What changed in this filing

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Item 1. Financial Statements

2025-10-23 compared with 2025-07-22 · 118 added, 98 removed, 410 unchanged (35% of the section changed)

4 unchanged sentences

(Amounts in thousands, except share amounts) As of

September 30,

2025 December 31,

1 unchanged sentence

Cash and cash equivalents $ 285,351 $ 669,436

Accounts receivable and unbilled, net (includes $ 2.3 million and $ 4.2 million with related parties at June 30, 2025 and December 31, 2024, respectively)

Accounts receivable and unbilled, net (includes $ 3.6 million and $ 4.2 million with related parties at September 30, 2025 and December 31, 2024, respectively)

373,034 296,443

10 unchanged sentences

Current liabilities:

Accounts payable (includes $ 0.1 million and $ 0.2 million with related parties at June 30, 2025 and December 31, 2024, respectively)

Accounts payable (includes $ 0.3 million and $ 0.2 million with related parties at September 30, 2025 and December 31, 2024, respectively)

$ 26,523 $ 32,528

Accrued expenses 368,746 307,807

Advanced billings (includes $ 15.1 million and $ 14.6 million with related parties at June 30, 2025 and December 31, 2024, respectively)

Advanced billings (includes $ 14.1 million and $ 14.6 million with related parties at September 30, 2025 and December 31, 2024, respectively)

834,328 710,585

9 unchanged sentences

5,000,000 shares authorized;

no shares issued and outstanding at June 30, 2025 and December 31, 2024

no shares issued and outstanding at September 30, 2025 and December 31, 2024

Common stock - $ 0.01 par-value;

250,000,000 shares authorized at June 30, 2025 and December 31, 2024;

28,088,626 and 30,630,799 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Treasury stock - 70,073 shares at June 30, 2025 and December 31, 2024

250,000,000 shares authorized at September 30, 2025 and December 31, 2024;

28,168,223 and 30,630,799 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Treasury stock - 70,073 shares at September 30, 2025 and December 31, 2024

( 12,235 ) ( 12,235 )

9 unchanged sentences

(Amounts in thousands, except per share amounts) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Revenue, net (includes $ 16.9 million and $ 11.2 million with related parties for the three months ended June 30, 2025 and 2024, respectively, and $ 30.7 million and $ 24.0 million with related parties for the six months ended June 30, 2025 and 2024, respectively)

Revenue, net (includes $ 12.2 million and $ 15.5 million with related parties for the three months ended September 30, 2025 and 2024, respectively, and $ 42.9 million and $ 39.5 million with related parties for the nine months ended September 30, 2025 and 2024, respectively)

$ 659,903 $ 533,317 $ 1,821,784 $ 1,572,465

8 unchanged sentences

Income from operations 141,808 112,273 381,666 321,492

Other (expense) income, net:

Other income, net:

Miscellaneous (expense) income, net ( 489 ) ( 1,025 ) ( 5,180 ) 3,435

Interest income, net 1,517 7,528 9,058 17,113

Total other (expense) income, net ( 1,797 ) 5,332 2,850 14,045

Total other income, net 1,028 6,503 3,878 20,548

Income before income taxes 142,836 118,776 385,544 342,040

12 unchanged sentences

(Amounts in thousands) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 111,135 $ 96,426 $ 315,990 $ 287,368

Other comprehensive income (loss)

Other comprehensive income

Foreign currency translation adjustments, net of taxes 2 3,413 9,091 896

20 unchanged sentences

BALANCE — June 30, 2024 $ 310 $ ( 12,235 ) $ 818,903 $ ( 30,790 ) $ ( 12,589 ) $ 763,599

Net income 96,426 96,426

Foreign currency translation 3,413 3,413

Stock-based compensation expense 11,727 11,727

Stock options exercised 1 6,273 6,274

BALANCE — September 30, 2024 $ 311 $ ( 12,235 ) $ 836,903 $ 65,636 $ ( 9,176 ) $ 881,439

Treasury Stock

Capital (Accumulated Deficit) Retained Earnings Accumulated

Capital Retained Earnings (Accumulated Deficit) Accumulated

Comprehensive

12 unchanged sentences

BALANCE — June 30, 2025 $ 281 $ ( 12,235 ) $ 893,174 $ ( 703,215 ) $ ( 5,654 ) $ 172,351

Net income 111,135 111,135

Foreign currency translation 2 2

Stock-based compensation expense 6,323 6,323

Stock options exercised 1 7,986 7,987

Repurchases of common stock ( 4,157 ) ( 4,157 )

BALANCE — September 30, 2025 $ 282 $ ( 12,235 ) $ 907,483 $ ( 596,237 ) $ ( 5,652 ) $ 293,641

See notes to condensed consolidated financial statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands) Six Months Ended

(Amounts in thousands) Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

33 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

(1) Basis of Presentation

14 unchanged sentences

Share Repurchases

In 2022, the Company’s Board of Directors (“Board”) approved a stock repurchase program of up to $ 500.0 million.

