Every material Form 8-K Fortrea has filed with the SEC since May 12, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Fortrea reported third-quarter 2026 revenue of $691.5 million, down from $701.3 million a year earlier, while adjusted diluted EPS rose to $0.28 from $0.12 and GAAP net income was $0.6 million, compared with a $15.9 million loss. The company raised the midpoints of its 2026 revenue and adjusted EBITDA guidance and narrowed the ranges. It also reduced backlog by $558 million after a contract review, which it said does not affect historical results or 2026 guidance.
Q3 revenue was $691.5 million, compared with $701.3 million in Q3 2025
Adjusted diluted EPS was $0.28 vs. $0.12; adjusted EBITDA was $58.0 million vs. $50.7 million
2026 guidance: revenue of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million, with midpoints raised
Backlog was reduced by $558 million to $7,316 million; book-to-bill ratio was 1.12x
Fortrea Holdings appointed Carrie Russell as its Chief Accounting Officer effective October 5, 2026. She has served as interim Chief Accounting Officer and principal accounting officer since August 7, 2026, while also serving as Vice President of Accounting. The filing gives her a $340,000 base salary and a 40% annual incentive bonus target, which is routine for an officer role and does not change the company's financial outlook.
Carrie Russell is appointed Chief Accounting Officer effective October 5, 2026, after serving as interim CAO since August 7, 2026
Annual base salary is $340,000, with an annual incentive bonus target of 40% of base salary
She is eligible for performance stock units and restricted stock units under the 2023 Omnibus Incentive Plan
Fortrea's board reinstated Jason Knoblauch as Chief Financial Officer on September 9, 2026, after a temporary restraining order that had kept him from the role was resolved through a settlement and mutual release. Director David Smith, who had served as interim CFO during the leave, stepped down from that role but remains on the board.
Board reinstated Jason Knoblauch as CFO and principal financial officer on September 9, 2026
Delaware Court of Chancery had issued a temporary restraining order on July 25, 2026 barring him from working as CFO
Company, Knoblauch and his former employer entered a settlement agreement and mutual release
David Smith stepped down as interim CFO but remains a board member
Fortrea reported second-quarter 2026 revenue of $678.2 million, down from $710.3 million a year earlier, and a GAAP net loss of $(13.2) million, compared with $(374.9) million in the same quarter of 2025, which included a $309.1 million goodwill impairment. The company raised its full-year 2026 revenue guidance to $2,620 million to $2,690 million and adjusted EBITDA guidance to $205 million to $220 million. Separately, director David Smith was appointed interim CFO on July 27, 2026, after CFO Jason Knoblauch was placed on paid leave amid a court order related to a former employer's lawsuit.
Q2 2026 revenue was $678.2 million, versus $710.3 million in Q2 2025.
GAAP net loss was $(13.2) million, or $(0.14) per diluted share, versus $(374.9) million in Q2 2025.
Full-year 2026 guidance raised to revenue of $2,620 million to $2,690 million and adjusted EBITDA of $205 million to $220 million.
David Smith appointed interim CFO on July 27, 2026, at $60,000 per month; Jason Knoblauch on paid leave after a July 25, 2026 temporary restraining order.
Fortrea Holdings said Chief Accounting Officer Robert Parks will resign effective August 7, 2026, to pursue an opportunity outside the contract research industry, and that Vice President of Accounting Carrie Russell will serve as interim principal accounting officer. The filing also details the transition of CFO Jill McConnell, who will remain employed through September 8, 2026, with severance of $1,017,500 if she stays through that date. The company states Parks' decision was not the result of any disagreement over operations, policies, or accounting practices.
Robert A. Parks informed the company on July 8, 2026, of his resignation as Chief Accounting Officer and principal accounting officer, effective August 7, 2026.
Carrie Russell, Vice President of Accounting since August 2024, becomes interim principal accounting officer and interim Chief Accounting Officer, receiving a one-time $20,000 bonus plus $10,000 per month.
CFO Jill McConnell stays through September 8, 2026, with severance of $1,017,500 paid in two installments of $508,750, and a consulting agreement runs through March 8, 2027.
Fortrea appointed Jason Knoblauch as chief financial officer, effective July 6, 2026, succeeding Jill McConnell, who steps down on that date but will stay with the company for a transition period. The company said the change does not reflect any disagreement with Ms. McConnell over financial reporting, internal controls, or auditing. Fortrea also reiterated its full-year 2026 guidance, which it did not change.
