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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Fortrea
Fortrea (FTRE) investor relations material
Fortrea Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Full-year 2025 revenue reached $2,723.4M and adjusted EBITDA was $189.9M, both in line with guidance, despite a challenging environment.
Achieved positive operating and free cash flow for both Q4 and the full year, with operating cash flow at $113.5M and free cash flow at $88.3M.
Exceeded gross and net cost savings targets, with over $153M gross and $93M net savings.
Strengthened balance sheet through disciplined debt paydown and expanded leadership team.
Market signals show stabilization and early recovery, especially in biotech funding and client engagement.
Financial highlights
Q4 revenue was $660.5M, down 5.2% year-over-year; full-year revenue was $2,723.4M, up 1% year-over-year.
Adjusted EBITDA for Q4 was $54M (vs. $56M prior year); full-year adjusted EBITDA was $189.9M (vs. $202.5M prior year).
Q4 net loss was $32.5M (vs. $73.9M prior year); full-year GAAP net loss widened to $986.2M due to a $797.9M non-cash goodwill impairment.
Adjusted net income for the year was $40.4M, or $0.43 per diluted share, up 34% year-over-year.
Year-end backlog was $7.728B, with a Q4 book-to-bill ratio of 1.14x and trailing 12-month ratio of 1.02x.
Outlook and guidance
2026 revenue guidance: $2.55B–$2.65B; adjusted EBITDA: $190M–$220M.
Anticipates Q1 2026 to be seasonally lower, with gradual margin improvement through the year.
Targets $70M–$80M gross and $40M–$50M net incremental cost reductions in 2026.
Expects positive full-year operating cash flow in 2026, with Q1 negative due to compensation payouts and DSO timing.
Guidance assumes year-end 2025 foreign exchange rates remain constant.
Future asset valuation post-impairment
Reason for 2026 revenue guidance decline?
2026 EBITDA growth drivers with lower revenue?
How does AI adoption influence client outsourcing decisions?
Path to mid-teens EBITDA margins; key levers
Disaggregate 2026 revenue headwinds by service type
Partial view of Summaries dataset, powered by Quartr API
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Next Fortrea earnings date
Q1 202611 May, 2026
Fortrea
Next Fortrea earnings date
Q1 202611 May, 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.
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