In the first and second quarters of 2025, the Board approved increases of $ 600.0 million and $ 1.0 billion, respectively, to the Company’s stock repurchase program bringing the total repurchase authorization up to $ 2.1 billion.

During the three and six months ended June 30, 2025, the Company repurchased 1,754,264 shares and 2,947,275 shares for $ 518.5 million and $ 908.4 million, respectively.

The Company did not execute any share repurchases during the three and six months ended June 30, 2024.

As of June 30, 2025, the Company has remaining authorization of $ 826.3 million under the repurchase program.

In 2022, the Company’s Board of Directors approved a share repurchase program which has been amended several times to increase the aggregate amount of the share repurchase authorization.

During the three and nine months ended September 30, 2025, the Company repurchased 14,649 shares and 2,961,924 shares for $ 4.5 million and $ 912.9 million, respectively.

The Company did not execute any share repurchases during the three and nine months ended September 30, 2024.

As of September 30, 2025, the Company has remaining authorization of $ 821.7 million under the repurchase program.

Repurchases under the share repurchase program are executed in the open market or negotiated transactions under trading plans put in place pursuant to Rule 10b5-1.

5 unchanged sentences

The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

The Company expects to adopt this standard in the fourth quarter of 2025 by adding additional tax related disclosures to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

3 unchanged sentences

The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software” to modernize the accounting for software development costs and specify disclosure requirements.

The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period.

The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

(2) Net Income Per Share

4 unchanged sentences

The Company does not compute diluted EPS in cases where the inclusion of such additional shares would be anti-dilutive in effect.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except for earnings per share):

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for earnings per share):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

Net income per common share—Diluted $ 3.86 $ 3.01 $ 10.64 $ 8.96

During the three and six months ended June 30, 2025, the Company had (in thousands) 205.3 and 198.0 stock options, respectively, that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

During the six months ended June 30, 2024, the Company had (in thousands) 4.8 stock options that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

During the nine months ended September 30, 2025, the Company had (in thousands) 78.1 stock options that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

During the three and nine months ended September 30, 2024, the Company had (in thousands) 5.6 and 80.2 stock options, respectively, that were excluded due to the exercise price exceeding the average fair value of the Company’s common stock during the period.

(3) Fair Value Measurements

The Company follows accounting guidance related to fair value measurements that defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy for inputs used in measuring fair value.

This hierarchy

maximizes the use of “observable” inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

This hierarchy maximizes the use of “observable” inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The hierarchy specifies three levels based on the inputs, as follows:

3 unchanged sentences

The fair value of financial instruments such as cash and cash equivalents, accounts receivable and unbilled, net, accounts payable, accrued expenses and advanced billings approximate their carrying amounts due to their short term maturities.

The Company does not have material recurring fair value measurements as of June 30, 2025 and December 31, 2024.

There were no material transfers between Level 1, Level 2 or Level 3 during the three and six months ended June 30, 2025 and 2024.

The Company does not have material recurring fair value measurements as of September 30, 2025 and December 31, 2024.

There were no material transfers between Level 1, Level 2 or Level 3 during the three and nine months ended September 30, 2025 and 2024.

(4) Contract Assets and Contract Liabilities

6 unchanged sentences

Accounts receivable and unbilled, net consisted of the following (in thousands):

September 30,

2025 December 31,

6 unchanged sentences

Advanced billings consisted of the following (in thousands):

September 30,

2025 December 31,

Advanced billings $ 834,328 $ 710,585

As of June 30, 2025 and December 31, 2024, the Company had approximately $ 3.5 billion of performance obligations remaining to be performed for active projects.

As of September 30, 2025 and December 31, 2024, the Company had approximately $ 3.5 billion of performance obligations remaining to be performed for active projects.

