[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","y1jchexer8z4wn87eqsh2a5l8","revision",2,"title","Medpace Holdings提交截至2026年9月30日季度的10-Q：前九个月净收入21.299亿美元，并披露最高10亿美元新回购授权","originalTitle","10-Q - Medpace Holdings, Inc. (0001668397) (Filer)","summary","Medpace Holdings提交的10-Q显示，截至2026年9月30日的第三季度净收入为7.160亿美元，前九个月净收入为21.299亿美元；同期净利润分别为1.375亿美元和3.827亿美元。","reason","节选涵盖Medpace截至2026年9月30日的季度及前九个月业绩、现金流和回购授权变化，并披露诉讼与业务风险事项。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-22T20:02:46.000Z","discoveredAt","2026-10-22T20:03:57.249Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",51,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fzTEB281FPb4",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","f2db5e10-81db-4b30-b54f-ad99e23bed1f","Medpace宣布新回购授权并披露三季度业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

___________________________________________

10-Q 表格

___________________________________________

（勾选一项）


x	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


o	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至。

委员会档案编号：001-37856

___________________________________________

Medpace Holdings, Inc.

（注册人章程中规定的准确名称）

___________________________________________


特拉华州	32-0434904
（州或其他注册成立或组织所在司法管辖区）	（美国国税局雇主识别号码）

5375 Medpace Way, Cincinnati, OH 45227

（主要行政办公室地址）（邮政编码）

(513) 579-9911

（注册人电话号码，包括区号）

根据该法第 12(b) 条注册的证券：


各类别证券名称	交易代码	上市交易所名称
普通股，每股面值 $0.01	MEDP	NASDAQ 全球精选市场

请勾选以表明注册人是否 (1) 已在过去 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，且 (2) 在过去 90 天内一直须遵守此类提交要求。是 x 否 o

请勾选以表明注册人是否已在过去 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。是 x 否 o

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”、“加速申报公司”、“较小申报公司”和“新兴成长型公司”的定义。


大型加速申报公司	x	加速申报公司	o
非加速申报公司	o	较小申报公司	o
新兴成长型公司	o

若为新兴成长型公司，请勾选注册人是否选择不采用《交易法》第 13(a) 条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。 o

请勾选以表明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 o 否 x

请注明截至最近可行日期发行人各类普通股的流通股数。


类别		流通股数
普通股，面值 $0.01		截至 2026 年 10 月 16 日，流通股数为 27,971,686 股

MEDPACE HOLDINGS, INC. 及其子公司

10-Q 表

截至 2026 年 9 月 30 日的季度


项目编号		页码
	第一部分 — 财务信息	3
第 1 项	财务报表（未经审计）	3
	截至 9 月 30 日的简明合并资产负债表（2026 年）及 2025 年 12 月 31 日	3
	截至 9 月 30 日止三个月和九个月（2026 年和 2025 年）的简明合并经营报表	4
	截至 9 月 30 日止三个月和九个月（2026 年和 2025 年）的简明合并综合收益表	5
	截至 9 月 30 日止三个月和九个月（2026 年和 2025 年）的简明合并股东权益表	6
	截至九个月（2026 年和 2025 年）9 月 30 日止的简明合并现金流量表	7
	简明合并财务报表附注	8
第 2 项	管理层对财务状况和经营成果的讨论与分析	19
第 3 项	有关市场风险的定量和定性披露	26
第 4 项	控制和程序	26

	第二部分 — 其他信息	27
第 1 项	法律诉讼	27
第 1A 项	风险因素	27
第 2 项	未注册的股权证券销售及所得款项用途	27
第 3 项	优先证券违约	27
第 4 项	矿山安全披露	27
第 5 项	其他信息	28
第 6 项	附件	28
	附件索引	29
	签名	30

-2-

第一部分 — 财务信息

第 1 项。财务报表

MEDPACE HOLDINGS, INC. 及其子公司

简明合并资产负债表（未经审计）


（金额以千为单位，股份数量除外）	截至
2026 年 9 月 30 日		2025 年 12 月 31 日
资产
流动资产：
现金及现金等价物	$	705,315		$	497,049
应收账款及未开票应收款净额（其中包括截至 2026 年 9 月 30 日和 2025 年 12 月 31 日分别与关联方相关的 290 万美元和 350 万美元）	447,642		402,078
预付费用及其他流动资产	92,043		90,497
流动资产总额	1,245,000		989,624
不动产及设备净额	175,004		131,055
经营租赁使用权资产	152,549		117,815
商誉	662,396		662,396
无形资产净额	32,955		33,420
递延所得税	3,272		19,223
其他资产	31,419		21,939
资产总额	$	2,302,595		$	1,975,472
负债和股东权益
流动负债：
应付账款（截至2026年9月 30日和2025年12月 31日，包含与关联方的0.3 million美元）	$	43,682		$	28,142
应计费用	443,331		408,382
预收账款（截至2026年9月 30日和2025年12月 31日，分别包含与关联方的12.2 million美元和12.3 million美元）	961,855		854,390
其他流动负债	47,229		52,834
流动负债总额	1,496,097		1,343,748
经营租赁负债	146,041		113,643
递延所得税负债	13,657		1,355
其他长期负债	61,861		57,655
负债总额	1,717,656		1,516,401
承诺和或有事项（见附注11）
股东权益：
优先股——面值$0.01；授权发行5,000,000股；截至2026年9月 30日和2025年12月 31日均无已发行和流通股	—		—
普通股——面值$0.01；截至2026年9月 30日和2025年12月 31日均授权发行250,000,000股；截至2026年9月 30日和2025年12月 31日，已发行和流通股分别为27,966,686股和28,370,780股	280		284
库存股——截至2026年9月 30日和2025年12月 31日，分别为69,593股和69,623股	(12,151)		(12,156)
资本公积	978,282		935,830
累计亏损	(373,573)		(459,981)
累计其他综合亏损	(7,899)		(4,906)
股东权益总额	584,939		459,071
负债和股东权益总额	$	2,302,595		$	1,975,472

请参阅简明合并财务报表附注。

-3-

MEDPACE HOLDINGS, INC.及子公司

简明合并经营报表（未经审计）


（金额以千计，每股金额除外）	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净收入（截至2026年9月 30日和2025年9月 30日的三个月，分别包含与关联方的3.8 million美元和12.2 million美元；截至2026年9月 30日和2025年9月 30日的九个月，分别包含与关联方的15.8 million美元和42.9 million美元）	$	716,000			$	659,903		$	2,129,935	$	1,821,784
经营费用：
直接服务成本，不包括折旧和摊销	204,851			186,335			605,680		549,977
报销的自付费用	287,264			276,629			902,407		716,505
直接成本总额	492,115			462,964			1,508,087		1,266,482
销售、一般及行政费用	51,765			48,082			147,785		152,643
折旧	6,425			6,813			19,731		20,284
摊销	155			236			465		709
经营费用总额	550,460			518,095			1,676,068		1,440,118
经营所得	165,540			141,808			453,867		381,666
其他收入净额：
杂项收入（费用）净额	17			(489)			841		(5,180)
利息收入净额	5,349			1,517			15,452		9,058
其他收入净额总额	5,366			1,028			16,293		3,878
税前收入	170,906			142,836			470,160		385,544
所得税费用	33,446			31,701			87,468		69,554
净利润	$	137,460			$	111,135		$	382,692	$	315,990
归属于普通股股东的每股净利润：
基本	$	4.92			$	3.95		$	13.58	$	10.88
稀释	$	4.84			$	3.86		$	13.37	$	10.64
加权平均普通股流通股数：
基本	27,940		28,136		28,184		29,033
稀释	28,372		28,817		28,630		29,710

请参阅简明合并财务报表附注。

-4-

MEDPACE HOLDINGS, INC.及子公司

简明合并综合收益表（未经审计）


（金额以千计）	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净利润	$	137,460			$	111,135		$	382,692	$	315,990
其他综合（亏损）收益
外币折算调整，税后净额	(817)			2			(2,993)		9,091
综合收益	$	136,643			$	111,137		$	379,699	$	325,081

