Fluor posts record $10.9B in Q3 2026 new awards
Fluor's record quarterly awards and 21% backlog increase accompanied an affirmed 2026 adjusted EBITDA range of $500 million to $525 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Fluor Corporation (FLR) reported third-quarter 2026 revenue of $3.7 billion, up 10% year over year, and net earnings attributable to Fluor of $158 million, versus a $697 million loss a year earlier. Adjusted EPS was $0.77, up 13% from $0.68. Results included a $73 million pre-tax gain on the sale of its interest in ICA-Fluor. Adjusted EBITDA was $142 million, compared with $161 million.
New awards totaled $10.9 billion, the highest quarterly amount in company history, and backlog reached $34.3 billion, up 21% year over year; 69% of backlog was reimbursable. Energy Solutions revenue was $679 million versus $262 million, while Mission Solutions revenue was $714 million versus $761 million; that segment cited lower DOE and emergency-response volume. Fluor repurchased $300 million of shares in the quarter and $1.1 billion year to date, toward a previously announced 2026 target of $1.4 billion. The company affirmed 2026 adjusted EBITDA guidance of $500 million to $525 million.
4 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly revenue reached $3.7 billion, up 10% year over year.
- Moderate pointAdjusted EPS rose 13% year over year to $0.77.
- Moderate pointBacklog reached $34.3 billion, up 21% year over year.
- Moderate pointNew awards totaled $10.9 billion, a company quarterly record. 1.8× market cap
Negative
- Moderate pointAdjusted EBITDA was $142 million, versus $161 million in Q3 2025.
Filing Explained
Fluor defines its
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $3.7 billion
Net earnings attributable to Fluor: $158 million
Adjusted EPS: $0.77
+5 more
8 metrics
Revenue
$3.7 billion
Third quarter 2026; up 10% year over year
Net earnings attributable to Fluor
$158 million
Third quarter 2026; compared with a $697 million loss a year earlier
Adjusted EPS
$0.77
Third quarter 2026; up 13% year over year
Adjusted EBITDA
$142 million
Third quarter 2026; compared with $161 million a year earlier
New awards
$10.9 billion
Third quarter 2026; highest quarterly total in company history
Backlog
$34.3 billion
At September 30, 2026; up 21% year over year
Share repurchases
$300 million
Third quarter 2026
Adjusted EBITDA guidance
$500 million to $525 million
Affirmed for 2026
Key Terms
Adjusted EPS, Adjusted EBITDA, Backlog, book-to-burn
4 terms
Adjusted EPS financial
"Adjusted EPS is calculated as adjusted net earnings (loss) divided by weighted average diluted shares outstanding"
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.
Adjusted EBITDA financial
"net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA)"
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.
Backlog financial
"total dollar value of work to be performed on contracts awarded and in progress"
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.
book-to-burn financial
"book-to-burn 2.9x"
Earnings Snapshot
Revenue: $3.7 billion · Guidance included
Third quarter 2026 ended September 30, 2026
Revenue
$3.7 billion
Up 10% year over year
Net earnings attributable to Fluor
$158 million
Compared with a $697 million loss in the prior-year quarter
Adjusted EPS
$0.77
Up 13% year over year
Adjusted EBITDA
$142 million
Compared with $161 million in the prior-year quarter
Guidance
Affirmed 2026 adjusted EBITDA guidance of $500 million to $525 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were FLR's Q3 2026 revenue and earnings?
Fluor reported Q3 2026 revenue of $3.7 billion and net earnings attributable to Fluor of $158 million, compared with a $697 million loss a year earlier. Adjusted EPS was $0.77, up 13% year over year.
How much new work and backlog did FLR report?
New awards were $10.9 billion, the highest quarterly total in Fluor's history, and backlog was $34.3 billion, up 21% year over year, with 69% reimbursable. Awards included $7.5 billion for Phase 2 of LNG Canada.
What was FLR's operating cash flow in Q3 2026?
Fluor reported $186 million of operating cash flow for Q3 2026. Its cash flow table reports operating cash flow of $(21) million for the nine months ended September 30, 2026.
Which projects were included in FLR's third-quarter awards?
