Short answer
Medpace Holdings Inc (MEDP) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $2.5B (+20.0% year over year) and net income of $451M.
- Top risk flagged: Customer concentration: top ten customers generated approximately 35.1% of 2025 net revenue
FY2025 key financial metrics · XBRL
- Revenue
- $2.5B
- +20.0% YoY
- Net income
- $451M
- +11.6% YoY
- Operating margin
- 21.1%
- −0.0 pp YoY
- EPS (diluted)
- $15.28
- +21.0% YoY
- ROE
- 98.3%
- +49.3 pp YoY
- Operating cash flow
- $713M
- +17.1% YoY
Source: XBRL data from the Medpace Holdings Inc (MEDP) FY2025 10-K on SEC EDGAR. USD.
Medpace Holdings Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Full-service Phase I-IV CRO, serving biotech, pharmaceutical and medical device companies across major therapeutic areas
- ClinTrak-enabled clinical trial management, integrating real-time study metrics with operating procedures
- Expanded laboratory platform: four Central Laboratory locations across the U.S., Belgium, China and Singapore
- Strategic positioning toward small and mid-sized biopharma, emphasizing disciplined execution, therapeutic expertise and timely delivery
- Customer risk-sharing arrangements, including strategic investments, flexible payment terms and fee financing capabilities
Management Discussion & Analysis
- Revenue $2.530B, up 20.0% YoY, driven by Metabolic, Oncology and Central Nervous System activity
- Operating margin 21.1% vs 21.2%, net income $451.1M vs $404.4M
- Best performing areas: Metabolic, Oncology and Central Nervous System, supporting revenue growth
- Operating cash flow $713.2M, capex 1.24% of revenue, share repurchases $912.9M, no indebtedness
- Outlook: organic growth and selective bolt-on acquisitions, with liquidity sufficient for 12 months, but future cash flow and borrowing availability uncertain
Risk Factors
- Customer concentration: top ten customers generated approximately 35.1% of 2025 net revenue
- Small-biopharma exposure: 82% of 2025 net revenue came from customers potentially constrained by limited capital
- Fixed-fee contract overruns: majority of Phase I-IV contracts expose Medpace to underpricing and unrecovered costs
- Operational dependency: ClinTrak and third-party laboratories, logistics providers, drug depots and contract personnel support service delivery
- AI disruption: inadequate generative-AI controls could cause delays or errors in customer offerings
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