请参阅简明合并财务报表附注。

-5-

MEDPACE HOLDINGS, INC.及其子公司

简明合并股东权益变动表（未经审计）


（金额以千计）	普通股股		库存股股	额外实收资本		留存收益（累计亏损）		累计其他综合亏损		总计
余额 — 2024年12月31日	$	306		$	(12,235)			$	844,050			$	8,167	$	(14,743)	$	825,545
净利润						114,595					114,595
外币折算								3,122			3,122
股份支付费用				16,892							16,892
行使股票期权	4				25,941							25,945
回购普通股	(12)						(392,478)					(392,490)
余额 — 2025年3月31日	$	298		$	(12,235)			$	886,883			$	(269,716)	$	(11,621)	$	593,609
净利润						90,260					90,260
外币折算								5,967			5,967
股份支付费用				5,951							5,951
行使股票期权				340							340
回购普通股	(17)						(523,759)					(523,776)
余额 — 2025年6月30日	$	281		$	(12,235)			$	893,174			$	(703,215)	$	(5,654)	$	172,351
净利润						111,135					111,135
外币折算								2			2
股份支付费用				6,323							6,323
行使股票期权	1				7,986							7,987
回购普通股						(4,157)					(4,157)
余额 — 2025年9月30日	$	282		$	(12,235)			$	907,483			$	(596,237)	$	(5,652)	$	293,641

	普通股股		库存股股	额外实收资本		累计亏损		累计其他综合亏损		总计
余额 — 2025年12月31日	$	284		$	(12,156)			$	935,830			$	(459,981)	$	(4,906)	$	459,071
净利润						123,870					123,870
外币折算								(2,215)			(2,215)
股份支付费用				4,918							4,918
行使股票期权	2				12,668							12,670
余额 — 2026年3月31日	$	286		$	(12,156)			$	953,416			$	(336,111)	$	(7,121)	$	598,314
净利润						121,362					121,362
外币折算								39			39
股份支付费用				4,348							4,348
行使股票期权			5		6,419							6,424
回购普通股	(7)						(296,619)					(296,626)
余额 — 2026年6月30日	$	279		$	(12,151)			$	964,183			$	(511,368)	$	(7,082)	$	433,861
净利润						137,460					137,460
外币折算								(817)			(817)
股份支付费用				7,604							7,604
行使股票期权	1				6,495							6,496
回购普通股						335					335
余额 — 2026年9月30日	$	280		$	(12,151)			$	978,282			$	(373,573)	$	(7,899)	$	584,939

请参阅简明合并财务报表附注。

-6-

MEDPACE HOLDINGS, INC.及其子公司

简明合并现金流量表（未经审计）


（金额以千计）	截至9月30日的九个月
	2026		2025
经营活动现金流量：
净利润	$	382,692			$	315,990
将净利润调节为经营活动提供的现金净额的调整项目：
折旧	19,731			20,284
摊销	465			709
股份支付费用	16,870			29,166
非现金租赁费用	18,063			17,329
递延所得税费用	28,220			63,366
其他	669			(433)
资产和负债变动：
应收账款及未开票应收款，净额	(45,148)			(77,119)
预付费用及其他流动资产	(2,576)			(15,607)
应付账款	1,469			1,296
应计费用	36,101			57,521
预收账款	107,465			123,743
租赁负债	(17,807)			(18,131)
其他资产和负债，净额	(15,818)			2,457
经营活动提供的现金净额	530,396			520,571
投资活动产生的现金流量：
不动产及设备支出	(50,886)			(26,820)
其他	115			153
投资活动使用的现金净额	(50,771)			(26,667)
融资活动产生的现金流量：
股票期权行权所得款项	25,590			34,272
回购普通股	(294,764)			(917,389)
融资活动使用的现金净额	(269,174)			(883,117)
汇率变动对现金及现金等价物的影响	(2,185)			5,128
现金及现金等价物增加（减少）额	208,266			(384,085)
期初现金及现金等价物	497,049			669,436
期末现金及现金等价物	$	705,315			$	285,351

请参阅简明合并财务报表附注。

-7-

MEDPACE HOLDINGS, INC. 及其子公司

简明合并财务报表附注（未经审计）

2026年9月30日

（1）列报基础

业务描述

Medpace Holdings, Inc.（连同其子公司，称为“Medpace”或“公司”）是一家在特拉华州注册成立的公司，作为全球临床研究型药物和医疗器械开发服务提供商。公司与制药、生物技术和医疗器械公司合作，开展临床试验的开发和执行。公司的药物开发服务专注于全方位的 I-IV 期临床开发服务，包括开发计划设计、项目管理、法规事务、临床监查、数据管理与分析、药物警戒、新药申请提交、上市后临床支持、实验室服务、临床人体药理学、影像服务以及临床试验心电图判读支持。

公司的业务主要位于北美、欧洲和亚洲。

未经审计的中期财务信息

中期简明合并财务报表包括公司的账目，按照美国公认会计原则（“GAAP”）编制，且未经审计。公司管理层认为，所有为公允列报所必需的正常经常性调整均已反映在报表中。根据 GAAP 编制的年度财务报表通常包含、但中期报告不要求提供的某些财务信息已予以省略。按照 GAAP 编制中期简明合并财务报表时，管理层须作出估计和假设，这些估计和假设会影响中期简明合并财务报表日资产和负债的列报金额及或有资产和负债的披露，以及报告期内收入和费用的列报金额。实际结果和结局可能与管理层的估计和假设不同。因此，本季度 10-Q 表格报告所载信息应与公司截至2025年12月31日止年度的 10-K 表格年度报告中包含的经审计合并财务报表及相关附注一并阅读。

股票回购

2022年，公司董事会（以下简称“董事会”）批准了一项股票回购计划，此后多次修订以提高股票回购授权总额。截至2026年9月30日止三个月内，公司未执行任何股票回购。截至2026年9月30日止九个月内，公司回购了705,616股，金额为$294.7 million。截至2025年9月30日止三个月和九个月内，公司分别回购了14,649股和2,961,924股，金额分别为$4.5 million和$912.9 million。截至2026年9月30日，公司在回购计划下尚有$527.0 million的授权额度。

自2026年10月20日起，董事会批准终止现有股票回购授权，并批准新的股票回购授权，额度最高为$1.0 billion。

股票回购计划下的回购通过公开市场或根据Rule 10b5-1制定的交易计划进行协商交易。对于这些获批的股票回购，公司将回购股份作实质性注销，但少部分股份作为库存股保留在简明合并股东权益表中。超过面值支付的已注销股票回购金额反映在公司简明合并资产负债表的累计亏损/留存收益中。

近期发布的会计公告

2024年11月，FASB发布了ASU 2024-03《收益表—综合收益报告—费用分类披露（子主题220-40）：收益表费用分类》，旨在通过提供有关常见费用项目中各类费用的更详细信息来改进披露要求。该指引适用于2026年12月15日之后开始的年度报告期间，以及财政年度内开始的中期期间

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2027年12月15日之后开始的中期期间，并允许提前采用。公司目前正在评估该准则对其合并财务报表及相关披露的影响。

2025年9月，FASB发布了ASU 2025-06《无形资产—商誉及其他—内部使用软件（子主题350-40）：内部使用软件会计处理的定向改进》，以更新软件开发成本的会计处理并明确披露要求。该指引适用于2027年12月15日之后开始的年度期间，以及这些年度报告期间内的中期报告期间；允许自某一年度报告期间开始时提前采用。公司目前正在评估该准则对其合并财务报表及相关披露的影响。

2025年12月，FASB 发布了 ASU 2025-10《政府补助（主题 832）：商业实体收到的政府补助会计处理》，为补助会计处理确立了权威的美国 GAAP 指引，以确保各商业实体一致地应用会计规则。该指引适用于 2028年12月15日之后开始的年度报告期间及这些年度报告期间内的中期报告期间，并允许提前采用。本公司目前正在评估该准则对其合并财务报表及相关披露的影响。

(2) 每股净收益

基本和稀释每股收益或亏损（“EPS”）采用两类法计算。该方法是一种收益分配方式，根据已宣告股息及未分配收益的参与权，确定普通股各类别及参与证券的每股收益。本公司的限制性股票奖励（“RSA”）被视为参与证券，因为其在授予日依法发行，且持有人有权在归属期内获得不可没收的股息。

