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Fortrea Holdings Inc. FTRE Clinical Services Segment — Segment Operating Income

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Other financials

Income statement

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Revenue$678.2M-4.5%
Gross profit$139.2M+4.3%
Operating income$14.8M+104%
Net income-$13.2M+96.5%
EPS (diluted)-$0.14+96.6%

Balance sheet

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Cash & equivalents$168.6M+108%
Total debt$1.1B-10.0%
Total equity$524.2M-11.0%
Total assets$2.7B-4.2%

Cash flow

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Operating cash flow$28.9M
CapEx$9.0M+20.0%
Free cash flow-$25.0M+80.3%

Valuation

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Market cap$1.68B+182%
Enterprise value$2.63B+49.9%
P/S0.6×+0.4×

Profitability

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Gross margin19.3%-0.4pp
Operating margin-0.4%-0.2pp
Net margin-3.2%-1.5pp
FCF margin5.8%+2.0pp

Returns & leverage

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Return on equity-15.3%-7.0pp
Debt / equity2.1×0.0×
Current ratio-0.1×

Where this comes from

Reported directly by Fortrea Holdings Inc. in its filing.

Tagged under the XBRL concept ftre:SegmentOperatingIncomeLoss.

The source filing: Fortrea Holdings Inc.’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 4:04 PM EST
Fiscal year
FY2025
Accession
0001628280-26-012244
Line itemYears Ended December 31, 2025Years Ended December 31, 2024Years Ended December 31, 2023
Direct costs1,191.41,221.71,275.4
Selling, general and administrative expenses397.3415.8392.3
Depreciation19.724.528.6
Segment operating income87.495.0169.8
Corporate costs not included in segment operating income59.7146.055.9
Amortization58.360.860.7
Goodwill and other asset impairments797.9
Restructuring and other charges44.150.121.2

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Fortrea Holdings Inc.'s clinical services segment — segment operating income?
Fortrea Holdings Inc. (FTRE) reported clinical services segment — segment operating income of $21.85M in Q4 2025.
How has Fortrea Holdings Inc.'s clinical services segment — segment operating income changed year-over-year?
Fortrea Holdings Inc.'s clinical services segment — segment operating income decreased by 8.0% year-over-year, from $23.75M to $21.85M.
What is the long-term trend for Fortrea Holdings Inc.'s clinical services segment — segment operating income?
Over 2 years (2023 to 2025), Fortrea Holdings Inc.'s clinical services segment — segment operating income has grown at a -28.3% compound annual growth rate (CAGR), from $169.8M to $87.4M.
What does clinical services segment — segment operating income mean?
This metric represents the operating profit or loss generated specifically by the clinical services segment, calculated by subtracting direct costs and operating expenses from segment revenues. It serves as a key performance indicator for the efficiency and operational success of the company's clinical trial management services. Investors use this to evaluate the core business profitability excluding corporate-level overheads and financing costs.

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