Fortrea (FTRE) Financials

$13.22 0.00 (0.00%)

As of 04:00 PM Eastern

Annual Income Statements for Fortrea

This table shows Fortrea's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	98	186	-25	-329	-986
Consolidated Net Income / (Loss)	98	186	-25	-329	-986
Net Income / (Loss) Continuing Operations	98	146	-32	-272	-986
Total Pre-Tax Income	136	187	-31	-275	-983
Total Operating Income	114	187	32	-162	-873
Total Gross Profit	604	724	591	534	504
Total Revenue	3,058	2,837	2,843	2,696	2,723
Operating Revenue	3,058	2,837	2,843	2,696	2,723
Total Cost of Revenue	2,453	2,113	2,252	2,162	2,220
Operating Cost of Revenue	2,453	2,113	2,252	2,162	2,220
Total Operating Expenses	490	537	559	696	1,376
Selling, General & Admin Expense	303	416	448	561	456
Depreciation Expense	166	86	89	85	78
Impairment Charge	0.00	9.80	0.00	0.00	798
Restructuring Charge	21	26	21	50	44
Total Other Income / (Expense), net	22	-0.10	-63	-113	-110
Interest & Investment Income	-	-0.20	-70	-124	-91
Other Income / (Expense), net	22	0.10	7.20	11	-19
Income Tax Expense	38	41	1.20	-3.50	3.20
Net Income / (Loss) Discontinued Operations	-	40	6.50	-57	0.00
Basic Earnings per Share	$1.10	$2.09	($0.29)	($3.67)	($10.81)
Weighted Average Basic Shares Outstanding	-	-	89.40M	90.20M	93.50M
Diluted Earnings per Share	$1.10	$2.09	($0.29)	($3.67)	($10.81)
Weighted Average Diluted Shares Outstanding	-	-	89.40M	90.20M	93.50M
Weighted Average Basic & Diluted Shares Outstanding	-	-	89.40M	90.20M	93.50M

This table shows Fortrea's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-14	-55	-101	-138	-28	-61	-563	-375	-16	-33	-24
Consolidated Net Income / (Loss)	-14	-55	-101	-138	-28	-61	-563	-375	-16	-33	-24
Net Income / (Loss) Continuing Operations	-16	-49	-80	-99	-19	-74	-563	-375	-16	-33	-24
Total Pre-Tax Income	-22	-55	-76	-89	-36	-75	-548	-371	-29	-36	-12
Total Operating Income	10	-24	-37	-51	-18	-56	-520	-330	-8.60	-14	-3.40
Total Gross Profit	150	132	108	137	148	141	117	134	123	131	124
Total Revenue	714	710	662	662	675	697	651	710	701	661	637
Operating Revenue	714	710	662	662	675	697	651	710	701	661	637
Total Cost of Revenue	564	578	554	525	527	556	535	577	579	529	513
Operating Cost of Revenue	564	578	554	525	527	556	535	577	579	529	513
Total Operating Expenses	140	156	145	188	166	197	637	464	131	145	127
Selling, General & Admin Expense	107	127	120	156	136	148	122	125	107	103	101
Depreciation Expense	23	22	22	21	21	21	20	20	20	19	20
Impairment Charge	-	-	0.00	0.00	0.00	-	489	309	0.00	-	0.00
Restructuring Charge	10	6.90	3.30	10	8.80	28	6.50	10	4.90	22	6.70
Total Other Income / (Expense), net	-32	-31	-38	-38	-18	-19	-28	-40	-20	-22	-8.90
Interest & Investment Income	-35	-	-34	-45	-22	-	-22	-23	-23	-23	-19
Other Income / (Expense), net	2.40	3.80	-4.00	7.50	4.60	2.60	-5.60	-17	2.50	1.20	10
Income Tax Expense	-5.80	-6.10	4.10	11	-17	-1.00	15	4.20	-13	-3.10	11
Basic Earnings per Share	($0.16)	($0.62)	($1.13)	($1.55)	($0.31)	($0.68)	($6.25)	($4.14)	($0.17)	($0.25)	($0.25)
Weighted Average Basic Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M
Diluted Earnings per Share	($0.16)	($0.62)	($1.13)	($1.55)	($0.31)	($0.68)	($6.25)	($4.14)	($0.17)	($0.25)	($0.25)
Weighted Average Diluted Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M
Weighted Average Basic & Diluted Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M

