Fortrea Holdings Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
FTRE$21.39-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(986.2) | $(328.5) | $(25.2) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 78.0 | 86.9 | 98.0 |
| Stock compensation | 74.4 | 58.4 | 42.7 |
| Credit loss expense | 12.0 | 22.2 | 27.8 |
| Operating lease right-of-use asset expense | 11.5 | 14.0 | 27.4 |
| Operating lease right-of-use asset impairment | 1.3 | 4.8 | — |
| Goodwill and other asset impairments | 797.9 | 24.0 | 13.4 |
| Deferred income taxes | (32.0) | (24.6) | (41.6) |
| Unrealized foreign exchange movements | 36.4 | (19.5) | 4.4 |
| Loss on sale of business | — | 19.6 | — |
| Write-off of debt issuance costs | 1.0 | 12.2 | — |
| Other, net | 4.5 | 9.3 | (1.0) |
| Change in assets and liabilities: | |||
| Decrease (increase) in accounts receivable and unbilled services, net | 70.9 | 309.9 | (53.4) |
| Decrease (increase) in prepaid expenses and other | 32.4 | (78.1) | (3.4) |
| (Decrease) increase in accounts payable | (109.9) | 7.2 | 55.3 |
| Increase (decrease) in deferred revenue | 114.8 | 140.0 | (2.2) |
| Increase in accrued expenses and other | 6.5 | 5.0 | 26.2 |
| Net cash provided by operating activities | 113.5 | 262.8 | 168.4 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (25.2) | (25.5) | (40.3) |
| Proceeds from sale of business, net | 39.6 | 276.6 | — |
| Proceeds from sale of assets | — | 0.5 | 8.5 |
| Net cash provided by (used for) investing activities | 14.4 | 251.6 | (31.8) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from revolving credit facilities | 453.9 | 826.5 | 164.0 |
| Payments on revolving credit facilities | (453.9) | (826.5) | (164.0) |
| Proceeds from term loans | — | — | 1,061.4 |
| Proceeds from issuance of senior notes | — | — | 570.0 |
| Debt issuance costs | (0.6) | (0.7) | (26.4) |
| Principal payments on long-term debt | (75.7) | (482.7) | (15.4) |
| Payments for taxes related to net share settlement of stock awards | — | (14.4) | — |
| Special payment to Former Parent | — | — | (1,595.0) |
| Net transfers to Former Parent | — | — | (135.4) |
| Net cash used for financing activities | (76.3) | (497.8) | (140.8) |
| Effect of exchange rate changes on cash and cash equivalents | 4.5 | (6.7) | 2.4 |
| Net change in cash and cash equivalents | 56.1 | 9.9 | (1.8) |
| Cash and cash equivalents at beginning of period | 118.5 | 108.6 | 110.4 |
| Cash and cash equivalents at end of period | $174.6 | $118.5 | $108.6 |
The cash flows related to discontinued operations have not been segregated and are included in the consolidated and combined statements of cash flows.
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