FTRE Fortrea Holdings Inc.
FY2025 10-K
Fortrea Holdings Inc. (FTRE) filed its fiscal year 2025 10-K annual report with the SEC on Feb 26, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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