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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.
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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