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Fortrea Holdings Inc. (FTRE)
NASDAQ:FTRE
Earnings Data
Report Date
May 18, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.08Last Year’s EPS
0.02Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call balanced measurable operational and financial progress (positive cash generation in Q4, exceeded cost-savings targets, debt paydown, improved DSO, backlog and book-to-bill stabilization, AI investments and commercial wins) against persistent near-term revenue headwinds (Q4 revenue decline, FSP/pass-through variability, and 2026 revenue guidance implying a YoY decline). Management reiterated a multi‑pillar turnaround approach and provided a constructive outlook for improving EBITDA and cash flow across 2026, while cautioning the recovery may be uneven in the first half. Overall, the call reflected cautious optimism with concrete execution on cost and cash metrics but continued top-line risks that make recovery incremental.Company Guidance
Revenue in Line with Full-Year Guidance
Full year 2025 revenue of $2,723.4 million, up ~1% year-over-year and reported in line with management guidance; Q4 2025 revenue was $660.5 million.
Strong Cash Generation and Improved Collections
Generated positive Q4 operating cash flow of $129.1 million and Q4 free cash flow of $121.6 million. Full year operating cash flow was $113.5 million and free cash flow $88.3 million. Day Sales Outstanding (DSO) improved to 16 days (improved 17 days sequentially and 24 days year-over-year).
Exceeded Cost-Savings Targets
Delivered approximately $153 million in gross savings and $93 million in net savings for 2025, exceeding original targets and supporting margin and cash improvement.
Balance Sheet Strengthening and Liquidity
Paid down ~$75.7 million of senior secured notes in Q4 using cash on hand (since the spin, ~35% of original debt repaid). Ended the quarter with no revolver borrowings and available liquidity in excess of $600 million.
Backlog and Book-to-Bill Indicate Improving Demand
Q4 book-to-bill was 1.14x and trailing 12-month book-to-bill was 1.02x, reflecting improvement in demand in the second half of 2025. Backlog stood at $7.7 billion and cancellations remained in line with historical trends.
Adjusted EBITDA Performance
Full year adjusted EBITDA was $189.9 million (toward the higher end of guidance). Q4 adjusted EBITDA was $54 million (vs. $56 million a year ago) showing relative stability against a challenging backdrop.
Operational and Commercial Progress
Notable wins in Q4 including a long-term clinical pharmacology partnership with a top-5 pharma company, multiple FSP renewals, and a healthy mix of Phase II and Phase III global clinical development wins. Net Promoter Score and employee engagement improved year-over-year.
Technology and AI Investments Driving Productivity
Advanced deployment of the accelerate platform and AI-enabled tools (AI risk radar in production, CRA mobile app, My Day platform, feasibility intelligence pilot). Operational outcomes cited include accelerating recruitment by ~3 months in a complex respiratory study and completing enrollment in a Phase II Alzheimer's study.
Leadership Additions
Expanded leadership team with hires including Aggie Gallagher (General Counsel) and Dr. Scott Dave (clinical pharmacology lead); Dr. Oren Cohen now full-time Chief Medical Officer to deepen scientific engagement.
FTRE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FTRE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $10.34 | $10.80 | +4.45% |
Nov 05, 2025 | $9.70 | $11.95 | +23.20% |
Aug 06, 2025 | $6.56 | $6.58 | +0.30% |
May 12, 2025 | $6.15 | $5.19 | -15.61% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Fortrea Holdings Inc. (FTRE) report earnings?
Fortrea Holdings Inc. (FTRE) is schdueled to report earning on May 18, 2026, Before Open (Confirmed).
What is Fortrea Holdings Inc. (FTRE) earnings time?
Fortrea Holdings Inc. (FTRE) earnings time is at May 18, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FTRE EPS forecast?
FTRE EPS forecast for the fiscal quarter 2026 (Q1) is 0.08.