Fortrea Q4 rev $660.5M, adj EBITDA $54M; FY adj net income $40.4M; guides 2026 rev $2.55-2.65B

Fortrea Holdings Inc.

2025-FY EPS reported -$10.81 revenue$2,723,400,000

Q4 revenue $660.5M vs $697.0M YoY; GAAP net loss $(32.5)M ($(0.35)/share) vs $(73.9)M loss in Q4 2024.
Full-year GAAP net loss $(986.2)M ($(10.81)/share) includes $797.9M non-cash goodwill impairment; adjusted net income $40.4M ($0.43/share) vs $30.1M in 2024.
Full-year adjusted EBITDA $189.9M vs $202.5M in 2024; Q4 adjusted EBITDA $54.0M vs $56.0M.
Book-to-bill Q4 1.14x, trailing twelve months 1.02x; backlog $7,728M.
2026 guidance: revenue $2.55B-$2.65B, adjusted EBITDA $190M-$220M.

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