稀释每股收益的计算包括额外普通股，例如未归属的限制性股票单位（“RSU”）以及行权价格低于本公司普通股期间平均市价的股票期权（“价内期权”），并将其视为已发行在外。这是假设在股票期权行权价格低于所购普通股价值时，必须发行额外股份，因为从期权持有人处收到的现金不足以购买相同数量的股份。如果纳入此类额外股份会产生反稀释影响，本公司不会计算稀释每股收益。

下表列示截至2026年和2025年9月30日止三个月和九个月基本及稀释每股收益的计算（单位：千，除每股收益外）：


	截至三个月 9月30日		截至九个月 9月30日
	2026		2025		2026		2025
分子：
归属于普通股股东的净收益	$	137,460			$	111,135		$	382,692	$	315,990

分母：
加权平均基本流通普通股数	27,940			28,136			28,184		29,033
稀释股份的影响	432			681			446		677
加权平均稀释流通普通股数	28,372			28,817			28,630		29,710

每股普通股收益：
每股普通股净收益——基本	$	4.92			$	3.95		$	13.58	$	10.88
每股普通股净收益——稀释	$	4.84			$	3.86		$	13.37	$	10.64

截至2026年9月30日止三个月和九个月，稀释每股收益的计算分别排除了（单位：千）0.5和2.4份股票期权的影响，因为各相应期间本公司普通股的平均公允价值未超过行权价格。截至2025年9月30日止九个月，稀释每股收益的计算排除了（单位：千）78.1份股票期权的影响，因为该期间本公司普通股的平均公允价值未超过行权价格。

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(3) 公允价值计量

公司遵循有关公允价值计量的会计准则，该准则定义了公允价值，建立了公允价值计量框架，并建立了用于公允价值计量的输入值层级。该层级通过要求在可用时使用最可观察的输入值，最大限度地使用“可观察”输入值，并最大限度地减少不可观察输入值的使用。该层级根据输入值规定了以下三个级别：

第 1 级：基于活跃市场中相同资产或负债报价的估值。

第 2 级：基于直接可观察输入值或经市场数据佐证的不可观察输入值的估值。

第 3 级：基于不可观察输入值的估值，这些输入值几乎没有或完全没有市场活动支持，代表管理层对市场参与者将如何为资产或负债定价所作假设的判断。

现金及现金等价物、应收账款及未开票款项净额、应付账款、应计费用和预收账款等金融工具的公允价值与其账面金额相近，这是由于其期限较短。

截至2026年9月 30日和2025年12月 31日，公司没有重大经常性公允价值计量。在截至2026年和2025年9月 30日的三个月和九个月期间，第 1 级、第 2 级或第 3 级之间均无重大转移。

(4) 合同资产和合同负债

合同资产和合同负债列示于公司简明合并资产负债表中的下列科目。

合同资产

应收账款代表客户应付公司的款项，客户主要集中在制药、生物技术和医疗器械行业。未开票款项代表已确认但尚未开票或尚未达到合同约定开票条件的收入。通常，款项在达到协商确定的合同事项、依照预定付款计划或发生可报销费用时即可开票。归类为未开票款项的金额，是指自相应资产负债表日起一年内可向客户开票的金额。

应收账款及未开票款项净额包括以下项目（单位：千元）：


	截至
	2026年9月30日		2025年12月31日
应收账款	$	419,841			$	376,755
未开票应收款项	27,829			25,352
减：呆账准备	(28)			(29)
应收账款及未开票款项净额合计	$	447,642			$	402,078

合同负债

预收账款是指在提供服务或确认收入之前收到的客户现金，或根据约定付款计划开出的账单金额。

预收账款包括以下项目（单位：千元）：


	截至
	2026年9月30日		2025年12月31日
预收账款	$	961,855		$	854,390

截至2026年9月 30日和2025年12月 31日，公司活跃项目尚待履行的履约义务约为38亿美元和36亿美元。

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(5) 无形资产净额

无形资产净额包括以下项目（单位：千元）：


	截至
	2026年9月30日		2025年12月31日
无形资产：
有限年限无形资产：
账面金额：
客户关系	$	145,051			$	145,051
累计摊销：
客户关系	(143,742)			(143,277)
有限年限无形资产总额，净值	1,309			1,774
商号（无限年限）	31,646			31,646
无形资产总额，净值	$	32,955			$	33,420

截至2026年9月30日，公司无形资产在剩余各年的预计摊销费用如下（单位：千美元）：


	摊销
2026年剩余时间	$	155
2027	577
2028	577
	$	1,309

（6）应计费用

应计费用包括以下项目（单位：千美元）：


	截至
	2026年9月30日		2025年12月31日
员工薪酬和福利	$	98,471			$	80,139
项目相关可报销费用	329,944			316,013
其他	14,916			12,230
应计费用总额	$	443,331			$	408,382

（7）债务

2019年9月30日，公司签订了一份贷款协议（可能不时修订，以下简称“贷款协议”），通过其全资子公司 Medpace, Inc.（作为借款人，以下简称“借款人”）和 Medpace IntermediateCo, Inc.（作为担保人，以下简称“担保人”），提供一项无担保信贷额度（可能不时修订，以下简称“信贷额度”）。公司签订贷款协议的同时，担保人签署了一份担保协议，保证履行贷款协议项下义务的付款和履约责任。

2025年7月17日，公司签订了贷款协议第9号修正案，将信贷额度项下可借款的本金总额调整为最高1,000万美元。信贷额度于2027年4月30日到期，利率为以下各项之和：有担保隔夜融资利率（SOFR）加100个基点（1.00%），或最优惠利率、隔夜银行融资利率加50个基点（0.50%）以及每日简单SOFR加100个基点（1.00%）三者中的最高值。截至2026年9月30日和2025年12月31日，公司在信贷额度项下均无债务。

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贷款协议包含其他惯常贷款条款、陈述与保证，以及肯定性和否定性契约，且均受惯常限制、例外和排除条款约束。贷款协议规定了若干违约事件，包括但不限于未支付本金或利息以及违反契约。

（8）租赁

公司签订房地产和设备租赁合同。房地产租赁用于公司在全球各地的公司办公场所和实验室。房地产租赁的剩余租期为不到1年至15年。公司的许多租赁合同包含按月或在最长20年的固定期限内延长租期的选择权。许多租赁合同还包含在1年内或根据其他合同条款终止租赁的选择权。

租赁费用的组成如下（单位：千美元）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025	2026		2025
经营租赁成本	$	8,144		$	7,672		$	23,927	$	23,425
可变租赁成本	$	3,432		$	3,282		$	10,252	$	9,113

与租赁相关的补充现金流信息如下（单位：千美元）：


	截至9月30日的九个月
	2026		2025
计入租赁负债计量金额的现金支付：
经营租赁产生的经营现金流	$	18,537		$	18,738

通过承担租赁义务取得的使用权资产：
经营租赁	$	53,331		$	8,285

与租赁相关的补充资产负债表信息如下（单位：千美元）：


	截至
	2026年9月30日		2025年12月31日
经营租赁使用权资产——关联方	$	90,550			$	68,416
经营租赁使用权资产——非关联方	61,999			49,399
经营租赁使用权资产	$	152,549			$	117,815

其他流动负债——关联方	6,609			6,915
其他流动负债——非关联方	18,808			16,294
其他流动负债	$	25,417			$	23,209

经营租赁负债——关联方	99,233			77,344
经营租赁负债——非关联方	46,808			36,299
经营租赁负债	146,041			113,643
经营租赁负债总额	$	171,458			$	136,852

加权平均剩余租期（年）
经营租赁	9.3		9.1
加权平均折现率
经营租赁	5.7	%		5.7	%

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截至2026年9月 30日，与租赁负债相关的租赁付款到期情况如下（单位：千美元）：


	关联方经营租赁		非关联方经营租赁		总计经营租赁
2026年剩余时间	$	3,238			$	5,313		$	8,551
2027	12,526			20,172			32,698
2028	12,198			15,605			27,803
2029	12,413			12,059			24,472
2030	12,634			7,251			19,885
以后年度	98,027			14,250			112,277
租赁付款总额	151,036			74,650			225,686
减：推算利息	(45,194)			(9,034)			(54,228)
总计	$	105,842			$	65,616		$	171,458