(5) Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):

September 30,

2025 December 31,

8 unchanged sentences

Total intangible assets, net $ 33,657 $ 34,366

As of June 30, 2025, estimated amortization expense of the Company’s intangible assets for each of the remaining years is as follows (in thousands):

As of September 30, 2025, estimated amortization expense of the Company’s intangible assets for each of the remaining years is as follows (in thousands):

Remainder of 2025

1 unchanged sentence

Accrued expenses consisted of the following (in thousands):

September 30,

2025 December 31,

3 unchanged sentences

Total accrued expenses $ 368,746 $ 307,807

On September 30, 2019 (the “Closing Date”), the Company obtained an unsecured credit facility (as amended from time to time, the “Credit Facility”) through its wholly owned subsidiaries, Medpace, Inc., as borrower (the “Borrower”), and Medpace IntermediateCo, Inc., as guarantor (the “Guarantor”).

On the Closing Date, the Borrower and lender entered into a Loan Agreement (as it may be amended from time to time, the “Loan Agreement”) providing for the Credit Facility, and the Guarantor executed a Guaranty Agreement providing for its guarantee of the payment and performance of the obligations under the Loan Agreement.

On March 28, 2024, the Company entered into Amendment No.

6 to the Loan Agreement, which changed the aggregate principal amount that may be borrowed under the Credit Facility to up to $ 10.0 million and extended the expiration date of revolving credit note to March 31, 2025.

On March 28, 2025, the Company entered into Amendment No.

7 to the Loan Agreement, which extended the expiration date of the revolving credit note to March 31, 2026.

On April 18, 2025, the Company entered into Amendment No.

8 to the Loan Agreement, which increased the aggregate principal amount that may be borrowed under the

Credit Facility to up to $ 600.0 million, adjusted the interest rate charged on the Credit Facility and extended the expiration date of the revolving credit note to April 30, 2027.

The Credit Facility bears interest at a rate of the sum of The Secured Overnight Financing Rate (SOFR) plus 100 basis points ( 1.00 %) or the highest of the Prime Rate, the sum of the Overnight Bank Funding Rate plus 50 basis points ( 0.50 %) and the sum of Daily Simple SOFR plus 100 basis points ( 1.00 %).

As of June 30, 2025 and December 31, 2024, the Company had no indebtedness under the Credit Facility.

On September 30, 2019, the Company entered into a Loan Agreement (as it may be amended from time to time, the “Loan Agreement”) providing for an unsecured credit facility (as amended from time to time, the “Credit Facility”) through its wholly owned subsidiaries, Medpace, Inc., as borrower (the “Borrower”), and Medpace IntermediateCo, Inc., as guarantor (the “Guarantor”).

At the same time the Company entered into the Loan Agreement, the Guarantor executed a Guaranty Agreement providing for its guarantee of the payment and performance of the obligations under the Loan Agreement.

On July 17, 2025, the Company entered into Amendment No.

9 to the Loan Agreement, which decreased the aggregate principal amount that may be borrowed under the Credit Facility to up to $ 10.0 million.

9 to the Loan Agreement, which changed the aggregate principal amount that may be borrowed under the Credit Facility to up to $ 10.0 million.

The Credit Facility expires April 30, 2027 and bears interest at a rate of the sum of The Secured Overnight Financing Rate (SOFR) plus 100 basis points ( 1.00 %) or the highest of the Prime Rate, the sum of the Overnight Bank Funding Rate plus 50 basis points ( 0.50 %) and the sum of Daily Simple SOFR plus 100 basis points ( 1.00 %).

As of September 30, 2025 and December 31, 2024, the Company had no indebtedness under the Credit Facility.

The Loan Agreement contains other customary loan terms, representations and warranties, and affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions.

6 unchanged sentences

The components of lease expense were as follows (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

Supplemental cash flow information related to the leases was as follows (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Cash paid for amounts included in the measurement of lease liabilities:

3 unchanged sentences

Supplemental balance sheet information related to the leases was as follows (in thousands):

September 30,

2025 December 31,

13 unchanged sentences

Operating leases 5.7 % 5.7 %

Lease payments due related to lease liabilities as of June 30, 2025 were as follows (in thousands):

Lease payments due related to lease liabilities as of September 30, 2025 were as follows (in thousands):

Related Party

13 unchanged sentences

Total $ 85,884 $ 58,089 $ 143,973

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 154,264 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2025, consisting of 34,331 RSU and 35,473 stock options having five year vesting schedules and 84,460 stock option awards that vested upon issuance.

