Fortrea Holdings Inc. (FTRE)

Fortrea topped expectations on both the top and bottom line in the second fiscal quarter of 2026, reported July 29, 2026, with adjusted EPS of $0.23 topping the $0.18 estimate (+27%) and revenue of $678.2 million topping the $647.6 million estimate (+4.7%). On a year-over-year basis, revenue fell 4.5% to roughly $678 million from $710.3 million a year ago, while net income improved 96.5% to a loss of about $13 million versus a loss of -$374.9 million a year ago. Profitability for the quarter was reflected in gross profit of about $139 million and a gross margin of ~21%. Cash generation was pressured, with negative operating cash flow of roughly $16.5 million. Fortrea operates across Clinical Services and Enabling Services, supporting clinical development programs and related trial services for pharmaceutical, biotechnology, and medical device customers. For the next period, consensus calls for EPS of $0.23 on revenue of $670.5 million.