FTRE on Nasdaq

Fortrea Holdings Inc.

Fortrea Holdings Inc. is a leading global contract research organization (“CRO”), providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerFTRE on Nasdaq1
  • IndustryServices-Medical Laboratories1
  • HeadquartersDurham, North Carolina1
  • Business address8 Moore Drive, Durham, Nc 277092
  • Filer categoryAccelerated filer2

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Fortrea Holdings Inc. is a leading global contract research organization (“CRO”), providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers. We provide phase I through IV clinical trial management, clinical pharmacology, and consulting services for our customers. For more than 30 years, we have supported our global pharmaceutical, biotechnology, and medical device customers across more than 20 therapeutic areas, providing agile delivery models that include Full Service, Functional Service Provider (“FSP”), and Hybrid structures. We believe we are well positioned to leverage our global scale, scientific and therapeutic expertise, access to clinical data-driven insights, industry network, and decades of experience to bring customers distinctive, expert solutions.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-32.0%Operating margin4
-36.2%Net margin4
1.0%Revenue growth, 20254
-175.0%Return on equity4
1.86×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

North America brought in 47% of the revenue Fortrea Holdings Inc. broke down this way in fiscal 2025.

  1. North America$1.3B447%up 2% from 2024
  2. Europe$851.7M431%up 6% from 2024
  3. Other Geographical Areas$582.1M421%down 7% from 2024
Regions by year
Regions202320242025
North America$1.4B$1.3B$1.3B
Europe$827.5M$800.0M$851.7M
Other Geographical Areas$616.6M$626.9M$582.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin17¢$456.4M
  • Other costs83¢$2.3B
  • Income tax0¢$3.2M

Out of $2.7B in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$113.5M

Out of $113.5M of cash from operations.4

Financial statements

Revenue564$2.7B in 2025−11% since 2021
0$1.0B$2.0B$3.0B$4.0B2021: $3.1B$3.1B20212022: $2.8B$2.8B2022−7%2023: $2.8B$2.8B2023+0%2024: $2.7B$2.7B2024−5%2025: $2.7B$2.7B2025+1%
Operating income564-$872.6M in 2025
-$1.0B-$500.0M0$500.0M2021: $114.3M$114.3M20212022: $187.1M$187.1M2022+64%2023: $32.0M$32.0M2023−83%2024: -$161.9M-$161.9M20242025: -$872.6M-$872.6M2025+439%
Net income564-$986.2M in 2025
-$1.0B-$500.0M0$500.0M2021: $98.0M$98.0M20212022: $186.2M$186.2M2022+90%2023: -$25.2M-$25.2M20232024: -$328.5M-$328.5M2024+1204%2025: -$986.2M-$986.2M2025+200%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Revenues$2.7B$2.7B$2.8B
Direct costs, exclusive of depreciation and amortization (including costs incurred from related parties of $48.8 during the year ended December 31, 2023)$2.2B$2.2B$2.3B
Selling, general and administrative expenses, exclusive of depreciation and amortization$456.4M$560.7M$448.1M
Depreciation and amortization$78.0M$85.3M$89.3M
Goodwill and other asset impairments$797.9M$0$0
Restructuring and other charges$44.1M$50.1M$21.2M
Total costs and expenses$3.6B$2.9B$2.8B
Operating (loss) income-$872.6M-$161.9M$32.0M
Interest expense-$91.4M-$123.8M-$69.7M
Foreign exchange (loss) gain-$26.9M-$10.6M$300.0K
Other, net$7.9M$21.3M$6.9M
Loss from continuing operations before income taxes-$983.0M-$275.0M-$30.5M
Income tax expense (benefit)$3.2M-$3.5M$1.2M
Loss from continuing operations-$986.2M-$271.5M-$31.7M
(Loss) income from discontinued operations, net of tax$0-$57.0M$6.5M
Net loss-$986.2M-$328.5M-$25.2M
Basic earnings (loss) per share from continued operations (in dollars per share)-$11-$3-$0
Basic earnings (loss) per share from discontinued operations (in dollars per share)$0-$1$0
Basic earnings (loss) per share (in dollars per share)-$10.81-$3.67-$0.29
Diluted earnings (loss) per share from continuing operations (in dollars per share)-$11-$3-$0
Diluted earnings (loss) per share from discontinued operations (in dollars per share)$0-$1$0
Diluted earnings (loss) per share (in dollars per share)-$10.81-$3.67-$0.29

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Leadership

Who has led Fortrea Holdings Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas Pike2023–2025
  2. Peter M. Neupert2025
  3. Anshul Thakral2025–now

Chief financial officer

  1. Jill G. McConnell2023–2026
  2. Jason Fredrick Knoblauch2026–now

Chief operating officer

  1. Mark A. Morais2023–now
2025
Board members and other officers (15)

Former names

  • Silver Spinco Inc.Feb 13, 2023 to Apr 5, 20232

Timeline

  1. Aug 4, 2025New chief executive Anshul Thakral becomes CEO10
  2. May 16, 2025New chief executive Peter M. Neupert becomes CEO9
  3. Jun 9, 2023New chief executive Thomas Pike becomes CEO11