This table details how cash moves in and out of Fortrea's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	14	16	-1.80	9.90	56
Net Cash From Operating Activities	170	83	168	263	114
Net Cash From Continuing Operating Activities	170	83	168	263	114
Net Income / (Loss) Continuing Operations	98	186	-25	-329	-986
Consolidated Net Income / (Loss)	98	186	-25	-329	-986
Depreciation Expense	166	94	98	87	78
Non-Cash Adjustments To Reconcile Net Income	-125	-41	61	455	1,010
Changes in Operating Assets and Liabilities, net	30	-156	34	50	12
Net Cash From Investing Activities	-26	-54	-32	252	14
Net Cash From Continuing Investing Activities	-26	-54	-32	252	14
Purchase of Property, Plant & Equipment	-27	-54	-40	-26	-25
Sale of Property, Plant & Equipment	0.30	0.40	8.50	0.50	0.00
Divestitures	-	0.00	0.00	277	40
Net Cash From Financing Activities	-129	-6.30	-141	-498	-76
Net Cash From Continuing Financing Activities	-129	-6.30	-141	-498	-76
Repayment of Debt	0.00	0.00	-206	-1,310	-530
Issuance of Debt	0.00	0.00	1,795	827	454
Other Financing Activities, net	-129	-6.30	-1,730	-14	0.00
Effect of Exchange Rate Changes	-0.80	-6.60	2.40	-6.70	4.50

This table details how cash moves in and out of Fortrea's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-5.10	4.80	-16	33	-21	13	-17	-20	50	43	-27
Net Cash From Operating Activities	1.90	18	-26	274	-2.40	17	-124	22	87	129	-17
Net Cash From Continuing Operating Activities	1.90	18	-26	274	-2.40	17	-124	22	87	129	-17
Net Income / (Loss) Continuing Operations	-14	-55	-101	-138	-28	-61	-563	-375	-16	-33	-24
Consolidated Net Income / (Loss)	-14	-55	-101	-138	-28	-61	-563	-375	-16	-33	-24
Depreciation Expense	25	24	24	21	21	21	20	20	20	19	20
Non-Cash Adjustments To Reconcile Net Income	-20	28	74	379	-22	44	453	370	97	99	-25
Changes in Operating Assets and Liabilities, net	11	20	-22	11	27	14	-34	7.10	-14	44	12
Net Cash From Investing Activities	2.70	-9.00	-9.20	265	-8.10	3.50	16	-7.50	13	-7.50	-8.00
Net Cash From Continuing Investing Activities	2.70	-9.00	-9.20	265	-8.10	3.50	16	-7.50	13	-7.50	-8.00
Purchase of Property, Plant & Equipment	-5.10	-9.40	-9.30	-11	-8.20	3.20	-2.90	-7.50	-7.30	-7.50	-8.00
Divestitures	-	-	0.00	-	-	-	19	-	21	-	0.00
Net Cash From Financing Activities	-7.70	-7.70	21	-504	-14	-1.10	88	-39	-50	-76	0.00
Net Cash From Continuing Financing Activities	-7.70	-7.70	21	-504	-14	-1.10	88	-39	-50	-76	0.00
Repayment of Debt	-32	-148	-250	-708	-143	-210	-78	-189	-188	-76	0.00
Issuance of Debt	24	140	271	204	143	210	167	150	138	-	0.00
Effect of Exchange Rate Changes	-2.00	3.10	-2.30	-1.70	3.60	-6.30	2.80	4.30	-	-2.60	-2.10

This table presents Fortrea's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,288	4,333	3,579	2,716
Total Current Assets	1,247	1,251	948	897
Cash & Equivalents	112	109	119	175
Accounts Receivable	1,022	989	660	590
Prepaid Expenses	113	85	170	133
Plant, Property, & Equipment, net	0.00	173	156	150
Total Noncurrent Assets	3,041	2,909	2,475	1,669
Goodwill	1,997	1,739	1,710	960
Intangible Assets	823	728	656	622
Noncurrent Deferred & Refundable Income Taxes	1.20	3.20	5.20	6.20
Other Noncurrent Operating Assets	219	70	103	81
Total Liabilities & Shareholders' Equity	4,288	4,333	3,579	2,716
Total Liabilities	945	2,619	2,217	2,152
Total Current Liabilities	699	778	950	913
Short-Term Debt	0.00	26	75	4.80
Accounts Payable	82	133	138	30
Accrued Expenses	323	336	370	396
Current Deferred Revenue	272	214	353	474
Other Current Liabilities	23	17	13	9.20
Total Noncurrent Liabilities	246	1,840	1,267	1,239
Long-Term Debt	0.00	1,566	1,050	1,048
Noncurrent Deferred & Payable Income Tax Liabilities	185	148	122	98
Other Noncurrent Operating Liabilities	62	95	96	93
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,343	1,714	1,362	564
Total Preferred & Common Equity	3,343	1,714	1,362	564
Total Common Equity	3,343	1,714	1,362	564
Common Stock	0.00	1,998	2,042	2,117
Retained Earnings	0.00	-69	-397	-1,383
Accumulated Other Comprehensive Income / (Loss)	-276	-216	-283	-170

