Earnings summaries and quarterly performance for Fortrea Holdings.
Executive leadership at Fortrea Holdings.
Board of directors at Fortrea Holdings.
Research analysts who have asked questions during Fortrea Holdings earnings calls.
Elizabeth Anderson
Evercore ISI
4 questions for FTRE
Also covers: AGL, ALGN, CAH +23 more
Eric Coldwell
Robert W. Baird & Co.
4 questions for FTRE
Also covers: AHCO, CAH, COR +9 more
Justin Bowers
Deutsche Bank AG
4 questions for FTRE
Also covers: AMED, CON, CRL +9 more
Max Smock
William Blair & Company
4 questions for FTRE
Also covers: CDMO, CERT, CRL +7 more
Patrick Donnelly
Citi
4 questions for FTRE
Also covers: A, AVTR, BIO +21 more
David Windley
Jefferies Financial Group Inc.
3 questions for FTRE
Also covers: CERT, CNC, CRL +14 more
Luke Sergott
Barclays
3 questions for FTRE
Also covers: A, AVTR, BRKR +19 more
Michael Ryskin
Bank of America Merrill Lynch
3 questions for FTRE
Also covers: A, ALGN, AVTR +28 more
Charles Rhyee
TD Cowen
2 questions for FTRE
Also covers: AMWL, BTSG, CAH +18 more
William Ortmayer
Goldman Sachs
2 questions for FTRE
Jacob Putman
Barclays
1 question for FTRE
Jailendra Singh
Truist Securities
1 question for FTRE
Also covers: ACCD, AGL, AMWL +16 more
John Kim
BMO Capital Markets
1 question for FTRE
Also covers: AIV, ALX, ARDX +32 more
Matthew Sykes
Goldman Sachs Group Inc.
1 question for FTRE
Also covers: A, ADPT, AVTR +21 more
Tucker Remmers
Jefferies
1 question for FTRE
Also covers: VEEV, WST
Recent press releases and 8-K filings for FTRE.
Fortrea Discusses Growth Strategy, Operational Improvements, and Financial Outlook
FTRE
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Fortrea has exited TSAs and implemented new human capital systems. The company is on track to achieve $150 million in gross savings (approximately $90 million net actual savings) for the year, with low single-digit revenue growth expected to drive margin expansion.
- The company is focused on growth by expanding its customer base, particularly with mid-sized pharma and new clients, which will lead to diversification from its current customer concentration. Fortrea is also revamping its biotech operating model to better serve smaller clients.
- Fortrea is leveraging in-house, AI-powered technology, such as the CRA Mobile App and Xcellerate platform, to automate workflows, improve quality, and differentiate itself. Its clinical pharmacology business is considered a unique offering that provides a competitive edge.
- Fortrea paid down almost $77 million of senior notes in Q3 and is focused on growing margins to improve its leverage, noting that current leverage levels do not impact day-to-day business operations or customer relationships.
- By December 2026, the CEO aims for consistent book-to-bill ratios and delivery on 2026 commitments for margin recovery and cost cutting, which are expected to positively impact the balance sheet, cash position, and employee retention.
Dec 3, 2025, 3:50 PM
Fortrea CEO discusses improving market sentiment, M&A, and 2026 strategic priorities
FTRE
Revenue Acceleration/Inflection
M&A
New Projects/Investments
- CEO Anshul Thakral notes an improving sentiment in the pharma and biotech sectors, with R&D pipelines reactivating and funding levels for small to mid-sized companies being "a lot better than they were last year".
- M&A activity is picking up, including large-scale M&A and licensing deals, and the venture community is seeing improved returns, leading to better capital deployment in late 2025.
- Fortrea's strategic priority is growth through new customer introductions and expanding its market reach, which will lead to diversification despite current customer concentration.
- The company is leveraging technology, including an AI-powered CRA Mobile App in pilot stages and its Xcellerate platform, to automate workflows, improve quality, and drive efficiency.
