Fortrea Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
FTRE$21.96+7.3%Stored close · as of Nov 6, 2026
Contents
Condensed
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Common Stock | |||||||
|---|---|---|---|---|---|---|---|
| Shares · Amounts · Additional Paid-in Capital · Accumulated Deficit · AccumulatedOtherComprehensiveLoss · TotalEquity | |||||||
| Balance at December 31, 2024 | 89.7 | $0.1 | $2,042.2 | $(397.0) | $(282.9) | $1,362.4 | |
| Net loss | — | — | — | (562.9) | — | (562.9) | |
| Other comprehensive income, net of tax | — | — | — | — | 44.7 | 44.7 | |
| Stock compensation | — | — | 14.6 | — | — | 14.6 | |
| Issuance of common stock under employee stock plan | 0.8 | — | — | — | — | — | |
| Balance at March 31, 2025 | 90.5 | 0.1 | 2,056.8 | (959.9) | (238.2) | 858.8 | |
| Net loss | — | — | — | (374.9) | (374.9) | ||
| Other comprehensive income, net of tax | — | — | — | — | 82.6 | 82.6 | |
| Stock compensation | — | — | 22.7 | — | — | 22.7 | |
| Issuance of common stock under employee stock plan | 0.3 | — | — | — | — | — | |
| Balance at June 30, 2025 | 90.8 | 0.1 | 2,079.5 | (1,334.8) | (155.6) | 589.2 | |
| Net loss | — | — | — | (15.9) | (15.9) | ||
| Other comprehensive loss, net of tax | — | — | — | — | (14.8) | (14.8) | |
| Stock compensation | — | — | 22.3 | — | — | 22.3 | |
| Issuance of common stock under employee stock plans | 1.4 | — | — | — | — | — | |
| Balance at September 30, 2025 | 92.2 | $0.1 | $2,101.8 | $(1,350.7) | $(170.4) | $580.8 | |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Common Stock | ||||||
|---|---|---|---|---|---|---|
| Shares | Amounts | Additional Paid-in Capital | Accumulated Deficit | AccumulatedOtherComprehensiveLoss | TotalEquity | |
| Balance at December 31, 2023 | 88.8 | $0.1 | $1,998.0 | $(68.5) | $(215.5) | $1,714.1 |
| Net loss | — | — | — | (101.0) | — | (101.0) |
| Other comprehensive loss, net of tax | — | — | — | — | (26.1) | (26.1) |
| Stock compensation | — | — | 15.1 | — | — | 15.1 |
| Issuance of common stock | 0.6 | — | — | — | — | — |
| Net share settlement tax payments from issuance of stock to employees | — | — | (10.4) | — | — | (10.4) |
| Other | — | — | 0.2 | — | — | 0.2 |
| Balance at March 31, 2024 | 89.4 | 0.1 | 2,002.9 | (169.5) | (241.6) | 1,591.9 |
| Net loss | — | — | — | (138.4) | — | (138.4) |
| Other comprehensive loss, net of tax | — | — | — | — | (7.4) | (7.4) |
| Stock compensation | — | — | 15.0 | — | — | 15.0 |
| Issuance of common stock | 0.1 | — | — | — | — | — |
| Balance at June 30, 2024 | 89.5 | 0.1 | 2,017.9 | (307.9) | (249.0) | 1,461.1 |
| Net loss | — | — | — | (27.9) | — | (27.9) |
| Other comprehensive income, net of tax | — | — | — | — | 70.9 | 70.9 |
| Stock compensation | — | — | 13.0 | — | — | 13.0 |
| Issuance of common stock under employee stock plans | 0.2 | — | — | — | — | — |
| Net share settlement tax payments from issuance of stock to employees | — | — | (3.6) | — | — | (3.6) |
| Balance at September 30, 2024 | 89.7 | $0.1 | $2,027.3 | $(335.8) | $(178.1) | $1,513.5 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(953.7) | $(267.3) |
| Adjustments to reconcile net loss to net cash (used for) provided by operating activities: | ||
| Depreciation and amortization | 58.7 | 66.1 |
| Stock compensation | 59.6 | 43.1 |
| Credit loss expense | 13.5 | 17.0 |
| Operating lease right-of-use asset expense | 8.6 | 10.8 |
| Operating lease right-of-use asset impairment | 1.3 | 4.8 |
| Goodwill and other asset impairments | 797.9 | 24.0 |
| Deferred income taxes | (24.4) | (23.2) |
| Unrealized foreign exchange movements | 38.8 | 4.2 |
| Loss on sale of business | — | 23.2 |
| Write-off of debt issuance costs | — | 12.2 |
| Other, net | 2.2 | 4.7 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in accounts receivable and unbilled services, net | (10.6) | 290.9 |
| Decrease (increase) in prepaid expenses and other | 43.8 | (33.3) |
| (Decrease) increase in accounts payable | (89.7) | 5.8 |
| Increase in unearned revenue | 54.6 | 106.4 |
| Decrease in accrued expenses and other | (16.2) | (43.7) |
| Net cash (used for) provided by operating activities | (15.6) | 245.7 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | (17.7) | (28.7) |
| Proceeds from sale of business, net | 39.6 | 276.6 |
| Proceeds from sale of assets | — | 0.2 |
| Net cash provided by investing activities | 21.9 | 248.1 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from revolving credit facilities | 453.9 | 617.0 |
| Payments on revolving credit facilities | (453.9) | (617.0) |
| Debt issuance costs | (0.6) | — |
| Principal payments of long-term debt | — | (482.7) |
| Payments for taxes related to net share settlement of stock awards | — | (14.0) |
| Net cash used for financing activities | (0.6) | (496.7) |
| Effect of exchange rate changes on cash and cash equivalents | 7.1 | (0.4) |
| Net change in cash and cash equivalents | 12.8 | (3.3) |
| Cash and cash equivalents at beginning of period | 118.5 | 108.6 |
| Cash and cash equivalents at end of period | $131.3 | $105.3 |
The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.