This table presents Fortrea's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,356	4,317	4,240	3,565	3,664	3,121	2,835	2,742	2,683
Total Current Assets	1,232	1,258	1,200	888	937	970	960	919	882
Cash & Equivalents	114	108	93	126	105	102	81	131	148
Accounts Receivable	1,015	1,047	941	638	689	729	739	663	620
Prepaid Expenses	103	103	91	124	143	140	140	124	114
Plant, Property, & Equipment, net	212	219	167	173	173	150	149	148	157
Total Noncurrent Assets	2,912	2,840	2,873	2,505	2,554	2,001	1,726	1,676	1,645
Goodwill	2,025	1,995	1,728	1,726	1,767	1,243	965	958	951
Intangible Assets	802	774	708	692	691	651	654	635	602
Noncurrent Deferred & Refundable Income Taxes	2.00	1.60	3.20	3.20	3.20	5.40	5.60	8.30	6.20
Other Noncurrent Operating Assets	84	70	89	84	92	101	101	74	86
Total Liabilities & Shareholders' Equity	4,356	4,317	4,240	3,565	3,664	3,121	2,835	2,742	2,683
Total Liabilities	2,605	2,622	2,648	2,104	2,150	2,262	2,246	2,161	2,158
Total Current Liabilities	752	775	818	749	796	999	942	914	929
Short-Term Debt	26	26	55	0.00	0.00	164	75	75	11
Accounts Payable	105	128	131	144	138	110	93	50	71
Accrued Expenses	336	336	329	343	323	347	381	370	357
Current Deferred Revenue	264	265	237	248	321	364	382	412	481
Other Current Liabilities	20	20	15	14	14	14	12	9.20	8.80
Total Noncurrent Liabilities	1,853	1,848	1,830	1,355	1,354	1,263	1,304	1,247	1,228
Long-Term Debt	1,579	1,572	1,559	1,124	1,125	1,050	1,101	1,052	1,043
Noncurrent Deferred & Payable Income Tax Liabilities	184	172	151	136	127	118	113	107	92
Other Noncurrent Operating Liabilities	90	104	88	95	103	95	90	88	94
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,751	1,694	1,592	1,461	1,514	859	589	581	526
Total Preferred & Common Equity	1,751	1,694	1,592	1,461	1,514	859	589	581	526
Total Common Equity	1,751	1,694	1,592	1,461	1,514	859	589	581	526
Common Stock	1,977	1,988	2,003	2,018	2,027	2,057	2,080	2,102	2,128
Retained Earnings	-	-13	-170	-308	-336	-960	-1,335	-1,351	-1,407
Accumulated Other Comprehensive Income / (Loss)	-226	-280	-242	-249	-178	-238	-156	-170	-195

