Fortrea Holdings Inc. reported its financial results for the second quarter ended June 30, 2025, on August 6, 2025. The company announced revenue of $710.3 million, an increase from $662.4 million in the second quarter of 2024.
The company recorded a GAAP net loss of $(374.9) million, or $(4.14) diluted loss per share, which included a non-cash goodwill impairment charge of $309.1 million. This impairment primarily resulted from declines in the company’s share price and a market-driven increase to the discount rate.
Despite the significant GAAP loss, adjusted net income for the quarter was $17.6 million, or $0.19 diluted income per share, a notable improvement from an adjusted net loss of $(2.3) million in Q2 2024. Adjusted EBITDA was $54.9 million, comparable to $55.2 million in the prior year.
Fortrea increased its full-year 2025 revenue guidance to a range of $2,600 million to $2,700 million, while reaffirming its adjusted EBITDA guidance of $170 million to $200 million. The backlog as of June 30, 2025, was $7,547 million, with a book-to-bill ratio of 0.79x for the quarter.
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