Fluor Reports Fourth Quarter and Full Year 2025 Results

Key Terms

adjusted EBITDA financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EPS financial

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

non-GAAP financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

equity method earnings financial

Equity method earnings are the portion of profit or loss an investor company records from another company it owns a significant stake in, typically enough to influence but not control that business. Think of it as claiming a slice of the investee’s pie each reporting period; it matters to investors because it affects the investing company’s reported profits and book value, and signals how much its investment contributes to overall financial performance.

segment profit financial

Segment profit is the portion of a company's earnings produced by a single business unit or division after subtracting the costs directly tied to that unit. It shows how much money that part of the company actually contributes, like checking which room in a house uses most of the electricity. Investors use it to identify strong or weak businesses inside a company, guide capital allocation, and make clearer comparisons between divisions.

operating cash flow financial

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

backlog financial

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

new awards financial

New awards are grants of compensation—commonly stock options, restricted shares, or cash bonuses—given to employees, executives, or directors as part of pay and incentive programs. They matter to investors because they can change future ownership stakes, motivate management behavior, and affect shareholder value (for example by increasing the number of shares outstanding, similar to cutting a larger slice of a pie), so they offer signals about company priorities and potential dilution.

• 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

IRVING, Texas--(BUSINESS WIRE)-- 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.

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Source: Fluor Corporation