What changed in this filing

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Item 1. Financial Statements

2026-10-22 compared with 2026-07-23 · 141 added, 94 removed, 424 unchanged (36% 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 $ 705,315 $ 497,049

Accounts receivable and unbilled, net (includes $ 2.9 million and $ 3.5 million with related parties at June 30, 2026 and December 31, 2025, respectively)

Accounts receivable and unbilled, net (includes $ 2.9 million and $ 3.5 million with related parties at September 30, 2026 and December 31, 2025, respectively)

447,642 402,078

10 unchanged sentences

Current liabilities:

Accounts payable (includes $ 0.1 million and $ 0.3 million with related parties at June 30, 2026 and December 31, 2025, respectively)

Accounts payable (includes $ 0.3 million with related parties at September 30, 2026 and December 31, 2025)

$ 43,682 $ 28,142

Accrued expenses 443,331 408,382

Advanced billings (includes $ 13.1 million and $ 12.3 million with related parties at June 30, 2026 and December 31, 2025, respectively)

Advanced billings (includes $ 12.2 million and $ 12.3 million with related parties at September 30, 2026 and December 31, 2025, respectively)

961,855 854,390

9 unchanged sentences

5,000,000 shares authorized;

no shares issued and outstanding at June 30, 2026 and December 31, 2025

no shares issued and outstanding at September 30, 2026 and December 31, 2025

Common stock - $ 0.01 par-value;

250,000,000 shares authorized at June 30, 2026 and December 31, 2025;

27,910,605 and 28,370,780 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Treasury stock - 69,593 and 69,623 shares at June 30, 2026 and December 31, 2025, respectively

250,000,000 shares authorized at September 30, 2026 and December 31, 2025;

27,966,686 and 28,370,780 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

Treasury stock - 69,593 and 69,623 shares at September 30, 2026 and December 31, 2025, respectively

( 12,151 ) ( 12,156 )

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,

2026 2025 2026 2025

Revenue, net (includes $ 4.7 million and $ 16.9 million with related parties for the three months ended June 30, 2026 and 2025, respectively, and $ 12.0 million and $ 30.7 million with related parties for the six months ended June 30, 2026 and 2025, respectively)

Revenue, net (includes $ 3.8 million and $ 12.2 million with related parties for the three months ended September 30, 2026 and 2025, respectively, and $ 15.8 million and $ 42.9 million with related parties for the nine months ended September 30, 2026 and 2025, respectively)

$ 716,000 $ 659,903 $ 2,129,935 $ 1,821,784

8 unchanged sentences

Income from operations 165,540 141,808 453,867 381,666

Other income (expense), net:

Miscellaneous (expense) income, net ( 147 ) ( 2,875 ) 824 ( 4,691 )

Other income, net:

Miscellaneous income (expense), net 17 ( 489 ) 841 ( 5,180 )

Interest income, net 5,349 1,517 15,452 9,058

Total other income (expense), net 4,839 ( 1,797 ) 10,927 2,850

Total other income, net 5,366 1,028 16,293 3,878

Income before income taxes 170,906 142,836 470,160 385,544

12 unchanged sentences

(Amounts in thousands) Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Net income $ 137,460 $ 111,135 $ 382,692 $ 315,990

Other comprehensive income (loss)

Other comprehensive (loss) income

Foreign currency translation adjustments, net of taxes ( 817 ) 2 ( 2,993 ) 9,091

21 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

Treasury Stock

13 unchanged sentences

BALANCE — June 30, 2026 $ 279 $ ( 12,151 ) $ 964,183 $ ( 511,368 ) $ ( 7,082 ) $ 433,861

Net income 137,460 137,460

Foreign currency translation ( 817 ) ( 817 )

Stock-based compensation expense 7,604 7,604

Stock options exercised 1 6,495 6,496

Repurchases of common stock 335 335

BALANCE — September 30, 2026 $ 280 $ ( 12,151 ) $ 978,282 $ ( 373,573 ) $ ( 7,899 ) $ 584,939

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:

18 unchanged sentences

Property and equipment expenditures ( 50,886 ) ( 26,820 )

Other 115 153

Net cash used in investing activities ( 50,771 ) ( 26,667 )

3 unchanged sentences

Net cash used in financing activities ( 269,174 ) ( 883,117 )

EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND

RESTRICTED CASH ( 1,857 ) 5,069

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 5,639 ( 623,106 )

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

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period $ 502,688 $ 46,330

EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS ( 2,185 ) 5,128

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 208,266 ( 384,085 )

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

CASH AND CASH EQUIVALENTS — End of period $ 705,315 $ 285,351

See notes to condensed consolidated financial statements.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

September 30, 2026

(1) Basis of Presentation

15 unchanged sentences

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.

During the three and six months ended June 30, 2026, the Company repurchased 705,616 shares for $ 294.7 million.

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.

As of June 30, 2026, the Company has remaining authorization of $ 527.0 million under the repurchase program.

The Company did not execute any share repurchases during the three months ended September 30, 2026.

During the nine months ended September 30, 2026, the Company repurchased 705,616 shares for $ 294.7 million.

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.

As of September 30, 2026, the Company has remaining authorization of $ 527.0 million under the repurchase program.

Effective October 20, 2026, the Board approved the termination of the current share repurchase authorization and approved a new share repurchase authorization of up to $ 1.0 billion.

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.

4 unchanged sentences

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.

9 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, 2026 and 2025 (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, 2026 and 2025 (in thousands, except for earnings per share):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

6 unchanged sentences

Net income per common share—Diluted $ 4.84 $ 3.86 $ 13.37 $ 10.64

For the three and six months ended June 30, 2026, the computation of diluted EPS excludes the effect of (in thousands) 0.5 stock options due to each respective period’s average fair value of the Company’s common stock not exceeding the exercise prices.

For the three and six months ended June 30, 2025, the computation of diluted EPS excludes the effect of (in thousands) 205.3 and 198.0 stock options, respectively, due to each respective period’s average fair value of the Company’s common stock not exceeding the exercise prices.

For the three and nine months ended September 30, 2026, the computation of diluted EPS excludes the effect of (in thousands) 0.5 and 2.4 stock options, respectively, due to each respective period’s average fair value of the Company’s common stock not exceeding the exercise prices.

For the nine months ended September 30, 2025, the computation of diluted EPS excludes the effect of (in thousands) 78.1 stock options due to the period’s average fair value of the Company’s common stock not exceeding the exercise prices.

(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, 2026 and December 31, 2025.

There were no material transfers between Level 1, Level 2 or Level 3 during the three and six months ended June 30, 2026 and 2025.

The Company does not have material recurring fair value measurements as of September 30, 2026 and December 31, 2025.

There were no material transfers between Level 1, Level 2 or Level 3 during the three and nine months ended September 30, 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 $ 961,855 $ 854,390

As of June 30, 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.

As of September 30, 2026 and December 31, 2025, the Company had approximately $ 3.8 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 $ 32,955 $ 33,420

As of June 30, 2026, estimated amortization expense of the Company’s intangible assets for each of the remaining years is as follows (in thousands):

As of September 30, 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 June 30, 2026 and December 31, 2025, the Company had no indebtedness under the Credit Facility.

As of September 30, 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 June 30, Six Months Ended June 30,

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

2026 2025 2026 2025

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,

2026 December 31,

13 unchanged sentences

Operating leases 5.7 % 5.7 %

Lease payments due related to lease liabilities as of June 30, 2026 were as follows (in thousands):

Lease payments due related to lease liabilities as of September 30, 2026 were as follows (in thousands):

Related Party

13 unchanged sentences

Total $ 105,842 $ 65,616 $ 171,458

As of September 30, 2026, we have an additional lease with contractual obligations, which have not yet commenced , with future payments of $ 0.4 million.

(9) Shareholders’ Equity and Stock-Based Compensation

The Company granted 205,770 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the six months ended June 30, 2026, consisting of 104,350 RSU and 56,420 stock options having five year vesting schedules and 15,000 RSU and 30,000 stock options having two year vesting schedules.

The Company granted an additional 6,660 stock option awards to non-employee directors under the 2016 Amended and Restated Incentive Award Plan during the six months ended June 30, 2026.

The Company granted 214,526 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2026, consisting of 111,158 RSU and 58,368 stock options having five year vesting schedules and 15,000 RSU and 30,000 stock options having two year vesting schedules.

The Company granted an additional 6,660 stock option awards to non-employee directors under the 2016 Amended and Restated Incentive Award Plan during the nine months ended September 30, 2026.

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, 2026

Nine Months Ended September 30, 2026

Stock Options Weighted Average

7 unchanged sentences

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

Six Months Ended

June 30, 2026

Nine Months Ended

September 30, 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 June 30, Six Months Ended June 30,

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

2026 2025 2026 2025

3 unchanged sentences

(10) Income Taxes

The Company’s effective income tax rate was 20.0 % and 27.5 % for the three months ended June 30, 2026 and 2025, respectively.

The Company's effective income tax rate was 18.1 % and 15.6 % for the six months ended June 30, 2026 and 2025, respectively.

The Company’s effective income tax rate for the three months ended June 30, 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, tax benefits related to Foreign Derived Deduction Eligible Income and benefits from uncertain tax positions.

The Company’s effective income tax rate for the six months ended June 30, 2026 varied from the U.S.

