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Medpace Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$196M in Q3 2026 · $668M over twelve months

Operating cash flow$217M
Capital spending−$20.2M
Free cash flow+$196M
Cash / net income1.6×

Analysis

In Q3 2026, Medpace Holdings generated $217M of operating cash flow and spent $20.2M on capital projects, leaving free cash flow of $196M. That is $39.1M less than in Q3 2025 ($235M).

Over the twelve months to Sep 30, 2026, operating cash flow was $723M; the largest uses were buybacks ($295M), capital spending ($55.4M); besides operations, cash came from shares issued ($48.3M), other investing ($178K); the cash balance rose by $420M.

Operating cash flow was $217M against net income of $137M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$57.1M, prepaid and other assets +$13.4M, accrued liabilities −$7.6M.

Free cash flow

Medpace Holdings: free cash flow by quarterMedpace Holdings: free cash flow by quarter$183MQ4 2024$116MQ1 2025$142MQ2 2025$235MQ3 2025$188MQ4 2025$145MQ1 2026$138MQ2 2026$196MQ3 2026
Operating cash flow less capital spending.
Medpace Holdings: operating cash flow against capital spendingMedpace Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$191M$7.6MQ4 2024$126M$10.0MQ1 2025$149M$6.1MQ2 2025$246M$10.7MQ3 2025$193M$4.5MQ4 2025$152M$6.8MQ1 2026$162M$23.9MQ2 2026$217M$20.2MQ3 2026
Latest (Q3 2026): Operating cash flow $217M, Capital spending $20.2M.

Capital allocation, year by year

Medpace Holdings: where the cash came from (up) and went (down), by fiscal yearMedpace Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $263MFY2021: Shares issued $17.6MFY2021: Capital spending −$28.3MFY2021: Buybacks −$62.1M$281MFY2021FY2022: Operating cash flow $388MFY2022: Net borrowing $50.0MFY2022: Shares issued $22.1MFY2022: Capital spending −$36.9MFY2022: Buybacks −$848M$460MFY2022FY2023: Operating cash flow $433MFY2023: Net borrowing −$50.0MFY2023: Shares issued $11.4MFY2023: Capital spending −$36.6MFY2023: Buybacks −$144M$445MFY2023FY2024: Operating cash flow $609MFY2024: Shares issued $15.9MFY2024: Capital spending −$36.5MFY2024: Buybacks −$170M$625MFY2024FY2025: Operating cash flow $713MFY2025: Shares issued $57.0MFY2025: Capital spending −$31.4MFY2025: Buybacks −$917M$770MFY2025
Over these 5 years operating cash flow totalled $2.4B; the largest uses were buybacks ($2.1B) and capital spending ($170M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$705M
Debtnone
Net cash$705M

Medpace Holdings funds itself: free cash flow was $668M over the last twelve months, with $705M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Medpace Holdings: sources (+) and uses (−) of cash, Q3 2026Medpace Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$217MCash drawn (+) / kept (−)−$203MCapital spending−$20.2MShares issued$6.5MExchange rates−$328KOther investing$23K
Medpace Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Medpace Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$723MCash drawn (+) / kept (−)−$420MBuybacks−$295MCapital spending−$55.4MShares issued$48.3MExchange rates−$1.4MOther investing$178K

From profit to cash

Medpace Holdings: net income to operating cash flow, Q3 2026Medpace Holdings: net income to operating cash flow, Q3 2026Net income$137MDepreciation & amortization$6.6MStock-based pay$7.6MDeferred taxes$5.4MOther non-cash$414KReceivables−$5.8MPayables$1.5MAccrued liabilities−$7.6MDeferred revenue$57.1MPrepaid and other assets$13.4MOther operating capital−$185KOperating cash flow$217M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$217M−$20.2M—$6.5M−$203M$196M
Q2 2026$162M−$23.9M−$295M$6.4M$150M$138M
Q1 2026$152M−$6.8M—$12.7M−$156M$145M
Q4 2025$193M−$4.5M—$22.7M−$212M$188M
Q3 2025$246M−$10.7M−$4.6M$8.0M−$239M$235M
Q2 2025$149M−$6.1M−$541M$351K$395M$142M
Q1 2025$126M−$10.0M−$372M$25.9M$228M$116M
Q4 2024$191M−$7.6M−$170M$1.3M−$12.5M$183M

Medpace Holdings: income statement and cash flow

Medpace Holdings, Q3 2026: revenue $716M (+8% year over year), operating margin 23.1%. The chart follows the revenue to costs, profit and cash.

Medpace Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.