Filing Flows › Medpace Holdings (MEDP) › Q3 2025
Medpace Holdings (MEDP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Medpace Holdings (MEDP) reported revenue of $660M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +9% from the quarter before. Operating margin was 21.5%, net earnings $111M (16.8% of revenue).
Medpace Holdings, Q3 2025: revenue $660M (+24% year over year), operating margin 21.5%, net earnings $111M, operating cash flow $246M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $660M | +9% | +24% |
| Operating profit | $142M | +12% | +26% |
| Net earnings | $111M | +23% | +15% |
| Operating cash flow | $246M | +66% | +65% |
| Free cash flow | $235M | +65% | +70% |
What changed
Revenue was $659.9M in Q3 2025, up 24% year over year and up 9% from the previous quarter. Other was the largest line at 30% of revenue. Other added $74.5M year over year (up 60%), 59% of the total change. AVAI declined 5%.
Operating profit was $141.8M, a 21.5% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, above the 21% margin then. Total costs grew 23% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $111.1M, up 15% year over year. The effective tax rate was 22.2%.
Operating cash flow was $246.2M (up 65% year over year), 222% of net earnings. Non-cash charges added back $7.0M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $121.7M. Capital expenditures of $10.7M left free cash flow of $235.5M.
Questions
What was Medpace Holdings' revenue in the third quarter 2025?
Medpace Holdings (MEDP) reported revenue of $660M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +9% from the quarter before.
Was Medpace Holdings profitable in the third quarter 2025?
Operating profit was $142M (21.5% of revenue) and net earnings $111M.
Source: Medpace Holdings 10-Q on SEC EDGAR.