clinical research services. The total direct costs also rose to $1.77 billion, primarily due to higher reimbursed out-of-pocket expenses and increased personnel costs to support service growth. Selling, general, and administrative expenses increased by 9.6% to $197.6 million, reflecting the company's investment in its operational capabilities.
Medpace continued to expand its global footprint, employing approximately 6,200 individuals across 46 countries as of December 31, 2025, up from 5,900 in 2024. The company has focused on enhancing its service offerings and operational capabilities, which has contributed to its competitive positioning in the clinical research organization (CRO) market. The company’s strategic initiatives included a share repurchase program, under which it repurchased nearly 2.96 million shares for $912.9 million in 2025, reflecting a commitment to returning value to shareholders.
Looking ahead, Medpace anticipates continued growth driven by its disciplined operating model and expanding market share in the CRO sector. The company aims to leverage its expertise in various therapeutic areas to capture new business opportunities while managing operational costs effectively. However, management acknowledged potential risks, including fluctuations in customer demand, regulatory changes, and the impact of global economic conditions on its operations. The company remains optimistic about its ability to navigate these challenges and sustain its growth trajectory in the coming years.
About Medpace Holdings, Inc.
Medpace Holdings, Inc. is a global clinical contract research organization (CRO) providing full-service Phase I-IV clinical development services to the biotech, pharmaceutical, and medical device industries. Focused on therapeutic areas like Oncology, CNS, and Cardiovascular, it supports drug development through trial management, regulatory guidance, data sciences, and laboratory services. Its business model emphasizes quality, efficiency, and deep therapeutic expertise to serve small and mid-sized biopharma companies worldwide.
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