FTRE · Fortrea Holdings Inc.
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. Fortrea reported Q2 2026 revenue of $678.2 million (down 4.5% YoY) and adjusted EBITDA of $58.7 million (up from $54.9M), raised full-year 2026 guidance, and booked $720.4M in net new business with a 1.06x book-to-bill, but its newly appointed CFO was placed on leave amid litigation tied to his prior employer, prompting an interim CFO appointment.
- + Raised full-year 2026 revenue guidance to $2.62B-$2.69B and adjusted EBITDA to $205M-$220M.
- + Q2 book-to-bill of 1.06x with fourth consecutive quarter above 1.0x and trailing 12-month of 1.12x; first-half net new business awards up 19% YoY.
- + Q2 adjusted EBITDA grew to $58.7M from $54.9M on cost savings and operational efficiencies.
- + Operating cash flow improved to $28.9M (from $21.8M) and free cash flow to $19.9M (from $14.3M), with no revolver borrowings.
- − Q2 revenue declined 4.5% YoY to $678.2M due to lower pass-throughs and FSP headwinds.
- − Newly appointed CFO Jason Knoblauch placed on paid leave after a Delaware court granted a TRO tied to alleged restrictive covenant violations by his prior employer.
- − Q2 GAAP net loss of $(13.2)M with $(0.14) diluted loss per share.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Biotechnology — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FTRE
this stock
Fortrea Holdings Inc.
|
$1.68B | +2.6% | +1.0% | — | 12.1% |
|
VRTX
Vertex Pharmaceuticals Inc / Ma
|
$141.42B | +20.5% | +46.2% | 32.5 | 1.6% |
|
REGN
Regeneron Pharmaceuticals, Inc.
|
$86.84B | +7.2% | +20.8% | 20.9 | 2.3% |
|
ARGX
Argenx SE
|
$64.44B | +22.9% | — | — | 1.9% |
|
CSLLY
Csl Ltd
|
$60.55B | — | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FTRE | -5.9% | -4.0% | +90.9% | -3.7% | +2.6% |
| SPY | +0.1% | -0.4% | +15.1% | +0.4% | +12.9% |
| vs SPY | -6.0% | -3.6% | +75.8% | -4.1% | -10.3% |