Fluor said awards included $7.5 billion for Phase 2 of LNG Canada, two copper mining projects in Chile, a six-month extension of the Savannah River DOE contract, and additional award scope on an EPC project.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code (469 ) 398-7000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On November 6, 2026, Fluor Corporation (the “Company”) announced its financial results for the quarter ended September 30, 2026. A copy of the press release (the “Earnings Release”) making this announcement is attached hereto as Exhibit 99.1.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that section. Furthermore, this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.
The Company includes backlog and new awards data in the Earnings Release. Backlog is a measure of the total dollar value of work to be performed on contracts awarded and in progress. Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. New awards measure the total dollar value of work to be performed on contracts awarded in the period. Backlog and new awards measures are regularly reported in the construction industry.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | Press Release issued by Fluor Corporation on November 6, 2026 announcing its financial results for the quarter ended September 30, 2026. | |||||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL, and included as Exhibit 101. | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 6, 2026
| FLUOR CORPORATION | ||||||||
| By: | /s/ John C. Regan | |||||||
| John C. Regan | ||||||||
| Chief Financial Officer | ||||||||
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| Fluor Corporation | Brett Turner | Exhibit 99.1 | ||||||
| 6700 Las Colinas Blvd | Media Relations | |||||||
| Irving, Texas 75039 | 864.281.6976 tel | |||||||
| 469.398.7000 main tel | Jason Landkamer | |||||||
| Investor Relations | ||||||||
| 469.398.7222 tel | ||||||||
| News Release | ||||||||||||||
FLUOR REPORTS THIRD QUARTER 2026 RESULTS
•Revenue of $3.7 billion up 10% year over year, EPS of $1.16 vs ($4.30) and adjusted EPS[1] of $0.77 up 13% year over year
•New awards of $10.9 billion; highest quarterly new awards in Fluor's history
•21% increase in backlog year-over-year to $34.3 billion, highest backlog this decade; 69% reimbursable
•Share repurchases of $300 million in the quarter and $1.1 billion year to date
•Company affirms guidance for 2026
IRVING, Texas (November 6, 2026) – Fluor Corporation (NYSE: FLR) announced financial results for its third quarter ended September 30, 2026.
“Our third quarter results reflect strong demand across our key markets and continued progress converting our prospect pipeline into high-quality awards,” said Jim Breuer, chief executive officer of Fluor. “New awards of $10.9 billion, including LNG Canada Phase 2 as well as two mining projects, was the highest quarterly total in Fluor’s history and grew backlog 21% to $34.3 billion, building a solid foundation for sustained growth. Our focus remains on continued growth, successful project delivery for our clients and strategic deployment of capital that creates long-term value for our shareholders.”
Q3 2026 Highlights:
All comparisons are made to the same period of the prior year unless otherwise stated.
Results
◦Revenue of $3.7 billion, up 10% from $3.4 billion
◦GAAP net earnings attributable to Fluor of $158 million, compared with a net loss of $697 million; includes a $73 million pre-tax gain on the sale of our interest in ICA-Fluor
◦Consolidated segment profit[1] of $248 million, compared with a loss of $439 million
◦G&A of $52 million driven by higher stock price and performance based compensation
◦EPS of $1.16, compared with a loss of $4.30
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◦Adjusted EPS[1] of $0.77, compared with $0.68
◦Adjusted EBITDA[1] of $142 million, compared with $161 million
◦GAAP EBITDA margin of 5.7%, compared with -13.9%
◦Adjusted EBITDA margin[1] of 3.8%, compared with 4.8% that included an 80 basis point lift from the Santos revenue reversal
Awards and backlog
◦New awards of $10.9 billion, compared with $3.3 billion; book-to-burn 2.9x
◦Backlog of $34.3 billion, up 21%, with 69% reimbursable, compared with 81% at prior year end
Cash and capital allocation
◦Cash and equivalents of $3.1 billion at quarter end
◦Q3 operating cash flow of $186 million
◦Q3 share repurchases of $300 million ($1.1 billion year to date, toward our previously announced 2026 target of $1.4 billion)
Business Segment Highlights
| ($ in millions) | Q3 2026 | Q3 2025 | Change | ||||||||
| Urban Solutions | |||||||||||
| Revenue | $2,327 | $2,343 | — | ||||||||
