Fortrea Holdings Inc. reported third quarter 2025 revenues of $701.3 million, up from $674.9 million in the same period last year. The company posted a GAAP net loss of $15.9 million, an improvement from a net loss of $18.5 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $50.7 million, compared to $64.2 million the previous year. Adjusted net income was $11.7 million, with diluted income per share of $0.12. The book-to-bill ratio for the quarter was 1.13x, and backlog as of September 30, 2025, stood at $7,644 million. Fortrea raised its 2025 revenue guidance to a range of $2,700 million to $2,750 million and narrowed its adjusted EBITDA guidance to $175 million to $195 million. The company noted that cost-saving initiatives remain on track and highlighted a recent leadership transition.