This table displays calculated financial ratios and metrics derived from Fortrea's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-7.21%	0.19%	-5.14%	1.00%
EBITDA Growth	0.00%	-7.30%	-51.14%	-146.87%	-1,165.32%
EBIT Growth	0.00%	37.04%	-79.06%	-485.71%	-489.68%
NOPAT Growth	0.00%	77.76%	-84.66%	-605.94%	-438.97%
Net Income Growth	0.00%	90.00%	-113.53%	-1,203.57%	-200.21%
EPS Growth	0.00%	90.00%	-113.88%	-1,165.52%	-194.55%
Operating Cash Flow Growth	0.00%	-51.30%	103.63%	56.06%	-56.81%
Free Cash Flow Firm Growth	0.00%	0.00%	113.27%	-11.56%	-12.73%
Invested Capital Growth	0.00%	0.00%	-11.98%	-16.71%	-39.13%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-9.38%	-1.32%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-3,022.73%	4.59%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-74.39%	4.36%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-63.21%	4.59%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-9.50%	2.83%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-9.23%	3.83%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-5.55%	-0.11%	7,466.67%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-0.16%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-6.49%	-8.53%
Profitability Metrics	-	-	-	-	-
Gross Margin	19.77%	25.53%	20.78%	19.81%	18.50%
EBITDA Margin	9.91%	9.90%	4.83%	-2.38%	-29.87%
Operating Margin	3.74%	6.60%	1.13%	-6.00%	-32.04%
EBIT Margin	4.47%	6.60%	1.38%	-5.61%	-32.74%
Profit (Net Income) Margin	3.21%	6.56%	-0.89%	-12.18%	-36.21%
Tax Burden Percent	71.85%	99.57%	82.62%	119.45%	100.33%
Interest Burden Percent	99.85%	99.89%	-77.81%	181.88%	110.25%
Effective Tax Rate	28.15%	21.98%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	9.04%	0.74%	-4.35%	-32.06%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-62.79%	-8.62%	-24.50%	-71.91%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.10%	-1.73%	-17.01%	-70.35%
Return on Equity (ROE)	0.00%	11.14%	-1.00%	-21.36%	-102.41%
Cash Return on Invested Capital (CROIC)	0.00%	-190.96%	13.48%	13.89%	16.58%
Operating Return on Assets (OROA)	0.00%	4.37%	0.91%	-3.82%	-28.33%
Return on Assets (ROA)	0.00%	4.34%	-0.58%	-8.30%	-31.33%
Return on Common Equity (ROCE)	0.00%	11.14%	-1.00%	-21.36%	-102.41%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.57%	-1.47%	-24.11%	0.00%
Net Operating Profit after Tax (NOPAT)	82	146	22	-113	-611
NOPAT Margin	2.69%	5.15%	0.79%	-4.20%	-22.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	71.83%	9.36%	20.15%	39.85%
Return On Investment Capital (ROIC_SIMPLE)	-	4.37%	0.68%	-4.56%	-37.79%
Cost of Revenue to Revenue	80.23%	74.47%	79.22%	80.19%	81.50%
SG&A Expenses to Revenue	9.91%	14.67%	15.76%	20.79%	16.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.03%	18.94%	19.65%	25.82%	50.54%
Earnings before Interest and Taxes (EBIT)	137	187	39	-151	-892
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	303	281	137	-64	-814
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.81	1.23	2.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	1.09	0.62	0.59
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.61	1.13	1.71
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.61	0.99	0.91
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	33.40	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	116.90	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	204.58	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	27.21	10.19	21.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	11.20	7.40	7.83
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.93	0.83	1.87
Long-Term Debt to Equity	0.00	0.00	0.91	0.77	1.86
Financial Leverage	0.00	-0.03	0.20	0.69	0.98
Leverage Ratio	0.00	1.28	1.70	2.57	3.27
Compound Leverage Factor	0.00	1.28	-1.33	4.68	3.60
Debt to Total Capital	0.00%	0.00%	48.15%	45.22%	65.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.79%	3.01%	0.30%
Long-Term Debt to Total Capital	0.00%	0.00%	47.36%	42.21%	64.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	51.85%	54.78%	34.86%
Debt to EBITDA	0.00	0.00	11.60	-17.49	-1.29
Net Debt to EBITDA	0.00	0.00	10.81	-15.65	-1.08
Long-Term Debt to EBITDA	0.00	0.00	11.41	-16.33	-1.29
Debt to NOPAT	0.00	0.00	71.07	-9.92	-1.72
Net Debt to NOPAT	0.00	0.00	66.22	-8.88	-1.44
Long-Term Debt to NOPAT	0.00	0.00	69.91	-9.26	-1.72
Altman Z-Score	0.00	0.00	1.50	0.91	-0.36
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.78	1.61	1.00	0.98
Quick Ratio	0.00	1.62	1.41	0.82	0.84
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3,085	409	362	316
Operating Cash Flow to CapEx	648.09%	153.15%	529.56%	1,051.20%	450.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	849.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	718.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.66	0.66	0.68	0.87
Accounts Receivable Turnover	0.00	2.78	2.83	3.27	4.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	16.40	17.81
Accounts Payable Turnover	0.00	25.92	21.01	15.95	26.44
Days Sales Outstanding (DSO)	0.00	131.51	129.10	111.54	83.71
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	14.08	17.38	22.88	13.81
Cash Conversion Cycle (CCC)	0.00	117.43	111.72	88.66	69.91
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	3,231	2,844	2,368	1,442
Invested Capital Turnover	0.00	1.76	0.94	1.03	1.43
Increase / (Decrease) in Invested Capital	0.00	3,231	-387	-475	-927
Enterprise Value (EV)	0.00	0.00	4,583	2,679	2,472
Market Capitalization	0.00	0.00	3,099	1,673	1,594
Book Value per Share	$0.00	$0.00	$19.30	$15.19	$6.10
Tangible Book Value per Share	$0.00	$0.00	($8.48)	($11.19)	($11.02)
Total Capital	0.00	3,343	3,306	2,487	1,616
Total Debt	0.00	0.00	1,592	1,125	1,053
Total Long-Term Debt	0.00	0.00	1,566	1,050	1,048
Net Debt	0.00	-112	1,483	1,006	878
Capital Expenditures (CapEx)	26	54	32	25	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	436	390	-45	-186
Debt-free Net Working Capital (DFNWC)	0.00	548	499	74	-11
Net Working Capital (NWC)	0.00	548	472	-1.30	-16
Net Nonoperating Expense (NNE)	-16	-40	48	215	375
Net Nonoperating Obligations (NNO)	0.00	-112	1,130	1,006	878
Total Depreciation and Amortization (D&A)	166	94	98	87	78
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	15.36%	13.72%	-1.67%	-6.83%
Debt-free Net Working Capital to Revenue	0.00%	19.31%	17.54%	2.73%	-0.41%
