Fortrea Holdings Reports Q3 2025 Earnings and Raises Guidance

Fortrea Holdings Inc. ( (FTRE) ) has released its Q3 earnings. Here is a breakdown of the information Fortrea Holdings Inc. presented to its investors.

Fortrea Holdings Inc., a global contract research organization, specializes in clinical development solutions for the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation. In its third quarter of 2025, Fortrea reported revenues of $701.3 million, a GAAP net loss of $15.9 million, and an adjusted EBITDA of $50.7 million. The company also raised its full-year revenue guidance to between $2,700 million and $2,750 million, reflecting confidence in its strategic direction.

Key financial metrics for the quarter included a book-to-bill ratio of 1.13x and a year-to-date revenue of $2,062.9 million, up from $1,999.4 million in the same period of 2024. Despite a GAAP net loss, Fortrea’s adjusted net income was $11.7 million, with a diluted income per share of $0.12. The company continues to focus on cost-saving initiatives and has successfully navigated a leadership transition, maintaining its operational and financial momentum.

Fortrea’s backlog stood at $7,644 million as of September 30, 2025, indicating a strong pipeline of future work. The company’s year-to-date adjusted EBITDA was $135.9 million, slightly down from $146.5 million in 2024, primarily due to a significant goodwill impairment charge earlier in the year. However, Fortrea’s strategic initiatives and robust client partnerships are expected to drive future growth.

Looking ahead, Fortrea remains committed to executing its plans with excellence, leveraging its global footprint and differentiated capabilities to deliver on its goals. The company’s management is optimistic about its ability to meet its revised financial targets, despite the challenges posed by macroeconomic conditions.