Fluor Corporation (NYSE: FLR) is a global professional services firm that provides engineering, procurement, construction (EPC), fabrication and modularization, and project management services. The company serves diverse industries worldwide, including advanced technologies and manufacturing, chemicals, infrastructure, life sciences, LNG, mining and metals, nuclear project services, energy transition, and oil and gas production and fuels. Fluor also offers services to the U.S. federal government and governments abroad, delivering solutions across various sectors.
- Urban Solutions - Provides EPC and project management services to industries such as advanced technologies and manufacturing, life sciences, mining and metals, and infrastructure. Includes operations and maintenance business, professional staffing services, and Plant & Facility Services.
- Energy Solutions - Offers EPC services for traditional oil and gas markets, including production and fuels, chemicals, LNG, and power markets. Supports energy transition markets, including nuclear power, asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, and hydrogen.
- Mission Solutions - Delivers high-end technical solutions to the U.S. and other governments, including agencies like the DOE, Department of Defense, FEMA, and intelligence agencies. Also serves commercial nuclear clients.
- Other - Encompasses various smaller operations and services that do not fall under the main segments.
You might also like
Research analysts who have asked questions during FLUOR earnings calls.
Andrew J. Wittmann
Robert W. Baird & Co.
4 questions for FLR
Also covers: ABM, ACM, APG +17 more
Jamie Cook
Truist Securities
4 questions for FLR
Also covers: ACM, AGCO, AME +17 more
Michael Dudas
Vertical Research Partners
4 questions for FLR
Also covers: AA, ACM, ARCH +15 more
Andrew Kaplowitz
Citigroup
3 questions for FLR
Also covers: ACM, AOS, APG +29 more
Sangita Jain
KeyBanc Capital Markets
2 questions for FLR
Also covers: ACM, CTRI, DY +9 more
Steven Fisher
UBS
2 questions for FLR
Also covers: ACM, AGCO, BBCP +22 more
Brent Thielman
D.A. Davidson
1 question for FLR
Also covers: AAON, ACA, APOG +27 more
Judah Aronovitz
UBS Group AG
1 question for FLR
Also covers: ACM, J, MLM +2 more
Judah Grodin
UBS
1 question for FLR
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Multiple contracts for engineering and technical solutions with agencies including DOE, DOD, FEMA, etc. | All | 2024: $2,610 million (16% of $16,315 million) • 2023: 9% of total revenue • 2022: 16% of total revenue |
Recent press releases and 8-K filings for FLR.
Fluor Discusses Strategic Shifts, NuScale Exit, and 2026 Outlook
FLR
Share Buyback
New Projects/Investments
Guidance Update
- Fluor has significantly shifted its business model, with 80%-85% of its backlog now comprising reimbursable contracts, moving away from higher-risk lump sum projects.
- The company plans an orderly liquidation of its 111 million share stake in NuScale (SMR), with the investment remaining on the balance sheet as of December 31, 2025, and the initial phase of the structured sale anticipated by mid-Q1 2026.
- Fluor expects EBITDA growth into 2026, supported by the completion of legacy projects, increased activity in life sciences, and contributions from mining and metals, including half of four key copper projects projected to reach Final Investment Decision (FID) in 2026.
- Fluor aims to repurchase $800 million in stock by the end of February, funded in part by the NuScale conversion and core operations, projecting an EBITDA to cash conversion rate of 60%-70%.
3 days ago
Fluor Discusses Strategic Shift, NuScale Exit, and 2026 Growth Outlook
FLR
Guidance Update
New Projects/Investments
Share Buyback
- Fluor has significantly de-risked its business model, with its backlog now 80%-85% reimbursable and new awards almost exclusively reimbursable, moving away from higher-risk lump sum contracts.
- The company plans an orderly exit of its 111 million share stake in NuScale, with the first phase of the structured sale expected to conclude by mid-Q1 2026.
- Fluor anticipates sequential growth in its EBITDA run rate into 2026, driven by the completion of legacy projects, ramp-up in life sciences (including a GLP-1 plant for Lilly), mining, power, and SRPPF activities.
- Fluor is committed to returning capital to shareholders, planning to buy back $800 million in stock by the end of February, funded partly by the NuScale stake conversion and core operations. The EBITDA to cash conversion rate is expected to be 60%-70%, with a 25% tax drag on EBITDA going forward.
3 days ago
Fluor discusses strategic shifts, NuScale exit, and future growth drivers
FLR
New Projects/Investments
Share Buyback
Guidance Update
- Fluor has diversified its business, with 80-85% of its backlog now consisting of reimbursable contracts, a significant shift from previous high-risk lump sum projects.
- The company plans an orderly exit of its 111 million share stake in NuScale (SMR) by mid-Q1 2026, having invested $500 million in NuScale over a decade ago.
- Fluor anticipates EBITDA growth into 2026, driven by the completion of legacy projects, ramp-up in life sciences, and new opportunities in mining/metals and power.