| Segment profit | $100 | $61 | 64% | ||||||||
| Segment profit margin | 4.3% | 2.6% | 170 bps | ||||||||
| New awards | $1,991 | $1,760 | 13% | ||||||||
| Backlog | $19,172 | $20,507 | (7%) | ||||||||
| Energy Solutions | |||||||||||
| Revenue | $679 | $262 | 159% | ||||||||
| Segment profit | $93 | $(533) | NM | ||||||||
| Segment profit margin | 13.7% | NM | NM | ||||||||
| New awards | $7,716 | $222 | NM | ||||||||
| Backlog | $10,679 | $5,121 | 109% | ||||||||
| Mission Solutions | |||||||||||
| Revenue | $714 | $761 | (6%) | ||||||||
| Segment profit | $55 | $34 | 62% | ||||||||
| Segment profit margin | 7.7% | 4.5% | 320 bps | ||||||||
| New awards | $1,165 | $1,271 | (8%) | ||||||||
| Backlog | $4,454 | $2,608 | 71% | ||||||||
| Total Fluor | |||||||||||
| Revenue | $3,720 | $3,368 | 10% | ||||||||
| Consolidated segment profit [1] | $248 | $(439) | NM | ||||||||
| Segment profit margin [1] | 6.7% | (13.0)% | NM | ||||||||
| New awards | $10,872 | $3,253 | 234% | ||||||||
| Backlog | $34,305 | $28,236 | 21% | ||||||||
[1] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information.
_____________________
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Urban Solutions
•Revenue: Quarterly revenue consistent year over year.
•Profit: Quarterly profit and margin increased due to improved project performance and profitability upon successful milestone achievement on an infrastructure project, a ramp of execution activities on a life sciences project, partially offset by cost growth on a large mining JV project.
•New awards: Awards included two copper mining projects in Chile.
Energy Solutions
•Revenue: Quarterly revenue increased year over year to $679 million compared to $262 million in Q3 2025. Prior year included a $653 million revenue reduction related to the ruling on the long-completed Santos project in Australia.
•Profit: Quarterly and year-to-date profit and margin improved, primarily reflecting a $73 million gain on the sale of ICA-Fluor, our former joint venture in Mexico.
•New awards: Awards included $7.5 billion for Phase 2 of LNG Canada.
Mission Solutions
•Revenue: Quarterly and year-to-date revenue declined on lower DOE and emergency-response volume.
•Profit: Quarterly profit and margin increased due to improved award fee performance and project contributions within our nuclear portfolio.
•New awards: Awards included a six-month extension of the Savannah River DOE contract and an additional award scope on an EPC project.
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 affirming its 2026 adjusted EBITDA guidance of $500 – $525 million. Adjusted EBITDA guidance excludes items similar to those outlined in the reconciliation table at the end of this release.
Conference Call
Fluor will host a conference call at 8:30 a.m. Eastern on Friday, November 6, which will be webcast live and can be accessed at investor.fluor.com. The call will also be accessible by telephone at 833-461-5787 (U.S./Canada) or +1 585-542-9983. The conference ID is 575358878.
A replay of the webcast will be available for 30 days.
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Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures under SEC rules that are described below.
•Consolidated segment profit (loss) is calculated as GAAP revenue less cost of revenue and earnings attributable to noncontrolling interests. In the three and nine months ended September 30, 2026, consolidated segment profit includes the gain on sale of our interest in ICA-Fluor.
•Consolidated segment margin is a ratio of consolidated segment profit (loss) to GAAP revenue.
•Adjusted net earnings (loss) is calculated 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 Stork business that has now been divested.
•Adjusted EPS is calculated as adjusted net earnings (loss) divided by weighted average diluted shares outstanding.
•Adjusted EBITDA is calculated as net earnings from operations before interest, income taxes, depreciation and amortization (EBITDA), further adjusted by the same items excluded from adjusted net earnings.
•Adjusted EBITDA margin is a ratio of adjusted EBITDA to GAAP revenue.
•Adjusted net revenue is calculated by reducing GAAP revenue to exclude at-cost revenue associated with reimbursable contracts for the following elements, where applicable:
◦amounts associated with unaffiliated subcontractor project costs that are billed to clients without meaningful markup;
◦amounts associated with costs of material that are billed to clients without meaningful markup; and
◦costs of customer-furnished materials that are procured by our clients and which do not give rise to meaningful markup to our billings to clients.
