Fluor Corp (FLR)

Fluor (FLR) shares decline after earnings miss and lower guidance rangeMay 8, 2026 9:48 AM
IH Market News Fluor Corporation (NYSE:FLR) shares dropped 5.05% in premarket trading on Friday after the engineering and construction company reported weaker-than-expected first-quarter results and tightened its full-year outlook. Earnings and revenue fall below expectations The company posted adjusted earnings per share of $0.14 for the quarter, significantly below analyst forecasts of $0.61 per share.Quarterly revenue came in at $3.6 billion, missing Wall Street estimates of $3.9 billion and declining 8% from $4.0 billion recorded in the same period last year.Fluor said results were impacted by rising project costs and delays tied to geopolitical conditions. Company tightens full-year EBITDA outlook Fluor revised its full-year adjusted EBITDA guidance to a range between $525 million and $560 million.The updated outlook compares with the company’s previous forecast range of $525 million to $585 million. The midpoint of the revised guidance, $542.5 million, is below the prior midpoint of $555 million.Management said the adjustment reflected higher costs associated with a mining project in the Americas as well as a temporary slowdown affecting another project linked to geopolitical tensions in the Middle East. Operating cash flow improves sharply Despite the weaker adjusted earnings performance, Fluor reported GAAP net earnings attributable to the company of $160 million, or $1.08 per share.That compares with a loss of $241 million reported during the prior-year period.Operating cash flow reached $110 million during the quarter, representing the company’s strongest first-quarter cash generation performance in nine years. In the same period last year, operating cash flow was negative $286 million.“I am encouraged by the significant number of new awards we secured in recent months across diverse markets, including gas-fueled and nuclear power, refining, data centers, mining, and uranium enrichment,” said Jim Breuer, Chief Executive Officer. Backlog remains strong despite lower awards New contract awards totalled $2.7 billion during the quarter, down 54% from a year earlier.However, Fluor noted that 98% of the new awards were structured as reimbursable contracts.The company ended the quarter with backlog valued at $25.7 billion, of which 82% consisted of reimbursable work. Share repurchases and NuScale sale support liquidity During the quarter, Fluor completed $516 million in share repurchases and said it remains on track to target $1.4 billion in buybacks during 2026.The company also confirmed it completed the sale of its investment in NuScale in April 2026.According to Fluor, the transaction has generated total proceeds of $2.4 billion since September 2025.Fluor Corp stock price Original: Fluor (FLR) shares decline after earnings miss and lower guidance range

