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Fortrea: Inside the High-Stakes Push to Lift Win Rates & Expand RFP Volume!

Fortrea, a company operating in the clinical development and clinical pharmacology sectors, reported its Q3 2025 earnings. The financial results revealed a mixed outlook with some positive progress alongside areas that present challenges. From a revenue perspective, Fortrea reported $701.3 million in Q3 2025, a 3.9% increase compared to the previous year, driven by higher demand in clinical pharmacology and strong new business awards within clinical development, although this was partly offset by lower functional service provider (FSP) revenues. However, the company faced challenges with rising direct costs, which increased by 9.9% due to higher pass-through costs and stock compensation costs. Fortrea’s adjusted EBITDA for Q3 stood at $50.7 million, a decrease from $64.2 million in the prior year. This decline was attributed to a higher proportion of pass-through costs, the reintroduction of variable compensation, and a reduction in R&D tax credits.