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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Pay versus Performance
The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the MDCC views the link between our performance and our NEOs’ pay. The MDCC did not consider the pay versus performance disclosure below in making its pay decisions. For a complete discussion of how the Company views its executive compensation structure, including alignment with Company performance and how pay was determined, see the Compensation Discussion and Analysis beginning on page 27.
In accordance with SEC rules, the following table sets forth information concerning compensation actually paid (“CAP”), Total Stockholder Return (“TSR”), Net Income, and Adjusted EBITDA. These disclosures and the calculation of CAP are required by the SEC’s rules. Neither CAP nor the amount reported in the Summary Compensation Table (“SCT”) reflect the amount of compensation actually paid, earned or received during the applicable year. Per SEC rules, CAP was calculated by adjusting SCT Total values for the applicable year as described in the footnotes to the following table.
 
                       
FISCAL
YEAR
(1)
 
SCT
TOTAL
FOR MR.
PIKE
(2)
 
SCT
TOTAL
FOR MR.
NEUPERT
(2)
 
SCT TOTAL
FOR MR.
THAKRAL
(2)
 
CAP TO MR.
PIKE
(3)
 
CAP TO
MR.
NEUPERT
(3)
 
CAP TO
MR.
THAKRAL
(3)
 
AVERAGE
SCT
TOTAL
FOR
NON-PEO

NEOS
(2)
 
AVERAGE
CAP TO
NON-PEO

NEOS
(3)
 
VALUE OF INITIAL
FIXED $100
INVESTMENT
BASED ON:
(4)
 
NET
INCOME
(LOSS) ($
MILLIONS)
(5)
 
ADJUSTED  
EBITDA ($  
MILLIONS)
(6)
  
 
COMPANY
TSR
 
PEER
GROUP
TSR
2025
    $ 7,984,877     $ 1,145,261     $ 11,584,483     $ 3,294,366     $ 2,896,506     $ 31,937,826     $ 1,648,831     $ 1,968,600     $ 50.72     $ 120.57     ($ 989 )     $ 190
2024
    $ 1,713,906       n/a       n/a     ($ 14,710,510 )       n/a       n/a     $ 1,339,389     ($ 481,635 )     $ 54.84     $ 106.91     ($ 329 )     $ 203
2023
    $ 26,320,395       n/a       n/a     $ 34,238,046       n/a       n/a     $ 3,154,484     $ 3,349,885     $ 102.62     $ 103.98     ($ 25 )     $ 246
 
(1)
Thomas Pike was our CEO from 2023 through May 13, 2025. Peter Neupert served as interim CEO from May 13, 2025 to August 4, 2025. Mr. Thakral was appointed our CEO on August 4, 2025. The other NEOs included for 2023, 2024, and 2025 are Jill McConnell and Mark Morais.
(2)
These amounts reflect (i) the total compensation reported in the SCT for the applicable year in the case of our CEO; and (ii) the average of the total compensation reported in the SCT for the applicable year for our Other NEOs. See the footnotes to the SCT for further detail regarding the amounts in this column.
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for our CEO and for the average of the Other NEOs is set forth in the following tables, which describe the adjustments, each of which is prescribed by the SEC rule to calculate the CAP amounts from SCT amounts.
 
                     
NEO
 
FISCAL
YEAR
   
SCT TOTAL
   
MINUS STOCK
AWARD
VALUE &
OPTION
AWARD VALUE
REPORTED IN
SCT FOR THE
COVERED
YEAR
   
PLUS YEAR
END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED
DURING THE
COVERED
YEAR THAT
REMAIN
OUTSTANDING
AND
UNVESTED AS
OF LAST DAY
OF THE
COVERED
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE AS
OF THE LAST
DAY OF THE
COVERED
YEAR OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
   
FAIR
VALUE AT
VESTING
OF OPTION
AWARDS
AND
STOCK
AWARDS
GRANTED
IN FISCAL
YEAR
THAT
VESTED
DURING
FISCAL
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE
AS OF THE
VESTING
DATE OF
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
THAT VESTED
DURING THE
COVERED
YEAR
   
MINUS FAIR
VALUE AT
THE END OF
THE PRIOR
YEAR OF
EQUITY
AWARDS
THAT
FAILED TO
MEET
VESTING
CONDITIONS
IN THE
COVERED
YEAR
   
PLUS VALUE OF
DIVIDENDS OR
OTHER
EARNINGS PAID
ON STOCK OR
OPTION
AWARDS NOT
OTHERWISE
REFLECTED IN
FAIR VALUE OR
TOTRAL
COMPENSATION
FOR THE
COVERED YEAR
   