Net Working Capital to Revenue	0.00%	19.31%	16.62%	-0.05%	-0.59%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.04)	($3.67)	($10.81)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	89.40M	90.20M	93.50M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.04)	($3.67)	($10.81)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	89.40M	90.20M	93.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	89.40M	90.20M	93.50M
Normalized Net Operating Profit after Tax (NOPAT)	97	174	37	-78	-21
Normalized NOPAT Margin	3.17%	6.13%	1.31%	-2.90%	-0.79%
Pre Tax Income Margin	4.46%	6.59%	-1.07%	-10.20%	-36.09%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	683.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	410.61	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	552.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	279.61	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Fortrea's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	90,200,000.00	90,500,000.00	90,800,000.00	-	93,500,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	90,200,000.00	90,500,000.00	90,800,000.00	-	93,500,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-6.24	-4.14	-0.18	-	-0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.36%	0.00%	-4.58%	-8.65%	-5.45%	-1.79%	-1.63%	7.23%	3.91%	-5.24%	-2.27%
EBITDA Growth	-61.09%	0.00%	-155.08%	-135.03%	-79.31%	-866.67%	-2,727.93%	-1,390.00%	73.08%	121.43%	105.25%
EBIT Growth	-82.88%	0.00%	-540.43%	-216.35%	-205.51%	-162.38%	-1,169.81%	-700.46%	54.48%	76.60%	101.29%
NOPAT Growth	-87.19%	0.00%	-320.49%	-265.07%	-274.76%	-131.67%	-1,290.64%	-548.92%	52.22%	75.54%	99.35%
Net Income Growth	-123.10%	0.00%	-908.00%	-549.35%	-99.29%	-12.29%	-457.33%	-170.88%	43.01%	46.90%	95.81%
EPS Growth	-123.53%	0.00%	-907.14%	-542.86%	-93.75%	-9.68%	-453.10%	-167.10%	45.16%	63.24%	96.00%
Operating Cash Flow Growth	-97.65%	-21.70%	-1,180.00%	82.35%	-226.32%	-7.07%	-385.16%	-92.04%	3,716.67%	654.97%	86.31%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	123.21%	120.14%	0.00%	115.74%	-27.25%	48.53%	110.18%	21.62%
Invested Capital Growth	0.00%	0.00%	0.00%	-24.16%	-20.49%	-16.71%	-29.01%	-31.52%	-37.77%	-39.13%	-27.35%
Revenue Q/Q Growth	-1.56%	-0.57%	-27.53%	0.05%	1.89%	3.27%	-6.56%	9.06%	-1.27%	-5.82%	-3.63%
EBITDA Q/Q Growth	-39.97%	-88.86%	-157.01%	-22.91%	135.45%	-512.82%	-1,472.05%	35.24%	104.12%	-48.89%	285.51%
EBIT Q/Q Growth	-65.95%	-259.06%	-652.00%	-4.83%	69.12%	-295.52%	-891.89%	33.92%	98.24%	-103.28%	154.84%
NOPAT Q/Q Growth	-66.60%	-333.01%	-1,200.00%	-36.10%	64.64%	-208.89%	-835.43%	36.49%	97.40%	-58.14%	75.00%
Net Income Q/Q Growth	-145.45%	-289.29%	-200.60%	-37.03%	79.84%	-119.35%	-819.77%	33.40%	95.76%	-104.40%	27.38%
EPS Q/Q Growth	-145.71%	-287.50%	-197.37%	-37.17%	80.00%	-119.35%	-819.12%	33.76%	95.89%	-47.06%	0.00%
Operating Cash Flow Q/Q Growth	-98.73%	868.42%	-306.45%	1,169.14%	-100.88%	812.50%	-826.32%	117.55%	298.17%	48.73%	-113.17%
Free Cash Flow Firm Q/Q Growth	1.31%	100.00%	0.00%	126.67%	-14.38%	-31.82%	1.11%	23.24%	74.81%	-3.51%	-41.49%
Invested Capital Q/Q Growth	-1.74%	-10.72%	-2.37%	-11.44%	3.01%	-6.49%	-16.78%	-14.57%	-6.39%	-8.53%	-0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.01%	18.57%	16.30%	20.70%	21.97%	20.22%	17.89%	18.79%	17.50%	19.85%	19.42%
EBITDA Margin	5.28%	0.59%	-2.70%	-3.32%	1.16%	-4.62%	-77.72%	-46.15%	1.93%	1.04%	4.18%
Operating Margin	1.44%	-3.38%	-5.65%	-7.68%	-2.67%	-7.98%	-79.86%	-46.50%	-1.23%	-2.06%	-0.53%
EBIT Margin	1.78%	-2.85%	-6.25%	-6.55%	-1.99%	-7.60%	-80.72%	-48.91%	-0.87%	-1.88%	1.07%
Profit (Net Income) Margin	-1.96%	-7.68%	-15.25%	-20.89%	-4.13%	-8.78%	-86.43%	-52.78%	-2.27%	-4.92%	-3.71%
Tax Burden Percent	63.93%	99.63%	133.42%	156.21%	77.93%	81.71%	102.72%	101.13%	55.40%	91.29%	191.87%
Interest Burden Percent	-172.44%	270.79%	182.85%	204.15%	267.16%	141.32%	104.24%	106.71%	470.49%	287.10%	-180.88%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-2.37%	-8.77%	-5.69%	-1.94%	-5.78%	-63.25%	-42.96%	-1.15%	-2.06%	-0.60%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-5.70%	-21.40%	-13.95%	-3.16%	-7.86%	-80.56%	-56.70%	-2.13%	-4.50%	-2.70%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-3.76%	-15.92%	-10.81%	-2.47%	-5.46%	-75.49%	-57.85%	-2.05%	-4.40%	-3.93%
Return on Equity (ROE)	0.00%	-6.12%	-24.69%	-16.49%	-4.42%	-11.24%	-138.74%	-100.81%	-3.21%	-6.46%	-4.53%
Cash Return on Invested Capital (CROIC)	0.00%	14.39%	0.00%	0.00%	0.00%	13.89%	14.92%	6.19%	15.40%	16.58%	17.04%
Operating Return on Assets (OROA)	0.00%	-1.88%	-4.54%	-4.99%	-1.48%	-5.18%	-58.89%	-41.78%	-0.75%	-1.62%	1.00%
Return on Assets (ROA)	0.00%	-5.06%	-11.07%	-15.90%	-3.08%	-5.98%	-63.06%	-45.08%	-1.95%	-4.26%	-3.46%
Return on Common Equity (ROCE)	0.00%	-6.12%	-24.69%	-16.49%	-4.42%	-11.24%	-138.74%	-100.81%	-3.21%	-6.46%	-4.53%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-7.34%	-19.58%	-19.82%	0.00%	-92.04%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.21	-17	-26	-36	-13	-39	-364	-231	-6.02	-9.52	-2.38
NOPAT Margin	1.01%	-2.37%	-3.95%	-5.38%	-1.87%	-5.58%	-55.90%	-32.55%	-0.86%	-1.44%	-0.37%
Net Nonoperating Expense Percent (NNEP)	2.85%	3.34%	12.64%	8.26%	1.22%	2.09%	17.32%	13.74%	0.98%	2.44%	2.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.51%	-	-	-	-1.57%	-17.57%	-13.10%	-0.35%	-0.59%	-0.15%
Cost of Revenue to Revenue	78.99%	81.43%	83.70%	79.30%	78.03%	79.78%	82.11%	81.21%	82.50%	80.15%	80.58%
SG&A Expenses to Revenue	14.96%	17.85%	18.14%	23.58%	20.20%	21.25%	18.70%	17.57%	15.23%	15.59%	15.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.57%	21.95%	21.95%	28.38%	24.64%	28.19%	97.74%	65.30%	18.72%	21.91%	19.95%
Earnings before Interest and Taxes (EBIT)	13	-20	-41	-43	-13	-53	-526	-347	-6.10	-12	6.80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38	4.20	-18	-22	7.80	-32	-506	-328	14	6.90	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.50	1.81	2.25	1.43	1.18	1.23	0.79	0.76	1.32	2.83	1.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.09	1.17	0.69	0.60	0.62	0.25	0.16	0.28	0.59	0.33
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.61	1.84	1.25	1.11	1.13	0.91	0.92	1.12	1.71	1.25
