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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.
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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.

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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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