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Icon vs Medpace: revenue, profit, margins and growth compared

Icon brought in $8.3B of revenue in fiscal 2025, Medpace $2.5B in fiscal 2025. Revenue changed by +0.8% at Icon and +20.0% at Medpace on the year before, so Medpace grew faster. Icon kept 2.8% of its revenue as net profit, Medpace 17.8%. Free cash flow was $862M at Icon and $681.9M at Medpace.

Side by side, latest fiscal year

ICLRMEDP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.3B$2.5B
Revenue growth+0.8%+20.0%
Net income$229.3M$451.1M
Net margin2.8%17.8%
Free cash flow$862M$681.9M
Free cash flow margin10.4%26.9%
Earnings per share (diluted)$2.90$15.28
Cash$647.3M$497M
Debt$2.9Bn/a
Price to earningsn/a40.5
Market value$13.2B$17.3B
Dividend yieldn/an/a
Rank by revenue in sector#50 of 523 · Health care#94 of 523 · Health care

Over the years

Revenue
ICLR FY2018: $2.6BICLR FY2019: $2.8BICLR FY2020: $2.8BICLR FY2021: $5.5BICLR FY2022: $7.7BICLR FY2023: $8.1BICLR FY2024: $8.2BICLR FY2025: $8.3BMEDP FY2018: $704.6MMEDP FY2019: $861MMEDP FY2020: $925.9MMEDP FY2021: $1.1BMEDP FY2022: $1.5BMEDP FY2023: $1.9BMEDP FY2024: $2.1BMEDP FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $8.3BMEDP $2.5B
Net income
ICLR FY2018: $322.7MICLR FY2019: $374MICLR FY2020: $332.3MICLR FY2021: $153.2MICLR FY2022: $505.3MICLR FY2023: $554.2MICLR FY2024: $739.1MICLR FY2025: $229.3MMEDP FY2018: $73.2MMEDP FY2019: $100.4MMEDP FY2020: $145.4MMEDP FY2021: $181.8MMEDP FY2022: $245.4MMEDP FY2023: $282.8MMEDP FY2024: $404.4MMEDP FY2025: $451.1MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $229.3MMEDP $451.1M
Net margin
ICLR FY2018: 12.4%ICLR FY2019: 13.3%ICLR FY2020: 11.9%ICLR FY2021: 2.8%ICLR FY2022: 6.5%ICLR FY2023: 6.9%ICLR FY2024: 9.0%ICLR FY2025: 2.8%MEDP FY2018: 10.4%MEDP FY2019: 11.7%MEDP FY2020: 15.7%MEDP FY2021: 15.9%MEDP FY2022: 16.8%MEDP FY2023: 15.0%MEDP FY2024: 19.2%MEDP FY2025: 17.8%FY18FY19FY20FY21FY22FY23FY24FY25
ICLR 2.8%MEDP 17.8%
Revenue growth
ICLR FY2019: +8.1%ICLR FY2020: -0.3%ICLR FY2021: +95.9%ICLR FY2022: +41.2%ICLR FY2023: +4.1%ICLR FY2024: +1.7%ICLR FY2025: +0.8%MEDP FY2019: +22.2%MEDP FY2020: +7.5%MEDP FY2021: +23.4%MEDP FY2022: +27.8%MEDP FY2023: +29.2%MEDP FY2024: +11.8%MEDP FY2025: +20.0%FY19FY20FY21FY22FY23FY24FY25
ICLR +0.8%MEDP +20.0%
Free cash flow
ICLR FY2018: $220.2MICLR FY2019: $373.6MICLR FY2020: $527.2MICLR FY2021: $735.4MICLR FY2022: $421.2MICLR FY2023: $1BICLR FY2024: $1.1BICLR FY2025: $862MMEDP FY2018: $140.6MMEDP FY2019: $184MMEDP FY2020: $227.3MMEDP FY2021: $235.1MMEDP FY2022: $351.2MMEDP FY2023: $396.7MMEDP FY2024: $572.3MMEDP FY2025: $681.9MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $862MMEDP $681.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Icon and Medpace

Which is bigger by revenue, Icon or Medpace?

Icon is bigger by revenue: $8.3B in fiscal 2025, against $2.5B for Medpace in fiscal 2025.

Which keeps more of its revenue as profit, Icon or Medpace?

Icon had a net margin of 2.8% in fiscal 2025; Medpace had 17.8% in fiscal 2025.

Which grew revenue faster, Icon or Medpace?

In their latest fiscal years revenue changed by +0.8% at Icon and +20.0% at Medpace.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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