The Company’s effective income tax rate was 19.6 % and 22.2 % for the three months ended September 30, 2026 and 2025, respectively.

The Company's effective income tax rate was 18.6 % and 18.0 % for the nine months ended September 30, 2026 and 2025, respectively.

The Company’s effective income tax rate for the three months ended September 30, 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.

The Company’s effective income tax rate for the nine months ended September 30, 2026 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 and tax benefits related to Foreign Derived Deduction Eligible Income.

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.

Where relevant, the Company has reflected any material items that were enacted in the condensed consolidated financial statements for the three and six months ended June 30, 2026.

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, 2026 and 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, 2026 and December 31, 2025.

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, 2026.

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

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

Troendle, Jesse J.

3 unchanged sentences

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.

On October 12, 2026, the plaintiff filed a notice of voluntary dismissal, without prejudice, against the defendants.

On June 22, 2026, Stephen Bushansky filed a complaint in the United States District Court for the Southern District of Ohio (Case No.

13 unchanged sentences

Plaintiff seeks unspecified damages, restitution, disgorgement of profits and other relief.

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

On October 20, 2026, the plaintiff filed a notice of voluntary dismissal, without prejudice, against the defendants.

On August 25, 2026, Stephen J.

Mary filed a complaint in the United States District Court for the Southern District of Ohio (Case No.

1:26-cv-865) purporting to bring a stockholder derivative action on behalf of the Company against the Company and certain of its current and past officers and directors, namely August J.

Troendle, Jesse J.

Geiger, Kevin M.

Brady, Susan E.

Burwig, Stephen P.

Ewald, Brian T.

Carley, Fred B.

Davenport, Jr., Femida H.

Gwadry-Sridhar, Robert O.

Kraft, Cornelius P.

“Neal” McCarthy III, and Dani Zander in connection with the Company’s statements related to its book-to-bill ratio.

Plaintiff alleges that the defendants breached their fiduciary duties by issuing and failing to correct materially false and/or misleading statements and omissions of material fact to the investing public.

Plaintiff’s claims against defendants allege violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, and contribution.

Plaintiff seeks unspecified damages, restitution, disgorgement of profits and other relief.

On October 20, 2026, the plaintiff filed a notice of voluntary dismissal, without prejudice, against the defendants.

Purchase Commitments

The Company has several minimum purchase commitments for project related supplies and support services totaling $ 29.4 million as of June 30, 2026.

The Company has several minimum purchase commitments for project related supplies and support services totaling $ 26.1 million as of September 30, 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 existed at June 30, 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.

Total receivables as a result of these employee advances of $ 0.4 million existed at September 30, 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

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 $ 1.2 million and $ 1.7 million during the three months ended June 30, 2026 and 2025, respectively, and $ 2.4 million and $ 3.9 million during the six months ended June 30, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of June 30, 2026 and December 31, 2025, the Company had Advanced billings from LIB of $ 7.9 million and $ 8.1 million, respectively, in the condensed consolidated balance sheets.

As of June 30, 2026 and December 31, 2025 the Company had Accounts receivable and unbilled, net from LIB of $ 1.3 million and $ 1.9 million, respectively, in the condensed consolidated balance sheets.

The Company recognized total revenue from LIB of $ 1.6 million and $ 1.8 million during the three months ended September 30, 2026 and 2025, respectively, and $ 4.0 million and $ 5.7 million during the nine months ended September 30, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of September 30, 2026 and December 31, 2025, the Company had Advanced billings from LIB of $ 9.0 million and $ 8.1 million, respectively, in the condensed consolidated balance sheets.

As of September 30, 2026 and December 31, 2025 the Company had Accounts receivable and unbilled, net from LIB of $ 2.9 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 $ 3.5 million and $ 15.1 million during the three months ended June 30, 2026 and 2025, respectively, and $ 9.6 million and $ 26.8 million during the six months ended June 30, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of June 30, 2026 and December 31, 2025, the Company had Advanced billings from CinRx of $ 5.2 million and $ 4.3 million, respectively, in the condensed consolidated balance sheets.

As of June 30, 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.

The Company recognized total revenue from CinRx of $ 2.3 million and $ 10.4 million during the three months ended September 30, 2026 and 2025, respectively, and $ 11.9 million and $ 37.2 million during the nine months ended September 30, 2026 and 2025, respectively, in the Company’s condensed consolidated statements of operations.

As of September 30, 2026 and December 31, 2025, the Company had

Advanced billings from CinRx of $ 3.2 million and $ 4.3 million, respectively, in the condensed consolidated balance sheets.

As of September 30, 2026 and December 31, 2025 the Company had Accounts receivable and unbilled, net from CinRx of less than $ 0.1 million and $ 1.6 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, 2026 and 2025, and $ 0.2 million during the nine months ended September 30, 2026 and 2025, at The Summit.