Fluor Reports First Quarter 2026 ResultsMay 8, 2026 5:50 AM
Business Wire Completed sale of NuScale investment in April 2026, generating $2.4 billion in proceeds since September 2025 Completed $124 million divestiture of fabrication yard in China Q1 operating cash flow of $110 million, strongest Q1 performance in nine years Share repurchases of $516 million during the period; targeting $1.4 billion for 2026 Fluor Corporation (NYSE: FLR) announced financial results for its first quarter ended March 31, 2026. “I am encouraged by the significant number of new awards we secured in recent months across diverse markets, including gas-fueled and nuclear power, refining, data centers, mining, and uranium enrichment. Our pipeline of work is expanding, and we see compelling opportunities across each of our core markets,” said Jim Breuer, Fluor’s Chief Executive Officer. “The strong growth potential of our business is not impacted by the project charge in the quarter. With a disciplined project delivery model and strong liquidity, we are positioned to convert our growing pipeline, expand margins, and deliver sustained profitable growth.” Q1 2026 Highlights: Revenue of $3.6 billion, down 8% y/y GAAP net earnings attributable to Fluor of $160 million Adjusted EBITDA [1] of $60 million EPS of $1.08; adjusted EPS [1] of $0.14 Consolidated segment profit [1] of $8 million Cash and marketable securities at quarter end were $3.2 billion G&A expenses of $61 million, primarily driven by the impact of stock-based compensation Operating Cash Flow: $110 million vs ($286) million y/y, reflects dividends from JV projects; full year guidance of $300 million maintained New Awards: New awards totaled $2.7 billion, down 54% y/y; 98% reimbursable Backlog: $25.7 billion at 82% reimbursable, slightly up from backlog at December 31, 2025; legacy project backlog now down to $169 million [1] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information. Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information. The company is narrowing its adjusted EBITDA guidance for 2026 from $525 - $585 million to $525 - $560 million. This revision to the upper end of our guidance reflects Q1 recognition of cost growth on a mining project in the Americas, and a temporary slowdown on another project due to Middle East geopolitical concerns. The rest of the overall business continues to deliver at or above expectations. Adjusted EBITDA guidance excludes items similar to those outlined in the reconciliation table at the end of this release. Business Segments Urban Solutions reported a segment profit of $6 million for the first quarter, compared to a profit of $70 million in the same period last year. These results reflect a $37 million impact due to increased costs on a mining project in the Americas. First quarter revenue rose to $2.4 billion from $2.2 billion a year ago. New awards for the quarter were $2.1 billion compared to $5.3 billion a year ago, when we recognized a large pharmaceutical award. Quarterly awards included an aluminum project in the Middle East, incremental work for a pharmaceutical facility and an infrastructure expansion on a mine in Chile. Ending backlog was $19 billion, slightly lower than $20.2 billion a year ago. Energy Solutions delivered segment profit of $74 million in the first quarter, up from $47 million a year ago, primarily driven by recognition of favorable close out items on three projects. Revenue for the quarter declined to $703 million, compared to $1.2 billion in the prior year, reflecting reduced execution activity on several projects nearing completion. New awards in the quarter totaled $213 million, compared to $315 million for the first quarter of 2025. Ending backlog was $4.3 billion versus $6.2 billion a year ago, due to progress on several large projects, including at our JV in Mexico. Mission Solutions reported a segment loss of $71 million in the first quarter versus a $5 million profit in the prior year period. Results were affected by $96 million triggered by the outcome of a court ruling on a lawsuit filed in 2013. Revenue decreased to $523 million from $597 million a year ago. New awards for the quarter totaled $332 million, including a significant FEED award for the Centrus uranium enrichment plant expansion. This compares to $164 million in awards during the first quarter of 2025. Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, May 8, which will be webcast live and can be accessed by logging onto investor.fluor.com. The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core operations excluding equity method earnings and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discontinued operations but that continue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company’s ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss) adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements, including statements relating to strategic and operation plans, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company’s business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients’ vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; the impact of government shutdowns and spending cuts, in particular with respect to our contracts with the U.S. government; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections. Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 17, 2026. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (LOSS)       THREE MONTHS ENDED MARCH 31, (in millions)   2026   2025 Revenue             Urban Solutions   $ 2,437       $ 2,157     Energy Solutions     703         1,206     Mission Solutions     523         597     Other     —         22     Total revenue   $ 3,663       $ 3,982                   Segment profit (loss) $ and margin %             Urban Solutions   $ 6   0.2 %   $ 70   3.2 % Energy Solutions     74   10.5 %     47   3.9 % Mission Solutions     (71 ) (13.6 )%     5   0.8 % Other     (1 ) NM       9   40.9 % Total segment profit (loss) $ and margin %   $ 8   0.2 %   $ 131   3.3 %               G&A     (61 )       (36 )   Gain on sale of CFHI     124         —     Foreign currency gain (loss)     16         (13 )   Interest income, net     15         17     Earnings attributable to NCI     5         9     Earnings before taxes     107         108     Income tax benefit (expense)     7         53     Net earnings before equity method earnings     114         161     Equity method earnings (loss)     51         (393 )   Net earnings (loss)     165         (232 )   Less: Net earnings attributable to NCI     5         9     Net earnings (loss) attributable to Fluor   $ 160       $ (241 )                 New awards             Urban Solutions   $ 2,144       $ 5,330     Energy Solutions     213         315     Mission Solutions     332         164     Other     —         2     Total new awards   $ 2,689       $ 5,811                   New awards related to projects located outside of the U.S.     55 %       10 %                 (in millions)   March 31,
2026       March 31,
2025     Backlog             Urban Solutions   $ 19,007       $ 20,150     Energy Solutions     4,261         6,161     Mission Solutions     2,463         2,397     Other     —         10     Total backlog   $ 25,731       $ 28,718                   Backlog related to projects located outside of the U.S.     43 %       42 %   Backlog related to reimbursable projects     82 %       79 %   SUMMARY OF CASH FLOW INFORMATION       Three Months Ended March 31, (in millions)     2026       2025   OPERATING CASH FLOW   $ 110     $ (286 )           INVESTING CASH FLOW         Proceeds from the sale of NuScale shares     1,359       —   Proceeds from sales and maturities (purchases) of marketable securities     8       54   Capital expenditures     (11 )     (11 ) Proceeds from sales of assets (including the sale of CFHI in 2026)     124       62   Investments in partnerships and joint ventures     (49 )     (69 ) Other     3       —   Investing cash flow     1,434       36             FINANCING CASH FLOW         Repurchase of common stock     (516 )     (142 ) Purchase and retirement of debt     —       (18 ) Capital contributions by NCI (net of distributions)     41       —   Other     (3 )     (3 ) Financing cash flow     (478 )     (163 )           Effect of exchange rate changes on cash     (14 )     17   Increase (decrease) in cash and cash equivalents     1,052       (396 ) Cash and cash equivalents at beginning of period     2,135       2,829   Cash and cash equivalents at end of period   $ 3,187     $ 2,433             Cash paid during the period for:         Interest   $ 16     $ 19   Income taxes (net of refunds)     38       30   RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (1)       THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts)     2026       2025   Net earnings (loss) attributable to Fluor   $ 160     $ (241 ) Exclude: Stork businesses (now divested)     1       (10 ) Net earnings (loss) from core operations (1)     161       (251 ) Adjustments: (2)         Equity method (earnings) loss   $ (51 )   $ 393   Gain on sale of CFHI     (124 )     —   Impact of litigation on completed projects (3)     96       28   Impact of bad debt reserve taken for a long-completed project     —       22   Embedded foreign currency derivative (gain)/loss     (1 )     1   Foreign currency (gain)/loss     (14 )     13   Tax (benefit) expense on above items     (46 )     (81 ) Adjusted Net Earnings   $ 21     $ 125             Diluted EPS   $ 1.08     $ (1.42 ) Adjusted EPS   $ 0.14     $ 0.73   (1)  Core operations excludes the results of our now-divested Stork businesses.  (2)  We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3)  Reflects impacts from a Q1 2026 ruling on the LOGCAP materials management qui tam matter and a Q1 2025 ruling that reduced working capital to estimated net recoverable value related to a long-standing claim on a project completed in 2019. RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA       THREE MONTHS ENDED MARCH 31, (in millions)     2026       2025             Net earnings (loss) attributable to Fluor   $ 160     $ (241 ) Interest income, net     (15 )     (17 ) Tax (benefit) expense     (7 )     (53 ) Equity method (earnings) loss     (51 )     393   Depreciation & amortization     16       18   EBITDA   $ 103     $ 100             Adjustments: (1)         Stork businesses (now divested)   $ 1     $ (9 ) Gain on sale of CFHI     (124 )     —   Impact of litigation on completed projects (2)     96       28   Impact of bad debt reserve taken for a long-completed project     —       22   Embedded foreign currency derivative (gain)/loss     (1 )     1   Foreign currency (gain)/loss     (14 )     13   Adjusted EBITDA   $ 61     $ 155   (1)  We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (2)  Reflects impacts from a Q1 2026 ruling on the LOGCAP materials management qui tam matter and a Q1 2025 ruling that reduced working capital to estimated net recoverable value related to a long-standing claim on a project completed in 2019.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260508381076/en/ Brett Turner
Media Relations
864.281.6976 tel Jason Landkamer
Investor Relations
469.398.7222 tel Original: Fluor Reports First Quarter 2026 Results

