Fortrea Q2 revenue beats expectations, outlook raised

Fortrea Holdings

29/07/2026 11:38

Overview
US contract research firm's Q2 revenue declined yr/yr but beat analyst expectations
Adjusted EBITDA for Q2 beat analyst expectations
Company raised full-year 2026 revenue and adjusted EBITDA guidance

Outlook
Fortrea raises full-year 2026 revenue guidance to $2,620 mln-$2,690 mln
Company expects full-year 2026 adjusted EBITDA of $205 mln-$220 mln
Fortrea says focus remains on commercial execution and margin expansion for sustainable growth

Result Drivers
COMMERCIAL EXECUTION - Co said results reflect continued progress against its strategy and disciplined execution across the business, per CEO Anshul Thakral
SUSTAINED DEMAND - Book-to-bill ratio above 1.0x for fourth consecutive qtr, indicating ongoing contract wins, per CEO Anshul Thakral

Company press release: ID:nGNX2mTJLn

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$678.20 mln
$647.46 mln (11 Analysts)
Q2 Loss Per Share
 
$0.14
 
Q2 Net Loss
 
$13.20 mln
 
Q2 Adjusted EBITDA
Beat
$58.70 mln
$48.69 mln (10 Analysts)
Q2 Pretax Profit
Miss
-$1.20 mln
$23.94 mln (6 Analysts)
Q2 Operating Income
 
$14.80 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Fortrea Holdings Inc is $18.50, about 10.6% below its July 28 closing price of $20.70
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
July 28 - IQVIA raises annual profit forecast on clinical research demand
July 27 - UK's Science Group preliminary H1 core revenue falls; expects buyback to exceed £20 mln

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)