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Fortrea’s New Business Awards Rise 19% — Is the Turnaround Taking Hold?

Fortrea reported its second quarter 2026 financial results highlighting continued progress on its key strategic pillars of commercial excellence, operational excellence, and financial discipline. Revenues totaled $678.2 million, representing a 4.5% decline year-over-year, primarily due to lower pass-through costs and ongoing impacts from functional service provider (FSP) headwinds. However, service fee growth, particularly in the Clinical Pharmacology Services (CPS) segment—driven by new business and favorable study mix—partially offset these declines. Adjusted EBITDA was $58.7 million, improving from $54.9 million in the prior year quarter, attributed mainly to cost-saving initiatives, operational efficiencies, and reduced credit loss provisions. The company also reported an adjusted net income of $22.7 million versus $17.6 million a year earlier. Commercially, Fortrea achieved a book-to-bill ratio of 1.06x for the quarter and 1.12x on a trailing twelve-month basis.