Fluor Awarded Feasibility Study Services for Anglo American’s Woodsmith Mining Project in the UKMay 7, 2026 3:17 PM
Business Wire Fluor Corporation (NYSE: FLR) announced today that it has been selected to perform feasibility study services for Anglo American’s Woodsmith mining project in North Yorkshire, England. Fluor will recognize the undisclosed contract value in the second quarter of 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507991035/en/An aerial view of Anglo American’s Woodsmith mine site in North Yorkshire, England. Woodsmith is a large-scale underground mine that has access to the largest known polyhalite fertilizer deposit in the world. The mine will extract the low-carbon fertilizer via deep shafts and a 37 kilometer (23 mile) underground conveyor tunnel to Anglo American’s materials handling facility in Teesside for processing. “The Woodsmith project has the potential to create a long-term, stable and sustainable naturally occurring source of critical fertilizers for global markets,” said Harish Jammula, President of Fluor’s Mining & Metals business. “This award reflects our team’s deep technical expertise and our commitment to executing complex projects safely, responsibly and with excellence. We look forward to partnering closely with Anglo American as it advances towards completion of the Woodsmith Project.” Construction for tunnelling and shaft sinking is currently underway. When fully operational, the mine is expected to produce 13 million tonnes per year of polyhalite fertilizer. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. #m&m View source version on businesswire.com: https://www.businesswire.com/news/home/20260507991035/en/ Fluor Corporation
6700 Las Colinas Blvd
Irving, Texas 75039
469.398.7000 Brett Turner
Media Relations
864.281.6976 Jason Landkamer
Investor Relations
469.398.7222 Original: Fluor Awarded Feasibility Study Services for Anglo American’s Woodsmith Mining Project in the UK

Fluor Signs Contract With X-Energy for Advanced Nuclear Project in TexasApril 6, 2026 4:01 PM
Business Wire
Fluor Corporation (NYSE: FLR) announced today that it has entered into a contract with X-energy to support the company’s proposed advanced nuclear project at Dow’s UCC Seadrift Operations in south Texas. Under the agreement, Fluor will initially deliver Front-End Loading Stage 2 (FEL-2) services. FEL-2 focuses on project definition, strategic planning, feasibility assessment, cost control and risk mitigation. Fluor will recognize the undisclosed contract value for this initial portion of work in the first quarter of 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260406314695/en/Leaders from Fluor, X-energy, and Dow gathered at Fluor’s offices in Houston to kick off the FEL-2 phase of X-energy’s advanced nuclear project in Seadrift, Texas.
The X-energy project proposes to develop four, 80-megawatt small modular reactor (SMR) units to supply Dow’s Seadrift site with safe, reliable, carbon-free electricity and industrial steam, replacing aging energy and steam infrastructure. The project is supported by the U.S. Department of Energy’s (DOE) Advanced Reactor Demonstration Program (ARDP), which accelerates the commercialization of advanced nuclear technologies through cost-shared partnerships with industry. A construction permit application was submitted in March 2025 and is currently being reviewed by the U.S. Nuclear Regulatory Commission.


“X-energy’s technology offers a powerful pathway for small modular reactors to deliver safe, reliable and fit-for-purpose baseload power in an industrial setting,” said Pierre Bechelany, Fluor’s Business Group President of Energy Solutions. “With eight decades of nuclear experience, Fluor brings the proven expertise and disciplined execution required to help advance this landmark project.”


X-energy was selected by the DOE in 2020 to develop, license and build its XE-100 advanced SMR and a first TRISO-X fuel fabrication facility. Since then, the company has completed engineering and preliminary reactor design, advanced development and licensing of its fuel facility in Oak Ridge, Tennessee. The Seadrift project is expected to become the first grid-scale advanced nuclear reactor deployed to serve an industrial facility in North America.


Dow’s UCC Seadrift Operations span 4,700 acres and produce more than 4 billion pounds of materials annually for applications including food packaging, footwear, wire and cable insulation, solar cell components, and medical and pharmaceutical packaging.


About Fluor Corporation


Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.


#EnergySolutions

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406314695/en/
Brett Turner

Media Relations

864.281.6976


Jason Landkamer

Investor Relations

469.398.7222


Original: Fluor Signs Contract With X-Energy for Advanced Nuclear Project in Texas

Fluor Expands European Footprint with Office in Bucharest to Advance Next-Generation Nuclear Energy ProjectsMarch 12, 2026 11:50 AM
Business Wire
Fluor Corporation (NYSE: FLR) celebrated the opening of its newest European office in Bucharest, Romania, yesterday. United States and Romanian government officials, industry leaders, and project partners joined Fluor executives and employees at the new office, located at the Avantgarde Office Building, to commemorate the event.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260312250163/en/(l-r) Alejandro Escalona, Fluor Senior VP, Energy Solutions Group Lead Business Development and Strategy; Pedro Garcia, VP, Director of Fluor’s SMR Doicesti project; David Marventano, Fluor Senior VP of Government Relations; Darryl Nirenberg, U.S. Ambassador to Romania; Bogdan Ivan, Energy Minister of Romania; Cosmin Ghita, CEO of Nuclearelectrica; Menko Ubbens, Senior VP, Director of Fluor’s Cernavoda project. Fluor’s office opening was the Ambassador's first public event in Romania.
The new office will serve as a hub to enhance the company’s capacity to deliver advanced nuclear energy projects across the region.


