What changed in this filing

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Item 1. Financial Statements

2026-04-23 compared with 2025-10-23 · 95 added, 155 removed, 373 unchanged (40% of the section changed)

4 unchanged sentences

(Amounts in thousands, except share amounts) As of

September 30,

2026 December 31,

1 unchanged sentence

Cash and cash equivalents $ 652,681 $ 497,049

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)

Accounts receivable and unbilled, net (includes $ 3.1 million and $ 3.5 million with related parties at March 31, 2026 and December 31, 2025, respectively)

394,581 402,078

10 unchanged sentences

Current liabilities:

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

Accounts payable (includes $ 0.2 million and $ 0.3 million with related parties at March 31, 2026 and December 31, 2025, respectively)

$ 34,429 $ 28,142

Accrued expenses 406,059 408,382

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

Advanced billings (includes $ 13.7 million and $ 12.3 million with related parties at March 31, 2026 and December 31, 2025, respectively)

856,344 854,390

9 unchanged sentences

5,000,000 shares authorized;

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

no shares issued and outstanding at March 31, 2026 and December 31, 2025

Common stock - $ 0.01 par-value;

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

250,000,000 shares authorized at March 31, 2026 and December 31, 2025;

28,559,689 and 28,370,780 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Treasury stock - 69,623 shares at March 31, 2026 and December 31, 2025

( 12,156 ) ( 12,156 )

Additional paid-in capital 953,416 935,830

(Accumulated deficit) retained earnings ( 596,237 ) 8,167

Accumulated deficit ( 336,111 ) ( 459,981 )

Accumulated other comprehensive loss ( 7,121 ) ( 4,906 )

6 unchanged sentences

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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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)

Revenue, net (includes $ 7.3 million and $ 13.8 million with related parties for the three months ended March 31, 2026 and 2025, respectively)

$ 706,604 $ 558,570

9 unchanged sentences

Other income, net:

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

Miscellaneous income (expense), net 971 ( 1,816 )

Interest income, net 5,117 6,463

14 unchanged sentences

(Amounts in thousands) Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 123,870 $ 114,595

Other comprehensive income

Other comprehensive (loss) income

Foreign currency translation adjustments, net of taxes ( 2,215 ) 3,122

6 unchanged sentences

Treasury Stock

Capital (Accumulated Deficit) Retained Earnings Accumulated

Capital Retained Earnings (Accumulated Deficit) Accumulated

Comprehensive

4 unchanged sentences

Stock options exercised 4 25,941 25,945

Re-issuance of treasury stock 87 ( 87 ) —

Repurchases of common stock ( 12 ) ( 392,478 ) ( 392,490 )

BALANCE — March 31, 2025 $ 298 $ ( 12,235 ) $ 886,883 $ ( 269,716 ) $ ( 11,621 ) $ 593,609

Net income 88,351 88,351

Foreign currency translation ( 548 ) ( 548 )

Stock-based compensation expense 3,588 3,588

Stock options exercised 666 666

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

6 unchanged sentences

Stock options exercised 2 12,668 12,670

Repurchases of common stock ( 12 ) ( 392,478 ) ( 392,490 )

BALANCE — March 31, 2026 $ 286 $ ( 12,156 ) $ 953,416 $ ( 336,111 ) $ ( 7,121 ) $ 598,314

Net income 90,260 90,260

Foreign currency translation 5,967 5,967

Stock-based compensation expense 5,951 5,951

Stock options exercised 340 340

Repurchases of common stock ( 17 ) ( 523,759 ) ( 523,776 )

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) Nine Months Ended

September 30,

(Amounts in thousands) Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

5 unchanged sentences

Noncash lease expense 5,849 6,064

Deferred income tax provision (benefit) 63,366 ( 2,433 )

Deferred income tax provision 18,543 749

Other 400 ( 502 )

10 unchanged sentences

Property and equipment expenditures ( 6,814 ) ( 9,994 )

Other 153 8,159

Net cash used in investing activities ( 6,748 ) ( 9,987 )

2 unchanged sentences

Repurchases of common stock — ( 371,900 )

Net cash (used in) provided by financing activities ( 883,117 ) 14,600

Net cash provided by (used in) financing activities 12,670 ( 345,966 )

EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND

RESTRICTED CASH ( 2,078 ) 2,117

(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ( 384,085 ) 411,451

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 155,632 ( 228,000 )

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period 497,049 669,436

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period $ 652,681 $ 441,436

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION —

Share repurchases—non-cash $ — $ 22,343

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

(1) Basis of Presentation

14 unchanged sentences

Share Repurchases

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.

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

The Company did not execute any share repurchases during the three months ended March 31, 2026.

During the three months ended March 31, 2025, the Company repurchased 1,193,011 shares for $ 389.8 million.

