Fortrea posts $562.9 million Q1 net loss on $488.8 million impairment; CEO to step down
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.
Key points
- 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.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 12, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.