The stock may face downward pressure due to 2026 revenue contraction guidance despite cost discipline. Monitor backlog conversion and client retention, as declining EBITDA and negative sentiment in biotech funding could pressure margins further.
Price Chart
Executive Summary
Fortrea reported full-year 2025 revenue of $2.72 billion, up 1.0% YoY, with adjusted EBITDA of $189.9 million, down 6.2% YoY. The company posted a GAAP net loss of $986.2 million due to a $797.9 million non-cash goodwill impairment. For 2026, it guided to revenue of $2.55–2.65 billion and adjusted EBITDA of $190–220 million, signaling a contraction despite improved book-to-bill of 1.14x in Q4.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue: $2,723.4 million (up 1.0% YoY from $2,696.4 million)
- Full-year 2025 adjusted EBITDA: $189.9 million (down 6.2% YoY from $202.5 million)
- GAAP net loss of $986.2 million includes $797.9 million non-cash goodwill impairment
- 2026 revenue guidance: $2.55–2.65 billion (down 2.7% at midpoint vs. 2025 actual)
- 2026 adjusted EBITDA guidance: $190–220 million (flat to slightly up at midpoint)
- Q4 2025 book-to-bill ratio of 1.14x, trailing 12-month book-to-bill of 1.02x
Financial Impact
Revenue expected to decline in 2026 with flat EBITDA, despite cost savings and improved demand signals. Goodwill impairment reflects prior valuation decline.
Risk Factors
- 2026 revenue guidance implies contraction, suggesting weak demand or client concentration risk
- Goodwill impairment indicates prior overpayment for acquisitions or declining market conditions
- Dependence on biopharma funding, which remains volatile
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011942 |
| Document: ftre-20260226.htm | 0001628280-26-011942 |
| Document: 0001628280-26-011942-index-headers.html | 0001628280-26-011942 |
| Document: 0001628280-26-011942-index.html | 0001628280-26-011942 |
| Document: 0001628280-26-011942.txt | 0001628280-26-011942 |
| CONTEXT: Previous Earnings (2026-02-26) | 0001628280-26-011942 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $23.63 | awaiting T+1 | — | $23.83 (+0.85%) |
Oct 22, 2026 5d ago | Press Release | $23.63 $23.83 | ▲ +0.85% | ▲ +0.14% | $23.83 (+0.85%) |
Oct 19, 2026 8d ago | Press Release | $22.78 $24.06 | ▲ +5.62% | ▲ +5.09% | $23.83 (+4.61%) |
Oct 5, 2026 22d ago | Press Release | $21.11 $20.78 | ▼ −1.56% | ▼ −2.11% | $23.83 (+12.88%) |
Sep 30, 2026 27d ago | 8-K | $19.40 $20.00 | ▲ +3.09% | ▲ +2.35% | $23.83 (+22.84%) |
Sep 10, 2026 6w ago | Press Release | $17.20 $17.41 | ▲ +1.22% | ▲ +1.67% | $23.83 (+38.55%) |
Sep 10, 2026 6w ago | 8-K | $17.02 $17.20 | ▲ +1.06% | ▲ +0.21% | $23.83 (+40.01%) |
Sep 2, 2026 7w ago | Press Release | $18.36 $18.62 | ▲ +1.42% | ▲ +0.37% | $23.83 (+29.79%) |
Aug 22, 2026 9w ago | Institutional Cluster | $18.31 $18.27 | ▼ −0.22% | ▼ −0.54% | $23.83 (+30.15%) |
Aug 7, 2026 11w ago | Insider Cluster | $18.99 $19.52 | ▲ +2.79% | ▲ +3.11% | $23.83 (+25.49%) |
US Market Status
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