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Fortrea Holdings (FTRE) investor relations material
Fortrea Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 revenue reached $710.3M, up 7.2% year-over-year, driven by clinical pharmacology growth and margin optimization.
Adjusted EBITDA for Q2 was $54.9M, nearly flat year-over-year; adjusted net income was $17.6M.
Net loss for Q2 was $374.9M, primarily due to a $309.1M non-cash goodwill impairment charge.
Book-to-bill ratio for Q2 was 0.79x, trailing 12-month ratio 1.10x; backlog stood at $7.5B.
Leadership transition completed with new CEO Anshul Thakral appointed in August 2025.
Financial highlights
Q2 2025 revenue: $710.3M, up 7.2% year-over-year; adjusted EBITDA margin was 7.7%.
Adjusted net income improved to $17.6M from a loss of $2.3M year-over-year.
Q2 2025 GAAP net loss per share was $(4.14); adjusted diluted EPS was $0.19.
Free cash flow for Q2 was $14.3M; operating cash flow was $21.8M.
Backlog grew 2.5% year-over-year to $7.55B.
Outlook and guidance
2025 revenue guidance raised to $2.6B–$2.7B; adjusted EBITDA guidance reaffirmed at $170M–$200M.
Management expects sufficient liquidity for at least the next 12 months, supported by cash, operations, and credit facilities.
Revenues in Q3 and Q4 expected to align with Q1 levels, with improved margins.
Ongoing restructuring and cost control initiatives expected to continue through 2025.
Strategic investments planned in key therapeutic areas and geographies to drive growth.
Explain the goodwill impairment's impact.
Assess the impact of spin-related costs.
How will Thakral strengthen growth platform?
How will Fortrea address new customer hesitancy?
Assess impact of TSA exit on SG&A spend.
Elaborate on clinical pharmacology capacity constraints.
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Next Fortrea Holdings earnings date
Q3 20255 Nov, 2025
Next Fortrea Holdings earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Fortrea Holdings Inc. is a global contract research organization that specializes in supporting the development of biopharmaceutical products and medical devices across all phases of the clinical trial process. It offers a broad range of services, including clinical pharmacology, patient access solutions, and other enabling services. The company's operations are divided into two main segments: Clinical Services and Enabling Services. The Clinical Services segment covers the entire spectrum of clinical development, while the Enabling Services segment focuses on facilitating patient access and optimizing clinical trial technologies. The company is headquartered in Durham, North Carolina, and its shares are listed on the NASDAQ.
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