Medpace(US:MEDP)2026-02-09 21:15Revenue Growth - Revenue for Q4 2025 increased 32.0% to $708.5 million, compared to $536.6 million in Q4 2024, with a backlog conversion rate of 23.6%[3][8] - Full year 2025 revenue rose 20.0% to $2,530.2 million from $2,109.1 million in 2024[10] - Revenue for Q4 2025 reached $708.45 million, a 32% increase from $536.59 million in Q4 2024[28] Business Awards - Net new business awards for Q4 2025 were $736.6 million, a 39.1% increase from $529.7 million in Q4 2024, resulting in a net book-to-bill ratio of 1.04x[4][8] - For the full year 2025, net new business awards totaled $2,646.8 million, with a net book-to-bill ratio of 1.05x, compared to $2,230.0 million in 2024[11] Net Income - GAAP net income for Q4 2025 was $135.1 million, or $4.67 per diluted share, compared to $117.0 million, or $3.67 per diluted share, in Q4 2024, with a net income margin of 19.1%[6][8] - GAAP net income for the full year 2025 was $451.1 million, or $15.28 per diluted share, versus $404.4 million, or $12.63 per diluted share, in 2024, with a net income margin of 17.8%[12] - Net income for the twelve months ended December 31, 2025, was $451.12 million, up 11.5% from $404.39 million in 2024[28] EBITDA Performance - EBITDA for Q4 2025 increased 20.0% to $160.2 million, representing 22.6% of revenue, compared to $133.5 million, or 24.9% of revenue, in Q4 2024[7][8] - EBITDA for the full year 2025 increased 16.1% to $557.7 million, or 22.0% of revenue, compared to $480.2 million, or 22.8% of revenue, in 2024[13] - EBITDA for Q4 2025 was $160.24 million, representing a 20% increase from $133.51 million in Q4 2024[32] Financial Guidance - The company forecasts 2026 revenue between $2.755 billion and $2.855 billion, representing growth of 8.9% to 12.8% over 2025 revenue[15] - GAAP net income for 2026 is projected to be between $487.0 million and $511.0 million, with diluted earnings per share expected to range from $16.68 to $17.50[15] - The company provided guidance for 2026 net income between $487 million and $511 million, with diluted earnings per share projected between $16.68 and $17.50[33] Operating Expenses and Liabilities - Total operating expenses for 2025 were $1.995 billion, compared to $1.662 billion in 2024, reflecting a 20% increase[28] - Total liabilities increased to $1.516 billion in 2025 from $1.275 billion in 2024, indicating a rise in financial obligations[30] Cash and Advanced Billings - Cash and cash equivalents decreased to $497.05 million as of December 31, 2025, from $669.44 million in 2024[30] - Advanced billings increased to $854.39 million in 2025, up from $710.59 million in 2024, indicating strong future revenue potential[30] Stock-Based Compensation - Stock-based compensation expense rose to $34.79 million in 2025, compared to $25.51 million in 2024, reflecting increased employee incentives[31] Margin Analysis - The net income margin for Q4 2025 was 19.1%, down from 21.8% in Q4 2024, while the EBITDA margin was 22.6%, down from 24.9%[32]