Enterprise Value to Revenue (EV/Rev)	0.00	1.61	1.66	1.02	0.94	0.99	0.67	0.56	0.64	0.91	0.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	33.40	43.71	96.08	1,277.82	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	116.90	254.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	204.58	629.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.60	27.21	35.54	11.53	10.68	10.19	10.92	0.00	1,173.22	21.78	8.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	7.40	5.06	12.02	5.56	7.83	6.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.93	1.01	0.77	0.74	0.83	1.41	2.00	1.94	1.87	2.00
Long-Term Debt to Equity	0.93	0.91	0.98	0.77	0.74	0.77	1.22	1.87	1.81	1.86	1.98
Financial Leverage	0.88	0.66	0.74	0.77	0.78	0.69	0.94	1.02	0.96	0.98	1.46
Leverage Ratio	2.55	1.70	2.66	2.47	2.49	2.57	3.00	3.12	3.06	3.27	4.19
Compound Leverage Factor	-4.39	4.62	4.87	5.03	6.65	3.63	3.13	3.33	14.39	9.38	-7.58
Debt to Total Capital	48.55%	48.15%	50.35%	43.48%	42.63%	45.22%	58.56%	66.62%	65.98%	65.14%	66.70%
Short-Term Debt to Total Capital	0.79%	0.79%	1.72%	0.00%	0.00%	3.01%	7.90%	4.24%	4.36%	0.30%	0.69%
Long-Term Debt to Total Capital	47.75%	47.36%	48.64%	43.48%	42.63%	42.21%	50.66%	62.38%	61.62%	64.84%	66.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.45%	51.85%	49.65%	56.52%	57.37%	54.78%	41.44%	33.38%	34.02%	34.86%	33.30%
Debt to EBITDA	0.00	11.60	13.81	35.01	511.14	-17.49	-2.20	-1.37	-1.32	-1.29	-3.75
Net Debt to EBITDA	0.00	10.81	13.02	31.08	463.27	-15.65	-2.01	-1.28	-1.17	-1.08	-3.23
Long-Term Debt to EBITDA	0.00	11.41	13.34	35.01	511.14	-16.33	-1.90	-1.28	-1.23	-1.29	-3.71
Debt to NOPAT	0.00	71.07	198.82	-22.64	-16.19	-9.92	-2.69	-1.82	-1.76	-1.72	-4.23
Net Debt to NOPAT	0.00	66.22	187.39	-20.10	-14.68	-8.88	-2.46	-1.69	-1.55	-1.44	-3.64
Long-Term Debt to NOPAT	0.00	69.91	192.04	-22.64	-16.19	-9.26	-2.33	-1.70	-1.64	-1.72	-4.19
Altman Z-Score	0.00	1.46	1.56	1.33	1.22	1.00	0.04	0.03	0.52	0.71	0.51
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.62	1.61	1.47	1.19	1.18	1.00	0.97	1.02	1.00	0.98	0.95
Quick Ratio	1.49	1.41	1.26	1.02	1.00	0.82	0.83	0.87	0.87	0.84	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,178	0.00	-2,802	747	640	436	441	544	951	917	537
Operating Cash Flow to CapEx	0.00%	204.44%	-278.26%	2,443.75%	-29.63%	0.00%	-4,282.76%	290.67%	1,189.04%	1,721.33%	-212.50%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-81.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-0.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-1.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.66	0.73	0.76	0.75	0.68	0.73	0.85	0.86	0.87	0.93
Accounts Receivable Turnover	0.00	2.83	3.27	3.65	3.43	3.27	3.22	3.97	4.08	4.36	4.02
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	18.38	15.64	15.17	16.40	16.91	16.99	17.21	17.81	17.63
Accounts Payable Turnover	0.00	21.01	19.81	20.50	18.96	15.95	17.75	18.53	24.01	26.44	24.28
Days Sales Outstanding (DSO)	0.00	129.10	111.62	100.05	106.48	111.54	113.48	91.94	89.42	83.71	90.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	17.38	18.42	17.80	19.25	22.88	20.57	19.69	15.20	13.81	15.03
Cash Conversion Cycle (CCC)	0.00	111.72	93.19	82.25	87.23	88.66	92.92	72.25	74.22	69.91	75.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,185	2,844	2,776	2,459	2,533	2,368	1,971	1,684	1,576	1,442	1,432
Invested Capital Turnover	0.00	1.00	2.22	1.06	1.04	1.03	1.13	1.32	1.34	1.43	1.59
Increase / (Decrease) in Invested Capital	3,185	0.00	2,776	-783	-653	-475	-805	-775	-957	-927	-539
Enterprise Value (EV)	4,030	4,583	5,110	3,084	2,811	2,679	1,793	1,542	1,760	2,472	1,787
Market Capitalization	2,539	3,099	3,589	2,087	1,792	1,673	681	447	765	1,594	881
Book Value per Share	$19.08	$19.30	$17.81	$16.34	$16.89	$15.19	$9.52	$6.51	$6.40	$6.10	$5.62
Tangible Book Value per Share	($12.10)	($8.48)	($9.44)	($10.70)	($10.54)	($11.19)	($11.47)	($11.38)	($11.15)	($11.02)	($10.98)
Total Capital	3,293	3,306	3,206	2,585	2,638	2,487	2,073	1,765	1,707	1,616	1,579
Total Debt	1,599	1,592	1,614	1,124	1,125	1,125	1,214	1,176	1,127	1,053	1,054
Total Long-Term Debt	1,572	1,566	1,559	1,124	1,125	1,050	1,050	1,101	1,052	1,048	1,043
Net Debt	1,491	1,483	1,522	998	1,019	1,006	1,112	1,095	995	878	906
Capital Expenditures (CapEx)	-2.70	9.00	9.20	11	8.10	-3.50	2.90	7.50	7.30	7.50	8.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	402	390	344	13	36	-45	33	11	-53	-186	-184
Debt-free Net Working Capital (DFNWC)	509	499	437	139	141	74	135	93	79	-11	-37
Net Working Capital (NWC)	483	472	382	139	141	-1.30	-29	18	4.10	-16	-48
Net Nonoperating Expense (NNE)	21	38	75	103	15	22	199	144	9.88	23	21
Net Nonoperating Obligations (NNO)	1,491	1,130	1,184	998	1,019	1,006	1,112	1,095	995	878	906
Total Depreciation and Amortization (D&A)	25	24	24	21	21	21	20	20	20	19	20
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	13.72%	11.18%	0.41%	1.20%	-1.67%	1.24%	0.41%	-1.91%	-6.83%	-6.80%
Debt-free Net Working Capital to Revenue	0.00%	17.54%	14.19%	4.60%	4.74%	2.73%	5.03%	3.38%	2.85%	-0.41%	-1.35%
Net Working Capital to Revenue	0.00%	16.62%	12.40%	4.60%	4.74%	-0.05%	-1.07%	0.65%	0.15%	-0.59%	-1.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.15)	($0.62)	($1.13)	($1.55)	($0.31)	($0.68)	($6.25)	($4.14)	($0.17)	($0.25)	($0.25)
Adjusted Weighted Average Basic Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M
Adjusted Diluted Earnings per Share	($0.15)	($0.62)	($1.13)	($1.55)	($0.31)	($0.68)	($6.25)	($4.14)	($0.17)	($0.25)	($0.25)
Adjusted Weighted Average Diluted Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	88.80M	89.40M	89.40M	89.60M	89.70M	90.20M	90.50M	90.80M	92.40M	93.50M	94.60M
Normalized Net Operating Profit after Tax (NOPAT)	14	-12	-24	-28	-6.44	-20	-17	-7.63	-2.59	6.16	2.31
Normalized NOPAT Margin	2.00%	-1.69%	-3.61%	-4.28%	-0.95%	-2.81%	-2.67%	-1.07%	-0.37%	0.93%	0.36%
Pre Tax Income Margin	-3.07%	-7.71%	-11.43%	-13.38%	-5.30%	-10.75%	-84.14%	-52.19%	-4.09%	-5.39%	-1.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-1.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	-0.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-1.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-1.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Fortrea (FTRE) has shown mixed quarterly results over the last four years. Below are the key takeaways from the latest four quarters (Q1–Q4 2025) and relevant context from prior years, focusing on cash flow, liquidity, and earnings drivers.

Positive operating cash flow in Q4 2025: Net cash from continuing operating activities was $129.1 million.
Free cash flow in Q4 2025: Roughly $121.6 million (about $129.1 million from operations less approximately $7.5 million in purchases of property, plant & equipment).
Positive operating cash flow in Q3 2025: Net cash from continuing operating activities was $86.8 million.
Liquidity improved through 2025, with cash and equivalents rising to about $131.3 million at 9/30/2025 (Q3 2025), up from about $81.2 million at 6/30/2025 and $101.6 million at 3/31/2025.
Divestitures contributed cash in Q3 2025: About $20.6 million of cash inflows from divestitures.
Revenue in 2025 quarters stayed in a narrow band around $660–$710 million, with no clear upward or downward trend.
Impairment charges occurred in 2025 (notably $309.1 million in Q2 2025), adding non-cash drag in that quarter but not uniformly across all quarters.
Long-term debt remained elevated around $1.05–$1.32 billion across 2025, contributing to a higher liability base even as cash flow improves.
Net income attributable to common shareholders was negative for all 2025 quarters, with large losses in Q1 2025 (-$562.9 million) and Q2 2025 (-$374.9 million) before smaller losses in Q3 (-$15.9 million) and Q4 (-$32.5 million).
Total operating income was negative in all 2025 quarters, reflecting substantial expense and impairment drag (for example, -$548.0 million pre-tax in Q1 2025 and -$330.3 million in Q2 2025; -$8.6 million in Q3 2025; -$13.6 million in Q4 2025).

05/26/26 05:27 PM ETAI Generated. May Contain Errors.

Fortrea Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fortrea's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fortrea's net income appears to be on an upward trend, with a most recent value of -$986.20 million in 2025, falling from $98 million in 2021. The previous period was -$328.50 million in 2024. See where experts think Fortrea is headed by visiting Fortrea's forecast page.

Fortrea's total operating income in 2025 was -$872.60 million, based on the following breakdown:

Total Gross Profit: $503.80 million
Total Operating Expenses: $1.38 billion

Over the last 4 years, Fortrea's total revenue changed from $3.06 billion in 2021 to $2.72 billion in 2025, a change of -10.9%.

Fortrea's total liabilities were at $2.15 billion at the end of 2025, a 2.9% decrease from 2024, and a 127.7% increase since 2022.

In the past 3 years, Fortrea's cash and equivalents has ranged from $108.60 million in 2023 to $174.60 million in 2025, and is currently $174.60 million as of their latest financial filing in 2025.

Over the last 4 years, Fortrea's book value per share changed from 0.00 in 2021 to 6.10 in 2025, a change of 609.9%.

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Financial statements for NASDAQ:FTRE last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fortrea (FTRE) Financials

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Fortrea (FTRE) Financials

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Quarterly Metrics And Ratios for Fortrea

Financials Breakdown Chart

Key Financial Trends

Fortrea Financials - Frequently Asked Questions

When does Fortrea's financial year end?

How has Fortrea's net income changed over the last 4 years?

What is Fortrea's operating income?

How has Fortrea's revenue changed over the last 4 years?

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How has Fortrea's book value per share changed over the last 4 years?

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