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
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Recent press releases and 8-K filings for FTRE.
Fortrea Reports Q4 and Full Year 2025 Results
FTRE
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Fortrea reported Q4 2025 revenue of $660.5 million and full year 2025 revenue of $2,723.4 million, which was in line with guidance and represented a 1% year-over-year increase.
- The company achieved a Q4 2025 book-to-bill ratio of 1.14x and a trailing twelve-month book-to-bill of 1.02x, ending the year with a backlog of $7.7 billion.
- Fortrea generated positive operating cash flow of $113.5 million and free cash flow of $88.3 million for the full year 2025, and paid down approximately $76 million of senior secured notes in Q4.
- The company exceeded its cost optimization targets, delivering approximately $153 million in gross savings and $93 million in net savings for 2025.
2 days ago
Fortrea Holdings Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance
FTRE
Earnings
Guidance Update
Demand Weakening
- Fortrea Holdings reported full year 2025 revenue of $2,723.4 million and adjusted EBITDA of $189.9 million, both in line with guidance. For Q4 2025, the company achieved a book-to-bill ratio of 1.14x and a trailing twelve-month book-to-bill of 1.02x, ending the year with a backlog of $7.7 billion.
- The company generated positive operating cash flow of $113.5 million and free cash flow of $88.3 million for the full year 2025. Fortrea also strengthened its balance sheet by paying down approximately $76 million of senior secured notes in Q4 2025 and exceeding cost savings targets with $153 million in gross savings and $93 million in net savings.
- For 2026, Fortrea is targeting revenue between $2.55 billion and $2.65 billion and adjusted EBITDA in the range of $190 million to $220 million. The company anticipates an uneven recovery in the first half of 2026, with momentum building in the second half, and plans for additional cost reductions of $70 million to $80 million in gross savings.
2 days ago
Fortrea Reports Q4 and Full Year 2025 Results, Exceeding Cost Savings Targets
FTRE
Earnings
Guidance Update
| Metric | Q4 2025 | FY 2025 |
|---|---|---|
| Revenue ($USD Millions) | $660.5 | $2,723.4 |
| Adjusted EBITDA ($USD Millions) | $54 | $189.9 |
| Net Loss ($USD Millions) | $32.5 | N/A |
| Adjusted Net Income ($USD Millions) | $9.2 | N/A |
| Adjusted Basic EPS ($USD) | $0.10 | N/A |
| Adjusted Diluted EPS ($USD) | $0.09 | N/A |
| Book-to-bill (x) | 1.14 | N/A |
| Trailing 12-month Book-to-bill (x) | N/A | 1.02 |
| Backlog ($USD Billions) | N/A | $7.7 |
| Gross Cost Savings ($USD Millions) | N/A | $153 |
| Net Cost Savings ($USD Millions) | N/A | $93 |
| Operating Cash Flow ($USD Millions) | $129.1 | $113.5 |
| Free Cash Flow ($USD Millions) | $121.6 | $88.3 |
| Debt Paydown Q4 ($USD Millions) | $76 | N/A |
- Fortrea reported its Q4 and full-year 2025 results, with full-year revenue of $2,723.4 million and adjusted EBITDA of $189.9 million, both in line with or towards the higher end of guidance.
- The company demonstrated strong demand with a Q4 2025 book-to-bill of 1.14x and a trailing twelve-month book-to-bill of 1.02x, contributing to a backlog of $7.7 billion at year-end.
- Fortrea generated positive operating and free cash flow for both Q4 and the full year 2025, and exceeded its cost optimization targets, delivering $153 million in gross savings and $93 million in net savings for the year. The company also paid down approximately $76 million of senior secured notes in Q4 2025.
- For 2026, Fortrea anticipates an uneven recovery in the first half but is cautiously optimistic about building momentum in the second half, targeting positive full-year operating cash flow despite an expected negative Q1.
2 days ago
Fortrea Reports Q4 and Full-Year 2025 Results and Provides 2026 Guidance
FTRE
Earnings
Guidance Update
Demand Weakening
- Fortrea reported FY 2025 revenue of $2,723.4 million and Adjusted EBITDA of $189.9 million, which was in line with its full-year guidance.
