Fortrea Holdings Inc. (FTRE) FY2025 10-K Annual Report
Fortrea Holdings Inc. (FTRE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fortrea Holdings Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: global contract research organization (CRO) providing clinical trial management and consulting services across 20+ therapeutic areas
- • Strategic shift: spun off from Labcorp Holdings on June 29, 2023, becoming standalone publicly traded company
Management Discussion & Analysis
- • Revenue $2,723.4M, up 1.0% YoY vs $2,696.4M in 2024; organic growth 0.8%, FX benefit 0.2%
- • Operating costs: direct costs 81.5% of revenue vs 80.2% in 2024; SG&A down 18.6% to $456.4M from $560.7M
Risk Factors
- • FTC scrutiny under Transition Services Agreement post-Spin from Labcorp completed June 30, 2023, affecting centralized function costs allocation
- • Revenue exposure from geopolitical risks in ~100 countries with operations, disrupting clinical trials and regulatory approvals
Fortrea Holdings Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.7B
▲ +1.0% YoY
Net Income
-$986M
▼ -200.2% YoY
Operating Margin
-32.0%
▼ -2604bp YoY
Net Margin
-36.2%
▼ -2403bp YoY
ROE
-175.0%
▼ -15090bp YoY
Total Assets
$2.7B
▼ -24.1% YoY
EPS (Diluted)
$-10.81
▼ -194.6% YoY
Operating Cash Flow
$114M
▼ -56.8% YoY
Source: XBRL data from Fortrea Holdings Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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