FTRE

MKT CAP:$905M

Fortrea Holdings Inc.

Market Cap

$905M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$10.50-$6.31 (-37.54%)

Apr 22, 2026

Company Details

Fortrea Holdings Inc., a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. It operates through two segments: Clinical Services and Enabling Ser...

CEO

Anshul Thakral

IPO Date

Jun 20, 2023

Website

www.fortrea.com

Key Metrics TTM

Revenue

$2.7B

-1.9% YoY

Net Income

-$986M

EPS (Diluted)

-$10.97

Free Cash Flow

$88M

Revenue / Share

$29.86

Gross Margin

16.4%

Operating Margin

-19.8%

Net Margin

-36.2%

FCF Margin

3.2%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$2.7BEPS -$10.81

Q4 2025

Feb 26, 2026

$661MEPS -$0.36

Q3 2025

Nov 5, 2025

$701M+3.9%EPS -$0.17

Q2 2025

Aug 6, 2025

$710M+7.2%EPS -$4.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$779M	$117M	$42M
Q2 22	$793M	$155M	$84M
Q3 22	$762M	$168M	$69M
Q1 23	$694M	$152M	$14M
Q2 23	$725M	$156M	$32M
Q3 23	$714M	$150M	$10M
Q4 23	$775M	$120M	-$11M
Q1 24	$662M	$108M	-$37M
Q2 24	$662M	$137M	-$51M
Q3 24	$675M	$148M	-$18M
Q1 25	$651M	$117M	-$520M
Q2 25	$710M	$114M	-$11M
Q3 25	$701M	$103M	-$16M
Q4 25	$661M	$112M	$9M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	1.0x	17.4x
Q2 23	1.1x	18.9x
Q3 23	0.8x	26.9x
Q4 23	1.0x	—
Q1 24	1.2x	—
Q2 24	0.8x	—
Q3 24	0.6x	—
Q1 25	0.3x	—
Q2 25	0.2x	—
Q3 25	0.3x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$61M	-$72M
Q2 22	$39M	$31M
Q3 22	$81M	$64M
Q1 23	-$2M	-$18M
Q2 23	$150M	$141M
Q3 23	$2M	-$3M
Q4 23	$12M	$3M
Q1 24	-$26M	-$35M
Q2 24	$274M	$263M
Q3 24	-$2M	-$11M
Q1 25	-$124M	-$127M
Q2 25	$22M	$14M
Q3 25	$87M	$80M
Q4 25	$129M	$122M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$8M
Q3 22	$17M
Q1 23	$16M
Q2 23	$10M
Q3 23	$5M
Q4 23	$9M
Q1 24	$9M
Q2 24	$11M
Q3 24	$8M
Q1 25	$3M
Q2 25	$8M
Q3 25	$7M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	-6.9%	-5.9%
Q3 23	-10.0%	-0.8%
Q4 23	+1.7%	+13.4%
Q1 24	-4.6%	+2.9%
Q2 24	-8.6%	+2.9%
Q3 24	-5.4%	-1.5%
Q1 25	-16.0%	+49.0%
Q2 25	+7.3%	+3.1%
Q3 25	+5.9%	+0.5%
Q4 25	-2.1%	-5.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	0.8%
Q2 22	$7M	0.9%
Q3 22	$6M	0.8%
Q1 23	$7M	1.0%
Q2 23	$9M	1.3%
Q3 23	$11M	1.6%
Q4 23	$16M	2.0%
Q1 24	$15M	2.3%
Q2 24	$15M	2.3%
Q3 24	$13M	1.9%
Q1 25	$15M	2.2%
Q2 25	$23M	3.2%
Q3 25	$22M	3.2%
Q4 25	$15M	2.2%

OpEx Breakdown

Quarter	SG&A
Q1 22	$75M
Q2 22	$71M
Q3 22	$71M
Q1 23	$117M
Q2 23	$98M
Q3 23	$107M
Q4 23	$99M
Q1 24	$120M
Q2 24	$156M
Q3 24	$136M
Q1 25	$122M
Q2 25	$125M
Q3 25	$107M
Q4 25	$103M

Revenue Segments

Quarter	Clinical Services Segment
Q2 23	$726M
Q3 23	$712M
Q1 25	$651M
Q2 25	$710M
Q3 25	$701M
Q4 25	$661M

Revenue by Geography

Quarter	Europe	North America	Other Geographical Areas
Q1 24	$208M	$306M	$148M
Q2 24	$196M	$318M	$149M
Q3 24	$192M	$320M	$163M
Q1 25	$200M	$310M	$142M
Q2 25	$219M	$344M	$147M
Q3 25	$213M	$333M	$155M
Q4 25	$220M	$303M	$138M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$112M	$0	$112M
Q1 23	$120M	$0	$120M
Q2 23	$114M	$0	$114M
Q3 23	$108M	$0	$108M
Q4 23	$109M	$0	$109M
Q1 24	$93M	$0	$93M
Q2 24	$126M	$0	$126M
Q3 24	$105M	$0	$105M
Q4 24	$119M	$0	$119M
Q1 25	$102M	$0	$102M
Q2 25	$81M	$0	$81M
Q3 25	$131M	$0	$131M
Q4 25	$175M	$0	$175M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	89M	—	—
Q2 22	89M	+0.2%	—
Q3 22	88M	-0.5%	—
Q1 23	88M	0.0%	—
Q2 23	89M	+0.5%	+0.2%
Q3 23	87M	-1.7%	-1.7%
Q4 23	88M	+0.5%	-0.7%
Q1 24	89M	+1.6%	+0.9%
Q2 24	89M	+0.2%	+0.7%
Q3 24	90M	+0.7%	+3.1%
Q1 25	89M	-0.7%	+1.8%
Q2 25	91M	+1.3%	+1.6%
Q3 25	91M	+0.7%	+2.0%
Q4 25	91M	0.0%	+1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$43.1K	18K
Q1 24	$36.8K	18K
Q2 24	$36.8K	18K
Q3 24	$37.5K	18K
Q1 25	$42.0K	16K
Q2 25	$45.8K	16K
Q3 25	$45.2K	16K
Q4 25	$46.2K	14K

Revenue / Employee