Leased Real Estate

2 unchanged sentences

The Company has evaluated its relationship with the related party and concluded that the related party is not a variable interest entity because the Company has no direct ownership interest or relationship other than the lease.

The lease was renewed in the first quarter of fiscal year 2023 for a term of ten years through December 2032 with a renewal option for one 10-year term at prevailing market rates.

The lease was renewed in the first quarter of fiscal year 2023 for a term of ten years through 2032 with a renewal option for one 10-year term at prevailing market rates.

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, 2026 and 2025 was $ 0.7 million.

Operating lease cost recognized for the six months ended June 30, 2026 and 2025 was $ 1.4 million.

Operating lease cost recognized for the three months ended September 30, 2026 and 2025 was $ 0.7 million.

Operating lease cost recognized for the nine months ended September 30, 2026 and 2025 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, 2026 and December 31, 2025 were $ 14.9 million and $ 15.8 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2026 were $ 1.9 million and $ 13.7 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

$ 14.7 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 September 30, 2026 and December 31, 2025 were $ 14.4 million and $ 15.8 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2026 were $ 1.9 million and $ 13.2 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 June 30, 2026 and 2025 was $ 1.4 million.

Operating lease cost recognized for the six months ended June 30, 2026 and 2025 was $ 2.8 million.

Operating lease cost recognized for the three months ended September 30, 2026 and 2025 was $ 1.5 million.

Operating lease cost recognized for the nine months ended September 30, 2026 and 2025 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, 2026 and December 31, 2025 were $ 47.4 million and $ 48.4 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2026 were $ 1.9 million and $ 59.3 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, 2026 and December 31, 2025 were $ 47.0 million and $ 48.4 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2026 were $ 2.0 million and $ 58.8 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, 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.

The Company entered into a multi-year lease agreement governing the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the Company’s chief executive officer and certain members of his immediate family.

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 lease was renewed in the third quarter of fiscal year 2026 for a term of ten years through 2037.

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, 2026 and 2025 was $ 0.7 million.

Operating lease cost recognized for the six months ended June 30, 2026 and 2025 was $ 1.3 million.

Operating lease cost recognized for the three months ended September 30, 2026 and 2025 was $ 0.6 million.

Operating lease cost recognized for the nine months ended September 30, 2026 and 2025 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, 2026 and December 31, 2025 were $ 3.1 million and $ 4.2 million, respectively, in the condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at June 30, 2026 were $ 2.4 million and $ 0.6 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, 2026 and December 31, 2025 were $ 29.2 million and $ 4.2 million, respectively, in the

condensed consolidated balance sheets.

The current and long-term portions of the lease liabilities at September 30, 2026 were $ 1.9 million and $ 27.2 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 $ 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 June 30, 2026 and 2025 was less than $ 0.1 million.

Operating lease cost recognized for the six months ended June 30, 2026 and 2025 was less than $ 0.1 million and $ 0.7 million, respectively.

Operating lease cost recognized for the three months ended September 30, 2026 and 2025 was less than $ 0.1 million.

Operating lease cost recognized for the nine months ended September 30, 2026 and 2025 was $ 0.1 million and $ 0.8 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 current portion of the lease liability at June 30, 2026 was $ 1.0 million and was recognized in Other current liabilities in the condensed consolidated balance sheets.

The current portion of the lease liability at September 30, 2026 was $ 0.8 million and was recognized in Other current 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.

3 unchanged sentences

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 $ 0.4 million and $ 0.5 million during the three months ended June 30, 2026 and 2025, respectively, and $ 0.8 million and $ 0.9 million during the six months ended June 30, 2026 and 2025, respectively, related to these travel services.

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

The Company incurred travel expenses of $ 0.7 million and $ 0.5 million during the three months ended September 30, 2026 and 2025, respectively, and $ 1.5 million and $ 1.4 million during the nine months ended September 30, 2026 and 2025, respectively, 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, 2026 and December 31, 2025, the Company had Accounts payable to the Aircraft Management Company of less than $ 0.1 million and $ 0.3 million, respectively, in the condensed consolidated balance sheets.

As of September 30, 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

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

10 unchanged sentences

Income from operations 165,540 141,808 453,867 381,666

Other income (expense), net:

Miscellaneous (expense) income, net ( 147 ) ( 2,875 ) 824 ( 4,691 )

Other income, net:

Miscellaneous income (expense), net 17 ( 489 ) 841 ( 5,180 )

Interest income, net 5,349 1,517 15,452 9,058

Total other income (expense), net 4,839 ( 1,797 ) 10,927 2,850

Total other income, net 5,366 1,028 16,293 3,878

Income before income taxes 170,906 142,836 470,160 385,544

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

8 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