Fortrea Holdings Inc.Raised 2026 revenue and EBITDA guidance, strong book-to-bill, and expects positive free cash flow.

Fortrea Holdings raised its full-year 2026 revenue guidance to a range of $2.62 billion to $2.69 billion and adjusted EBITDA guidance to $205 million to $220 million, while disclosing that newly appointed CFO Jason Madlock cannot currently serve due to a restrictive-covenant proceeding with his former employer. Board member David Smith is serving as interim CFO, and Aaron Russell will chair the Audit Committee. Second-quarter revenue was $678.2 million, a 4.5% decline year-over-year, with adjusted EBITDA of $58.7 million and a net loss of $13.2 million. The company reported $720.4 million in net new business and a book-to-bill of 1.06x, marking its fourth consecutive quarter above 1.0x. Management expects to remain free cash flow positive through the rest of 2026.
Fortrea Holdings Inc.Raised 2026 revenue and EBITDA guidance, strong book-to-bill, and expects positive free cash flow.