“Opening an office in Bucharest reinforces Fluor’s long-term commitment to supporting Romania as it expands access to clean, reliable nuclear power,” said Pierre Bechelany, Fluor’s Business Group President of Energy Solutions. “Romania has operated nuclear power plants for four decades and our work to support the expansion of nuclear baseload power will help Romania achieve its future clean energy, economic and manufacturing goals.”


“The United States is committed to supporting Romania’s efforts to further develop safe, secure and sustainable nuclear power,” said Darryl Nirenberg, United States Ambassador to Romania. “Fluor is bringing American world-class innovation and excellence to Romania to help achieve President Trump’s goal of energy security and abundance.”


Fluor holds a significant role in Romania’s nuclear energy development, providing engineering, design, licensing and project management services for two major initiatives: the advanced small modular reactor (SMR) project in Doice?ti and the expansion of the existing Cernavoda nuclear power plant.


“Bucharest offers strategic advantages for Fluor’s continued growth in the region,” said Bechelany. “Its proximity to two major nuclear projects, an experienced nuclear regulator, combined with access to a highly skilled workforce and strong academic institutions, positions us to expand our project execution capabilities and support Romania’s long-term energy goals.”


About Fluor Corporation


Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.


#EnergySolutions

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312250163/en/
Brett Turner

Media Relations

864.281.6976


Jason Landkamer

Investor Relations

469.398.7222


Original: Fluor Expands European Footprint with Office in Bucharest to Advance Next-Generation Nuclear Energy Projects

Fluor Announces Retirement of Executive Chairman, David E. Constable, and Appointment of James T. (Jim) Hackett as Chairman of the BoardMarch 9, 2026 6:50 AM
Business Wire
Fluor Corporation (NYSE: FLR) today announced that David E. Constable, Executive Chairman, will step down from the Board of Directors following the Annual Shareholders Meeting on May 6, 2026. James T. (Jim) Hackett, the company’s Lead Independent Director, will assume the role of Chairman of the Board on May 5, 2026.


Constable’s connection to Fluor spans 44 years. He began his career with the company in 1982, advancing through a series of global leadership roles that shaped Fluor’s operational and commercial capabilities. After joining the Fluor Board in 2019, he chaired the Commercial Strategies and Operational Risk Committee, later becoming Chief Executive Officer (CEO) in 2021 and Chairman of the Board in 2022. He stepped down as CEO and transitioned into the role of Executive Chairman in 2025. His tenure is credited with reinforcing the financial foundation of the company and restoring confidence among clients, employees, partners and shareholders.


Constable also brought external executive experience to the Board. He served as CEO and Executive Director of Sasol from 2011 to 2016 and has held board positions with Anadarko and Rio Tinto, while continuing to serve as a board member at ABB, contributing a broad perspective on global industrial and energy markets.


“Serving Fluor’s employees, clients, and shareholders throughout my career has been one of my greatest honors,” Constable said. “With Fluor on a strong trajectory – financially, operationally, and strategically – the timing is right for my retirement. I am deeply grateful to the Board, leadership team, and my colleagues around the world for their support, and I look forward to watching Fluor continue to excel under Jim’s chairmanship.”


Hackett brings extensive governance experience and a deep knowledge of global markets. He has served as Director on Fluor’s Board since 2016, with former Board service from 2001 to 2015, and was appointed Lead Independent Director in 2025 as part of the Board’s commitment to strong independent oversight. His background includes senior leadership roles across the energy industry and prior service as Chairman of the Federal Reserve Bank of Dallas. He currently sits on the boards of Enterprise Products Holdings, LLC and SLB (formerly Schlumberger Limited).


“I am honored to take on the role of Chairman at this important time in Fluor’s evolution,” said Hackett. “David’s steady leadership has strengthened the company, rebuilt confidence among stakeholders, and positioned Fluor for long-term success. His discipline, integrity, and unwavering commitment to excellence leave a powerful legacy. I look forward to working closely with my fellow directors and the management team to build on that momentum and continue delivering value for the company’s clients, employees, and shareholders.”


About Fluor Corporation


Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309191761/en/
Brett Turner

Media Relations

864.281.6976 tel


Jason Landkamer

Investor Relations

469.398.7222 tel


Original: Fluor Announces Retirement of Executive Chairman, David E. Constable, and Appointment of James T. (Jim) Hackett as Chairman of the Board

Fluor Announces Appointment of Robert G. (Bob) Card to its Board of DirectorsMarch 9, 2026 6:51 AM
Business Wire
Fluor Corporation (NYSE: FLR) announced today that Robert G. (Bob) Card, former President and CEO of SNC-Lavalin and a seasoned global engineering and construction executive, has been elected to its Board of Directors effective March 4, 2026. Card will serve on the Board’s Audit Committee and Commercial Strategies and Operational Risk Committee.


Card’s appointment brings the total number of Fluor Board members to 12 of whom 10 are independent. With more than three decades of top-level management experience across public and private sectors, he contributes broad industry, operational and government expertise.


“Bob Card’s extensive leadership across the engineering, construction and project development landscape, combined with his significant public-sector experience, brings valuable insight to Fluor as we continue executing our strategy for long-term growth,” said David E. Constable, Executive Chairman of Fluor. “His track record guiding major global firms, along with his understanding of the markets and geographies central to our business, will be instrumental as we advance our pipeline of opportunities across the energy, infrastructure, advanced manufacturing, mining and life sciences sectors.”


