Fortrea reports Q1 revenue of $636.5M, 1.15x book-to-bill, and affirms FY 2026 guidance

Filed May 5, 2026 · Period ending May 5, 2026 · ~1 min read

Key Changes

• high

  Q1 revenue of $636.5M declined 2.3% year-over-year, but adjusted EBITDA surged 55% to $47.0M as the company improved profitability. GAAP loss of $23.6M ($0.25/share) compares favorably to prior year's $562.9M loss driven by goodwill impairment.

  Exhibit 99.1 verify on EDGAR →
• high

  Book-to-bill ratio of 1.15x marks third consecutive quarter above 1.1x, with backlog reaching $7,846M. Trailing 12-month book-to-bill of 1.05x indicates new business wins are outpacing revenue recognition, supporting future growth.

  Exhibit 99.1 verify on EDGAR →
• high

  Management affirmed full-year 2026 guidance of $2,550M–$2,650M revenue and $190M–$220M adjusted EBITDA, stating Q1 performance was in line with expectations and reinforces confidence in achieving targets.

  Exhibit 99.1 verify on EDGAR →