Fortrea signals stabilization as backlog hits $7.8B

Fortrea (NASDAQ:FTRE) reported a steady start to 2026, characterized by robust new business wins and a growing backlog that provides a solid foundation for the company as it navigates its second full year as a standalone clinical research organization (CRO).

The Durham, North Carolina-based company reported first-quarter revenue of $636.5 million.

While the company recorded a GAAP net loss of $23.6 million, or $0.25 per diluted share, its adjusted results painted a more resilient picture.

Adjusted net income for the quarter reached $15.2 million, resulting in an adjusted EPS of $0.16.

Adjusted EBITDA for the period stood at $47 million.

The quarter’s most significant highlight was the company’s commercial momentum.

Fortrea achieved a book-to-bill ratio of 1.15x, successfully converting proposals into a record backlog of $7.846 billion.

Following the results, Fortrea affirmed its full-year 2026 financial guidance.

The company continues to expect total revenue in the range of $2.55 billion to $2.65 billion and adjusted EBITDA between $190 million and $220 million.

This outlook assumes a steady progression of clinical trial activities and the continued ramp-up of newly secured programs throughout the second half of the year.