MEDP Medpace (MEDP) Q2 FY26 earnings call
Medpace delivered a robust second quarter, driven by record net bookings and strong revenue growth, supported by a significant reduction in cancellations and an improving business environment. The company observed a shift in new awards back towards oncology from metabolic programs, and while the backlog conversion rate remains elevated, management anticipates a gradual normalization.
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MEDP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Net book-to-bill ratio | 0.88 ratioNet bookings were below the level of -- seen in Q4, but well above those in Q1 2025 with a net book-to-bill ratio of 0.88.Source: earnings call transcript | 1.13 ratioNet new business awards entering backlog in the second quarter increased 28.2% from the prior year to $795.7 million, resulting in a 1.13 net book-to-bill.Source: earnings call transcript | — | +28.4% |
| Net new business awards | $618.4MNet new business awards entering backlog in the first quarter increased 23.7% from the prior year to $618.4 million, resulting in a 0.88 net book-to-bill.Source: earnings call transcript | $795.7MNet new business awards entering backlog in the second quarter increased 28.2% from the prior year to $795.7 million, resulting in a 1.13 net book-to-bill.Source: earnings call transcript | $873.4MNet new business awards entering backlog in the third quarter increased 10.6% from the prior year to $873.4 million.Source: earnings call transcript | +9.8% |
| Backlog | ~$2.9BEnding backlog as of March 31, 2026, was approximately $2.9 billion, an increase of 2.9% from the prior year.Source: earnings call transcript | ~$3BEnding backlog as of June 30, 2026, is approximately $3 billion an increase of 4.9% from the prior year.Source: earnings call transcript | ~$3.2BEnding backlog as of September 30, 2026, was approximately $3.2 billion, an increase of 5.6% from the prior year.Source: earnings call transcript | — |
| Backlog conversion rate | 23.3%We project that approximately $1.94 billion of backlog will convert to revenue in the next 12 months, and backlog conversion in the first quarter was 23.3% of beginning backlog.Source: earnings call transcript | 24.1%Backlog conversion in the second quarter was 24.1% of beginning backlog.Source: earnings call transcript | 23.8%Backlog conversion in the third quarter was 23.8% of beginning backlog.Source: earnings call transcript | -0.3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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