CAP
 
Thakral
    2025     $ 11,584,483     ($ 10,479,169   $ 30,832,512                                   $ 31,937,826  
Neupert
    2025     $ 1,145,261     ($ 710,000   $ 2,562,246                 ($ 101,001               $ 2,896,506  
Pike
    2025     $ 7,984,877                       $ 628,204     ($ 5,318,715               $ 3,294,366  
Pike
    2024     $ 1,713,906     ($ 594,000         ($ 11,498,710         ($ 4,331,706               ($ 14,710,510
Pike
    2023     $ 26,320,395     ($ 24,128,640   $ 32,021,869                             $ 24,422     $ 34,238,046  
Average NEO
    2025     $ 1,648,831     ($ 833,558   $ 1,455,866     ($ 33,903   $ 83,224     ($ 351,860               $ 1,968,600  
Average NEO
    2024     $ 1,339,389     ($ 819,671   $ 247,672     ($ 1,028,236         ($ 220,789               ($ 481,635
Average NEO
    2023     $ 3,154,484     ($ 2,420,555   $ 2,670,583     ($ 52,524         ($ 9,173         $ 7,070     $ 3,349,885  
 
 
The fair value of options was determined by using the Black-Scholes option pricing method. The fair value of the PSUs was determined by using a Monte Carlo simulation pricing model and the probable outcome of the performance vesting conditions as of each measurement date and Company actual performance payouts for each completed performance period for the respective fiscal year. The fair value of the restricted stock was determined using the stock price on the appropriate measurement date.
 
(4)
The comparison assumes $100 was invested in the Company and in the S&P 1500 Healthcare Index, respectively, for the period starting July 1, 2023, the effective date of the registration of FTRE Common Stock, through the end of 2025. Historical stock performance is not necessarily indicative of future stock performance. All dollar values assume reinvestment of all dividends, where applicable.
 
(5)
“Net income” is equivalent to “Net earnings” as reported in the Company’s financial statements in its Annual Report on Form
10-K
for fiscal year ended December 31, 2025 filed with the SEC. Figures provided for 2023 net income have been restated to reflect amended and restated disclosures due to a restatement identified in connection with the preparation of our financial statements for the quarter ended March 31, 2024, which identified errors impacting previously reported financial information, including to periods prior to the Spin (the “restatement”).
 
(6)
SEC rules require us to designate a “company-selected measure” that in our assessment represents the most important financial performance measure (other than total stockholder return, stock price, or net income) used by the Company to link the CAP of our NEOs, for the most recently completed fiscal year, to our performance. We selected Adjusted EBITDA as this measure for 2025, as reflected in the table above. Adjusted EBITDA is a
non-GAAP
measure. See the reconciliation of Adjusted EBITDA on Appendix A attached to this proxy statement. We may determine a different financial performance measure to be the most important financial performance measure in future years. Figures provided for 2023 reflect amended and restated disclosures due to the restatement.
   
Company Selected Measure Name Adjusted EBITDA    
Named Executive Officers, Footnote These amounts reflect (i) the total compensation reported in the SCT for the applicable year in the case of our CEO; and (ii) the average of the total compensation reported in the SCT for the applicable year for our Other NEOs. See the footnotes to the SCT for further detail regarding the amounts in this column.    
Peer Group Issuers, Footnote The comparison assumes $100 was invested in the Company and in the S&P 1500 Healthcare Index, respectively, for the period starting July 1, 2023, the effective date of the registration of FTRE Common Stock, through the end of 2025. Historical stock performance is not necessarily indicative of future stock performance. All dollar values assume reinvestment of all dividends, where applicable.    
Adjustment To PEO Compensation, Footnote
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for our CEO and for the average of the Other NEOs is set forth in the following tables, which describe the adjustments, each of which is prescribed by the SEC rule to calculate the CAP amounts from SCT amounts.
 
                     
NEO
 
FISCAL
YEAR
   
SCT TOTAL
   
MINUS STOCK
AWARD
VALUE &
OPTION
AWARD VALUE
REPORTED IN
SCT FOR THE
COVERED
YEAR
   
PLUS YEAR
END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED
DURING THE
COVERED
YEAR THAT
REMAIN
OUTSTANDING
AND
UNVESTED AS
OF LAST DAY
OF THE
COVERED
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE AS
OF THE LAST
DAY OF THE
COVERED
YEAR OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
   
FAIR
VALUE AT
VESTING
OF OPTION
AWARDS
AND
STOCK
AWARDS
GRANTED
IN FISCAL
YEAR
THAT
VESTED
DURING
FISCAL
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE
AS OF THE
VESTING
DATE OF
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
THAT VESTED
DURING THE
COVERED
YEAR
   
