Fortrea Holdings Inc. — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Fortrea reported Q3 2026 revenues of $691.5M (down 1.4% YoY) with adjusted EBITDA of $58.0M and adjusted EPS of $0.28. The company raised full-year 2026 guidance midpoints to $2,665–$2,690M revenue (from prior range) and $210–$218M adjusted EBITDA. Critically, management conducted a backlog review and reduced reported backlog by $558M to $7,316M to reflect scope/study delivery adjustments across customer contracts, with no impact on current guidance or historical results; book-to-bill ratio held at 1.12x.
Why this rating
Backlog write-down ($558M or ~7.6% of adjusted backlog) is concerning but management states no revenue/guidance impact. Guidance raise is positive; however, revenue flat YoY and company is still below scale to make modest moves material. Mixed signal.
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