Card previously served as President and CEO of SNC-Lavalin from 2012 to 2015 and held senior leadership roles at CH2M (formerly CH2M Hill), including President of its Energy, Water & Facilities Divisions. Earlier in his career, he served as Under Secretary of Energy at the U.S. Department of Energy from 2001 to 2004, overseeing major national programs in energy, science, environment, and nuclear waste management.


Beyond these roles, Card also brings substantial large-scale program and international experience. He led CH2M’s Transportation, Nuclear, Environmental, Government and International divisions; served as the deputy program manager for the successful $15 billion London 2012 Olympics; and managed the award-winning decommissioning of the Rocky Flats Nuclear Weapons Plant. He has been recognized with national honors, including the Energy Secretary’s Gold Award.


Card has served on multiple industry boards, including Westinghouse Electric, AECOM, Ardurra, AMEC Foster Wheeler and Longenecker & Associates, providing governance leadership across the engineering, construction, nuclear and energy sectors. His background provides Fluor’s Board with a seasoned perspective on industry dynamics, operational risk management and government-related initiatives.


About Fluor Corporation


Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309102505/en/
Brett Turner

Media Relations

864.281.6976 tel


Jason Landkamer

Investor Relations

469.398.7222 tel


Original: Fluor Announces Appointment of Robert G. (Bob) Card to its Board of Directors

Fluor drops almost 5% after Q4 earnings come in below forecastsFebruary 17, 2026 10:17 AM
IH Market News
Fluor Corporation (NYSE:FLR) posted fourth-quarter 2025 adjusted earnings that fell short of Wall Street expectations on Tuesday, even as it advanced plans to monetize its investment in NuScale Power and continued share buybacks.Shares declined 4.84% in pre-market trading following the announcement.The company reported adjusted earnings of $0.33 per share for the quarter, missing the analyst consensus of $0.35. Revenue totaled $4.2 billion, compared with $4.3 billion in the same period a year earlier. Segment profit dropped to $120 million from $206 million in the prior-year quarter.Performance was weighed down by $30 million in cost increases tied to legacy infrastructure projects, along with additional reserves related to a U.S. Department of Defense contract.“Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments,” said Jim Breuer, chief executive officer of Fluor. “Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders.”For full-year 2025, Fluor generated revenue of $15.5 billion and reported a GAAP net loss of $51 million, or -$0.31 per share. On an adjusted basis, earnings reached $2.19 per share. Annual results included the impact of a $643 million adverse ruling related to the Santos project.New awards for 2025 totaled $12.0 billion, with 87% structured as reimbursable contracts. The company ended the year with a backlog of $25.5 billion, of which 81% consists of reimbursable work.Looking ahead, Fluor introduced 2026 adjusted EBITDA guidance in the range of $525 million to $585 million.The company also disclosed that it received $1.35 billion in the first quarter of 2026 from NuScale share sales and expects to complete the full monetization of that investment by the end of the second quarter.“In 2025, we returned substantial capital while maintaining a strong liquidity position,” said John Regan, chief financial officer of Fluor. “With the continued monetization of our NuScale investment, we have enhanced financial flexibility to drive organic growth, M&A opportunities that advance our strategic objectives, and continued repurchases.”Fluor Corp stock price

Original: Fluor drops almost 5% after Q4 earnings come in below forecasts

Fluor Reports Fourth Quarter and Full Year 2025 ResultsFebruary 17, 2026 6:50 AM
Business Wire

Full year 2025 share repurchases of $754 million; $1.4 billion planned for 2026



Full year new awards of $12.0 billion; 87% reimbursable



Ending Backlog of $25.5 billion; 81% reimbursable



Received $1.35 billion in Q1 2026 for NuScale share sales



Fluor Corporation (NYSE: FLR) announced financial results for its year ended December 31, 2025.


“Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments,” said Jim Breuer, chief executive officer of Fluor. “Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders. We are confident that our diversified portfolio and strong capital position will support the delivery of our growth strategy.”



Full Year 2025 Highlights[1]:


Revenue of $15.5 billion



GAAP net loss attributable to Fluor of $51 million



Adjusted EBITDA[2] of $504 million



EPS of ($0.31); adjusted EPS[2] of $2.19



Consolidated segment loss[2] of $109 million



Cash and marketable securities at the end of the year of $2.2 billion



G&A expenses of $196 million, down 3% y/y






Operating Cash Flow: ($387) million vs $828 million y/y



Capital Allocation: $754 million expended in 2025 to repurchase 18 million shares; $37 million in debt retirements



NuScale: Received proceeds of $605 million in 2025 and an additional $1.35 billion in Q1 of 2026; Anticipate full monetization of investment by end of Q2 2026



New Awards: New awards totaled $12.0 billion, reflects delayed timing of Energy Solutions and Mission Solutions awards; 87% reimbursable



Backlog: $25.5 billion at 81% reimbursable; includes positive backlog adjustments of $941 million



[1] Results reflect $643 million adverse Santos ruling.

[2] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information.


“Our capital allocation strategy is directly aligned with Fluor’s growth priorities and our commitment to deliver shareholder value,” said John Regan, chief financial officer of Fluor. “In 2025, we returned substantial capital while maintaining a strong liquidity position. With the continued monetization of our NuScale investment, we have enhanced financial flexibility to drive organic growth, M&A opportunities that advance our strategic objectives, and continued repurchases.”


Fourth Quarter Results


Fourth quarter 2025 results include net loss attributable to Fluor of $1.6 billion, or ($9.87) per diluted share, compared to net earnings attributable to Fluor of $1.9 billion, or $10.57 per diluted share in the fourth quarter of 2024. Results for the quarter reflect a net $2 billion reduction in the valuation of our investment in NuScale.