•Excluding the amounts of at-cost revenue from both GAAP revenue and from project cost yields an amount that we call adjusted net margin.
We believe that consolidated segment profit (loss) provides a meaningful perspective on our business results as it is the aggregation of individual segment profit measures that we use to evaluate and manage our business performance. We believe adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate our ongoing earnings on a normalized basis and make meaningful period-over-period comparisons. In addition, we also measure our performance by analyzing trends in adjusted net revenue and related margin. At-cost revenue is generally reflected in our project estimates at equivalent amounts within the revenue and cost elements. Therefore, we believe our adjusted net revenue represents the basis for which we earn fees for our professional services. Others in our industry may have similar terms that they use to similarly measure the earnings power of their services. Even though our involvement with at-cost revenue elements as a principal gives rise to their inclusion in our
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consolidated revenue, the absence of meaningful markup to them elevates the importance of this non-GAAP analysis.
We provide non-GAAP measures to supplement GAAP measures, as they provide additional insight into our financial results. 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 our non-GAAP measures 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 23,500 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 292 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 operational 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
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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.
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GAAP RECONCILIATION - CONSOLIDATED SEGMENT PROFIT
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Urban Solutions | $ | 2,327 | $ | 2,343 | $ | 7,668 | $ | 6,570 | |||||||||||||||||||||||||||
| Energy Solutions | 679 | 262 | 2,090 | 2,611 | |||||||||||||||||||||||||||||||
| Mission Solutions | 714 | 761 | 1,953 | 2,120 | |||||||||||||||||||||||||||||||
| Other | — | 2 | — | 26 | |||||||||||||||||||||||||||||||
| Total revenue | $ | 3,720 | $ | 3,368 | $ | 11,711 | $ | 11,327 | |||||||||||||||||||||||||||
| Segment profit (loss) $ and margin % | |||||||||||||||||||||||||||||||||||
| Urban Solutions | $ | 100 | 4.3% | $ | 61 | 2.6% | $ | 144 | 1.9% | $ | 160 | 2.4% | |||||||||||||||||||||||
| Energy Solutions | 93 | 13.7% | (533) | NM | 254 | 12.2% | (470) | (18.0)% | |||||||||||||||||||||||||||
| Mission Solutions | 55 | 7.7% | 34 | 4.5% | 29 | 1.5% | 73 | 3.4% | |||||||||||||||||||||||||||
| Other | — | NM | (1) | NM | (1) | NM | 7 | NM | |||||||||||||||||||||||||||
| Total segment profit (loss) $ and margin % | $ | 248 | 6.7% | $ | (439) | (13.0)% | $ | 426 | 3.6% | $ | (230) | (2.0)% | |||||||||||||||||||||||
| G&A | (52) | (43) | (155) | (131) | |||||||||||||||||||||||||||||||
| Gain on sale of our interest in CFHI | — | — | 124 | — | |||||||||||||||||||||||||||||||
| Foreign currency gain (loss) | 1 | (4) | 13 | (47) | |||||||||||||||||||||||||||||||
| Interest income, net | 18 | 13 | 54 | 48 | |||||||||||||||||||||||||||||||
| Earnings (loss) attributable to NCI | 28 | (10) | 43 | (23) | |||||||||||||||||||||||||||||||
| Earnings (loss) before taxes | 243 | (483) | 505 | (383) | |||||||||||||||||||||||||||||||
Income tax benefit (expense)(1) | (57) | 177 | (74) | (536) | |||||||||||||||||||||||||||||||
| Net earnings (loss) before equity method earnings (loss) | 186 | (306) | 431 | (919) | |||||||||||||||||||||||||||||||
| Equity method earnings (loss) | — | (401) | 44 | 2,418 | |||||||||||||||||||||||||||||||
| Net earnings (loss) | 186 | (707) | 475 | 1,499 | |||||||||||||||||||||||||||||||
| Less: Net earnings (loss) attributable to NCI | 28 | (10) | 43 | (23) | |||||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Fluor | $ | 158 | $ | (697) | $ | 432 | $ | 1,522 | |||||||||||||||||||||||||||
| New awards | |||||||||||||||||||||||||||||||||||
| Urban Solutions | $ | 1,991 | $ | 1,760 | $ | 7,307 | $ | 7,946 | |||||||||||||||||||||||||||
| Energy Solutions | 7,716 | 222 | 8,632 | 1,085 | |||||||||||||||||||||||||||||||
| Mission Solutions | 1,165 | 1,271 | 3,725 | 1,798 | |||||||||||||||||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||||||||||||||||
| Total new awards | $ | 10,872 | $ | 3,253 | $ | 19,664 | $ | 10,829 | |||||||||||||||||||||||||||
| New awards related to projects located outside of the U.S. | 85% | 30% | 66% | 22% | |||||||||||||||||||||||||||||||
(1) There was no tax benefit (expense) attributable to equity method earnings in the 2026 Quarter. The tax benefit (expense) attributable to equity method earnings was $18 million,$230 million and $(454) million in the 2026 Period, 2025 Quarter and 2025 Period, respectively.