Filings

334 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 46 major events, 166 insider forms, 32 large holders, 77 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Sep 14, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 11, 2026144/A EDGAR
  4. Sep 11, 2026144 EDGAR
  5. Sep 10, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 10, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 10, 2026144 EDGAR
  8. Sep 10, 20268-K EDGAR
  9. Sep 9, 2026144 EDGAR
  10. Sep 9, 2026144 EDGAR
  11. Sep 9, 2026144 EDGAR
  12. Aug 19, 20264 PRIMARY DOCUMENT EDGAR
  13. Aug 19, 2026144 EDGAR
  14. Aug 19, 2026144 EDGAR
  15. Aug 17, 20263 PRIMARY DOCUMENT EDGAR
  16. Aug 7, 20264 PRIMARY DOCUMENT EDGAR
  17. Aug 6, 20264 PRIMARY DOCUMENT EDGAR
  18. Aug 6, 2026144 EDGAR
  19. Aug 5, 20264 PRIMARY DOCUMENT EDGAR
  20. Aug 5, 20264 PRIMARY DOCUMENT EDGAR

The 334 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

46 open-market trades by officers, directors and large owners since October 2021: 7 buys and 39 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2026Russell Carrie ElizabethInterim CAOSale246$16.85$4.1KForm 4
Sep 9, 2026Morais Mark A.Chief Operating OfficerSale3,149$16.85$53.1KForm 4
Aug 19, 2026Morais Mark A.Chief Operating OfficerSale4,892$18.19$89.0KForm 4
Aug 6, 2026Thakral AnshulChief Executive OfficerSale111,857$18.11$2.0MForm 4
Aug 5, 2026Thakral AnshulChief Executive OfficerSale99,869$19.16$1.9MForm 4
Aug 3, 2026SANDERS MACHELLEDirectorSale9,700$18.01$174.7KForm 4
Jun 10, 2026Morais Mark A.Chief Operating OfficerSale4,674$16.82$78.6KForm 4
Jun 2, 2026Morais Mark A.Chief Operating OfficerSale4,866$15.49$75.4KForm 4
Jun 2, 2026Mcconnell Jill G.Chief Financial OfficerSale4,866$15.49$75.4KForm 4
May 18, 2026Parks RobertChief Accounting OfficerSale2,000$13.44$26.9KForm 4
Mar 16, 2026Morais Mark A.Chief Operating OfficerSale1,804$9.22$16.6KForm 4
Mar 16, 2026Mcconnell Jill G.Chief Financial OfficerSale1,804$9.22$16.6KForm 4
Mar 10, 2026Parks RobertChief Accounting OfficerSale1,927$9.07$17.5KForm 4
Mar 10, 2026Morais Mark A.Chief Operating OfficerSale4,599$9.07$41.7KForm 4
Mar 10, 2026Mcconnell Jill G.Chief Financial OfficerSale5,061$9.07$45.9KForm 4
Feb 10, 2026Morais Mark A.Chief Operating OfficerSale1,179$13.88$16.4KForm 4
Feb 10, 2026Mcconnell Jill G.Chief Financial OfficerSale881$13.88$12.2KForm 4
Sep 16, 2025Parks RobertChief Accounting OfficerSale7,338$9.95$73.0KForm 4
Sep 9, 2025Parks RobertChief Accounting OfficerSale592$10.23$6.1KForm 4
Sep 9, 2025Hanson James S.General CounselSale1,677$10.23$17.2KForm 4

All 46 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.15,799,104$274.9M0.0%+646,709
Goldman Sachs Group Inc8,414,011$146.4M0.0%+315,494
Sessa Capital IM, L.P.4,593,550$79.9M1.4%No change
Vanguard Capital Management LLC4,181,552$72.8M0.0%+142,990
Vanguard Portfolio Management LLC3,816,627$66.4M0.0%+119,878
State Street Corp3,784,173$65.8M0.0%−325,227
Fmr LLC3,646,931$63.5M0.0%+2,402,794
Corvex Management LP2,988,551$52.0M1.6%−1,655,642
Aqr Capital Management LLC2,980,474$51.9M0.0%−317,947
Geode Capital Management, LLC2,546,771$44.3M0.0%+180,294
Charles Schwab Investment Management Inc2,489,423$43.3M0.0%−718,250
Loomis Sayles & Co L P2,440,583$42.5M0.1%+617,814
Wellington Management Group Llp2,384,349$41.5M0.0%New
Park West Asset Management LLC2,106,131$36.6M2.5%−151,193
Morgan Stanley2,094,075$36.4M0.0%−203,493
Ameriprise Financial Inc1,718,933$29.9M0.0%+139,019
Dimensional Fund Advisors LP1,650,100$28.7M0.0%+350,238
Nuveen, LLC1,421,943$24.7M0.0%+346,687
Deutsche Bank Ag\1,397,053$24.3M0.0%−1,172,221
MetLife Investment Management, LLC1,362,169$23.7M0.1%−443,015
Renaissance Technologies LLC1,289,609$22.4M0.0%−143,100
Eagle Health Investments LP1,181,274$20.6M3.4%−126,286
Northern Trust Corp1,162,577$20.2M0.0%+162,291
Allianz Asset Management GmbH1,127,337$19.6M0.0%+271,827
Citadel Advisors LLC1,023,010$17.8M0.0%+513,458

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 23, 2025J. French HillRepublican, HouseSale$1,001 - $15,000−317.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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