截至 2026年9月30日，我们另有一项合同义务尚未开始履行的租赁，未来付款额为$0.4 million。

(9) 股东权益和基于股票的薪酬

截至2026年9月 30日的九个月内，公司根据《2016年修订及重述激励奖励计划》向员工授予了214,526份奖励，其中包括111,158份归属期为五年的RSU和58,368份归属期为五年的股票期权，以及15,000份归属期为两年的RSU和30,000份归属期为两年的股票期权。截至2026年9月 30日的九个月内，公司根据《2016年修订及重述激励奖励计划》向非雇员董事额外授予了6,660份股票期权奖励。这些奖励计划于以下两者中较早日期归属：(a) 授予日后首次年度股东大会日期的前一天；(b) 授予日一周年，但非雇员董事须持续任职至适用归属日。

奖励活动

下表列示了公司的股票期权活动：


	截至2026年9月30日的九个月
	股票期权	加权平均行权价
期初未行权	618,681	$	211.29
已授予	95,028	$	414.20
已行权	(183,475)	$	140.22
已取消/没收/到期	(11,643)	$	331.92
期末未行权	518,591	$	271.17

期末可行权	377,943	$	225.74

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下表列示了公司的RSA/RSU活动：


	截至2026年9月30日的九个月
	股份/单位
期初未偿付且未归属	324,517
授予	126,158
归属	(118,335)
没收	(26,285)
期末未偿付且未归属	306,055

与所有未偿付的股票薪酬奖励相关、并在简明合并经营报表中确认的股票薪酬费用汇总如下（单位：千）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
直接成本总额	$	3,306			$	3,772		$	9,121	$	10,219
销售、一般及行政费用	4,298			2,551			7,749		18,947
股票薪酬费用总额	$	7,604			$	6,323		$	16,870	$	29,166

（10）所得税

截至2026年和2025年9月30日的三个月，公司有效所得税税率分别为19.6%和22.2%。截至2026年和2025年9月30日的九个月，公司有效所得税税率分别为18.6%和18.0%。截至2026年9月30日的三个月，公司有效所得税税率与美国21%的法定税率不同，主要是由于州税的影响，但该影响被确认的基于股份的薪酬超额税收优惠以及与外国衍生扣除合格收入相关的税收优惠抵消。截至2026年9月30日的九个月，公司有效所得税税率与美国21%的法定税率不同，这是由于州税的影响，但该影响被确认的基于股份的薪酬超额税收优惠以及与外国衍生扣除合格收入相关的税收优惠抵消。

2025年7月4日，《大而美法案》（“OBBBA”）在美国颁布。OBBBA包含多项重要条款，例如永久延长《减税与就业法案》中若干即将到期的条款、修改国际税收框架，以及恢复某些商业条款的优惠税务待遇。在适用情况下，公司已在截至2026年和2025年9月30日的三个月及九个月简明合并财务报表中反映所有已颁布的重大事项。

（11）承诺与或有事项

法律诉讼

公司在日常业务过程中不时涉及法律诉讼，包括雇佣索赔以及与其他商业交易相关的索赔。公司无法确定地预测此类诉讼的结果，但其认为已就此类诉讼计提了充足准备金，并已确认相关损失；截至2026年9月30日和2025年12月31日，这些金额并不重大。相关诉讼发生超过已确认金额的损失存在合理可能性；但公司认为，截至2026年9月30日，此类潜在损失并不重大。

2026年4月6日，Jan Durbin 在美国俄亥俄州南区联邦地区法院提起集体诉讼，案号为 1:26-cv-00346-MB，被告为 Medpace Holdings, Inc.、August J. Troendle、Jesse J. Geiger 和 Kevin M. Brady，指控其违反《1934年证券交易法》（“《交易法》”）第10(b)和20(a)条，以及根据第10(b)条颁布的规则10b-5。原告称，被告就公司的订单与账单比率作出重大虚假和误导性陈述，意图欺骗市场，违反《交易法》。原告要求判给金额未指明的损害赔偿、利息、律师费、专家费用及其他成本。2026年10月12日，原告提交自愿撤诉通知，对被告撤诉且不妨碍日后再次提起诉讼。

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2026年6月22日，Stephen Bushansky 在美国俄亥俄州南区联邦地区法院提起诉讼，案号为 1:26-cv-617，声称代表公司提起股东派生诉讼，被告为公司及其若干现任和前任高管与董事，即 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 和 Dani Zander，诉讼涉及公司就其订单与账单比率所作的陈述。原告指称，董事被告违反《交易法》第14(a)条及其项下规则14a-9，并根据《交易法》第21D条承担责任；该条规范依联邦证券法主张的任何私人诉权项下分摊责任的适用。原告还依据州法提出索赔，称被告违反信义义务、协助和教唆违反信义义务，并获得不当得利。原告要求判给金额未指明的损害赔偿、返还财产、没收利润及其他救济。2026年10月20日，原告提交自愿撤诉通知，对被告撤诉且不妨碍日后再次提起诉讼。

2026年8月25日，Stephen J. Mary 在美国俄亥俄州南区联邦地区法院提起诉讼，案号为 1:26-cv-865，声称代表公司提起股东派生诉讼，被告为公司及其若干现任和前任高管与董事，即 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 和 Dani Zander，诉讼涉及公司就其订单与账单比率所作的陈述。原告称，被告发布重大虚假和/或误导性陈述，并未纠正此类陈述或重大事实遗漏，从而违反其信义义务。原告针对被告提出的索赔包括违反《交易法》第14(a)条、违反信义义务、协助和教唆违反信义义务、不当得利、浪费公司资产及分摊责任。原告要求判给金额未指明的损害赔偿、返还财产、没收利润及其他救济。2026年10月20日，原告提交自愿撤诉通知，对被告撤诉且不妨碍日后再次提起诉讼。

采购承诺

截至2026年9月30日，公司有若干项目相关用品和支持服务的最低采购承诺，总额为$26.1 million。作为承诺的回报，Medpace可享受优惠价格。这些承诺将于2030年之前的不同时间到期。

(12) 关联方交易

员工贷款

公司会定期向员工提供短期贷款或预支款，通常在员工入职时提供。截至2026年9月30日和2025年12月31日，此类员工预支款形成的应收款总额均为$0.4 million，并根据合同还款日期分别计入简明合并资产负债表中的预付费用及其他流动资产和其他资产项目。

服务协议

LIB Therapeutics LLC及其子公司（“LIB”）

公司包括首席执行官在内的部分高管和员工是LIB管理委员会成员。公司于2015年11月24日与从事药物研究、开发、营销和商业化的公司LIB签订了一份MSA。此后，公司与LIB签订了多项任务订单，由公司提供临床试验相关服务。公司简明合并经营报表确认的来自LIB的总收入，在截至2026年和2025年9月30日的三个月内分别为$1.6 million和$1.8 million，在截至2026年和2025年9月30日的九个月内分别为$4.0 million和$5.7 million。截至2026年9月30日和2025年12月31日，公司简明合并资产负债表中来自LIB的预收账款分别为$9.0 million和$8.1 million。截至2026年9月30日和2025年12月31日，公司简明合并资产负债表中来自LIB的应收账款及未开票应收款净额分别为$2.9 million和$1.9 million。

CinRX Pharma、其子公司及关联公司（“CinRx”）

公司包括首席执行官在内的部分高管和员工是CinRx管理委员会成员和/或持有CinRx股权投资，CinRx是一家生物技术公司。公司与CinRx签订了多项任务订单，由公司提供临床试验相关服务。公司简明合并经营报表确认的来自CinRx的总收入，在截至2026年和2025年9月30日的三个月内分别为$2.3 million和$10.4 million，在截至2026年和2025年9月30日的九个月内分别为$11.9 million和$37.2 million。截至2026年9月30日和2025年12月31日，公司有

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简明合并资产负债表中来自CinRx的预收账款分别为$3.2 million和$4.3 million。截至2026年9月30日和2025年12月31日，公司简明合并资产负债表中来自CinRx的应收账款及未开票应收款净额分别低于$0.1 million 和 $1.6 million。

