Fortrea Reports $660.5M Q4 Revenue, Sets $2.55B–$2.65B 2026 Revenue Guidance
Fortrea posted Q4 revenues of $660.5 million with adjusted EBITDA of $54.0 million and a 1.14x book-to-bill ratio. Full-year 2025 revenues reached $2,723.4 million with adjusted EBITDA of $189.9 million, and it guided 2026 revenues of $2.55 billion to $2.65 billion.
1. Fourth Quarter and Full-Year 2025 Results
Fortrea delivered Q4 revenue of $660.5 million, a GAAP net loss of $32.5 million (–$0.35 per share), adjusted net income of $9.2 million ($0.09 per share) and adjusted EBITDA of $54.0 million, achieving a 1.14x book-to-bill ratio. For full-year 2025, revenue was $2,723.4 million, GAAP net loss was $986.2 million (including a $797.9 million goodwill impairment), adjusted net income was $40.4 million ($0.43 per share) and adjusted EBITDA totaled $189.9 million, with a trailing-12-month book-to-bill of 1.02x and backlog of $7,728.0 million.
2. Balance Sheet and Cash Flow Strength
As of December 31, 2025, Fortrea held $174.6 million in cash and cash equivalents against $1,066.3 million in gross debt. Operating cash flow for the year was $113.5 million and free cash flow was $88.3 million, reflecting cost-saving initiatives that exceeded previously communicated targets and continued debt paydown.
3. 2026 Financial Guidance
Fortrea targets full-year 2026 revenues between $2,550 million and $2,650 million and adjusted EBITDA of $190 million to $220 million. This guidance assumes foreign currency exchange rates as of December 31, 2025 remain constant throughout the forecast period.