Fortrea Q2 2026 revenue hits $678.2 million

• Fortrea reported second-quarter 2026 revenue of $678.2 million alongside a book-to-bill ratio of 1.06x.
• The company achieved an adjusted net income of $22.7 million and an adjusted EBITDA of $58.7 million.
• The company stated it raised its full-year 2026 financial guidance following a strong first-half operational performance.

Fortrea Holdings (NASDAQ:FTRE) reported second-quarter 2026 revenue of $678.2 million, compared to $710.3 million in the same period last year.

The company posted a GAAP net loss of $13.2 million, or $(0.14) per diluted share, marking a significant improvement from the prior-year loss that included a large goodwill impairment.

Adjusted net income reached $22.7 million, yielding an adjusted EPS of $0.23, while adjusted EBITDA climbed to $58.7 million, surpassing prior-year levels.

Operating cash flow for the quarter was $28.9 million, alongside free cash flow of $19.9 million, bringing first-half adjusted EBITDA to $105.7 million.

Following the announcement, Fortrea's share price was up at $21.60.

The clinical research organization maintained a solid business pipeline, closing the quarter with a total backlog of $7.8 billion and a book-to-bill ratio of 1.06x.

Reflecting management's higher outlook for the remainder of the year, Fortrea increased its full-year 2026 revenue guidance to a range of $2,620 million to $2,690 million and adjusted EBITDA to $205 million to $220 million.