- For 2026, Fortrea aims for consistent book-to-bills and delivery on margin recovery and cost-cutting commitments, expecting these to positively impact the balance sheet, cash, and employee retention.
Dec 3, 2025, 3:50 PM
Fortrea CEO Anshul Thakral Discusses Strategic Priorities and Market Outlook
FTRE
CEO Change
Guidance Update
New Projects/Investments
- Fortrea's CEO, Anshul Thakral, in his fourth month in the role, plans to provide 2026 guidance during the year-end earnings call, following a strong Q3 performance.
- The broader pharma budget environment is characterized as neutral to positive, with R&D pipeline growth expected to return to low single digits and improved funding for small to mid-sized companies, though this will take one to two quarters to impact pharma services.
- Fortrea's strategy focuses on growth through new customer introductions to diversify revenue, leveraging its flexible size as a strategic advantage, particularly for biotech clients.
- The company is developing an AI-powered CRA Mobile App for Q1 rollout to automate workflows and improve quality, and is observing more rational pricing behavior in the FSO market.
- Fortrea reported strong Q3 cash flow, including paying down $77 million in senior notes, and is prioritizing margin expansion to improve its leverage ratio, with future success tied to consistent book-to-bills and delivering on 2026 commitments.
Dec 3, 2025, 3:50 PM
Fortrea Discusses Strategic Initiatives, Financial Performance, and Market Outlook
FTRE
Guidance Update
Debt Issuance
Revenue Acceleration/Inflection
- CEO Anshul Thakral, in his fifth month as CEO, outlined Fortrea's strategic shift from a spin-off burdened by headwinds to an independent company focused on commercial, operational, and financial excellence.
- The company has made significant progress in debt reduction, including divesting two non-core businesses to pay down 30% of debt last year and recently paying down almost $77 million of senior secured notes using cash on hand.
- Fortrea is on track to achieve $150 million in gross cost savings and $90 million in net savings for the current year (FY 2025), with Q3 2025 controllable SG&A 20% lower than Q4 2024. The long-term goal for SG&A as a percentage of revenue is 11%-12%.
- The company maintains its EBITDA guidance of $175-$195 million for the year, driven by cost reduction initiatives and accurate service fee revenue forecasting.
- Management noted a healthier biotech funding backdrop compared to a year ago, though not yet at 2018-2019 levels, and emphasized a strategy of not competing on price, walking away from low-margin FSP work, and focusing on project-level profitability.
Dec 2, 2025, 6:00 PM
Fortrea Updates on Debt Reduction, Cost Savings, and Revenue Guidance
FTRE
Guidance Update
Revenue Acceleration/Inflection
- Fortrea has recently paid down almost $77 million of its senior secured notes using cash on hand and previously paid down approximately 30% of its debt last year through the divestiture of two non-core businesses, with a continued focus on debt reduction.
- The company is on track to achieve $150 million in gross savings and $90 million in net savings for the year, having realized $95 million gross and $53 million net through Q3.
- Fortrea has dialed up its revenue guidance for FY 2025 to $2.7-$2.75 billion, primarily driven by increased pass-throughs, which are noted as a margin headwind.
- The EBITDA guidance for FY 2025 is $175-$195 million, with the midpoint remaining consistent, supported by cost reduction initiatives.
- The biotech funding environment is showing a "comeback" and is "better than where we were a year ago," though not yet at 2018 and 2019 historical levels.
Dec 2, 2025, 6:00 PM
Fortrea Reports Strong Q3 Book-to-Bill, Updates Revenue Guidance, and Details Debt Reduction and Cost Savings Initiatives
FTRE
Guidance Update
Debt Issuance
Revenue Acceleration/Inflection
- Fortrea achieved a strong 1.13 times book-to-bill in Q3 2025, attributing the bounce back to improved win rates, commercial execution, and a general industry recovery.
- The company has paid down almost $77 million of senior secured notes using cash on hand, prioritizing debt reduction and cash flow improvement.
- Fortrea is on track to realize $90 million in net savings for FY 2025, having achieved $95 million gross and $53 million net through Q3, with a long-term goal to reduce SG&A to 11%-12% of revenue.