Summit Hotel（“The Summit”）

位于 Medpace 园区内的 Summit Hotel 归首席执行官所有，并由一家无关联的酒店管理实体管理。Medpace 在 Summit Hotel 发生差旅住宿和会议费用。截至 2026 年和 2025 年 9 月 30 日止三个月，Medpace 在 Summit Hotel 发生的费用为 0.1 million；截至 2026 年和 2025 年 9 月 30 日止九个月，发生的费用为 0.2 million。

租赁房地产

园区总部租赁

公司与一家由公司首席执行官全资拥有的实体签订经营租赁，以使用位于俄亥俄州辛辛那提的一栋楼内的办公空间。公司已评估其与关联方的关系，并认定该关联方不是可变利益实体，因为除租赁外，公司与其没有直接所有权权益或其他关系。该租赁于 2023 财年第一季度续签，期限为十年，至 2032 年止，并可选择按当时市场价格续租一个 10 年期。公司支付因使用该物业而产生的租金、税费、保险和维护费用。公司总部的年度基本租金允许根据消费者价格指数的涨幅每年调整租金。公司已将该租赁认定为经营租赁。截至 2026 年和 2025 年 9 月 30 日止三个月确认的经营租赁成本为 0.7 million。截至 2026 年和 2025 年 9 月 30 日止九个月确认的经营租赁成本为 2.1 million。经营租赁成本分摊至简明合并经营报表中的直接成本总额以及销售、一般和管理费用。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，简明合并资产负债表中的经营租赁使用权资产分别为 14.4 million 和 15.8 million。截至 2026 年 9 月 30 日，租赁负债的流动和长期部分分别为 1.9 million 和 13.2 million，并在简明合并资产负债表中确认为其他流动负债和经营租赁负债。截至 2025 年 12 月 31 日，租赁负债的流动和长期部分分别为 1.8 million 和 14.7 million，并在简明合并资产负债表中确认为其他流动负债和经营租赁负债。

2018 年，Medpace, Inc. 与一家实体签订了多年期租赁协议，约定未来租用位于俄亥俄州辛辛那提的额外办公空间。该实体由公司首席执行官及其直系亲属的部分成员全资拥有。公司于 2020 财年第二季度开始占用该场所。租约将于 2040 年到期，公司有两次为期 10 年的续租选择权。公司承担因使用该物业而产生的租金、税费、保险费和维护费用。公司总部的年度基本租金可根据消费者物价指数的涨幅每年调整租金费率。公司认定该租约为经营租赁。截至 2026 年和 2025 年 9 月 30 日的三个月内确认的经营租赁成本均为 150 万美元。截至 2026 年和 2025 年 9 月 30 日的九个月内确认的经营租赁成本为 430 万美元。经营租赁成本在简明合并经营报表中的直接成本总额和销售、一般及行政费用之间分摊。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，简明合并资产负债表中的经营租赁使用权资产分别为 4700 万美元和 4840 万美元。截至 2026 年 9 月 30 日，租赁负债的流动和长期部分分别为 200 万美元和 5880 万美元，并在简明合并资产负债表中确认为其他流动负债和经营租赁负债。截至 2025 年 12 月 31 日，租赁负债的流动和长期部分分别为 180 万美元和 6020 万美元，并在简明合并资产负债表中确认为其他流动负债和经营租赁负债。

公司与一家实体签订了多年期租赁协议，约定租用位于俄亥俄州辛辛那提一栋大楼内的办公空间。该实体由公司首席执行官及其直系亲属的部分成员全资拥有。该租约于 2026 财年第三季度续签，期限为 10 年，至 2037 年止。公司承担因使用该物业而产生的租金、税费、保险费和维护费用。公司总部的年度基本租金可根据消费者物价指数的涨幅每年调整租金费率。公司认定该租约为经营租赁。截至 2026 年和 2025 年 9 月 30 日的三个月内确认的经营租赁成本为 60 万美元。截至 2026 年和 2025 年 9 月 30 日的九个月内确认的经营租赁成本为 190 万美元。经营租赁成本在简明合并经营报表中的直接成本总额和销售、一般及行政费用之间分摊。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，经营租赁使用权资产分别为 2920 万美元和 420 万美元，列于

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简明合并资产负债表。2026年9月30日，租赁负债的流动部分和长期部分分别为$1.9 million和$27.2 million，并分别在简明合并资产负债表中确认为其他流动负债和经营租赁负债。2025年12月31日，租赁负债的流动部分和长期部分分别为$2.3 million和$1.9 million，并分别在简明合并资产负债表中确认为其他流动负债和经营租赁负债。

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, which the Company did not exercise. In the first quarter of 2024, the Company reduced the lease term in connection with a plan to replace the leased office beginning in early 2025. The Company pays rent, taxes, insurance, and maintenance expenses that arise from the use of the property. Annual base rent for the corporate headquarters allows for adjustments to the rental rate annually for increases in the consumer price index. The Company has determined that the lease is an operating lease. 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 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.

Travel Services

The Company incurs expenses for travel services for company executives provided by a private aviation charter company controlled by the chief executive officer of the Company (“private aviation charter”). The Company may contract directly with the private aviation charter for the use of its aircraft or indirectly through a third party aircraft management and jet charter company (the “Aircraft Management Company”). 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 $0.7 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 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.

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(13) Segment Disclosures

Information about the one reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue, net	$	716,000			$	659,903		$	2,129,935	$	1,821,784
Operating expenses:
Direct service costs, excluding depreciation and amortization - Employee compensation	165,451			149,295			493,143		441,164
Direct service costs, excluding depreciation and amortization - Other segment items (a)	39,400			37,040			112,537		108,813
Reimbursed out-of-pocket expenses	287,264			276,629			902,407		716,505
Total direct costs	492,115			462,964			1,508,087		1,266,482
Selling, general and administrative	51,765			48,082			147,785		152,643
Depreciation	6,425			6,813			19,731		20,284
Amortization	155			236			465		709
Total operating expenses	550,460			518,095			1,676,068		1,440,118
Income from operations	165,540			141,808			453,867		381,666
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, net	5,366			1,028			16,293		3,878
Income before income taxes	170,906			142,836			470,160		385,544
Income tax provision	33,446			31,701			87,468		69,554
Segment net income	$	137,460			$	111,135		$	382,692	$	315,990

Reconciliation of profit or loss
Adjustments and reconciling items	—			—			—		—
Condensed consolidated net income	$	137,460			$	111,135		$	382,692	$	315,990

(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs.

Revenue by Category

The following table disaggregates the Company’s revenue by major source (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Therapeutic Area
Metabolic	$	209,242			$	199,256		$	665,867	$	495,144
Oncology	229,927			192,635			640,538		551,669
Other	99,955			106,398			291,552		320,296
Central Nervous System	83,649			65,627			246,714		181,657
Cardiology	61,409			59,470			177,652		176,333
AVAI	31,818			36,517			107,612		96,685
Total revenue	$	716,000			$	659,903		$	2,129,935	$	1,821,784

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q, with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and with the information under the heading “Management Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This item and the related discussion contain forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those indicated in such forward-looking statements. Factors that may cause such differences include, but are not limited to, those discussed under the “Forward-Looking Statements” below and “Risk Factors” in “Item 1A Risk Factors” of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained herein, are forward looking statements. Forward looking statements include, without limitation, statements regarding our results of operations; financial position and performance; liquidity and our ability to fund our business operations and initiatives; capital expenditure and debt service obligations; business strategies, plans and goals, including those related to marketing, acquisitions and expansion of our business; product approvals and plans; industry trends; general economic conditions, including inflation, interest rates and other pricing pressures that could impact our operating margins; expectations regarding consumer behaviors and trends; our culture and operating philosophy; human resource management; arrangements with and delivery of our services to the customers; conversion of backlog; dividend policy; legal proceedings; and our objectives for future operations. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “likely,” “opportunity,” “may,” “could,” “outlook,” “can,” “trend,” “might,” “drives,” “hope,” “potential,” “project,” “predict,” and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based largely on our current expectations and projections about future events and financial or other trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Any forward-looking statement speaks only as of the date it is made. These forward-looking statements are subject to inherent uncertainties, risks, changes in circumstances and other factors that are difficult to predict. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed may not occur and our financial condition and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. In other words, these statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. We caution you therefore against relying on these forward-looking statements. Some of the factors that could cause actual results to differ from our expectations include regional, national, and global political, economic, business, competitive, market and regulatory conditions, and the other factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in “Item 1A Risk Factors,” “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Item 7A Quantitative and Qualitative Disclosures About Market Risk.”