Jason Knoblauch, 45, becomes CFO effective July 6, 2026; he previously was CFO at Clario, from August 2023 to June 2026.
Offer letter dated June 22, 2026 sets a $570,000 base salary, an 85% target bonus, and a $1,250,000 cash inducement paid $500,000 at start and $750,000 after one year.
Planned inducement equity of about $2,300,000 in RSUs and $1,700,000 in PSUs, anticipated in September 2026, capped at 400,000 shares combined.
2026 guidance reiterated: revenues of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million.
Fortrea reported first-quarter 2026 revenue of $636.5 million, down from $651.3 million a year earlier, while adjusted diluted EPS rose to $0.16 from $0.02 and adjusted EBITDA rose to $47.0 million from $30.3 million. The company reiterated its full-year 2026 guidance of $2,550 million to $2,650 million in revenue and $190 million to $220 million in adjusted EBITDA. Shareholders face a mixed picture: profit measures improved against a year earlier, but revenue declined and free cash flow was negative.
Q1 2026 revenue was $636.5 million, compared with $651.3 million in Q1 2025.
GAAP net loss narrowed to $23.6 million, or $(0.25) per diluted share, from a $562.9 million loss in Q1 2025 that included a $488.8 million goodwill impairment.
Adjusted EBITDA was $47.0 million and adjusted net income was $15.2 million, or $0.16 per diluted share.
Full-year 2026 guidance was reiterated: revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million.
Fortrea reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year revenue rose to $2,723.4 million, but the net loss reached $986.2 million after an $797.9 million goodwill impairment, and full-year adjusted EBITDA fell to $189.9 million from $202.5 million. The company guided 2026 revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million.
Fourth-quarter revenue was $660.5 million, down from $697.0 million a year earlier; fourth-quarter adjusted diluted EPS was $0.09 versus $0.18.
Full-year 2025 GAAP net loss was $(986.2) million, or $(10.81) per diluted share, including a $797.9 million goodwill impairment recognized in the first half of 2025.
Full-year 2025 adjusted diluted EPS was $0.43, up from $0.33 in 2024; adjusted EBITDA was $189.9 million versus $202.5 million.
2026 guidance: revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million; earnings call set for 8:00 am ET on February 26, 2026.
Fortrea reported third-quarter 2025 revenue of $701.3 million, up from $674.9 million a year earlier, while adjusted EBITDA fell to $50.7 million from $64.2 million. The company raised its full-year 2025 revenue guidance and narrowed its adjusted EBITDA guidance, so shareholders see higher sales expectations alongside lower quarterly profit measures.
Q3 2025 revenue was $701.3 million versus $674.9 million in Q3 2024.
Q3 GAAP diluted loss per share was $(0.17) versus $(0.21); adjusted diluted EPS was $0.12 versus $0.23.
Q3 adjusted EBITDA was $50.7 million versus $64.2 million in Q3 2024.
2025 revenue guidance raised to $2.70 billion to $2.75 billion; adjusted EBITDA guidance narrowed to $175 million to $195 million.
Fortrea Holdings Inc. increased its authorized board size to eight and appointed William J. Sharbaugh as a Class III director, effective September 22, 2025. Sharbaugh has more than three decades of pharmaceutical industry experience and was not yet named to any board committees.
Board approved expanding authorized directors to eight on September 19, 2025.
William J. Sharbaugh appointed Class III director effective September 22, 2025, serving until the 2026 Annual Meeting of Stockholders.
Sharbaugh will receive director compensation under the Company's non-employee director compensation policy; no committee assignments have been decided.
Sharbaugh previously served as chief operating officer at PPD, Inc. from 2007 to 2021.
Fortrea's board amended and restated its 2025 Inducement Award Plan on August 21, 2025, adding 2,200,000 shares of common stock for future inducement awards. The plan can now be used for new hires who were not previously employees or directors, so that the company can make grants as material inducements to their employment, the filing says. The change increases the pool of shares available for grants, which can dilute existing holders, though the filing does not quantify any grants made under it.
Board amended and restated the 2025 Inducement Award Plan on August 21, 2025.
Reserved shares increased by 2,200,000 shares of common stock.
Originally, the plan was established solely to grant inducement awards to Anshul Thakral.
Full plan text will be filed with the Form 10-Q for the quarter ending September 30, 2025.