- The FY 2025 revenue guidance has been increased to $2.7-$2.75 billion, primarily driven by higher pass-throughs in phase 1 and full-service businesses.
- Fortrea maintains a strategy of not competing on price, opting to walk away from FSP work with low margins and avoiding aggressive bidding in full-service outsourcing.
Dec 2, 2025, 6:00 PM
Fortrea completes senior notes tender offer
FTRE
- Fortrea (Nasdaq: FTRE) completed a debt tender offer on November 21, 2025, purchasing $75,743,000 in aggregate of its outstanding 7.500% Senior Secured Notes due 2030.
- This purchase reduced the principal outstanding on the Notes from $570,000,000 to $494,257,000.
- The tender offer satisfied a requirement related to the company's divestiture of its Fortrea Patient Access and Endpoint Clinical businesses, completed in June 2024.
- Fortrea funded the transaction entirely with cash on hand, which Chief Financial Officer Jill McConnell stated reinforces the strength of the company's balance sheet and demonstrates disciplined financial management.
Nov 24, 2025, 12:00 PM
Fortrea Announces Q3 2025 Results and Updates Full-Year Guidance
FTRE
Earnings
Guidance Update
Board Change
- Fortrea reported Q3 2025 revenue of $701.3 million and Adjusted EBITDA of $50.7 million, with a Book-to-Bill ratio of 1.13x for the quarter.
- The company is raising its FY 2025 Revenue guidance to $2,700 - $2,750 million and narrowing its Adjusted EBITDA guidance to $175 - $195 million.
- Fortrea generated strong Q3 2025 cash flow, with $86.8 million in operating cash flow and $79.5 million in free cash flow.
- William Sharbaugh was appointed to the Board of Directors, effective September 22, 2025.
Nov 5, 2025, 1:00 PM
Fortrea Reports Q3 2025 Results and Raises Full Year Revenue Guidance
FTRE
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Fortrea delivered Q3 2025 revenue of $701.3 million and adjusted EBITDA of $50.7 million. The company also reported a net loss of $15.9 million and adjusted net income of $11.7 million, with adjusted diluted earnings per share of $0.12.
- The company's backlog is over $7.6 billion, and the book-to-bill ratio improved to 1.13 times in Q3 2025, up sequentially from the second quarter. Days sales outstanding (DSO) from continuing operations improved to 33 days as of September 30, 2025.
- Fortrea generated positive operating cash flow of $87 million and free cash flow of $80 million in the third quarter of 2025.
- For the full year 2025, Fortrea raised its revenue guidance to a range of $2.7 billion-$2.75 billion and narrowed its adjusted EBITDA outlook to $175 million-$195 million.
- The company achieved more than $95 million in gross savings year-to-date as part of its cost optimization initiatives and saw significantly improved win rates, with biotech client win rates doubling compared to the prior quarter.
Nov 5, 2025, 1:00 PM
Fortrea Reports Q3 2025 Results and Updates Full-Year Guidance
FTRE
Earnings
Guidance Update
- For the third quarter ended September 30, 2025, Fortrea reported revenues of $701.3 million, a GAAP net loss of $(15.9) million, and adjusted EBITDA of $50.7 million.
- The company's diluted loss per share was $(0.17), while adjusted diluted income per share was $0.12 for Q3 2025.
- Fortrea achieved a book-to-bill ratio of 1.13x for the quarter, resulting in a backlog of $7,644 million as of September 30, 2025.
- The company is raising its full-year 2025 revenue guidance to a range of $2,700 million to $2,750 million and narrowing its adjusted EBITDA guidance to a range of $175 million to $195 million.
- Year-to-date for the first nine months of 2025, Fortrea reported a GAAP net loss of $(953.7) million, which includes a $797.9 million non-cash goodwill impairment charge recognized in prior quarters.
Nov 5, 2025, 11:40 AM
Quarterly earnings call transcripts for Fortrea Holdings.
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