Fortrea Holdings Inc

fortrea.com

What Do They Do?

Provides clinical trial management, clinical pharmacology and consulting services to pharmaceutical, biotechnology and medical device customers.

How Do They Make Money?

Customers pay Fortrea for clinical development services through long-term contracts, typically lasting from a few months to many years. Fixed-price work is billed as the study progresses; fee-for-service work is billed by completed service, volume, or time and materials.

FY2025 revenue

Who Are Their Customers?

Pharmaceutical, biotechnology and medical device companies buy Fortrea’s clinical development services. Global sales, account management and customer-facing teams work with both new and existing customers throughout projects and partnerships.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 25% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $986.2M in FY2025, but brought in more cash than it spent: $88.3M of free cash flow.

Operating income, FY2025

−32% of revenue

▲ +439% (Loss) vs FY2024 (−$161.9M, −6%)

Net income, FY2025

−36% of revenue

▲ +200% (Loss) vs FY2024 (−$328.5M, −12%)

Free cash flow, FY2025

3% of revenue

▼ −63% vs FY2024 ($237.3M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $710.3M in Q2 FY2025
Net income: ▼ −96% (Loss); vs −$374.9M in Q2 FY2025

Jul 29, 2026 Fortrea raises full-year 2026 guidance The board appointed David Smith interim CFO after Jason Knoblauch was placed on paid leave.
Jun 26, 2026 Jason Knoblauch succeeds Jill McConnell as CFO Knoblauch was appointed effective July 6, 2026; McConnell stepped down and planned to stay through a transition period.

Shrinking. Revenue fell 11% in 4 years, from $3.1B in FY2021 to $2.7B in FY2025, about 3% a year.

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