Fortrea Holdings Inc. filed its Form 10-Q with the SEC on October 29, 2026, reporting unaudited financial results for the three and nine months ended September 30, 2026, with the company trading on NASDAQ:FTRE.

Key Highlights

  • Quarterly revenue: Fortrea reported revenues of $691.5 million for the three months ended September 30, 2026, compared to $701.3 million in the same period of 2025.
  • Third-quarter net income: The company recorded net income of $0.6 million for Q3 2026, versus a net loss of $15.9 million in Q3 2025.
  • Nine-month net loss: For the nine months ended September 30, 2026, the company reported a net loss of $36.2 million, compared to a net loss of $953.7 million in the prior-year period.
  • Basic and diluted EPS: Earnings per common share for Q3 2026 were $0.01, compared to a loss of $0.17 per share in Q3 2025.
  • Total assets: The company reported total assets of $2,738.2 million as of September 30, 2026, up from $2,715.7 million at December 31, 2025.
  • Accumulated deficit: The accumulated deficit stood at $1,419.4 million as of September 30, 2026, compared to $1,383.2 million at December 31, 2025.
  • Shares outstanding: Fortrea had 96.5 million shares of common stock outstanding as of October 27, 2026.

Fortrea's Clinical Research Operations: Q3 2026 Financial Position and Period Results

Fortrea Holdings Inc., a Delaware-incorporated contract research organization headquartered at 8 Moore Drive, Durham, North Carolina, provides clinical development services to the life sciences industry. According to the filing, the company generated revenues of $691.5 million in the third quarter of 2026, a decrease from $701.3 million reported for the same quarter of 2025. For the nine months ended September 30, 2026, revenues totaled $2,006.2 million, compared to $2,062.9 million in the prior-year period.

The company disclosed direct costs, exclusive of depreciation and amortization, of $552.0 million for Q3 2026, down from $578.6 million in Q3 2025. Selling, general and administrative expenses were $103.8 million for the quarter, compared to $106.8 million a year earlier. Operating income for the three months ended September 30, 2026 was $15.0 million, reversing an operating loss of $8.6 million in the comparable prior-year quarter. Interest expense for Q3 2026 was $20.2 million, resulting in a loss before income taxes of $3.6 million for the quarter.

On the balance sheet, Fortrea reported cash and cash equivalents of $220.6 million at September 30, 2026, up from $174.6 million at December 31, 2025. Total long-term debt, less current portion, was $1,031.9 million, compared to $1,048.0 million at year-end 2025. Unearned revenue, which reflects the company's contracted but not yet recognized service obligations, rose to $525.5 million from $473.8 million. The company's total equity declined to $532.3 million from $563.5 million at December 31, 2025, reflecting the nine-month net loss and accumulated other comprehensive loss of $201.0 million. Restructuring and other charges for the nine months ended September 30, 2026 were $10.1 million, compared to $21.7 million in the prior-year period, while the nine months ended September 30, 2025 also included $797.9 million in goodwill and other asset impairments, which did not recur in 2026.

What Was Disclosed

Fortrea Holdings filed its quarterly report covering the period ended September 30, 2026, disclosing revenues, operating results, balance sheet data, and changes in equity. The company reported a return to quarterly net income of $0.6 million, with a nine-month net loss of $36.2 million and total assets of $2,738.2 million.