We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. For a further discussion of the risks relating to our business, see “Item 1A Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and “Part II – Other Information, Item 1A Risk Factors” herein.

Business Overview

We are one of the world’s leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Our mission is to accelerate the global development of safe and effective medical therapeutics. We differentiate ourselves from our competitors by our disciplined operating model centered on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-

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effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small- and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers.

We focus on conducting clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic Disease, Cardiology, Central Nervous System, or CNS, and Antiviral and Anti-infective, or AVAI. Our global platform includes approximately 6,600 employees across 46 countries as of September 30, 2026, providing our customers with broad access to diverse markets and patient populations as well as local regulatory expertise and market knowledge.

How We Generate Revenue

We earn fees through the performance of services detailed in our customer contracts. Contract scope and pricing is typically based on either a fixed-fee or unit-of-service model, with consideration of activities performed by third parties, as well as ancillary costs necessary to deliver on the contract scope that are reimbursable by our customers. Our contracts can range in duration from a few months to several years. These contracts are individually priced and negotiated based on the anticipated project scope, including the complexity of the project and the performance risks inherent in the project. The majority of our contracts are structured with an upfront fee that is collected at the time of contract signing, and the balance of the fee is collected over the duration of the contract either through an arranged billing schedule or upon completion of certain performance targets or defined milestones.

Revenue, which is distinct from billing and cash receipt, is recognized based on the satisfaction of the individual performance obligations identified in each contract. Substantially all of our customer contracts consist of a single performance obligation, as the promise to transfer the individual services defined in the contracts are not separately identifiable from other promises in the contract, and therefore not distinct. Our performance obligations are generally satisfied over time and recognized as services are performed. The progression of our contract performance obligations are measured primarily utilizing the input method of cost to cost. Cancellation provisions in our contracts allow our customers to terminate a contract either immediately or according to advance notice terms specified within the applicable contract, which is typically 30 days. Contract cancellation may occur for various reasons, including, but not limited to, adverse patient reactions, lack of efficacy, or inadequate patient enrollment. Upon cancellation, we are entitled to fees for services rendered through the date of termination, including payment for subsequent services necessary to conclude the study or close out the contract. These fees are typically discussed and agreed upon with the customer and are realized as revenue when we believe the amount can be estimated reliably and its realization is probable. Changes in revenue from period to period are driven primarily by new business volume and task order execution activity, project cancellations, and the mix of active studies during a given period that can vary based on therapeutic area and or study life cycle stage.

Costs and Expenses

Our costs and expenses are comprised primarily of our total direct costs, selling, general and administrative costs, depreciation and amortization and income taxes.

Total Direct Costs

Total direct costs are primarily driven by labor and related employee benefits, but also include contracted third party service related expenses, fees paid to site investigators, reimbursed out of pocket expenses, laboratory supplies and other expenses contributing to service delivery. The other costs of service delivery can include office rent, utilities, supplies and software licenses which are allocated between Total direct costs and selling, general and administrative expenses based on the estimated contribution among service delivery and support function efforts on a percentage basis. Total direct costs are expensed as incurred and are not deferred in anticipation of contracts being awarded or finalization of changes in scope. Total direct costs, as a percentage of net revenue, can vary from period to period due to project labor efficiencies, changes in workforce, compensation/bonus programs and service mix.

Selling, General and Administrative

Selling, general and administrative expenses are primarily driven by compensation and related employee benefits, as well as rent, utilities, supplies, software licenses, professional fees (e.g., legal and accounting expenses), bad debt expense, travel, marketing and other operating expenses.

Depreciation

Depreciation is provided on our property and equipment on the straight-line method at rates adequate to allocate the cost of the applicable assets over their estimated useful lives, which is three to five years for computer hardware, software, phone,

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and medical imaging equipment, five to seven years for furniture and fixtures and other equipment, and thirty to forty years for buildings. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful life of the improvement or the associated remaining lease term.

Amortization

Amortization relates to finite-lived intangible assets recognized as expense using the straight-line method or using an accelerated method over their estimated useful lives of 15 years.

Income Tax Provision

Income tax provision consists of federal, state and local taxes on income in multiple jurisdictions. Our income tax is impacted by the pre-tax earnings in jurisdictions with varying tax rates and any related tax credits that may be available to us. Our current and future provision for income taxes will vary from statutory rates due to the impact of valuation allowances in certain countries, income tax incentives, certain non-deductible expenses, and other discrete items.

Key Performance Metrics

To evaluate the performance of our business, we utilize a variety of financial and performance metrics. These key measures include new business awards, cancellations and backlog.

New Business Awards, Cancellations and Backlog

New business awards represent the value of anticipated future net revenue that has been awarded during the period that is recognized in backlog. This value is recognized upon the signing of a contract or receipt of a written pre-contract confirmation from a customer that confirms an agreement in principle on budget and scope. New business awards also include contract amendments, or changes in scope, where the customer has provided written authorization for changes in budget and scope or has approved us to perform additional work as of the measurement date. Awards may not be recognized as backlog after consideration of a number of factors, including whether (i) the relevant net revenue is expected only after a pending regulatory hurdle, which might result in cancellation of the study, (ii) the customer funding needed for commencement of the study is not believed to have been secured or (iii) study timelines are uncertain or not well defined. In addition, study amounts that extend beyond a three-year timeline are not included in backlog. The number and amount of new business awards can vary significantly from period to period, and an award’s contractual duration can range from several months to several years based on customer and project specifications.

Cancellations arise in the normal course of business and are reflected when we receive written confirmation from the customer to cease work on a contractual agreement. The majority of our customers can terminate our contracts without cause upon 30 days’ notice. Similar to new business awards, the number and amount of cancellations can vary significantly period over period due to timing of customer correspondence and study-specific circumstances.

Net new business awards represent gross new business awards received in a period offset by total cancellations in that period. Net new business awards were $873.4 million and $2,287.6 million for the three and nine months ended September 30, 2026, respectively. Net new business awards were $789.6 million and $1,910.2 million for the three and nine months ended September 30, 2025, respectively.

Backlog represents anticipated future net revenue from net new business awards that have not commenced or are currently in process but not complete. Reported backlog will fluctuate based on new business awards, changes in the scope of existing contracts, cancellations, revenue recognition on existing contracts and foreign exchange adjustments from non-U.S. dollar denominated backlog. As of September 30, 2026, our backlog increased by $166.6 million, or 5.6%, to $3,167.2 million compared to $3,000.6 million as of September 30, 2025. Included within backlog as of September 30, 2026 was approximately $1,980.0 million to $2,000.0 million that we expect to convert to net revenue over the next twelve months, with the remainder expected to convert to net revenue thereafter.

The effect of foreign currency adjustments on backlog was as follows: favorable foreign currency adjustments of $0.2 million for the three months ended September 30, 2026; unfavorable foreign currency adjustments of $3.4 million for the nine months ended September 30, 2026; favorable foreign currency adjustments of $2.6 million for the three months ended September 30, 2025; and favorable foreign currency adjustments of $24.0 million for the nine months ended September 30, 2025.

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Backlog and net new business award metrics may not be reliable indicators of our future period revenue as they are subject to a variety of factors that may cause material fluctuations from period to period. These factors include, but are not limited to, changes in the scope of projects, cancellations, and duration and timing of services provided.