Fortrea reported second-quarter 2025 revenue of $710.3 million, up from $662.4 million a year earlier, and raised its 2025 revenue guidance to $2.6 billion to $2.7 billion. The company also posted a GAAP net loss of $374.9 million, which included a $309.1 million non-cash goodwill impairment, and it affirmed 2025 adjusted EBITDA guidance of $170 million to $200 million. The new CEO, Anshul Thakral, joined on August 4, 2025.
Q2 revenue was $710.3 million, compared with $662.4 million in Q2 2024.
GAAP net loss was $374.9 million, or $(4.14) per diluted share, including a $309.1 million goodwill impairment charge.
Adjusted diluted EPS was $0.19, compared with $(0.03) a year earlier; adjusted EBITDA was $54.9 million versus $55.2 million.
2025 revenue guidance raised to $2.6 billion to $2.7 billion; adjusted EBITDA guidance of $170 million to $200 million affirmed.
At its June 10, 2025 annual meeting, Fortrea stockholders approved an amended and restated 2023 Omnibus Incentive Plan that adds 6,500,000 shares, requires minimum vesting periods, bars dividend payments until awards vest, and eliminates liberal share recycling for full-value awards. Stockholders also elected three Class II directors, ratified Deloitte & Touche LLP as auditor for 2025, and approved an advisory vote on executive compensation, so the changes affect how shares are issued under the plan.
Plan amendment approved with 67,787,664 votes for, 3,586,743 against, 161,212 abstained and 11,353,040 broker non-votes
Erin L. Russell received 68,271,971 votes for; Dr. Amrit Ray received 63,349,166 and Machelle Sanders received 62,641,894
Deloitte & Touche LLP ratified as auditor for fiscal year ending December 31, 2025, with 82,675,784 votes for
Quorum of 82,888,659 of 90,540,317 shares outstanding as of the April 17, 2025 record date
On June 11, 2025, Fortrea's Board adopted a stockholder rights plan, with rights distributed to holders of common stock of record on June 23, 2025. The rights become exercisable only if a person or group acquires 10% or more of the company's common shares, and the company says the plan responds to a significant and ongoing dislocation in its stock price and interest from third parties. The plan does not change Fortrea's reported financial results, but it could affect any party seeking to acquire a large stake in the company.
Rights distributed to holders of record on June 23, 2025; about 90.5 million common shares were outstanding as of June 11, 2025.
Rights become exercisable if any person or group acquires 10% or more of common shares; each right's exercise price is $50.00 per one one-thousandth of a Series A Preferred Share.
The Board may redeem the rights for $0.001 per right before an acquiring person emerges; the plan expires June 10, 2026.
Fortrea Holdings Inc. appointed Anshul Thakral as President and Chief Executive Officer, effective with his start date of August 4, 2025, replacing Interim CEO Peter M. Neupert, who has held the role since May 13, 2025 and will remain Chairman of the Board. Thakral also joins the Board as a Class III director, and the filing sets out his base salary, bonus target and equity awards.
Thakral starts August 4, 2025 and succeeds Peter M. Neupert, Interim CEO since May 13, 2025
Offer letter sets a base salary of $1.1 million and a target annual bonus of 150% of base salary
Inducement equity grants include RSUs and performance share awards, each with an approximate grant date fair value of $6.25 million
Neupert remains a director and Chairman of the Board
Fortrea reported first-quarter 2025 revenue of $651.3 million, down from $662.1 million a year earlier, and a GAAP net loss of $562.9 million that includes a non-cash goodwill impairment charge of $488.8 million. Adjusted EBITDA rose to $30.3 million from $27.1 million, and the company reiterated its full-year 2025 guidance. Chairman and CEO Thomas Pike will step down on May 13, 2025, and Lead Independent Director Peter M. Neupert will serve as interim CEO and Board Chair.
Revenue was $651.3 million in the quarter, compared with $662.1 million in the first quarter of 2024.
GAAP net loss was $562.9 million, or $6.25 per diluted share, including the $488.8 million goodwill impairment; adjusted EPS was $0.02 versus $(0.05) a year earlier.
Adjusted EBITDA was $30.3 million, compared with $27.1 million in the first quarter of 2024.
Full-year 2025 guidance was reiterated at revenue of $2.45 billion to $2.55 billion and adjusted EBITDA of $170 million to $200 million; Peter M. Neupert becomes interim CEO on May 13, 2025.
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