The Company granted an additional 7,344 stock option awards to non-employee directors under the 2016 Incentive Award Plan during the six months ended June 30, 2025.

As of September 30, 2025, we have an additional lease with contractual obligations, which have not yet commenced , with future payments of $ 0.3 million.

(9) Shareholders’ Equity and Stock-Based Compensation

The Company granted 157,805 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2025, consisting of 37,872 RSU and 35,473 stock options having five year vesting schedules and 84,460 stock option awards that vested upon issuance.

The Company granted an additional 7,344 stock option awards to non-employee directors under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2025.

These awards are scheduled to vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

1 unchanged sentence

The following table sets forth the Company’s stock option activity:

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Stock Options Weighted Average

7 unchanged sentences

The following table sets forth the Company’s RSA/RSU activity:

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

Outstanding and unvested - beginning of period 365,492

4 unchanged sentences

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock-based compensation awards is summarized below (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

3 unchanged sentences

(10) Income Taxes

The Company’s effective income tax rate was 27.5 % and 20.0 % for the three months ended June 30, 2025 and 2024, respectively.

The Company's effective income tax rate was 15.6 % and 14.5 % for the six months ended June 30, 2025 and 2024, respectively.

The Company’s effective income tax rate for the three months ended June 30, 2025 varied from the U.S.

statutory rate of 21 % primarily due to the impact of the state taxes and a decrease in the estimated tax benefits related to Foreign Derived Intangible Income (“FDII”).

The Company’s effective income tax rate for the six months ended June 30, 2025 varied from the U.S.

The Company’s effective income tax rate was 22.2 % and 18.8 % for the three months ended September 30, 2025 and 2024, respectively.

The Company's effective income tax rate was 18.0 % and 16.0 % for the nine months ended September 30, 2025 and 2024, respectively.

The Company’s effective income tax rate for the three months ended September 30, 2025 varied from the U.S.

statutory rate of 21 % primarily due to the impact of the state taxes and uncertain tax positions, which was partially offset by excess tax benefits recognized from share-based compensation.

The Company’s effective income tax rate for the nine months ended September 30, 2025 varied from the U.S.

statutory rate of 21 % due to the impact of state taxes, which was favorably offset by excess tax benefits recognized from share-based compensation.

1 unchanged sentence

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

We are currently assessing its impact on our condensed consolidated financial statements.

Where relevant, the Company has reflected any material items that were enacted in the condensed consolidated financial statements for the three and nine months ended September 30, 2025.

(11) Commitments and Contingencies

1 unchanged sentence

The Company is involved in legal proceedings from time to time in the ordinary course of its business, including employment claims and claims related to other business transactions.

The Company cannot predict with certainty the outcome of such proceedings, but it believes that adequate reserves have been recorded and losses already recognized with respect to such proceedings, which were immaterial as of June 30, 2025 and December 31, 2024.

There is a reasonable possibility that a loss exceeding amounts already recognized may be incurred related to these actions;

however, the Company believes that such potential losses were immaterial as of June 30, 2025.

however, the Company believes that such potential losses were immaterial as of September 30, 2025.

Purchase Commitments

The Company has several minimum purchase commitments for project related supplies totaling $ 18.0 million as of June 30, 2025.

The Company has several minimum purchase commitments for project related supplies totaling $ 18.0 million as of September 30, 2025.

In return for the commitment, Medpace receives preferential pricing.

3 unchanged sentences

The Company periodically extends short term loans or advances to employees, typically upon commencement of employment.

Total receivables as a result of these employee advances of $ 0.4 million and $ 0.3 million at June 30, 2025 and December 31, 2024, respectively, are included in the Prepaid expenses and other current assets and Other assets line items of the condensed consolidated balance sheets, respectively, depending on the contractual repayment date.

Total receivables as a result of these employee advances of $ 0.4 million and $ 0.3 million at September 30, 2025 and December 31, 2024, respectively, are included in the Prepaid expenses and other current assets and Other assets line items of the condensed consolidated balance sheets, respectively, depending on the contractual repayment date.

Service Agreement

3 unchanged sentences

Subsequently, the Company and LIB have entered into several task orders for the Company to perform clinical trial related services.

The Company recognized total revenue from LIB of $ 1.7 million and $ 3.9 million during the three months ended June 30, 2025 and 2024, respectively, and $ 3.9 million and $ 10.4 million during the six months ended June 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations.

