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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fortrea
Fortrea (FTRE) investor relations material
Fortrea Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue was $691.5M, down 1.4% YoY; adjusted EBITDA rose 14.4% to $58.0M, and adjusted EBITDA margin expanded 120 bps to 8.4%.
Net new awards were $773M and book-to-bill was 1.12x; FY2026 revenue and adjusted EBITDA guidance midpoints increased as ranges narrowed.
Financial highlights
GAAP net income was $0.6M versus a $15.9M loss; adjusted net income was $27.9M versus $11.7M, and adjusted diluted EPS was $0.28 versus $0.12.
Nine-month revenue was $2.006B, down 2.7% YoY; adjusted EBITDA was $163.7M versus $135.9M.
Q3 direct costs declined 4.6% YoY and SG&A declined 2.8%; SG&A benefited from expense management, non-recurrence of prior-year credit loss provisions and lower one-time spin costs.
Nine-month GAAP net loss was $36.2M versus $953.7M in 2025, which included a $797.9M non-cash goodwill and other asset impairment.
Outlook and guidance
FY2026 revenue guidance is $2.665B–$2.690B and adjusted EBITDA guidance is $210M–$218M, with both ranges narrowed and midpoints raised.
Positive free cash flow is expected in Q4 and for FY2026; management targets mid-teens adjusted EBITDA margins over time.
Q4 sequential revenue is expected to slow partly due to fewer working days than Q3; higher IT operating expense is a secondary factor in the EBITDA profile.
Margin expansion is expected from favorable mix, utilization, technology-enabled efficiencies and operating leverage as service fee revenue grows; no FY2027 guidance was issued.
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Latest events from Fortrea
- Strategic acquisitions, margin expansion, and AI integration are fueling growth and operational leverage.FTRE
2026 Global Healthcare Conference - Raised 2026 guidance after strong Q2 execution, improved profitability, and robust backlog.FTREQ2 2026
- Strong book-to-bill, commercial transformation, and debt reduction highlight strategic progress.FTREJefferies 2024 Global Healthcare Conference
- All director, auditor, and Say-on-Pay proposals were approved by requisite vote.FTREAGM 2026
- Demand, bookings, and technology integration are driving recovery and positioning for future growth.FTREJefferies Global Healthcare Conference 2026
- Adjusted EBITDA rose to $47M as net loss narrowed and guidance was reaffirmed.FTREQ1 2026
- Annual meeting covers director elections, auditor ratification, and executive pay, with strong governance focus.FTREProxy filing
- Votes will be held on director elections, auditor ratification, and executive pay approval.FTREProxy filing
- Q3 revenue up 3.9%, net loss narrowed, but goodwill impairment led to a large YTD loss.FTREQ3 2025
Next Fortrea earnings date
Jefferies Global Healthcare Conference17 Nov, 2026
Fortrea
Next Fortrea earnings date
Jefferies Global Healthcare Conference17 Nov, 2026
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Frequently asked questions
Fortrea Holdings Inc. is a global contract research organization that specializes in supporting the development of biopharmaceutical products and medical devices across all phases of the clinical trial process. It offers a broad range of services, including clinical pharmacology, patient access solutions, and other enabling services. The company's operations are divided into two main segments: Clinical Services and Enabling Services. The Clinical Services segment covers the entire spectrum of clinical development, while the Enabling Services segment focuses on facilitating patient access and optimizing clinical trial technologies. The company is headquartered in Durham, North Carolina, and its shares are listed on the NASDAQ.