Fortrea Holdings (FTRE) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Fortrea published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Fortrea reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Fortrea reports a single segment, so revenue is shown by the geographic split in its 10-Q.
• In Q3 2026 Fortrea cut its backlog by $558 million after reviewing estimated scope and study delivery across customer contracts, including inactive trials. It says the adjustment does not change historical results, its 2026 guidance or near-term revenue estimates.

Source: Fortrea Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Fortrea splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Fortrea's North America revenue was $326 million in Q3 2026, down 2% from $333 million in Q3 2025, 47% of total revenue.
• Fortrea's Europe revenue was $222 million in Q3 2026, up 4% from $213 million in Q3 2025, 32% of total revenue.
• Fortrea's Other revenue was $143 million in Q3 2026, down 8% from $155 million in Q3 2025, 21% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Fortrea said:

“The Company updated its full-year 2026 guidance, narrowing the revenue and adjusted EBITDA ranges and raising both midpoints.”

“The Company now expects revenues of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million.”

Source: Fortrea Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FTRE forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted earnings (loss) per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Fortrea's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Fortrea is a contract research organization that runs clinical trials for drug, biotech and medical device companies, offering phase I through IV trial management, clinical pharmacology and consulting. Revenues were $691.5 million in Q3 2026, down 1.4% from $701.3 million. By geography, North America brought in $326.0 million, Europe $222.2 million and other regions $143.3 million. (Fortrea Form 10-K, 2025, Feb 26, 2026; Fortrea Form 10-Q, Q3 2026, Oct 29, 2026)

Fortrea said the decline was all organic, driven by lower clinical development revenues, mainly from lower pass-through costs, and lower demand for its functional service provider business, which more than offset revenue from net new business. Growth in its clinical pharmacology business, including higher pass-through costs, partly offset the drop. (Fortrea Form 10-Q, Q3 2026, Oct 29, 2026)

Fortrea delivers trials under full service, functional service provider (FSP) and hybrid models. Its revenue is concentrated: one customer accounted for about 17.6% of revenues in Q3 2026, against 19.8% a year earlier, and one pharmaceutical customer accounted for about 18.5% of gross accounts receivable and unbilled services. (Fortrea Form 10-K, 2025, Feb 26, 2026; Fortrea Form 10-Q, Q3 2026, Oct 29, 2026)

New business ran ahead of revenue. Fortrea's book-to-bill ratio was 1.12x in the quarter and 1.12x for the trailing 12 months. After the $558 million backlog reduction, backlog stood at $7,316 million on September 30, 2026. Fortrea said the adjustment was not driven by any recent material customer communication. (Fortrea Q3 2026 release, Oct 29, 2026; Fortrea Form 10-Q, Q3 2026, Oct 29, 2026)

Fortrea earned $0.01 per diluted share on a GAAP basis in Q3 2026, against a loss of $0.17, on net income of $0.6 million. Adjusted diluted EPS was $0.28, against $0.12. Adjusted net income of $27.9 million adds back amortization of acquired intangibles ($14.5 million), stock-based compensation ($12.0 million), receivables securitization yield expense ($4.2 million), acquisition costs and restructuring, and excludes foreign exchange gains, less an $8.6 million tax adjustment. (Fortrea Q3 2026 release, Oct 29, 2026)

Interest is a large charge against Fortrea's operating income. Interest expense was $20.2 million in Q3 2026, against operating income of $15.0 million, leaving a pretax loss of $3.6 million that a $4.2 million income tax benefit turned into a small profit. Adjusted EPS uses 101.2 million diluted shares, against 93.8 million a year earlier. (Fortrea Q3 2026 release, Oct 29, 2026)

Year-ago comparisons over nine months are distorted by impairment. Fortrea's nine-month 2025 loss of $10.53 per share included a $797.9 million non-cash goodwill impairment charge, while the nine-month 2026 loss was $0.38 per share. (Fortrea Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Fortrea gives full-year guidance in its release for revenue and adjusted EBITDA only, with no EPS outlook. After Q3 2026 it narrowed both ranges and raised their midpoints, and now expects 2026 revenues of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million. Through nine months it had reported revenues of $2,006.2 million and adjusted EBITDA of $163.7 million. (Fortrea Q3 2026 release, Oct 29, 2026)

Fortrea said the $558 million backlog reduction does not change its 2026 guidance or near-term revenue estimates. CEO Anshul Thakral said the company is focused on turning stronger demand into revenue growth and margin expansion. (Fortrea Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Fortrea, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Fortrea's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FTRE is on is FTRE a buy or a sell?, what analysts expect next is on the FTRE forecast, and what the company does is on the Fortrea Holdings (FTRE) stock page.

Every number on this page can be traced to a document Fortrea published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.