As of June 30, 2025 and December 31, 2024, the Company had Advanced billings from LIB of $ 9.1 million and $ 9.5 million, respectively, in the condensed consolidated balance sheets.

In addition, as of June 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from LIB of $ 1.3 million and $ 2.8 million, respectively, in the condensed consolidated balance sheets.

The Company recognized total revenue from LIB of $ 1.8 million and $ 8.3 million during the three months ended September 30, 2025 and 2024, respectively, and $ 5.7 million and $ 18.7 million during the nine months ended September 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations.

As of September 30, 2025 and December 31, 2024, the Company had Advanced billings from LIB of $ 8.3 million and $ 9.5 million, respectively, in the condensed consolidated balance sheets.

In addition, as of September 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from LIB of $ 1.1 million and $ 2.8 million, respectively, in the condensed consolidated balance sheets.

CinRX Pharma, subsidiaries and affiliates (“CinRx”)

1 unchanged sentence

The Company and CinRx have entered into several task orders for the Company to perform clinical trial related services.

The Company recognized total revenue from CinRx of $ 15.1 million and $ 7.3 million during the three months ended June 30, 2025 and 2024, respectively, and $ 26.8 million and $ 13.6 million during the six months ended June 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations.

As of June 30, 2025 and December 31, 2024, the Company had Advanced billings from CinRx of $ 6.0 million and $ 5.2 million, respectively, in the condensed consolidated balance sheets.

As of June 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from CinRx of $ 1.1 million and $ 1.4 million, respectively, in the condensed consolidated balance sheets.

The Company recognized total revenue from CinRx of $ 10.4 million and $ 7.2 million during the three months ended September 30, 2025 and 2024, respectively, and $ 37.2 million and $ 20.8 million during the nine months ended September 30, 2025 and 2024, respectively, in the Company’s condensed consolidated statements of operations.

As of September 30, 2025 and December 31, 2024, the Company had Advanced billings from CinRx of $ 5.8 million and $ 5.2 million, respectively, in the condensed consolidated balance sheets.

In addition, as of September 30, 2025 and December 31, 2024 the Company had Accounts receivable and unbilled, net from CinRx of $ 2.4 million and $ 1.4 million, respectively, in the condensed consolidated balance sheets.

The Summit Hotel (“The Summit”)

1 unchanged sentence

Medpace incurs travel lodging and meeting expenses at The Summit.

Medpace incurred expenses of $ 0.1 million during the three months ended June 30, 2025 and 2024, and $ 0.1 million and $ 0.2 million during the six months ended June 30, 2025 and 2024, respectively, at The Summit.

Medpace incurred expenses of $ 0.1 million during the three months ended September 30, 2025 and 2024, and $ 0.2 million and $ 0.3 million during the nine months ended September 30, 2025 and 2024, respectively, at The Summit.

Leased Real Estate

6 unchanged sentences

The Company has determined that the lease is an operating lease.

Operating lease cost recognized for the three months ended June 30, 2025 and 2024 was $ 0.7 million.

Operating lease cost recognized for the six months ended June 30, 2025 and 2024 was $ 1.4 million.

Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $ 0.7 million.

Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $ 2.1 million.

The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations.

The Operating lease right-of-use assets at June 30, 2025 and December 31, 2024 were $ 16.7 million and $ 17.6 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2025 were $ 1.7 million and $ 15.6 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at December 31, 2024 were $ 1.6 million and $ 16.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $ 16.3 million and $ 17.6 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2025 were $ 1.8 million and $ 15.2 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at

December 31, 2024 were $ 1.6 million and $ 16.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

In 2018, Medpace, Inc.

5 unchanged sentences

The Company has determined that the lease is an operating lease.

Operating lease cost recognized for the three months ended June 30, 2025 and 2024 was $ 1.4 million.

Operating lease cost recognized for the six months ended June 30, 2025 and 2024 was $ 2.8 million.

Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $ 1.5 million.

Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $ 4.3 million.

The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations.

The Operating lease right-of-use assets at June 30, 2025 and December 31, 2024 were $ 49.3 million and $ 50.2 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2025 were $ 1.6 million and $ 61.1 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $ 48.8 million and $ 50.2 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2025 were $ 1.7 million and $ 60.7 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at December 31, 2024 were $ 1.5 million and $ 62.0 million, respectively and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

4 unchanged sentences

The Company has determined that the lease is an operating lease.

Operating lease cost recognized for the three months ended June 30, 2025 and 2024 was $ 0.7 million.

