Medpace Holdings (MEDP) Cash Flow: Operating & Free Cash Flow

Medpace Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Medpace Holdings, Inc. (MEDP) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	451.12	404.39	282.81	245.37	181.85	145.38	100.44	73.19	39.12
Depreciation & Amortization	27.18	29.25	26.33	22.34	21.12	19.53	23.19	38.80	46.47
Deferred Income Tax	80.77	-26.63	-25.12	-23.01	-37.11	0.53	10.05	3.94	3.24
Stock Based Compensation	34.79	25.51	20.52	21.41	14.47	13.78	20.74	6.50	4.46
Change in Working Capital	96.28	157.18	106.49	106.06	66.71	66.26	35.59	39.60	12.88
Change in Accounts Receivable	-106.22	2.24	-48.28	-66.92	-24.98	-5.53	-21.26	-27.05	-2.90
Change in Accounts Payable	2.63	-2.97	1.05	6.43	1.87	-2.60	4.73	1.34	4.82
Change in Other Working Capital	199.86	19.12	153.72	-4.02	-25.31	74.38	52.11	65.31	10.96
Other Operating Activities	23.09	19.12	22.35	-7.13	-20.82	13.20	11.86	-5.44	-8.79
Net Cash from Operating Activities	713.22	608.82	433.37	388.05	263.33	258.68	201.87	156.58	97.39
Investing Activities
Capital Expenditures	-31.36	-36.55	-36.65	-36.88	-28.27	-31.34	-17.91	-16.02	-12.29
Other Investing Activities	-31.14	8.24	2.02	-1.86	-3.09	0.13	-1.23	-0.95	-0.51
Net Cash from Investing Activities	-31.14	-28.31	-34.63	-38.74	-31.36	-31.21	-19.14	-16.97	-12.24
Financing Activities
Debt Repayment	0.00	0.00	-50.00	-274.20	0.00	0.00	-80.44	-142.19	57.63
Common Stock Issued	57.00	15.86	0.00	22.07	17.64	0.00	0.00	0.00	0.00
Common Stock Repurchased	-917.39	-169.87	-144.02	-847.85	-62.10	-98.27	0.00	0.00	-155.58
Other Financing Activities	0.00	15.86	11.38	22.07	17.64	15.99	6.52	0.61	0.13
Net Cash from Financing Activities	-860.39	-154.01	-182.64	-775.78	-44.45	-82.28	-73.92	-141.58	-97.83
Summary
Effect of Forex Changes on Cash	5.92	-2.51	1.08	-6.57	-3.97	0.67	-0.17	-1.24	1.77
Net Change in Cash	-172.39	423.99	217.18	-433.04	183.54	145.85	108.64	-3.21	-10.92
Cash at Beginning of Period	669.44	245.45	28.27	461.30	277.77	131.92	23.28	26.49	37.41
Cash at End of Period	497.05	669.44	245.45	28.27	461.30	277.77	131.92	23.28	26.49
Free Cash Flow	681.87	572.27	396.73	351.17	235.06	227.34	183.96	140.56	85.09
Supplemental Disclosures
Interest Paid	-	0.17	3.06	2.94	0.12	-	-	-	-
Income Taxes Paid	39.72	83.57	76.35	50.16	56.24	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Medpace Holdings Cash Flow

What is Medpace Holdings's free cash flow?

Medpace Holdings generated free cash flow of $681.87M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $713.22M minus $31.36M of capital expenditures. That was up 19.2% from $572.27M a year earlier. Free cash flow equaled 26.9% of revenue.

How much does Medpace Holdings spend on capital expenditures?

Medpace Holdings spent $31.36M on capital expenditures in fiscal 2025, compared with $36.55M a year earlier. That equals 4.4% of operating cash flow.

Does Medpace Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 Medpace Holdings returned $917.39M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition