Fortrea Q3 Revenue Totals $691.5 Million: Adjusted EPS of $0.28 as the CRO Raises Guidance Midpoints, Sees Up to $2.69 Billion for the Year
Fortrea, a global contract research organization (CRO) headquartered in Durham, North Carolina, reported third-quarter 2026 results on October 29 for the quarter ended September 30: revenue was $691.5 million, compared with $701.3 million a year earlier.
GAAP net income was $0.6 million, or $0.01 per diluted share, compared with a GAAP net loss of $15.9 million, or $0.17 per share, a year earlier. Adjusted net income was $27.9 million, or $0.28 per diluted share, up from $11.7 million and $0.12 a year earlier. Adjusted EBITDA was $58.0 million, compared with $50.7 million a year earlier.
The book-to-bill ratio was 1.12 times for the quarter and for the trailing 12 months. Cash provided by operations was $60.8 million and free cash flow was $52.5 million. After a detailed review of contracts in its backlog, the company reduced backlog by $558 million to reflect the cumulative impact of estimated scope and study delivery requirements, including inactive trials, leaving adjusted backlog of $7,316 million as of September 30; the company said the adjustment has no impact on historical results or 2026 guidance.
Fortrea narrowed its full-year 2026 guidance ranges and raised both midpoints: it now expects revenue of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million.
CEO Anshul Thakral said the company delivered another quarter of progress on its return-to-growth strategy, reflecting stronger commercial execution, continued operational improvements and financial discipline, and that sustained bookings momentum is building a foundation for growth.
Source: GSM · USA (original Chinese edition)
Photo: 图：North Carolina 州 Durham 市中心天际线（资料图，Fortrea 总部所在地）。DiscoverDurham 摄，CC BY 4.0，经 Wikimedia Commons。Photo: Downtown Durham, North Carolina skyline (file photo; Fortrea is headquartered in Durham). DiscoverDurham, CC BY 4.0, via Wikimedia Commons.
