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Fortrea returns to profit in Q3 but cuts backlog by $558M after contract review

🇺🇸 Fortrea Holdings Inc. (FTRE) · Thu 29 Oct 2026

The contract research organisation reported $691.5M in third-quarter revenue and narrowed its 2026 guidance, lifting the midpoints for both revenue and adjusted EBITDA.

Fortrea (Nasdaq: FTRE) reported third-quarter 2026 results on 29 October, with revenue of $691.5 million. The contract research organisation posted GAAP net income of $0.6 million and adjusted EBITDA of $58.0 million.

Following a review of its contracts, the company reduced its backlog by $558 million, to $7,316 million. It attributed the reduction to scope changes and inactive trials. Book-to-bill for the quarter was 1.12x.

Fortrea narrowed its full-year 2026 guidance to revenue of $2,665-2,690 million and adjusted EBITDA of $210-218 million. Both ranges have higher midpoints than before. The summary available does not give the previous ranges or further detail on the contract review.

What it means for your team

  • Sponsors working with Fortrea may wish to confirm the status and scope of their studies, given the backlog cut linked to scope changes and inactive trials.
  • A book-to-bill of 1.12x indicates new awards exceeded revenue recognised in the quarter, though the backlog was reduced by the contract review.
  • Teams that rely on CRO capacity for clinical, safety or regulatory work can use the narrowed guidance as one indicator of the company's near-term outlook.

Company's press release (SEC filing): Fortrea Holdings Inc. ↗

Article written by VigiEye from the official source (Fortrea Holdings Inc.). Claims are the company's own. AI-assisted; check the source before acting.

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