Fortrea Holdings Inc. reported its first quarter 2025 financial results on May 12, 2025, announcing revenue of $651.3 million, a decrease from $662.1 million in the first quarter of 2024. The company recorded a substantial GAAP net loss of $562.9 million, or $6.25 diluted loss per share.
This significant net loss was inclusive of a non-cash goodwill impairment charge of $488.8 million, reflecting macroeconomic uncertainty and declines in the company's share price. Despite this, adjusted EBITDA for the quarter increased to $30.3 million, compared to $27.1 million in the prior year.
Fortrea's backlog stood at $7,721 million as of March 31, 2025, with a book-to-bill ratio of 1.02x for the quarter. The company reiterated its full-year 2025 guidance, targeting revenues in the range of $2,450 million to $2,550 million and adjusted EBITDA guidance of $170 million to $200 million.
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