Operating lease cost recognized for the six months ended June 30, 2025 and 2024 was $ 1.3 million.

Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was $ 0.6 million.

Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $ 1.9 million.

The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations.

The Operating lease right-of-use assets at June 30, 2025 and December 31, 2024 were $ 5.3 million and $ 6.4 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2025 were $ 2.3 million and $ 3.1 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $ 4.8 million and $ 6.4 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2025 were $ 2.3 million and $ 2.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at December 31, 2024 were $ 2.2 million and $ 4.2 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

1 unchanged sentence

The Company assumed occupancy in 2012 and the lease expires in 2027 with the Company having one 10-year option to extend the lease term.

In the first quarter of 2024, the Company reduced the lease term in connection with

a plan to replace the leased office beginning in early 2025.

In the first quarter of 2024, the Company reduced the lease term in connection with a plan to replace the leased office beginning in early 2025.

The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property.

1 unchanged sentence

The Company has determined that the lease is an operating lease.

Operating lease cost recognized for the three months ended June 30, 2025 and 2024 was less than $ 0.1 million and $ 0.8 million, respectively.

Operating lease cost recognized for the six months ended June 30, 2025 and 2024 was $ 0.7 million and $ 1.5 million, respectively.

Operating lease cost recognized for the three months ended September 30, 2025 and 2024 was less than $ 0.1 million and $ 0.7 million, respectively.

Operating lease cost recognized for the nine months ended September 30, 2025 and 2024 was $ 0.8 million and $ 2.2 million, respectively.

The operating lease cost was allocated between Total direct costs and Selling, general and administrative in the condensed consolidated statements of operations.

The Operating lease right-of-use assets at June 30, 2025 and December 31, 2024 were $ 0.0 million and $ 0.7 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2025 were $ 1.0 million and $ 1.0 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The Operating lease right-of-use assets at September 30, 2025 and December 31, 2024 were $ 0.0 million and $ 0.7 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2025 were $ 1.0 million and $ 0.8 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at December 31, 2024 were $ 0.9 million and $ 1.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

1 unchanged sentence

The Company incurs expenses for travel services for company executives provided by private aviation charter companies which is a company controlled by the chief executive officer of the Company (each a “private aviation charter”).

The Company may contract directly with the private aviation charter for the use of its aircraft or indirectly through a third party aircraft management and jet charter company (the “Aircraft Management Company”).

The Company may contract directly with the private aviation charter for the use of its aircraft or indirectly through a third party

aircraft management and jet charter company (the “Aircraft Management Company”).

The travel services provided are primarily for business purposes, with certain personal travel paid for as part of the executives’ compensation arrangements.

The Aircraft Management Company also makes the private aviation charter aircraft available to third parties.

The Company incurred travel expenses of $ 0.5 million and $ 0.7 million during the three months ended June 30, 2025 and 2024, respectively, and $ 0.9 million and $ 1.0 million during the six months ended June 30, 2025 and 2024, respectively, related to these travel services.

The Company incurred travel expenses of $ 0.5 million and $ 0.4 million during the three months ended September 30, 2025 and 2024, respectively, and $ 1.4 million during the nine months ended September 30, 2025 and 2024 related to these travel services.

These travel expenses are recorded in Selling, general and administrative in the Company’s condensed consolidated statements of operations.

As of June 30, 2025 and December 31, 2024, the Company had Accounts payable to the Aircraft Management Company of $ 0.1 million and $ 0.2 million, respectively, in the condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, the Company had Accounts payable to the Aircraft Management Company of $ 0.2 million in the condensed consolidated balance sheets.

(13) Segment Disclosures

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

10 unchanged sentences

Income from operations 141,808 112,273 381,666 321,492

Other (expense) income, net:

Other income, net:

Miscellaneous (expense) income, net ( 489 ) ( 1,025 ) ( 5,180 ) 3,435

Interest income, net 1,517 7,528 9,058 17,113

Total other (expense) income, net ( 1,797 ) 5,332 2,850 14,045

Total other income, net 1,028 6,503 3,878 20,548

Income before income taxes 142,836 118,776 385,544 342,040

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

3 unchanged sentences

Other 106,398 107,371 320,296 328,203

Cardiology 58,584 60,699 116,863 116,336

Central Nervous System 65,627 42,098 181,657 132,753

Cardiology 59,470 55,814 176,333 172,150

AVAI 36,517 38,384 96,685 121,618

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements