Fortrea Holdings Inc.

Listed Company

FTRECIK 0001965040NasdaqAcceleratedServices-Medical LaboratoriesFY ends Dec 31

Period

FY 2025

Revenue

$2.72B

Net Income

$-986.20M

Total Assets

$2.72B

Equity

$563.50M

Shares Out

93.50M

Op. Cash Flow

$113.50M

Business

Fortrea Holdings Inc. is a global contract research organization that provides development solutions for pharmaceutical, biotechnology and medical device customers across phase I through IV clinical programs. It offers clinical trial management, clinical pharmacology services (including clinical research units and bioanalytics), consulting, real-world evidence, pharmacovigilance, biometrics, medical writing and decentralized/digital trial capabilities. The company manages its operations in a single reporting segment—Clinical Services—and delivers work through Full Service, Functional Service Provider and Hybrid engagement models. Fortrea serves customers worldwide through a global site network, centralized capability hubs, strategic technology partnerships and digital distribution channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	2,723	2,696	2,843	2,837	3,058
Direct costs, exclusive of depreciation and amortization (including costs incurred from related parties of $48.8 during the year ended December 31, 2023)	2,220	2,162	2,252	2,113	2,453
Selling, general and administrative expenses, exclusive of depreciation and amortization	456	561	448	416	303
Depreciation and amortization	78	85	89	86	—
Goodwill and other asset impairments	798	0	0	10	0
Restructuring and other charges	44	50	21	26	—
Total costs and expenses	3,596	2,858	2,811	2,650	2,943
Operating (loss) income	−873	−162	32	187	114
Interest expense	−91	−124	−70	−200,000	—
Foreign exchange (loss) gain	−27	−11	300,000	−2	20
Other, net	8	21	7	2	2
Loss from continuing operations before income taxes	−983	−275	−31	187	136
Income tax expense (benefit)	3	−4	1	41	38
Loss from continuing operations	−986	−272	−32	146	—
(Loss) income from discontinued operations, net of tax	0	−57	7	40	—
Net loss	−986	−329	−25	186	98
Basic earnings (loss) per share from continued operations (in dollars per share)	−10.81	−3.03	−0.36	1.64	—
Basic earnings (loss) per share from discontinued operations (in dollars per share)	0	−0.64	0.07	0.45	—
Basic earnings (loss) per share (in dollars per share)	−10.81	−3.67	−0.29	2.09	1.1
Diluted earnings (loss) per share from continuing operations (in dollars per share)	−10.81	−3.03	−0.36	1.64	—
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	0	−0.64	0.07	0.45	—
Diluted earnings (loss) per share (in dollars per share)	−10.81	−3.67	−0.29	2.09	1.1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	175	119	109	112	—
Accounts receivable and unbilled services, net	590	660	989	1,022	—
Prepaid expenses and other	133	170	85	113	—
Total current assets	897	948	1,251	1,247	—
Property, plant and equipment, net	150	156	173	165	—
Goodwill, net	960	1,710	1,739	1,707	2,081
Intangible assets, net	622	656	728	823	—
Deferred income taxes	6	5	3	1	—
Other assets, net	81	103	70	54	—
Total assets	2,716	3,579	4,333	4,288	—
Accounts payable	30	138	133	82	—
Accrued expenses and other current liabilities	396	370	336	323	—
Unearned revenue	474	353	214	272	—
Current portion of long-term debt	5	75	26	0	—
Short-term operating lease liabilities	9	13	17	23	—
Total current liabilities	913	950	778	699	—
Long-term debt, less current portion	1,048	1,050	1,566	0	—
Operating lease liabilities	54	61	63	40	—
Deferred income taxes and other tax liabilities	98	122	148	185	—
Other liabilities	39	35	32	22	—
Total liabilities	2,152	2,217	2,619	945	—
Commitments and contingent liabilities (Note 16)	—	—	—	—	—
Common stock, 93.1 and 89.7 shares outstanding at December 31, 2025 and 2024, respectively	100,000	100,000	100,000	0	—
Additional paid-in capital	2,117	2,042	1,998	0	—
Accumulated deficit	−1,383	−397	−69	0	—
Accumulated other comprehensive loss	−170	−283	−216	−276	—
Total equity	564	1,362	1,714	3,340	3,261
Total liabilities and equity	2,716	3,579	4,333	4,288	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	78	87	98	94	—
Stock compensation	74	58	43	25	28
Credit loss expense	12	22	28	3	—
Operating lease right-of-use asset expense	12	14	27	25	33
Operating lease right-of-use asset impairment	1	5	0	0	—
Goodwill and other asset impairments	798	24	13	10	—
Deferred income taxes	−32	−25	−42	−17	—
Unrealized foreign exchange movements	36	−20	4	—	—
Loss on sale of business	0	20	0	0	—
Write-off of debt issuance costs	1	12	0	0	—
Other, net	5	9	−1	4	3
Decrease (increase) in accounts receivable and unbilled services, net	71	310	−53	−108	−188
Decrease (increase) in prepaid expenses and other	32	−78	−3	−9	−26
(Decrease) increase in accounts payable	−110	7	55	25	−6
Increase (decrease) in deferred revenue	115	140	−2	−30	40
Increase in accrued expenses and other	7	5	26	−125	53
Net cash provided by operating activities	114	263	168	83	170
Capital expenditures	−25	−26	−40	−54	−27
Proceeds from sale of business, net	40	277	0	0	—
Proceeds from sale of assets	0	500,000	9	400,000	300,000
Net cash provided by (used for) investing activities	14	252	−32	−54	−26
Proceeds from revolving credit facilities	454	827	164	0	0
Payments on revolving credit facilities	−454	−827	−164	0	0
Proceeds from term loans	0	0	1,061	0	0
Proceeds from issuance of senior notes	0	0	570	0	0
Debt issuance costs	−600,000	−700,000	−26	0	0
Principal payments on long-term debt	−76	−483	−15	0	0
Payments for taxes related to net share settlement of stock awards	0	−14	0	0	—
Special payment to Former Parent	0	0	−1,595	0	0
Net transfers to Former Parent	0	0	−135	−6	−129
Net cash used for financing activities	−76	−498	−141	−6	−129
Effect of exchange rate changes on cash and cash equivalents	5	−7	2	−7	−800,000
Net change in cash and cash equivalents	56	10	−2	16	14

Filings

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