As of March 31, 2026, 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.

2 unchanged sentences

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" which requires entities to enhance disclosures around income taxes.

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

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):

Disaggregation of Income Statement Expenses” to improve disclosures by providing more detailed information about the types of expenses in commonly presented expense captions.

The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning

after December 15, 2027, with early adoption permitted.

The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

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

1 unchanged sentence

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 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.

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities" which establishes authoritative US GAAP guidance for accounting for grants received for consistency in applying the accounting rules across business entities.

The guidance is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted.

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 nine months ended September 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 months ended March 31, 2026 and 2025 (in thousands, except for earnings per share):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Weighted-average shares:

Common shares outstanding 28,136 31,047 29,033 30,960

Total weighted-average shares 28,136 31,047 29,033 30,964

Earnings per common share—Basic

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

Undistributed earnings allocated to RSAs — — — ( 41 )

Net income available to common shareholders—Basic $ 111,135 $ 96,426 $ 315,990 $ 287,327

Net income per common share—Basic $ 3.95 $ 3.11 $ 10.88 $ 9.28

Net income available to common shareholders $ 123,870 $ 114,595

Basic weighted-average common shares outstanding 28,445 30,387

Effect of diluted shares 517 809

Diluted weighted-average shares outstanding 28,817 32,088 29,710 32,060

Diluted weighted-average common shares outstanding 28,962 31,196

Earnings per common share:

Net income per common share—Basic $ 4.35 $ 3.77

Net income per common share—Diluted $ 4.28 $ 3.67

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.

For the three months ended March 31, 2026 and 2025, the computation of diluted EPS excludes the effect of (in thousands) 0.5 and 80.1 stock options, respectively, due to each respective period’s average fair value of the Company’s common stock not exceeding the exercise prices.

(3) Fair Value Measurements

6 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 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.

The Company does not have material recurring fair value measurements as of March 31, 2026 and December 31, 2025.

There were no material transfers between Level 1, Level 2 or Level 3 during the three months ended March 31, 2026 and 2025.

(4) Contract Assets and Contract Liabilities

6 unchanged sentences

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

September 30,

2026 December 31,

6 unchanged sentences

Advanced billings consisted of the following (in thousands):

September 30,

2026 December 31,

Advanced billings $ 856,344 $ 854,390

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.

As of March 31, 2026 and December 31, 2025, the Company had approximately $ 3.5 billion and $ 3.6 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,

2026 December 31,

8 unchanged sentences

Total intangible assets, net $ 33,265 $ 33,420

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):

As of March 31, 2026, estimated amortization expense of the Company’s intangible assets for each of the remaining years is as follows (in thousands):

Remainder of 2026

1 unchanged sentence

Accrued expenses consisted of the following (in thousands):

September 30,

2026 December 31,

8 unchanged sentences

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.

As of March 31, 2026 and December 31, 2025, 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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Operating lease cost $ 7,742 $ 8,065

1 unchanged sentence

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

Nine Months Ended September 30,

Three Months Ended March 31,

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,

2026 December 31,

13 unchanged sentences

Operating leases 5.7 % 5.7 %

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

Lease payments due related to lease liabilities as of March 31, 2026 were as follows (in thousands):

Related Party

13 unchanged sentences

Total $ 82,564 $ 63,530 $ 146,094

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.

The Company granted 3,836 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the three months ended March 31, 2026, consisting of 3,636 RSU and 200 stock options having five year vesting schedules.

Award Activity

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Stock Options Weighted Average

3 unchanged sentences

Exercised ( 92,266 ) $ 138.80

Cancelled/Forfeited/Expired ( 10,786 ) $ 209.20

Outstanding - end of period 526,615 $ 224.33

1 unchanged sentence

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

Nine Months Ended

September 30, 2025

Three Months Ended

March 31, 2026

Outstanding and unvested - beginning of period 324,517

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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Total direct costs $ 3,001 $ 3,027

2 unchanged sentences

(10) Income Taxes

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.

The Company’s effective income tax rate was 16.1 % and 3.0 % for the three months ended March 31, 2026 and 2025, respectively.

The Company's effective income tax rate for the three months ended March 31, 2026 varied from the U.S.

statutory rate of 21 % primarily due to the impact of the state taxes, which was favorably offset by excess tax benefits recognized from share-based compensation and tax benefits related to Foreign Derived Deduction Eligible Income.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

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.

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.

Where relevant, the Company has reflected any material items that were enacted in the condensed consolidated financial statements for the three months ended March 31, 2026.

(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 September 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 September 30, 2025.

however, the Company believes that such potential losses were immaterial as of March 31, 2026.

