Fortrea Holdings Inc. (FTRE) Form 10-Q — Oct 29, 2026
Fortrea returned to slight profitability in Q3 2026 with net income of $0.6M ($0.01 EPS) versus a $15.9M loss a year earlier, though revenue slipped 1.4% to $691.5M. Nine-month revenue fell 2.7% to $2,006.2M with a net loss of $36.2M. The company disclosed a $558M cumulative backlog reduction to reflect estimated changes in scope and study delivery requirements, leaving backlog at $7.3 billion. Management said the adjustment was not driven by any recent material customer communication and is not expected to materially affect near-term revenue.
Key figures
- Eps
- 0.01
- Revenue
- 691.5
- Net Income
- 0.6
- Revenue Yoy
- -1.4%
- Cash Position
- 220.6
- Shares Outstanding
- 96.5 million
- Backlog
- $7.3 billion as of September 30, 2026
- Nine month eps
- $(0.38)
- Backlog reduction
- approximately $558M cumulative adjustment
- Nine month revenue
- $2,006.2M (-2.7% YoY)
- Revolver available
- $447.7M
- Nine month net loss
- $(36.2)M
- Q3 operating income
- $15.0M
- Worldwide acquisition price
- approximately $45.0M ($41.0 at closing, $4.0 deferred)
- Operating cash flow nine months
- $72.7M
- Remaining performance obligations
- $4,390.7M
- Receivables sold under securitization
- $300.0M
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