- The company achieved a solid Q4 Book-to-Bill ratio of 1.14x and a trailing 12-month Book-to-Bill of 1.02x, with the ending backlog at $7,728 million as of Q4 2025.
- Fortrea generated positive FY operating and free cash flow, delivered over $90 million in net savings for the fiscal year, and strengthened its balance sheet through a $75.7 million debt paydown using cash on hand.
- For FY 2026, Fortrea anticipates revenue between $2,550 million and $2,650 million and Adjusted EBITDA between $190 million and $220 million.
2 days ago
Fortrea Reports Q4 and Full-Year 2025 Results, Issues 2026 Guidance
FTRE
Earnings
Guidance Update
Demand Weakening
- Fortrea reported Q4 2025 revenue of $660.5 million and full-year 2025 revenue of $2,723.4 million.
- For Q4 2025, the company had a GAAP net loss of $(32.5) million (or $(0.35) per diluted share) and adjusted net income of $9.2 million (or $0.09 per diluted share). Full-year 2025 GAAP net loss was $(986.2) million (or $(10.81) per diluted share), and adjusted net income was $40.4 million (or $0.43 per diluted share).
- Adjusted EBITDA was $54.0 million for Q4 2025 and $189.9 million for the full year 2025.
- The company issued full-year 2026 guidance targeting revenues between $2,550 million and $2,650 million and adjusted EBITDA between $190 million and $220 million.
- Fortrea's fourth-quarter book-to-bill ratio was 1.14x, with a trailing 12-month book-to-bill of 1.02x, and a backlog of $7,728.0 million as of December 31, 2025.
2 days ago
Fortrea Holdings Discusses Strategic Focus and Market Outlook at J.P. Morgan Conference
FTRE
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Fortrea Holdings, a pure-play global contract research organization (CRO) spun out from Labcorp in 2023, is focused on clinical development and leveraging AI/ML to modernize study delivery.
- The company is cautiously optimistic about the market, anticipating 3-4% near-term growth in pharmaceutical R&D investments.
- Management is focused on sustaining revenue growth and margin expansion through commercial, operational, and financial excellence, including achieving $150 million in gross cost savings and $90 million in net savings.
- Fortrea plans to announce its Q4 results and 2026 guidance in February.
Jan 13, 2026, 7:15 PM
Fortrea Holdings Discusses Strategic Priorities and Market Outlook at J.P. Morgan Healthcare Conference
FTRE
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Fortrea, a pure-play global CRO spun out from Labcorp in 2023, operates with a 50/50 client mix of large pharma and biotech.
- The company expresses cautious optimism for pharmaceutical R&D investment, anticipating 3%-4% growth in the near term as headwinds subside.
- Strategic priorities include sustaining revenue growth and margin expansion through commercial, operational, and financial excellence, with a focus on leveraging AI and machine learning for modernizing study delivery.
- Fortrea plans to release its Q4 results and 2026 guidance in February and is committed to improving its debt position and making targeted organic and technology investments.
Jan 13, 2026, 7:15 PM
Fortrea Holdings Discusses Growth Outlook and Margin Expansion at J.P. Morgan Healthcare Conference
FTRE
Guidance Update
Revenue Acceleration/Inflection
Debt Issuance
- Fortrea Holdings, a pure-play global contract research organization (CRO) spun out from Labcorp in 2023, is cautiously optimistic about a return to growth in pharmaceutical R&D, projecting 3%-4% R&D growth in the near term.
- The company is focused on sustaining revenue growth and margin expansion, aiming to achieve mid-teens margins comparable to its peers.
- Fortrea is on a journey to achieve $150 million in gross cost savings and $90 million in net savings for 2025.
- Capital allocation priorities include improving the debt position, having paid down $77 million of notes in November, and making targeted organic and technology investments.
- The company plans to release its Q4 results and 2026 guidance in February.
Jan 13, 2026, 7:15 PM
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
Quarterly earnings call transcripts for Fortrea Holdings.
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