DURHAM, N.C. — May 5, 2026 — Leads & Copy —
Fortrea (Nasdaq: FTRE) reported its first-quarter financial results for the period ended March 31, 2026, showing a strong start to the year and reinforcing confidence in its full-year 2026 guidance.
According to the report, revenue for the first quarter was $636.5 million, which is a slight decrease from the $651.3 million reported in the first quarter of 2025. The company’s book-to-bill ratio was 1.15x, marking the third consecutive quarter above 1.1x. The book-to-bill ratio for the trailing 12 months was 1.05x.
The company reported a GAAP net loss of $23.6 million, or $0.25 per diluted share, for the first quarter. This is compared to a GAAP net loss of $562.9 million, or $6.25 per diluted share, in the first quarter of 2025, which included a non-cash goodwill impairment charge of $488.8 million.
Fortrea’s adjusted net income for the first quarter was $15.2 million, or $0.16 per diluted share, compared to $1.9 million, or $0.02 per diluted share, for the same period in 2025. The adjusted EBITDA for the first quarter was $47.0 million, compared to $30.3 million in the first quarter of 2025.
Anshul Thakral, CEO of Fortrea, said the company started the year strong, focusing on delivering for clients and advancing its strategic journey back to growth and margin expansion. Thakral added that the company’s performance was in line with expectations, enabling further investment in solutions and people.
The company’s backlog as of March 31, 2026, was $7,846 million.
Fortrea has reaffirmed its financial guidance for the full year 2026, targeting revenues between $2,550 million and $2,650 million and adjusted EBITDA between $190 million and $220 million.
Fortrea is a global provider of clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies. It provides phase I-IV clinical trial management, clinical pharmacology, and consulting services across more than 20 therapeutic areas.
Fortrea will host a conference call at 8:00 a.m. ET on May 5, 2026, to discuss the first-quarter financial results. Participants can register online via the Fortrea Investor Relations website. A replay of the conference call and a supplemental slide presentation will be available on the Investor Relations website.
Source: Fortrea
