FTRE

EX-99.1

2 exhibit991-pressreleasedat.htm

EX-99.1

Document

Exhibit 99.1

Fortrea Reports Second Quarter 2026 Results

Four consecutive quarters of execution to drive commercial, operational and financial excellence Increases full-year guidance

Highlights

For the three months ended June 30, 2026:

•Revenues of $678.2 million

•Book-to-bill ratio of 1.06x, resulting in 1.12x book-to-bill for the trailing 12 months

•GAAP net loss of $(13.2) million, or $(0.14) per diluted share

•Adjusted EBITDA of $58.7 million

•Adjusted net income of $22.7 million, or $0.23 per diluted share

•Cash provided by operations of $28.9 million and free cash flow of $19.9 million

•Full-year 2026 guidance increased to revenue of $2,620 million to $2,690 million and adjusted EBITDA of $205 million to $220 million

DURHAM, N.C., July 29, 2026— Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (“CRO”), today reported financial results for the second quarter ended June 30, 2026.

"Our second quarter results reflect continued progress against our strategy and disciplined execution across the business," said Anshul Thakral, CEO of Fortrea. "We delivered solid operating and financial performance, including our fourth consecutive quarter with a book-to-bill ratio above 1.0x, and raised our full-year 2026 guidance to reflect our confidence in the business. Underlying this performance is the dedication of our teams around the world, who continue to build trusted partnerships with clients and help advance important therapies for patients. We remain focused on commercial execution, operational excellence and financial discipline as we continue our strategic journey toward sustainable growth and margin expansion."

Second Quarter 2026 Financial Results

Revenue for the second quarter was $678.2 million, compared to $710.3 million in the second quarter of 2025.

Second quarter GAAP net loss was $(13.2) million and diluted loss per share was $(0.14), compared to second quarter of 2025 GAAP net loss of $(374.9) million and diluted loss per share of $(4.14), inclusive of a non-cash goodwill impairment charge of $309.1 million. Second quarter adjusted net income was $22.7 million and adjusted diluted EPS was $0.23 compared to second quarter of 2025 adjusted net income of $17.6 million and adjusted diluted EPS of $0.19. Second quarter adjusted EBITDA was $58.7 million, compared to second quarter of 2025 adjusted EBITDA of $54.9 million.

Backlog as of June 30, 2026 was $7,800 million, and the book-to-bill ratio for the quarter was 1.06x.

First Half 2026 Financial Results

Revenue for the first half was $1,314.7 million, compared to $1,361.6 million in the first half of 2025.

First half GAAP net loss was $(36.8) million and diluted loss per share was $(0.39), compared to first half of 2025 GAAP net loss of $(937.8) million and diluted loss per share of $(10.37), inclusive of a non-cash goodwill impairment charge of $797.9 million. First half adjusted net income was $37.9 million and adjusted diluted EPS was $0.38 compared to first half of 2025 adjusted net income of $19.5 million and adjusted diluted EPS of $0.21. First half adjusted EBITDA was $105.7 million, compared to first half of 2025 adjusted EBITDA of $85.2 million.

2026 Financial Guidance

The Company increased its guidance for the full-year 2026, targeting revenues in the range of $2,620 million to $2,690 million and adjusted EBITDA in the range of $205 million to $220 million.

Earnings Call and Replay

Fortrea will host a conference call at 8:00 am ET on July 29, 2026, to review its second quarter financial results and conduct a question-and-answer session. To participate in the earnings call, participants should register online at the Fortrea Investor Relations website. To avoid potential delays, please join at least 10 minutes prior to the start of the call. The conference call can also be accessed through the following earnings webcast link. A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Fortrea website. A supplemental slide presentation will also be available on the Investor Relations website prior to the start of the call.

About Fortrea

Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology and consulting services. Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team working in about 100 countries is scaled to deliver focused and agile

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

February 26, 2026 (Date of earliest event reported)

Fortrea Holdings Inc. (Exact Name of Registrant as Specified in its Charter)

Delaware 001-4170492-2796441

(State or other jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

8 Moore Drive

Durham, North Carolina 27713 (Address of principal executive offices) (Zip Code)

(Registrant’s telephone number including area code) 877-495-0816

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act.

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.001 par valueFTREThe NASDAQ Stock Market LLC Rights to Purchase Series A Preferred Stock, par value $0.001 per share-The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, Fortrea Holdings Inc. (the “Company”) issued a press release, announcing the Company's financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information contained in, or incorporated into, Item 2.02, including the press release attached as Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 9.01 - Financial Statements and Exhibits (d) Exhibits

Exhibit No.Description 99.1 Press Release issued by the Company dated February 26, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Fortrea Holdings Inc. By: /s/ Jill McConnell

Name: Jill McConnell Title: Chief Financial Officer

Date: February 26, 2026