Exchange Rate Fluctuations

The majority of our contracts and operational transactions are U.S. dollar denominated. The Euro represents the largest foreign currency denomination of our contractual and operational exposure. As a result, a portion of our revenue and expenses are subject to exchange rate fluctuations. We have translated the Euro into U.S. dollars using the following average exchange rates based on data obtained from www.xe.com:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2026	2025		2026	2025
U.S. Dollars per Euro:	1.15		1.17		1.16	1.12

Results of Operations

Three Months Ended September 30, 2026 compared to Three Months Ended September 30, 2025


	Three Months Ended September 30,
(Amounts in thousands, except percentages)	2026		2025		Change		% Change
Revenue, net	$	716,000			$	659,903		$	56,097		8.5	%
Direct service costs, excluding depreciation and amortization	204,851			186,335			18,516		9.9	%
Reimbursed out-of-pocket expenses	287,264			276,629			10,635		3.8	%
Total direct costs	492,115			462,964			29,151		6.3	%
Selling, general and administrative	51,765			48,082			3,683		7.7	%
Depreciation	6,425			6,813			(388)		(5.7)	%
Amortization	155			236			(81)		(34.3)	%
Total operating expenses	550,460			518,095			32,365		6.2	%
Income from operations	165,540			141,808			23,732
Miscellaneous income (expense), net	17			(489)			506
Interest income, net	5,349			1,517			3,832
Income before income taxes	170,906			142,836			28,070
Income tax provision	33,446			31,701			1,745
Net income	$	137,460			$	111,135		$	26,325

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Nine Months Ended September 30, 2026 compared to Nine Months Ended September 30, 2025


	Nine Months Ended September 30,
(Amounts in thousands, except percentages)	2026		2025		Change		% Change
Revenue, net	$	2,129,935			$	1,821,784		$	308,151		16.9	%
Direct service costs, excluding depreciation and amortization	605,680			549,977			55,703		10.1	%
Reimbursed out-of-pocket expenses	902,407			716,505			185,902		25.9	%
Total direct costs	1,508,087			1,266,482			241,605		19.1	%
Selling, general and administrative	147,785			152,643			(4,858)		(3.2)	%
Depreciation	19,731			20,284			(553)		(2.7)	%
Amortization	465			709			(244)		(34.4)	%
Total operating expenses	1,676,068			1,440,118			235,950		16.4	%
Income from operations	453,867			381,666			72,201
Miscellaneous income (expense), net	841			(5,180)			6,021
Interest income, net	15,452			9,058			6,394
Income before income taxes	470,160			385,544			84,616
Income tax provision	87,468			69,554			17,914
Net income	$	382,692			$	315,990		$	66,702

Total revenue

Total revenue increased by $56.1 million, to $716.0 million for the three months ended September 30, 2026, from $659.9 million for the three months ended September 30, 2025. Total revenue increased by $308.2 million, to $2,129.9 million for the nine months ended September 30, 2026, from $1,821.8 million for the nine months ended September 30, 2025. The increase for the three and nine months ended September 30, 2026 was primarily driven by growth within the Metabolic, Oncology and Central Nervous System therapeutic areas, compared to the same periods in the prior year.

Total direct costs

Total direct costs increased by $29.2 million, to $492.1 million for the three months ended September 30, 2026 from $463.0 million for the three months ended September 30, 2025. Total direct costs increased by $241.6 million, to $1,508.1 million for the nine months ended September 30, 2026 from $1,266.5 million for the nine months ended September 30, 2025. The increase was primarily attributed to higher reimbursed out-of-pocket expenses and higher personnel costs to support the growth in service activities. Reimbursed out-of-pocket expenses, which can fluctuate significantly from period to period based on the timing of program initiation and closeout, increased by $10.6 million and $185.9 million for the three and nine months ended September 30, 2026, compared to the same periods in the prior year. The higher personnel costs portion increased by $16.2 million and $52.0 million for the three and nine months ended September 30, 2026, compared to the same periods in the prior year.

Selling, general and administrative

Selling, general and administrative expenses increased by $3.7 million, to $51.8 million for the three months ended September 30, 2026 from $48.1 million for the three months ended September 30, 2025. Selling, general and administrative expenses decreased by $4.9 million, to $147.8 million for the nine months ended September 30, 2026 from $152.6 million for the nine months ended September 30, 2025. The increase for the three months ended September 30, 2026 was primarily attributed to higher personnel costs to support the growth in service activities of $3.1 million, compared to the same period in the prior year. The decrease for the nine months ended September 30, 2026 was primarily attributed to a decrease in stock-based compensation expense of $11.2 million, partially offset by higher personnel costs, excluding stock-based compensation expense, to support the growth in service activities of $4.7 million, compared to the same period in the prior year.

Depreciation and Amortization

Depreciation and amortization expense of $6.6 million for the three months ended September 30, 2026, remained relatively consistent with $7.0 million for the three months ended September 30, 2025. Depreciation and amortization expense of

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$20.2 million for the nine months ended September 30, 2026, remained relatively consistent with $21.0 million for the nine months ended September 30, 2025.

Miscellaneous income (expense), net

Miscellaneous income (expense), net changed by $0.5 million, to less than $0.1 million of income for the three months ended September 30, 2026, from $0.5 million of expense for the three months ended September 30, 2025. Miscellaneous income (expense), net changed by $6.0 million, to $0.8 million of income for the nine months ended September 30, 2026 from $5.2 million of expense for the nine months ended September 30, 2025. These changes were mainly attributable to foreign exchange gains or losses, such as those that arise in connection with the revaluation of short-term intercompany balances between our domestic and international subsidiaries and from the settlement of third-party accounts receivables and payables denominated in a currency other than the local currency of the entity making the payment, and third-party investment gains or losses, compared to the same periods in the prior year.

Interest income, net

Interest income, net increased by $3.8 million, to $5.3 million for the three months ended September 30, 2026, from $1.5 million for the three months ended September 30, 2025. Interest income, net increased by $6.4 million, to $15.5 million for the nine months ended September 30, 2026, from $9.1 million for the nine months ended September 30, 2025. These changes were mainly attributable to increased interest income on Cash and cash equivalents, compared to the same periods in the prior year.

Income tax provision

Income tax provision increased by $1.7 million, to $33.4 million for the three months ended September 30, 2026 from $31.7 million for the three months ended September 30, 2025. Income tax provision increased by $17.9 million, to $87.5 million for the nine months ended September 30, 2026 from $69.6 million for the nine months ended September 30, 2025. The overall effective tax rate for the three months ended September 30, 2026 was 19.6%, compared to an overall effective tax rate of 22.2% for the three months ended September 30, 2025. The overall effective tax rate for the nine months ended September 30, 2026 was 18.6% compared to an overall effective tax rate of 18.0% for the nine months ended September 30, 2025. The increase in the income tax provision for the three months ended September 30, 2026 was primarily attributable to an increase in pre-tax book income which was partially offset by an increase in tax benefits related to Foreign Derived Deduction Eligible Income compared to the same period in the prior year. The decrease in the overall effective tax rate for the three months ended September 30, 2026 was primarily attributable to an increase in tax benefits related to Foreign Derived Deduction Eligible Income compared to the same period in the prior year. The increase in the income tax provision and overall effective tax rate for the nine months ended September 30, 2026 was primarily attributable to an increase in pre-tax book income and a decrease in excess tax benefits recognized from share-based compensation, which was partially offset by an increase in the estimated tax benefits related to Foreign Derived Deduction Eligible Income compared to the same period in the prior year.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. 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 nine months ended September 30, 2026 and 2025.

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Our principal sources of liquidity are operating cash flows and from borrowings under our unsecured credit facility consisting of up to a $10.0 million revolving line of credit which we entered into on September 30, 2019 (the “Credit Facility”). All $10.0 million of the line of credit is available for borrowing as of September 30, 2026. As of September 30, 2026, we had cash and cash equivalents of $705.3 million which increased from $497.0 million as of December 31, 2025. Approximately $28.7 million of cash and cash equivalents, none of which was restricted, was held by our foreign subsidiaries as of September 30, 2026.

Our expected primary cash needs on both a short and long-term basis are for investment in operational growth, including additional lease commitments, capital expenditures, share repurchases, selective strategic bolt-on acquisitions, other investments, and other general corporate needs. We have historically funded our operations and growth with cash flow from operations and borrowings under our credit facilities. We expect to continue expanding our operations through organic growth and potentially highly selective bolt-on acquisitions and investments. As of September 30, 2026, cash

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commitments to support operating business needs include lease liabilities discussed in Note 8 of the Condensed Consolidated Financial Statements, purchase commitments discussed in Note 11 of the Condensed Consolidated Financial Statements and capital expenditures primarily related to infrastructure investments in our facilities, equipment and technology. Capital spending as a percentage of revenue increased by 92 basis points to 2.39% in the nine months ended September 30, 2026, compared to the same period in the prior year. We expect these activities will be funded from existing cash, cash flow from operations and, if necessary, borrowings under our existing or future credit facilities or other debt. We have deemed that foreign earnings will be indefinitely reinvested and therefore we have not provided taxes on these earnings. While we do not anticipate the need to repatriate these foreign earnings for liquidity purposes given our cash flows from operations and available borrowings under existing and future credit facilities, we would incur taxes on these earnings if the need for repatriation due to liquidity purposes arises. We believe that our sources of liquidity and capital will be sufficient to finance our cash needs for the next 12 months and on a longer-term basis. However, we cannot assure you that our business will generate sufficient cash flow from operations, or that future borrowings will be available to us under our Credit Facility or otherwise, in an amount sufficient to fund our liquidity needs.


