Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q2 2026 Earnings Presentation
11 slides from Fortrea's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation 7.29.2026 Nasdaq: FTRE Learn more at fortrea.com. ©2026 Fortrea Inc. All rights reserved. Fortrea Q2’2026 Earnings presentation
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements Disclosure. Certain information in this presentation contains “forward-looking” statements. You should not place undue reliance on these statements. Forward- looking statements include information concerning our poss
Slide 3: Fortrea's Q2 2026 Highlights
Fortrea’s Q2 2026 Highlights Four consecutive quarters of execution to drive commercial, operational & financial excellence ✓ Revenue of $678.2M & Adj. EBITDA1 of $58.7M ✓ Solid Book-to-Bill of 1.06x; Trailing 12-month Book-to-Bill of 1.12x ✓ On track to deliver FY 2026 cost optimization targets of
Slide 4: Q2'26 – Key Financial Highlights
Q2’26 – Key Financial Highlights Q2 2026 Q2 2025 % Change (Y/Y) ($ in millions, except per share data) Revenue $678.2 $710.3 (4.5)% Adj. EBITDA 1 $58.7 $54.9 6.9% % Adj. EBITDA Margin 1 8.7% 7.7% 93 bps Net Loss $(13.2) $(374.9) 2 96.5% Improvement Net Loss / diluted share $(0.14) $(4.14) 96.6% Impr
Slide 5: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow Q2 2026 YTD Q2 Debt, Leverage and Liquidity June 30 ($ in millions) 2026 ($ in millions) 2026 Operating Cash Flow $28.9 $11.9 Gross Debt 2 $1,066.3 Less: CAPEX $(9.0) $(17.0) Cash and Cash Equivalents $168.6 Free Cash Flow 1 $19.9 $(5.1) Net Debt 3 $897.7 Ne
Slide 6: Backlog & Burn Rate Metrics
Backlog & Burn Rate1 Metrics 9.0 20.0% 8.0 $7.6 $7.7 $7.8 $7.8 18.0% $7.5 16.0% 7.0 Backlog ($BN) 14.0% 6.0 12.0% 5.0 9.2% 9.3% 10.0% 8.6% 8.2% 8.6% 4.0 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% 0.0 0.0% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Closing Backlog Burn Rate 1 Burn rate defined as revenue in curren
Slide 7: Pass-Through Cost Trend
Pass-Through Cost Trend 300 100% $276 $280 280 90% $260 $261 260 $251 $244 $244 80% $240 240 $235 $231 $228 $230 Pass-through Costs ($M) $216 $215 70% 220 200 60% 180 50% 160 40% 140 39% 40% 37% 37% 37% 36% 37% 34% 34% 36% 35% 32% 34% 30% 120 31% 100 20% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 20
Slide 8: Increased FY 2026 Guidance
Increased FY 2026 Guidance YTD 2026 New Previous FY Q2 2026 Actual FY 2026 2026 Actual ($ in millions) Guidance 1 Guidance 1 $2,620 - $2,550 - Revenue $678.2 $1,314.7 $2,690 $2,650 Adj. $58.7 $105.7 $205 - $220 $190 - $220 EBITDA 2 1 FY 2026 guidance measures (other than revenue) are provided on a n
Slide 9: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended ($ in millions) 2026 2025 2026 2025 June 30, 2026 Adjusted EBITDA: Net loss $(85.2) $(13.2) $(374.9) $(36.8) $(937.8) Income tax expense 7.4 12.0 4.2 23.3 19.1 I
Slide 10: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data) 2026 2025 2026 2025 Adjusted net income: Net loss $(13.2) $(374.9) $(36.8) $(937.8) Foreign exchange (gain) loss (3.5) 19.9 (13.2) 25.5 Amortizatio
Slide 11: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes (slides 9 and 10) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments occurred during the first half of 2025 and primarily resulted from declines in the Company’s share price. The second quarte