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Fortrea Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$52.5M in Q3 2026 · $169M over twelve months

Operating cash flow$60.8M
Capital spending−$8.3M
Free cash flow+$52.5M
Cash / net income101.3×

Analysis

In Q3 2026, Fortrea Holdings generated $60.8M of operating cash flow and spent $8.3M on capital projects, leaving free cash flow of $52.5M. That is $27.0M less than in Q3 2025 ($79.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $202M; the largest uses were other financing ($75.7M), capital spending ($32.8M); besides operations, cash came from asset & business sales ($2.0M); the cash balance rose by $89.3M.

Operating cash flow was $60.8M against net income of $600K — 101.3× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$22.3M, depreciation & amortization +$20.0M, stock-based pay +$12.0M.

Free cash flow

Fortrea Holdings: free cash flow by quarterFortrea Holdings: free cash flow by quarter$20.3MQ4 2024−$127MQ1 2025$14.3MQ2 2025$79.5MQ3 2025$122MQ4 2025−$25.0MQ1 2026$19.9MQ2 2026$52.5MQ3 2026
Operating cash flow less capital spending.
Fortrea Holdings: operating cash flow against capital spendingFortrea Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$17.1M−$3.2MQ4 2024−$124M$2.9MQ1 2025$21.8M$7.5MQ2 2025$86.8M$7.3MQ3 2025$129M$7.5MQ4 2025−$17.0M$8.0MQ1 2026$28.9M$9.0MQ2 2026$60.8M$8.3MQ3 2026
Latest (Q3 2026): Operating cash flow $60.8M, Capital spending $8.3M.

Capital allocation, year by year

Fortrea Holdings: where the cash came from (up) and went (down), by fiscal yearFortrea Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $170MFY2021: Asset sales $300KFY2021: Capital spending −$26.5M$170MFY2021FY2022: Operating cash flow $82.7MFY2022: Asset sales $400KFY2022: Capital spending −$54.4M$83.1MFY2022FY2023: Operating cash flow $168MFY2023: Net borrowing $555MFY2023: Asset sales $8.5MFY2023: Capital spending −$40.3M$732MFY2023FY2024: Operating cash flow $263MFY2024: Net borrowing −$483MFY2024: Asset sales $277MFY2024: Capital spending −$25.5M$540MFY2024FY2025: Operating cash flow $114MFY2025: Net borrowing −$75.7MFY2025: Asset sales $39.6MFY2025: Capital spending −$25.2M$153MFY2025
Over these 5 years operating cash flow totalled $797M; the largest uses were net borrowing ($558M) and capital spending ($172M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$221M
Debt$1.1B
Net debt$835M
Due within a year$4.8M

Fortrea Holdings funds itself: free cash flow was $169M over the last twelve months, and $221M of cash and investments stands against $1.1B of debt ($4.8M due within a year, 46.0× covered by cash).

Fortrea Holdings: debt maturities by year (FY2025)Fortrea Holdings: debt maturities by year (FY2025)$4.8MYear 1$25.0MYear 2$388MYear 3$649MYear 5
Principal due in each year as disclosed in the annual report, against $221M of cash and investments now.

Where the cash came from and went

Fortrea Holdings: sources (+) and uses (−) of cash, Q3 2026Fortrea Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$60.8MCash drawn (+) / kept (−)−$52.0MCapital spending−$8.3MExchange rates−$500K
Fortrea Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Fortrea Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$202MCash drawn (+) / kept (−)−$89.3MOther financing−$75.7MCapital spending−$32.8MExchange rates−$6.0MAsset & business sales$2.0M

From profit to cash

Fortrea Holdings: net income to operating cash flow, Q3 2026Fortrea Holdings: net income to operating cash flow, Q3 2026Net income$600KDepreciation & amortization$20.0MStock-based pay$12.0MDeferred taxes$100KOther non-cash$300KPayables−$900KAccrued liabilities−$8.7MDeferred revenue$22.3MPrepaid and other assets$2.8MOperating cash flow$60.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$60.8M−$8.3M—−$52.0M$52.5M
Q2 2026$28.9M−$9.0M—−$21.1M$19.9M
Q1 2026−$17.0M−$8.0M—$27.1M−$25.0M
Q4 2025$129M−$7.5M−$75.7M−$43.3M$122M
Q3 2025$86.8M−$7.3M−$50.0M−$50.1M$79.5M
Q2 2025$21.8M−$7.5M−$39.0M$20.4M$14.3M
Q1 2025−$124M−$2.9M$89.0M$16.9M−$127M
Q4 2024$17.1M$3.2M—−$13.2M$20.3M

Fortrea Holdings: income statement and cash flow

Fortrea Holdings, Q3 2026: revenue $692M (-1% year over year), operating margin 2.2%. The chart follows the revenue to costs, profit and cash.

Fortrea Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.