On April 6, 2026, Jan Durbin filed a class action complaint in the United States District Court for the Southern District of Ohio (Case No.

1:26-cv-00346) against Medpace Holdings, Inc., August J.

Troendle, Jesse J.

Geiger, and Kevin M.

Brady alleging violations of federal securities laws.

Plaintiff alleges that defendants made materially false and misleading statements related to the Company’s book-to-bill ratio in a scheme to deceive the market based upon Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated under Section 10(b).

Plaintiff seeks unspecified damages, interest, attorneys’ fees, expert fees and other costs.

A liability has not been recognized related to this matter because any potential loss is not currently probable or reasonably estimable.

Purchase Commitments

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

The Company has several minimum purchase commitments for project related supplies totaling $ 18.7 million as of March 31, 2026.

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 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.

Total receivables as a result of these employee advances of $ 0.4 million existed at March 31, 2026 and December 31, 2025, and 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

1 unchanged sentence

Certain executives and employees of the Company, including the chief executive officer, are members of LIB’s board of managers.

The Company entered into a MSA dated November 24, 2015 with LIB, a company that engages in research, development, marketing and commercialization of pharmaceutical drugs.

The Company entered into a MSA dated November 24, 2015 with LIB, a company that engages in research,

development, marketing and commercialization of pharmaceutical drugs.

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 $ 1.8 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.

The Company recognized total revenue from LIB of $ 1.2 million and $ 2.2 million during the three months ended March 31, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025 the Company had Advanced billings from LIB of $ 8.1 million in the condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025 the Company had Accounts receivable and unbilled, net from LIB of $ 1.5 million and $ 1.9 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 $ 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”)

The Summit Hotel, located on the Medpace campus, is owned by the chief executive officer, and managed by an unrelated hospitality management entity.

Medpace incurs travel lodging and meeting expenses 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.

The Company recognized total revenue from CinRx of $ 6.1 million and $ 11.7 million during the three months ended March 31, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025 the Company had Advanced billings from CinRx of $ 5.6 million and $ 4.3 million, respectively, in the condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025 the Company had Accounts receivable and unbilled, net from CinRx of $ 1.6 million in the condensed consolidated balance sheets.

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 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.

Operating lease cost recognized for the three months ended March 31, 2026 and 2025 was $ 0.7 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 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.

The Operating lease right-of-use assets at March 31, 2026 and December 31, 2025 were $ 15.3 million and $ 15.8 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at March 31, 2026 were $ 1.8 million and $ 14.2 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, 2025 were $ 1.8 million and $ 14.7 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 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.

Operating lease cost recognized for the three months ended March 31, 2026 and 2025 was $ 1.4 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 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 Operating lease right-of-use assets at March 31, 2026 and December 31, 2025 were $ 47.9 million and $ 48.4 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at March 31, 2026 were $ 1.8 million and $ 59.7 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, 2025 were $ 1.8 million and $ 60.2 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.

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

The Company pays rent, taxes, insurance, and maintenance expenses that arise

from the use of the property.

Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index.

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

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.

Operating lease cost recognized for the three months ended March 31, 2026 and 2025 was $ 0.6 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 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 Operating lease right-of-use assets at March 31, 2026 and December 31, 2025 were $ 3.6 million and $ 4.2 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at March 31, 2026 were $ 2.4 million and $ 1.3 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, 2025 were $ 2.3 million and $ 1.9 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

5 unchanged sentences

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

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.

Operating lease cost recognized for the three months ended March 31, 2026 and 2025 was less than $ 0.1 million and $ 0.7 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 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 March 31, 2026 were $ 1.0 million and $ 0.3 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, 2025 were $ 1.0 million and $ 0.5 million, respectively, and were recognized in Other current liabilities and Operating lease liabilities in the condensed consolidated balance sheets.

Travel Services

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 incurs expenses for travel services for company executives provided by a private aviation charter company controlled by the chief executive officer of the Company (“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 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 $ 0.4 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.

The Company incurred travel expenses of $ 0.4 million during the three months ended March 31, 2026 and 2025, 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 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.

As of March 31, 2026 and December 31, 2025, the Company had Accounts payable to the Aircraft Management Company of $ 0.1 million and $ 0.3 million, respectively, in the condensed consolidated balance sheets.

(13) Segment Disclosures

Information about the reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):

Information about the one reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Revenue, net $ 706,604 $ 558,570

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Other income, net:

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

Miscellaneous income (expense), net 971 ( 1,816 )

Interest income, net 5,117 6,463

10 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Therapeutic Area

Oncology $ 192,635 $ 164,917 $ 551,669 $ 483,067

Metabolic $ 237,558 $ 148,015

Oncology 201,239 170,476

Other 93,318 95,836

4 unchanged sentences

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