Revenue for the quarter was $4.2 billion compared to $4.3 billion a year ago. Consolidated segment profit for the fourth quarter of 2025 totaled $120 million compared to $206 million a year ago. Results reflect $30 million in cost growth on projects in our legacy infrastructure portfolio, and additional recognition of reserves on a DOD project. G&A expenses in the fourth quarter were $65 million, similar to last year. New awards for the quarter were $1.1 billion compared to $2.3 billion in 2024.


Including the adjustments outlined in the reconciliation table at the end of this release, the company recognized adjusted EBITDA of $91 million and adjusted EPS of $0.33 for the fourth quarter of 2025.


Outlook


Consistent with prior practice, we are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information.


In consideration of the expected timing of new awards and the pace of execution on the existing backlog, we are establishing adjusted EBITDA guidance for 2026 of $525 million to $585 million.


Adjusted EBITDA guidance exclude items similar to those outlined in the reconciliation table at the end of this release.


Business Segments


Urban Solutions profit was $205 million in 2025 compared to $304 million in 2024. Full year revenue for the segment increased to $9.2 billion compared to $7.2 billion a year ago. Results for the year reflect cost growth on legacy projects of $108 million, partially offset by improved performance on other infrastructure projects. New awards for 2025 were $8.7 billion, compared to $9.5 billion in 2024. This marks the third year in a row of new awards in the $9 billion dollar range with an ending backlog of $18.7 billion, up from $17.7 billion a year ago.


Energy Solutions reported a loss of $414 million in 2025 compared to a profit of $256 million in 2024. Revenue for 2025 was $3.6 billion, down from $6.0 billion in the previous year. Revenue and segment results reflect the reversal of $643 million in previously recognized revenue associated with a judgment on the completed Santos project in Australia, as well as lower execution activity on Energy Solutions projects nearing completion. We accrued for the expected effects of the Santos judgment in Q3 and funded to the client in Q4. Full year new awards in 2025 totaled $1.4 billion, compared to $3.2 billion in 2024. Awards for the year were primarily related to higher margin engineering services work that will enable larger EPC awards in the next two years. Ending backlog was $4.6 billion compared to $7.6 billion a year ago.


Mission Solutions profit was $94 million in 2025 compared to $153 million a year ago. Full year’s revenue for the segment of $2.7 billion was comparable to last year. 2025 segment results reflect the impact of both the recognition of reserves on a DOD project plus the previously disclosed Q1 ruling which combined totaled $60 million. Full year new awards in 2025 were $1.8 billion, consistent with 2024. Ending backlog was $2.2 billion compared to $2.7 billion a year ago.


Conference Call


Fluor will host a conference call at 8:30 a.m. Eastern on Tuesday, February 17, 2026 which will be webcast live and can be accessed by logging onto investor.fluor.com. The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700.


A replay of the webcast will be available for 30 days.


Non-GAAP Financial Measures


This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings, adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings (loss) attributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspective on its business results as it is the aggregation of individual segment profit measures that the company utilizes to evaluate and manage its business performance. Adjusted net earnings is defined as net earnings (loss) from core operations excluding equity method earnings (loss) and the impacts of foreign exchange fluctuations, impairments and certain items that management believes are unrelated to actual normalized operational performance. Net earnings (loss) from core operations is net earnings (loss) attributable to Fluor excluding the results of our now-divested Stork and AMECO equipment businesses. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings (loss) from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company’s ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation from or a substitute for measures of financial performance prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures reported by other companies. Reconciliations of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconciliation of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconciliation, including the impact of foreign exchange fluctuations, which are uncertain and could have a material impact on GAAP reported results for the guidance period.


About Fluor Corporation


Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.


Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements, including statements relating to strategic and operation plans, plans related to our NuScale investment, future growth, new awards, backlog, earnings, capital allocation plans and the outlook for the company’s business.


Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients’ vulnerability to poor economic conditions, such as inflation, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obligations; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; cyber-security breaches; possible information technology interruptions; risks related to the use of artificial intelligence and similar technologies; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other foreign economic and political uncertainties in the countries in which we do business; the impact of government shutdowns and spending cuts, in particular with respect to our contracts with the U.S. government; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates in preparing our financial statements; GAAP earnings volatility due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertainties, restrictions and regulations impacting our government contracts; the potential impact of certain tax matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scrutiny with respect to sustainability practices; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; restrictive covenants contained in the agreements governing our debt; possible limitations on bonding or letter of credit capacity; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.


Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.




SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (LOSS)








 








 






Three Months Ended




December 31,






 






Year Ended




December 31,








(in millions)






2025






 






2024






 






2025






 






2024








Revenue






 






 






 






 






 






 






 






 






 






 






 








Urban Solutions






$






2,630






 






 






 






$






1,999






 






 






 






$






9,200






 






 






 






$






7,239






 






 








Energy Solutions






 






943






 






 






 






 






1,520






 






 






 






 






3,554






 






 






 






 






5,976






 






 








Mission Solutions






 






600






 






 






 






 






654






 






 






 






 






2,720






 






 






 






 






2,594






 






 








Other






 






2






 






 






 






 






87






 






 






 






 






29






 






 






 






 






506






 






 








Total revenue






$






4,175






 






 






 






$






4,260






 






 






 






$






15,503






 






 






 






$






16,315






 






 








 






 






 






 






 






 






 






 






 






 






 






 








Segment profit (loss) $ and margin %






 






 






 






 






 






 






 






 






 






 








Urban Solutions






$






44






 






1.7%






 






$






81






 






4.1%






 






$






205






 






2.2%






 






$






304






 






4.2%








Energy Solutions






 






56






 






5.9%






 






 






63






 






4.1%






 






 






(414






)






NM






 






 






256






 






4.3%








Mission Solutions






 






21






 






3.5%






 






 






45






 






6.9%






 






 






94






 






3.5%






 






 






153






 






5.9%








Other






 






