The contract research organization posted quarterly revenue of $678.2 million, a book-to-bill ratio above 1.0x for a fourth straight quarter, and improved adjusted profit metrics despite a GAAP net loss.
Fortrea reported second-quarter 2026 results showing continued improvement in underlying profitability and raised its full-year guidance, even as revenue declined from a year earlier. The contract research organization posted revenue of $678.2 million for the three months ended June 30, down from $710.3 million a year earlier, while adjusted EBITDA rose to $58.7 million from $54.9 million and adjusted net income increased to $22.7 million, or $0.23 per diluted share, from $17.6 million, or $0.19 per diluted share. GAAP net loss narrowed to $13.2 million, or $0.14 per diluted share, from $374.9 million, or $4.14 per diluted share, in the prior-year quarter, when results included a $309.1 million non-cash goodwill impairment charge. Backlog stood at $7.8 billion at June 30, 2026, and the quarter's book-to-bill ratio was 1.06x, marking the company's fourth consecutive quarter above 1.0x. For the first half, revenue was $1.3147 billion, adjusted EBITDA was $105.7 million and adjusted net income was $37.9 million, while GAAP net loss narrowed to $36.8 million from $937.8 million a year earlier, when first-half 2025 included a $797.9 million goodwill impairment charge. Fortrea increased its full-year 2026 outlook to revenue of $2.62 billion to $2.69 billion and adjusted EBITDA of $205 million to $220 million. The company also said second-quarter cash provided by operations was $28.9 million and free cash flow was $19.9 million. CEO Anshul Thakral said the results reflected disciplined execution across the business and confidence in Fortrea's strategy of commercial execution, operational excellence and financial discipline.