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(in millions) | September 30, 2026 | September 30, 2025 | |||||||||||||||
Backlog | |||||||||||||||||
| Urban Solutions | $ | 19,172 | $ | 20,507 | |||||||||||||
| Energy Solutions | 10,679 | 5,121 | |||||||||||||||
| Mission Solutions | 4,454 | 2,608 | |||||||||||||||
| Other | — | — | |||||||||||||||
| Total backlog | $ | 34,305 | $ | 28,236 | |||||||||||||
| Backlog related to projects located outside of the U.S. | 56% | 41% | |||||||||||||||
| Backlog related to reimbursable projects | 69% | 82% | |||||||||||||||
SUMMARY OF CASH FLOW INFORMATION
| Nine Months Ended September 30, | ||||||||||||||
| (in millions) | 2026 | 2025 | ||||||||||||
OPERATING CASH FLOW (1) | $ | (21) | $ | (21) | ||||||||||
| INVESTING CASH FLOW | ||||||||||||||
| Proceeds from the sale of NuScale shares | 1,831 | 414 | ||||||||||||
| Proceeds from sales and maturities (purchases) of marketable securities | (339) | 80 | ||||||||||||
| Capital expenditures | (26) | (38) | ||||||||||||
| Proceeds from sales of assets (including the sale of our interest in ICA-Fluor and CFHI in 2026) | 299 | 63 | ||||||||||||
| Investments in partnerships and joint ventures | (101) | (203) | ||||||||||||
| Other | 12 | — | ||||||||||||
| Investing cash flow | 1,676 | 316 | ||||||||||||
| FINANCING CASH FLOW | ||||||||||||||
Repurchase of common stock | (1,116) | (365) | ||||||||||||
| Purchase and retirement of debt | (15) | (37) | ||||||||||||
| Capital contributions by NCI (net of distributions) | 42 | 22 | ||||||||||||
| Other | 11 | (8) | ||||||||||||
| Financing cash flow | (1,078) | (388) | ||||||||||||
| Effect of exchange rate changes on cash | (34) | 40 | ||||||||||||
| Increase (decrease) in cash and cash equivalents | 543 | (53) | ||||||||||||
| Cash and cash equivalents at beginning of period | 2,135 | 2,829 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 2,678 | $ | 2,776 | ||||||||||
| Cash paid during the period for: | ||||||||||||||
| Interest | $ | 33 | $ | 35 | ||||||||||
| Income taxes (net of refunds) | 440 | 124 | ||||||||||||
(1) Includes $357 million of income tax payments in the 2026 Period related to NuScale share sales.