(1






)






NM






 






 






17






 






NM






 






 






6






 






NM






 






 






(78






)






NM








Total segment profit (loss) $ and margin %






$






120






 






2.9%






 






$






206






 






4.8%






 






$






(109






)






(0.7)%






 






$






635






 






3.9%








 






 






 






 






 






 






 






 






 






 






 






 








G&A






 






(65






)






 






 






 






(55






)






 






 






 






(196






)






 






 






 






(203






)






 








Foreign currency gain (loss)






 






(15






)






 






 






 






34






 






 






 






 






(62






)






 






 






 






92






 






 








Interest income (expense), net






 






19






 






 






 






 






35






 






 






 






 






67






 






 






 






 






150






 






 








Earnings (loss) attributable to NCI






 






12






 






 






 






 






3






 






 






 






 






(11






)






 






 






 






(61






)






 








Earnings (loss) before taxes






 






71






 






 






 






 






223






 






 






 






 






(311






)






 






 






 






613






 






 








Income tax benefit (expense) (1)






 






575






 






 






 






 






(463






)






 






 






 






39






 






 






 






 






(634






)






 








Net earnings (loss) before equity method earnings (loss)






 






646






 






 






 






 






(240






)






 






 






 






(272






)






 






 






 






(21






)






 








Equity method earnings (loss)






 






(2,208






)






 






 






 






2,105






 






 






 






 






210






 






 






 






 






2,105






 






 








Net earnings (loss)






 






(1,562






)






 






 






 






1,865






 






 






 






 






(62






)






 






 






 






2,084






 






 








Less: Net earnings (loss) attributable to NCI






 






12






 






 






 






 






3






 






 






 






 






(11






)






 






 






 






(61






)






 








Net earnings (loss) attributable to Fluor






$






(1,574






)






 






 






$






1,862






 






 






 






$






(51






)






 






 






$






2,145






 






 








 






 






 






 






 






 






 






 






 






 






 






 








New awards






 






 






 






 






 






 






 






 






 






 






 








Urban Solutions






$






742






 






 






 






$






1,376






 






 






 






$






8,688






 






 






 






$






9,493






 






 








Energy Solutions






 






336






 






 






 






 






406






 






 






 






 






1,421






 






 






 






 






3,246






 






 








Mission Solutions






 






49






 






 






 






 






429






 






 






 






 






1,847






 






 






 






 






1,910






 






 








Other






 






—






 






 






 






 






97






 






 






 






 






—






 






 






 






 






474






 






 








Total new awards






$






1,127






 






 






 






$






2,308






 






 






 






$






11,956






 






 






 






$






15,123






 






 








 






 






 






 






 






 






 






 






 






 






 






 








New awards related to projects located outside of the U.S.






 






60%






 






 






 






47%






 






 






 






26%






 






 






 






38%






 








 








(1) Income tax benefits included $546 million and $92 million attributable to equity method earnings (loss) during the three and twelve months ended December 31, 2025, respectively, and an income tax expenses of $(376) million for the three and twelve months ended December 31, 2024.









 




(in millions)






December 31,

2025






 






 






December 31,

2024








Backlog






 






 






 






 








Urban Solutions






$






18,746






 






 






$






17,749








Energy Solutions






 






4,601






 






 






 






7,605








Mission Solutions






 






2,189






 






 






 






2,727








Other






 






—






 






 






 






403








Total backlog






$






25,536






 






 






$






28,484








 






 






 






 






 








Backlog related to projects located outside of the U.S.






 






40%






 






 






 






55%








Backlog related to reimbursable projects






 






81%






 






 






 






79%









SUMMARY OF CASH FLOW INFORMATION








 








 






 






Year Ended




December 31,








(in millions)






 






 






2025






 






 






 






2024






 








OPERATING CASH FLOW (1)






 






$






(387






)






 






$






828






 








 






 






 






 






 








INVESTING CASH FLOW






 






 






 






 








Proceeds from the sale of NuScale shares






 






 






605






 






 






 






—






 








Proceeds from sales and maturities (purchases) of marketable securities






 






 






75






 






 






 






(60






)








Capital expenditures






 






 






(50






)






 






 






(164






)








NuScale cash deconsolidated






 






 






—






 






 






 






(131






)








Proceeds from sales of assets (net of cash divested)






 






 






63






 






 






 






82






 








Investments in partnerships and joint ventures (2)






 






 






(278






)






 






 






(93






)








Return of capital from partnerships and joint ventures






 






 






22






 






 






 






34






 








Other






 






 






—






 






 






 






(1






)








Investing cash flow






 






 






437






 






 






 






(333






)








 






 






 






 






 








FINANCING CASH FLOW






 






 






 






 








Repurchase of common stock






 






 






(754






)






 






 






(125






)








Purchases and retirement of debt






 






 






(37






)






 






 






(57






)








Proceeds from NuScale share issuance (net of issuance fees)






 






 






—






 






 






 






80






 








Distributions paid to NCI






 






 






(64






)






 






 






(14






)








Capital contributions by NCI






 






 






65






 






 






 






—






 








Other






 






 






(7






)






 






 






—






 








Financing cash flow






 






 






(797






)






 






 






(116






)








 






 






 






 






 








Effect of exchange rate changes on cash






 






 






53






 






 






 






(69






)








Increase (decrease) in cash and cash equivalents






 






 






(694






)






 






 






310






 








Cash and cash equivalents at beginning of period






 






 






2,829






 






 






 






2,519






 








Cash and cash equivalents at end of period






 






$






2,135






 






 






$






2,829






 








 






 






 






 






 








Cash paid during the period for:






 






 






 






 








Interest






 






$






40






 






 






$






42






 








Income taxes (net of refunds)






 






 






213






 






 






 






13






 









(1)






Operating cash flow in 2025 included a payment of $642 million to Santos, net of insurance recoveries, for a judgment over their efforts to recover costs related to a reimbursable project completed by us in 2015







(2)

Includes $158 million for funding of consolidated project losses.









RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE








 






Three Months Ended




December 31,






 






Year Ended




December 31,








(In millions, except per share amounts)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net earnings (loss) attributable to Fluor






$






(1,574






)






 






$






1,862






 






 






$






(51






)






 






$






2,145






 








Exclude: Stork & AMECO businesses (now divested)






 






1






 






 






 






(19






)






 






 






(8






)






 






 






(4






)








Net earnings (loss) from core operations (1)






 






(1,573






)






 






 






1,843






 






 






 






(59






)






 






 






2,141






 








Adjustments: (2)






 






 






 






 






 






 






 








Equity method earnings (loss)






$






2,208






 






 






$






(2,105






)






 






$






(210






)






 






$






(2,105






)








Santos ruling






 






(10






)






 






 






—






 






 






 






643






 






 






 






—






 








NuScale expenses






 






—






 






 






 






—






 






 






 






—






 






 






 






95






 








Legacy environmental legal matters






 






17






 






 






 






—






 






 






 






17






 






 






 






—






 








Favorable judgment on a Mission Solutions weapons project






 






—






 






 






 






—






 






 






 






(15






)






 






 






—






 








Favorable negotiation on an Urban Solutions infrastructure project






 






—






 






 






 






—






 






 






 






(12






)






 






 






—






 








Impact of litigation on completed projects (3)






 






—






 






 






 






—






 






 






 






56






 






 






 






—






 








Impact of bad debt reserves taken for a long-completed project






 






—






 






 






 






—






 






 






 






22






 






 






 






—






 








Severance and other exit costs






 






15






 






 






 






—






 






 






 






37






 






 






 






—






 








Reserve for legacy legal claims






 






—






 






 






 






—






 






 






 






4






 






 






 






—






 








Embedded foreign currency derivative (gain)/loss






 






(3






)






 






 






1






 






 






 






(3






)






 






 






(46






)








Foreign currency (gain)/loss






 






15






 






 






 






(34






)






 






 






62






 






 






 






(92






)








Tax expense on above items






 






(616






)






 






 






379






 






 






 






(181






)






 






 






412






 








Adjusted Net Earnings






$






53






 






 






$






84






 






 






$






361






 






 






$






405






 








 






 






 






 






 






 






 






 








Diluted EPS






$






(9.87






)






 






$






10.57






 






 






$






(0.31






)






 






$






12.30






 








Adjusted EPS






$






0.33






 






 






$






0.48






 






 






$






2.19






 






 






$






2.32






 








 








(1) Core operations excludes the results of our now-divested Stork and AMECO businesses.








 








(2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations.








 








(3) Reflects the impact of an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico, as well as the impact of a Q1 ruling on a long-standing claim on a Mission Solutions project completed in 2019.









RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA








 






Three Months Ended December 31,






 






Year Ended




December 31,








(in millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 






 








Net earnings (loss) attributable to Fluor






$






(1,574






)






 






$






1,862






 






 






$






(51






)






 






$






2,145






 








Interest income, net






 






(19






)






 






 






(35






)






 






 






(67






)






 






 






(150






)








Tax (benefit) expense






 






(575






)






 






 






463






 






 






 






(39






)






 






 






634






 








Equity method earnings (loss)






 






2,208






 






 






 






(2,105






)






 






 






(210






)






 






 






(2,105






)








Depreciation & amortization






 






16






 






 






 






20






 






 






 






68






 






 






 






73






 








EBITDA






$






56






 






 






$






205






 






 






$






(299






)






 






$






597






 








 






 






 






 






 






 






 






 








Adjustments: (1)






 






 






 






 






 






 






 








Stork & AMECO businesses (now divested)






$






1






 






 






$






(18






)






 






$






(8






)






 






$






(24






)








Santos ruling






 






(10






)






 






 






—






 






 






 






643






 






 






 






—






 








NuScale expenses






 






—






 






 






 






—






 






 






 






—






 






 






 






95






 








Legacy environmental legal matters






 






17






 






 






 






—






 






 






 






17






 






 






 






—






 








Favorable judgment on a Mission Solutions weapons project






 






—






 






 






 






—






 






 






 






(15






)






 






 






—






 








Favorable negotiation on an Urban Solutions infrastructure project






 






—






 






 






 






—






 






 






 






(12






)






 






 






—






 








Impact of litigation on completed projects (2)






 






—






 






 






 






—






 






 






 






56






 






 






 






—






 








Impact of bad debt reserves taken for a long-completed project






 






—






 






 






 






—






 






 






 






22






 






 






 






—






 








Severance and other exit costs






 






15






 






 






 






—






 






 






 






37






 






 






 






—






 








Reserve for legacy legal claims






 






—






 






 






 






—






 






 






 






4






 






 






 






—






 








Embedded foreign currency derivative (gain)/loss






 






(3






)






 






 






1






 






 






 






(3






)






 






 






(46






)








G&A: Foreign currency (gain)/loss






 






15






 






 






 






(34






)






 






 






62






 






 






 






(92






)








Adjusted EBITDA






$






91






 






 






$






154






 






 






$






504






 






 






$






530






 








 








(1) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations.








 








(2) Reflects the impact of an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico, as well as the impact of a Q1 ruling on a long-standing claim on a Mission Solutions project completed in 2019.







#corp

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217133638/en/
Brett Turner

Media Relations

864.281.6976 tel


Jason Landkamer

Investor Relations

469.398.7222 tel


Original: Fluor Reports Fourth Quarter and Full Year 2025 Results