	Nine Months Ended September 30,
Cash Flows (Amounts in thousands)	2026		2025
Net cash provided by operating activities	$	530,396			$	520,571
Net cash used in investing activities	(50,771)			(26,667)
Net cash used in financing activities	(269,174)			(883,117)
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 Flow from Operating Activities

Cash flows from operations are driven mainly by net income, deferred income tax provision, depreciation, noncash lease expense, stock-based compensation expense and net movement in advanced billings, accounts receivable and unbilled, net, accrued expenses, lease liabilities and other assets and liabilities, net. Advanced billings and accounts receivable and unbilled, net fluctuate on a regular basis as we perform our services, bill our customers and ultimately collect on those receivables. We attempt to negotiate payment terms in order to provide for payments prior to or soon after the provision of services, but this timing of collection can vary significantly on a period by period comparative basis.

Net cash flows provided by operating activities was $530.4 million for the nine months ended September 30, 2026 beginning with net income of $382.7 million. Adjustments to reconcile net income to net cash provided by operating activities were $84.0 million, primarily related to deferred income tax provision of $28.2 million, depreciation of $19.7 million, noncash lease expense of $18.1 million and stock-based compensation expense of $16.9 million. Changes in operating assets and liabilities provided $63.7 million in operating cash flows and was primarily driven by increased advanced billings of $107.5 million and increased accrued expenses of $36.1 million, partially offset by increased accounts receivable and unbilled, net of $45.1 million, decreased lease liabilities of $17.8 million and changes in other assets and liabilities, net of $15.8 million.

Net cash flows provided by operating activities was $520.6 million for the nine months ended September 30, 2025 beginning with net income of $316.0 million. Adjustments to reconcile net income to net cash provided by operating activities were $130.4 million, primarily related to deferred income tax provision of $63.4 million, stock-based compensation expense of $29.2 million, depreciation of $20.3 million and noncash lease expense of $17.3 million. Changes in operating assets and liabilities provided $74.2 million in operating cash flows and was primarily driven by increased advanced billings of $123.7 million and increased accrued expenses of $57.5 million, partially offset by increased accounts receivable and unbilled, net of $77.1 million, decreased lease liabilities of $18.1 million and increased prepaid expenses and other current assets of $15.6 million.

Cash Flow from Investing Activities

Net cash used in investing activities was $50.8 million for the nine months ended September 30, 2026 primarily consisting of property and equipment expenditures.

Net cash used in investing activities was $26.7 million for the nine months ended September 30, 2025 primarily consisting of property and equipment expenditures.

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Cash Flow from Financing Activities

Net cash used in financing activities was $269.2 million for the nine months ended September 30, 2026 primarily related to $294.8 million in repurchases of common stock, partially offset by proceeds from stock option exercises of $25.6 million.

Net cash used in financing activities was $883.1 million for the nine months ended September 30, 2025 primarily related to $917.4 million in repurchases of common stock, partially offset by proceeds from stock option exercises of $34.3 million.

Share Repurchases

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. 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. The Company constructively retired the repurchased shares associated with these approved share repurchases, except for a small portion which were retained as Treasury Shares on the condensed consolidated statements of shareholders' equity. Retired share repurchase amounts paid in excess of par value are reflected within Accumulated deficit/Retained earnings in the Company’s condensed consolidated balance sheets.

Indebtedness

As of September 30, 2026, we had no indebtedness. Refer to Note 7 of the Notes to Condensed Consolidated Financial Statements for details regarding our Credit Facility.

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, requires us to make a variety of decisions which affect reported amounts and related disclosures, including the selection of appropriate accounting principles and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience and other assumptions. Actual results could differ from our estimates. We are committed to incorporating accounting principles, assumptions and estimates that promote the representational faithfulness, verifiability, neutrality and transparency of the accounting information included in the financial statements.

There have been no significant changes in the critical accounting policies and estimates as previously described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Effect of Recent Accounting Pronouncements

Refer to Note 1 of the Condensed Consolidated Financial Statements for management’s discussion of the effect of recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to our quantitative and qualitative disclosures about market risk as compared to the quantitative and qualitative disclosures about market risk described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 4. Controls and Procedures

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource

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constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Chief Executive Officer (the Principal Executive Officer) and Chief Financial Officer (the Principal Financial Officer), has evaluated the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13(a)-15(e) and 15(d) -15(e) of the Securities Exchange Act of 1934 (“Exchange Act”), as of the end of the period covered by this report. Based on this evaluation, we concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s forms and rules, and the material information relating to the Company is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that control objectives are met. Because of inherent limitations in all control systems, no evaluation of controls can provide assurance that all control issues and instances of fraud, if any, within a company will be detected. Additionally, controls can be circumvented by individuals, by collusion of two or more people or by management override. Over time, controls can become inadequate because of changes in conditions or the degree of compliance may deteriorate. Further, the design of any system of controls is based in part upon assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all future conditions. Because of the inherent limitations in any cost-effective control system, misstatements due to errors or fraud may occur and not be detected.

Changes in Internal Control over Financial Reporting

In the ordinary course of business, we routinely enhance our information systems by either upgrading current systems or implementing new ones. There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are party to legal proceedings incidental to our business. While the outcome of these matters could differ from management’s expectations, we do not believe that the resolution of these matters is reasonably likely to have a material adverse effect to our financial statements.

For more information, please reference “Note 11 - Commitments and Contingencies” in the notes to our condensed consolidated financial statements.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no significant changes from the risk factors previously disclosed in our Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Use of Proceeds from Registered Securities

Not applicable.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

During the three months ended September 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described in the table below:

Action

Date

Trading Arrangement

Total Shares to be Purchased or Sold

Duration/Expiration Date

Rule 10b5-1*

Non-Rule 10b5-1**

August J. Troendle, Chief Executive Officer, President and Chairman of the Board

Adopt

July 27, 2026 [1]

Up to 307,959 shares to be sold

Good until cancelled

Susan E. Burwig, Executive Vice President, Operations

Adopt

July 27, 2026 [2]

Up to 7,500 shares to be sold

The earlier of until cancelled or 180 days from the placement of the limit order

Kevin M. Brady, Chief Financial Officer and Treasurer

Adopt

August 20, 2026 [3]

Up to 3,400 shares to be sold

The earlier of until cancelled or 180 days from the placement of the limit order


*	Intended to satisfy the affirmative defense of Rule 10b5-1(c).
**	Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

[1] On July 27, 2026, Mr. Troendle placed a limit order to sell up to 307,959 shares. Mr. Troendle modified the limit price on August 20, 2026.

[2] On July 27, 2026, Ms. Burwig placed a limit order to sell up to 7,500 shares.

[3] On August 20, 2026, Mr. Brady placed a limit order to sell up to 3,400 shares issued to him pursuant to his contemporaneous exercise of stock options.

Item 6. Exhibits

The exhibits in the accompanying Exhibit Index preceding the signature page are filed or furnished as a part of this report and are incorporated herein by reference.

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EXHIBIT INDEX

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File No.

Exhibit

Filing

Date

Filed/
Furnished
Herewith

31.1

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer

31.2

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer

32.1

Section 1350 Certification of Chief Executive Officer

32.2

Section 1350 Certification of Chief Financial Officer

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


*	Filed herewith.
**	Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	MEDPACE HOLDINGS, INC.

	/s/ Kevin M. Brady
	Kevin M. Brady
	Chief Financial Officer (Principal Financial Officer)

Date: October 22, 2026

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