FTRE · Fortrea Holdings Inc.

Fortrea's first quarter 2026 results demonstrated solid operational execution, with revenue of $636.5 million slightly below the prior year's $651.3 million, reflecting a 2.3% decline. However, profitability improved significantly: adjusted EBITDA surged 55% to $47.0 million from $30.3 million, and adjusted net income rose to $15.2 million from $1.9 million. The GAAP net loss narrowed dramatically to $23.6 million from $562.9 million, which in the prior year included a $488.8 million goodwill impairment. The book-to-bill ratio of 1.15x marked the third consecutive quarter above 1.1x, indicating robust demand and a healthy pipeline. Backlog reached $7,846 million, providing strong revenue visibility. Management commentary highlighted strategic progress, with CEO Anshul Thakral noting the launch of Fortrea Intelligent Technology and commercial traction across biotech and large pharma clients. The company reaffirmed its full-year 2026 guidance, targeting revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million, signaling confidence in sustained performance. The earnings release was furnished under Item 2.02 and is not deemed filed for SEC purposes.