Fortrea Holdings Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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.
Mar 31, 2026 · Filed May 5, 2026
FTRE$21.96+7.3%Stored close · as of Nov 6, 2026
Contents
Condensed
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
| Common Stock | ||||||
|---|---|---|---|---|---|---|
| Shares | Amounts | Additional Paid-in Capital | Accumulated Deficit | AccumulatedOtherComprehensiveLoss | TotalEquity | |
| Balance at December 31, 2025 | 93.1 | $0.1 | $2,116.6 | $(1,383.2) | $(170.0) | $563.5 |
| Net loss | — | — | — | (23.6) | — | (23.6) |
| Other comprehensive loss, net of tax | — | — | — | — | (25.4) | (25.4) |
| Stock compensation | — | — | 11.4 | — | — | 11.4 |
| Issuance of common stock under employee stock plan | 1.5 | — | — | — | — | — |
| Balance at March 31, 2026 | 94.6 | $0.1 | $2,128.0 | $(1,406.8) | $(195.4) | $525.9 |
| 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 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(23.6) | $(562.9) |
| Adjustments to reconcile net loss to net cash used for operating activities: | ||
| Depreciation and amortization | 19.8 | 19.5 |
| Stock compensation | 11.4 | 14.6 |
| Credit loss expense | 3.0 | 4.5 |
| Operating lease right-of-use asset expense | 2.0 | 3.0 |
| Operating lease right-of-use asset impairment | — | 3.2 |
| Goodwill and other asset impairments | — | 488.8 |
| Deferred income taxes | (4.0) | (6.6) |
| Unrealized foreign exchange movements | (8.2) | 9.4 |
| Other, net | 0.4 | 0.3 |
| Changes in assets and liabilities: | ||
| Increase in accounts receivable and unbilled services, net | (33.7) | (70.5) |
| Decrease in prepaid expenses and other | 11.4 | 17.6 |
| Increase (decrease) in accounts payable | 41.3 | (28.4) |
| Increase in deferred revenue | 6.6 | 10.4 |
| Decrease in accrued expenses and other | (43.4) | (27.1) |
| Net cash used for operating activities | (17.0) | (124.2) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | (8.0) | (2.9) |
| Proceeds from sale of business, net | — | 19.0 |
| Net cash (used for) provided by investing activities | (8.0) | 16.1 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from revolving credit facilities | — | 166.5 |
| Payments on revolving credit facilities | — | (77.5) |
| Debt issuance costs | — | (0.6) |
| Net cash provided by financing activities | — | 88.4 |
| Effect of exchange rate changes on cash and cash equivalents | (2.1) | 2.8 |
| Net change in cash and cash equivalents | (27.1) | (16.9) |
| Cash and cash equivalents at beginning of period | 174.6 | 118.5 |
| Cash and cash equivalents at end of period | $147.5 | $101.6 |
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