8
| GAAP RECONCILIATION - ADJUSTED NET EARNINGS | |||||||||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
| (In millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net earnings (loss) attributable to Fluor | $ | 158 | $ | (697) | $ | 432 | $ | 1,522 | |||||||||||||||
| Exclude: Stork businesses (now divested) | — | 1 | 1 | (9) | |||||||||||||||||||
| Net earnings (loss) from core operations | 158 | (696) | 433 | 1,513 | |||||||||||||||||||
Adjustments: (1) | |||||||||||||||||||||||
| Equity method (earnings) loss | $ | — | $ | 401 | $ | (44) | $ | (2,418) | |||||||||||||||
| Santos ruling | — | 653 | — | 653 | |||||||||||||||||||
| Gain on sale of CFHI | — | — | (124) | — | |||||||||||||||||||
| Gain on sale of our interest in ICA-Fluor | (73) | (73) | |||||||||||||||||||||
| Favorable judgment on a Mission Solutions weapons project | — | (15) | — | (15) | |||||||||||||||||||
| Favorable negotiation on an Urban Solutions infrastructure project | — | (12) | — | (12) | |||||||||||||||||||
| Systems & business transformation cost | 1 | — | 4 | — | |||||||||||||||||||
| Impact of litigation on completed projects | 2 | — | 100 | 56 | |||||||||||||||||||
| Impact of bad debt reserve taken for a long-completed project | — | — | — | 22 | |||||||||||||||||||
| Severance and other exit costs | — | 12 | — | 21 | |||||||||||||||||||
| Reserve for legacy legal claims | — | — | — | 4 | |||||||||||||||||||
| Embedded foreign currency derivative (gain)/loss | — | (13) | (2) | — | |||||||||||||||||||
| Foreign currency (gain)/loss | (1) | 4 | (11) | 47 | |||||||||||||||||||
| Tax (benefit) expense on above items | 18 | (223) | (28) | 435 | |||||||||||||||||||
| Adjusted Net Earnings | $ | 105 | $ | 111 | $ | 255 | $ | 306 | |||||||||||||||
| Diluted EPS | $ | 1.16 | $ | (4.30) | $ | 3.04 | $ | 9.13 | |||||||||||||||
| Adjusted EPS | $ | 0.77 | $ | 0.68 | $ | 1.80 | $ | 1.84 | |||||||||||||||
| (1) We exclude earnings impacts from litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent ongoing normal operations. For the nine months ended September 30, 2026, the impact of litigation on completed projects reflected a ruling on the LOGCAP materials management qui tam matter. For the nine months ended September 30, 2025, the impact of litigation on completed projects reflected an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico and a ruling on a long-standing claim on a Mission Solutions project completed in 2019. | |||||||||||||||||||||||
9
| GAAP RECONCILIATION - ADJUSTED EBITDA | |||||||||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net earnings (loss) attributable to Fluor | $ | 158 | $ | (697) | $ | 432 | $ | 1,522 | |||||||||||||||
| Interest income, net | (18) | (13) | (54) | (48) | |||||||||||||||||||
| Tax expense | 57 | (177) | 74 | 536 | |||||||||||||||||||
| Equity method (earnings) loss | — | 401 | (44) | (2,418) | |||||||||||||||||||
| Depreciation & amortization | 16 | 17 | 48 | 52 | |||||||||||||||||||
| EBITDA | $ | 213 | $ | (469) | $ | 456 | $ | (356) | |||||||||||||||
Adjustments: (1) | |||||||||||||||||||||||
| Stork businesses (now divested) | $ | — | $ | 1 | $ | 1 | $ | (9) | |||||||||||||||
| Santos ruling | — | 653 | — | 653 | |||||||||||||||||||
| Gain on sale of CFHI | — | — | (124) | — | |||||||||||||||||||
| Gain on sale of our interest in ICA-Fluor | (73) | (73) | |||||||||||||||||||||
| Favorable judgment on a Mission Solutions weapons project | — | (15) | — | (15) | |||||||||||||||||||
| Favorable negotiation on an Urban Solutions infrastructure project | — | (12) | — | (12) | |||||||||||||||||||
| Systems & business transformation cost | 1 | — | 4 | — | |||||||||||||||||||
| Impact of litigation on completed projects | 2 | — | 100 | 56 | |||||||||||||||||||
| Impact of bad debt reserve taken for a long-completed project | — | — | — | 22 | |||||||||||||||||||
| Severance and other exit costs | — | 12 | — | 21 | |||||||||||||||||||
| Reserve for legacy legal claims | — | — | — | 4 | |||||||||||||||||||
| Embedded foreign currency derivative (gain)/loss | — | (13) | (2) | — | |||||||||||||||||||
| Foreign currency (gain)/loss | (1) | 4 | (11) | 47 | |||||||||||||||||||
| Adjusted EBITDA | $ | 142 | $ | 161 | $ | 351 | $ | 411 | |||||||||||||||
(1) We exclude earnings impacts from litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent ongoing normal operations. For the nine months ended September 30, 2026, the impact of litigation on completed projects reflected a ruling on the LOGCAP materials management qui tam matter. For the nine months ended September 30, 2025, the impact of litigation on completed projects reflected an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico and a ruling on a long-standing claim on a Mission Solutions project completed in 2019.