MINUS FAIR
VALUE AT
THE END OF
THE PRIOR
YEAR OF
EQUITY
AWARDS
THAT
FAILED TO
MEET
VESTING
CONDITIONS
IN THE
COVERED
YEAR
   
PLUS VALUE OF
DIVIDENDS OR
OTHER
EARNINGS PAID
ON STOCK OR
OPTION
AWARDS NOT
OTHERWISE
REFLECTED IN
FAIR VALUE OR
TOTRAL
COMPENSATION
FOR THE
COVERED YEAR
   
CAP
 
Thakral
    2025     $ 11,584,483     ($ 10,479,169   $ 30,832,512                                   $ 31,937,826  
Neupert
    2025     $ 1,145,261     ($ 710,000   $ 2,562,246                 ($ 101,001               $ 2,896,506  
Pike
    2025     $ 7,984,877                       $ 628,204     ($ 5,318,715               $ 3,294,366  
Pike
    2024     $ 1,713,906     ($ 594,000         ($ 11,498,710         ($ 4,331,706               ($ 14,710,510
Pike
    2023     $ 26,320,395     ($ 24,128,640   $ 32,021,869                             $ 24,422     $ 34,238,046  
Average NEO
    2025     $ 1,648,831     ($ 833,558   $ 1,455,866     ($ 33,903   $ 83,224     ($ 351,860               $ 1,968,600  
Average NEO
    2024     $ 1,339,389     ($ 819,671   $ 247,672     ($ 1,028,236         ($ 220,789               ($ 481,635
Average NEO
    2023     $ 3,154,484     ($ 2,420,555   $ 2,670,583     ($ 52,524         ($ 9,173         $ 7,070     $ 3,349,885  
   
Non-PEO NEO Average Total Compensation Amount $ 1,648,831 $ 1,339,389 $ 3,154,484
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,968,600 (481,635) 3,349,885
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for our CEO and for the average of the Other NEOs is set forth in the following tables, which describe the adjustments, each of which is prescribed by the SEC rule to calculate the CAP amounts from SCT amounts.
 
                     
NEO
 
FISCAL
YEAR
   
SCT TOTAL
   
MINUS STOCK
AWARD
VALUE &
OPTION
AWARD VALUE
REPORTED IN
SCT FOR THE
COVERED
YEAR
   
PLUS YEAR
END FAIR
VALUE OF
EQUITY
AWARDS
GRANTED
DURING THE
COVERED
YEAR THAT
REMAIN
OUTSTANDING
AND
UNVESTED AS
OF LAST DAY
OF THE
COVERED
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE AS
OF THE LAST
DAY OF THE
COVERED
YEAR OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
   
FAIR
VALUE AT
VESTING
OF OPTION
AWARDS
AND
STOCK
AWARDS
GRANTED
IN FISCAL
YEAR
THAT
VESTED
DURING
FISCAL
YEAR
   
PLUS YEAR
OVER YEAR
CHANGE IN
FAIR VALUE
AS OF THE
VESTING
DATE OF
EQUITY
AWARDS
GRANTED IN
PRIOR YEARS
THAT VESTED
DURING THE
COVERED
YEAR
   
MINUS FAIR
VALUE AT
THE END OF
THE PRIOR
YEAR OF
EQUITY
AWARDS
THAT
FAILED TO
MEET
VESTING
CONDITIONS
IN THE
COVERED
YEAR
   
PLUS VALUE OF
DIVIDENDS OR
OTHER
EARNINGS PAID
ON STOCK OR
OPTION
AWARDS NOT
OTHERWISE
REFLECTED IN
FAIR VALUE OR
TOTRAL
COMPENSATION
FOR THE
COVERED YEAR
   
CAP
 
Thakral
    2025     $ 11,584,483     ($ 10,479,169   $ 30,832,512                                   $ 31,937,826  
Neupert
    2025     $ 1,145,261     ($ 710,000   $ 2,562,246                 ($ 101,001               $ 2,896,506  
Pike
    2025     $ 7,984,877                       $ 628,204     ($ 5,318,715               $ 3,294,366  
Pike
    2024     $ 1,713,906     ($ 594,000         ($ 11,498,710         ($ 4,331,706               ($ 14,710,510
Pike
    2023     $ 26,320,395     ($ 24,128,640   $ 32,021,869                             $ 24,422     $ 34,238,046  
Average NEO
    2025     $ 1,648,831     ($ 833,558   $ 1,455,866     ($ 33,903   $ 83,224     ($ 351,860               $ 1,968,600  
Average NEO
    2024     $ 1,339,389     ($ 819,671   $ 247,672     ($ 1,028,236         ($ 220,789               ($ 481,635
Average NEO
    2023     $ 3,154,484     ($ 2,420,555   $ 2,670,583     ($ 52,524         ($ 9,173         $ 7,070     $ 3,349,885  
   
