Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q3 2026 Earnings Presentation
13 slides from Fortrea's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation Q3 2026 - 10.29.2026 Nasdaq: FTRE
Slide 2: Forward-looking statements & non-GAAP financial measures
Forward-looking statements & non-GAAP financial measures Forward-Looking Statements Disclosure. Certain information in this presentation contains “forward-looking” statements. You should not place undue reliance on these statements. Forward-looking statements include information concerning our possi
Slide 3: Fortrea's Q3 2026 highlights
Fortrea’s Q3 2026 highlights Five consecutive quarters of execution driving commercial, operational & financial excellence Revenue Adj. EBITDA1 Book-to-Bill Financial Highlights $691.5M $58.0M 1.12x TTM: 1.12x Profitability Improvement (YoY) Portfolio Mix Adj. EBITDA +14% | Adj. EBITDA margin +120 b
Slide 4: Fortrea completes acquisition of Worldwide Clinical Trials' Early Phase Services division
Fortrea completes acquisition of Worldwide Clinical Trials’ Early Phase Services division Strategic investment adds dedicated bioanalytical capabilities & expands global clinical research capacity to more than 570 beds, strengthening Fortrea’s Clinical Pharmacology Services business Transaction Over
Slide 5: Q3'26 – Key financial highlights
Q3’26 – Key financial highlights ($ in millions, except per share data) Q3 2026 Q3 2025 Y/Y change Revenue $691.5 $701.3 (1.4)% Adj. EBITDA 1 $58.0 $50.7 14.4% % Adj. EBITDA Margin 1 8.4% 7.2% 120 bps Net Income (Loss) $0.6 $(15.9) n.m. Net Income (Loss) / diluted share $0.01 $(0.17) n.m. Adj. Net I
Slide 6: Backlog & burn rate metrics
Backlog & burn rate1 metrics 9.0 11.0% 8.0 $0.6 * 10.0% 7.0 6.0 9.3% 9.0% 9.2% 9.2% Backlog ($BN) 8.9% 5.0 8.5% 8.6% 8.6% 8.2% 8.0% 4.0 $7.7 $7.7 $7.5 $7.6 $7.7 $7.8 $7.8 $7.3 3.0 7.0% 2.0 6.0% 1.0 0.0 5.0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Ending Backlog Adjustment Bur
Slide 7: Pass-through cost trend
Pass-through cost trend 300 100% $276 $280 280 $267 90% $261 260 $251 Pass-through Costs ($M) $240 80% 240 $231 $230 70% 220 200 60% 180 50% 160 40% 140 39% 40% 39% 37% 37% 36% 37% 35% 30% 120 100 20% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Pass-Through Costs Revenue % ©2026
Slide 8: Cash flow and liquidity profile
Cash flow and liquidity profile Debt, Leverage and Cash Flow Q3 2026 YTD Q3 2026 September 30, 2026 ($ in millions) Liquidity ($ in millions) Operating Cash Flow $60.8 $72.7 Gross Debt 2 $1,066.3 Less: CAPEX $(8.3) $(25.3) Cash and Cash Equivalents $220.6 Free Cash Flow 1 $52.5 $47.4 Net Debt 3 $845
Slide 9: FY 2026 Updated guidance
FY 2026 Updated guidance Raised midpoints of revenue & adjusted EBITDA; ranges narrowed New Previous ($ in millions) Q3 2026 Actual YTD 2026 Actual FY 2026 Guidance 1 FY 2026 Guidance 1 Revenue $691.5 $2,006.2 $2,665 - $2,690 $2,620 - $2,690 Adj. EBITDA 2 $58.0 $163.7 $210 - $218 $205 - $220 1 FY 20
Slide 10: Appendix
Fortrea Appendix
Slide 11: Net income to adjusted EBITDA reconciliation (non-GAAP)
Net income to adjusted EBITDA reconciliation (non-GAAP) Trailing Twelve Months Ended Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) September 30, 2026 2026 2025 2026 2025 Adjusted EBITDA: Net income (loss) $(68.7) $0.6 $(15.9) $(36.2) $(953.7) Income tax expense (be
Slide 12: Net income to adjusted net income reconciliation (non-GAAP)
Net income to adjusted net income reconciliation (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2026 2025 2026 2025 Adjusted net income: Net income (loss) $0.6 $(15.9) $(36.2) $(953.7) Foreign exchange (gain) loss (1.3) 2.6 (14.5) 2
Slide 13: Reconciliation of non-GAAP measures notes (slides 11–12)
Reconciliation of non-GAAP measures notes (slides 11–12) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments occurred during the first half of 2025 and primarily resulted from declines in the Company’s share price. The second quarter o