10
RECONCILIATIONS OF ADJUSTED NET REVENUE, ADJUSTED SEGMENT PROFIT AND ADJUSTED NET MARGIN
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Total | Urban Solutions | Energy Solutions | Mission Solutions | Other | Total | Urban Solutions | Energy Solutions | Mission Solutions | Other | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue, as reported | $ | 3,720 | $ | 2,327 | $ | 679 | $ | 714 | $ | — | $ | 3,368 | $ | 2,343 | $ | 262 | $ | 761 | $ | 2 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santos litigation | — | — | — | — | — | 653 | — | 653 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| At-cost revenue | (1,720) | (1,337) | (303) | (80) | — | (1,809) | (1,372) | (337) | (100) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted net revenue | $ | 2,000 | $ | 990 | $ | 376 | $ | 634 | $ | — | $ | 2,212 | $ | 971 | $ | 578 | $ | 661 | $ | 2 | |||||||||||||||||||||||||||||||||||||||
| Segment profit (loss), as reported | $ | 248 | $ | 100 | $ | 93 | $ | 55 | $ | — | $ | (439) | $ | 61 | $ | (533) | $ | 34 | $ | (1) | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santos litigation | — | — | — | — | — | 653 | — | 653 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of ICA-Fluor | (73) | — | (73) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| LOGCAP court ruling | 2 | — | — | 2 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted segment profit (loss) | $ | 177 | $ | 100 | $ | 20 | $ | 57 | $ | — | $ | 214 | $ | 61 | $ | 120 | $ | 34 | $ | (1) | |||||||||||||||||||||||||||||||||||||||
| Adjusted net margin | 8.9 | % | 10.1 | % | 5.3 | % | 9.0 | % | NM | 9.7 | % | 6.3 | % | 20.8 | % | 5.1 | % | NM | |||||||||||||||||||||||||||||||||||||||||
| At-cost revenue as a % of total revenue | 46 | % | 57 | % | 45 | % | 11 | % | 54 | % | 59 | % | 37 | % | 13 | % | |||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Total | Urban Solutions | Energy Solutions | Mission Solutions | Other | Total | Urban Solutions | Energy Solutions | Mission Solutions | Other | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue, as reported | $ | 11,711 | $ | 7,668 | $ | 2,090 | $ | 1,953 | $ | — | $ | 11,327 | $ | 6,570 | $ | 2,611 | $ | 2,120 | $ | 26 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santos litigation | — | — | — | — | — | 653 | — | 653 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| LOGCAP court ruling | 35 | — | — | 35 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| At-cost revenue | (5,966) | (4,784) | (939) | (243) | — | (5,424) | (3,783) | (1,331) | (310) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted net revenue | $ | 5,780 | $ | 2,884 | $ | 1,151 | $ | 1,745 | $ | — | $ | 6,556 | $ | 2,787 | $ | 1,933 | $ | 1,810 | $ | 26 | |||||||||||||||||||||||||||||||||||||||
| Segment profit (loss), as reported | $ | 426 | $ | 144 | $ | 254 | $ | 29 | $ | (1) | $ | (230) | $ | 160 | $ | (470) | $ | 73 | $ | 7 | |||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santos litigation | — | — | — | — | — | 653 | — | 653 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale on ICA-Fluor | (73) | — | (73) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| LOGCAP court ruling | 100 | — | — | 100 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted segment profit (loss) | $ | 453 | $ | 144 | $ | 181 | $ | 129 | $ | (1) | $ | 423 | $ | 160 | $ | 183 | $ | 73 | $ | 7 | |||||||||||||||||||||||||||||||||||||||
| Adjusted net margin | 7.8 | % | 5.0 | % | 15.7 | % | 7.4 | % | NM | 6.5 | % | 5.7 | % | 9.5 | % | 4.0 | % | NM | |||||||||||||||||||||||||||||||||||||||||
| At-cost revenue as a % of total revenue | 51 | % | 62 | % | 45 | % | 12 | % | 45 | % | 58 | % | 41 | % | 15 | % | |||||||||||||||||||||||||||||||||||||||||||
11