Compensation Actually Paid vs. Total Shareholder Return
LOGO
   
Compensation Actually Paid vs. Net Income
LOGO
   
Compensation Actually Paid vs. Company Selected Measure
LOGO
   
Total Shareholder Return Vs Peer Group
LOGO
   
Tabular List, Table
Financial Performance Measures
For fiscal year 2025, the financial performance measures used in setting
pay-for-performance
compensation for the most recently completed fiscal year were Adjusted EBITDA and Net New Business in the Fortrea Bonus Plan, and Revenue, Adjusted EBITDA Margin, and a relative TSR modifier in the 2025 PSUs. The manner in which these measures, together with certain
non-financial
performance measures, determined the amounts of incentive compensation paid to our NEOs is described above in the CD&A section. These financial measures will continue to be utilized in 2026 to evaluate the company’s performance and establishing
pay-for-performance
alignment. We believe these measures provide a strong link between compensation actually paid to our NEOs and our performance. For fiscal year 2025, performance for the first of three performance tranches of the 2025 PSUs was below the minimum threshold for Adjusted EBITDA margin, and between threshold and target for Revenue. The relative TSR modifier will not impact the payout until the completion of the three-year performance period, when all performance criteria will be officially scored and vesting will occur of the PSUs.
For 2025, the following list represented the most important financial performance measures used by Fortrea to link Compensation Actually Paid with our financial performance:
 
 
Adjusted EBITDA
 
 
Net New Business
 
 
Revenue
 
 
Adjusted EBITDA Margin
 
 
Relative TSR
   
Total Shareholder Return Amount $ 50.72 54.84 102.62
Peer Group Total Shareholder Return Amount 120.57 106.91 103.98
Net Income (Loss) $ (989,000,000) $ (329,000,000) $ (25,000,000)
Company Selected Measure Amount 190,000,000 203,000,000 246,000,000
Measure:: 1      
Pay vs Performance Disclosure      
Name Adjusted EBITDA    
Non-GAAP Measure Description SEC rules require us to designate a “company-selected measure” that in our assessment represents the most important financial performance measure (other than total stockholder return, stock price, or net income) used by the Company to link the CAP of our NEOs, for the most recently completed fiscal year, to our performance. We selected Adjusted EBITDA as this measure for 2025, as reflected in the table above. Adjusted EBITDA is a
non-GAAP
measure. See the reconciliation of Adjusted EBITDA on Appendix A attached to this proxy statement. We may determine a different financial performance measure to be the most important financial performance measure in future years. Figures provided for 2023 reflect amended and restated disclosures due to the restatement.
   
Measure:: 2      
Pay vs Performance Disclosure      
Name Net New Business    
Measure:: 3      
Pay vs Performance Disclosure      
Name Revenue    
Measure:: 4      
Pay vs Performance Disclosure      
Name Adjusted EBITDA Margin    
Measure:: 5      
Pay vs Performance Disclosure      
Name Relative TSR    
Thomas Pike [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 7,984,877 $ 1,713,906 $ 26,320,395
PEO Actually Paid Compensation Amount $ 3,294,366 (14,710,510) 34,238,046
PEO Name Thomas Pike    
Peter Neupert [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 1,145,261    
PEO Actually Paid Compensation Amount $ 2,896,506    
PEO Name Peter Neupert    
Thakral [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 11,584,483    
PEO Actually Paid Compensation Amount $ 31,937,826    
PEO Name Mr. Thakral    
PEO | Thomas Pike [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     32,021,869
PEO | Thomas Pike [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   (11,498,710)  
PEO | Thomas Pike [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 628,204    
PEO | Thomas Pike [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (5,318,715) (4,331,706)  
PEO | Thomas Pike [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     24,422
PEO | Thomas Pike [Member] | Stock Award Value Option Award Value Reported In SCT [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   (594,000) (24,128,640)
PEO | Peter Neupert [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,562,246    
PEO | Peter Neupert [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (101,001)    
PEO | Peter Neupert [Member] | Stock Award Value Option Award Value Reported In SCT [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (710,000)    
PEO | Thakral [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 30,832,512    
PEO | Thakral [Member] | Stock Award Value Option Award Value Reported In SCT [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (10,479,169)    
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,455,866 247,672 2,670,583
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (33,903) (1,028,236) (52,524)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 83,224    
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (351,860) (220,789) (9,173)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     7,070
Non-PEO NEO | Stock Award Value Option Award Value Reported In SCT [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (833,558) $ (819,671) $ (2,420,555)