- The company expects an EBITDA to cash conversion rate of 60-70% and plans an $800 million share buyback by the end of February, partially funded by the NuScale stake conversion.
3 days ago
Fluor Reports Q3 2025 Results and Updates FY 2025 Guidance
FLR
Earnings
Guidance Update
Share Buyback
- Fluor reported a net loss attributable to Fluor of $(697) million and Adjusted EPS of $0.68 for Q3 2025, primarily impacted by a $533 million loss in the Energy Solutions segment due to a $653 million court ruling related to the Santos project.
- For FY 2025, the company projects Adjusted EBITDA between $510 million and $540 million, Adjusted EPS of $2.10 to $2.25, and Operating Cash Flow of $250 million to $300 million.
- The Urban Solutions segment's backlog reached $20.5 billion in Q3 2025, accounting for 73% of the total backlog.
- Fluor plans to begin monetizing its NuScale shares in November 2025, concluding by Q2 2026, and has set a new share repurchase target of $800 million through February.
- The company expects deferred awards to impact 2026 EBITDA growth, with approximately $90 billion in new awards anticipated between 2026 and 2028.
4 days ago
Fluor Reports Q3 2025 Revenue and Net Loss, Raises Full-Year Profit Outlook
FLR
Earnings
Guidance Update
Legal Proceedings
- Fluor Corporation reported third-quarter 2025 revenue of $3.37 billion and a GAAP net loss of $697 million, primarily driven by a $653 million litigation-related reversal tied to the Santos project and a $401 million mark-to-market impact from NuScale's share price decline.
- Despite the net loss, adjusted EPS increased 33% to $0.68 and adjusted EBITDA rose 29% to $161 million in Q3 2025, leading the company to raise its full-year 2025 guidance for adjusted EPS to $2.10–$2.25 and adjusted EBITDA to $510–$540 million.
- The company maintained a strong backlog of $28.2 billion, with 82% reimbursable, and secured $3.3 billion in new awards, 99% of which are reimbursable, reflecting a strategic shift towards lower-risk contracts.
- Fluor announced plans to accelerate capital returns, including repurchasing $70 million of shares in Q3 and targeting an additional $800 million through February 2026, alongside monetizing its NuScale investment by mid-2026.
7 days ago
Fluor Reports Q3 2025 Results with Significant Legal Impact
FLR
Earnings
Legal Proceedings
Guidance Update
- Fluor reported Q3 2025 revenue of $3.4 billion and new awards of $3.3 billion, contributing to an ending backlog of $28.2 billion.
- The company posted a Q3 2025 consolidated segment loss of $439 million and diluted EPS of $(4.30), primarily due to a $653 million court ruling related to the Santos project. Adjusted EPS for the quarter was $0.68.
- A major monetization milestone for the NuScale investment was achieved, with Class A share monetization starting in November 2025 and expected to finish in Q2 2026. Fluor also set a new share repurchase target of $800 million through February.
- The company reaffirmed its FY 2025 guidance, projecting adjusted EBITDA between $510 million and $540 million and adjusted EPS between $2.10 and $2.25.
8 days ago
Fluor Reports Q3 2025 Results, Raises Full-Year Guidance, and Details NuScale Monetization and Share Buyback Plans
FLR
Earnings
Guidance Update
Share Buyback
- Fluor reported Q3 2025 revenue of $3.4 billion, which included a $653 million revenue reversal in energy solutions related to the Santos litigation, resulting in a consolidated segment loss of $439 million. Despite this, the company achieved adjusted EBITDA of $161 million and adjusted EPS of $0.68 for the quarter.
- The company increased its full-year 2025 adjusted EBITDA guidance to $510-$540 million and adjusted EPS guidance to $2.10-$2.25. Operating cash flow expectations for the full year also rose to $250-$300 million, excluding the anticipated payment to Santos.
- Fluor announced the conversion of its remaining NuScale investment into Class A shares, with monetization set to begin next week and expected to conclude by Q2 2026. The company plans an additional $800 million in share repurchases through February, aiming for total repurchases of $1.3 billion over a 15-month period starting December 2024.
- Consolidated new awards for Q3 2025 were $3.3 billion, with the total backlog remaining around $28 billion, of which 82% is reimbursable.
8 days ago
Fluor Reports Q3 2025 Results and Raises Full-Year Guidance
FLR
Earnings
Guidance Update
Share Buyback
- Fluor Corporation reported a GAAP net loss attributable to Fluor of $697 million for Q3 2025, primarily due to a $653 million charge for the Santos ruling and a $401 million reduction for NuScale's share price.
- Despite the GAAP loss, adjusted EPS increased 33% year-over-year to $0.68 and adjusted EBITDA rose 29% year-over-year to $161 million in Q3 2025.
- The company secured $3.3 billion in new awards during Q3 2025, with 99% being reimbursable, and maintained a backlog of $28.2 billion, which is 82% reimbursable.
- Fluor increased its 2025 guidance for adjusted EPS to $2.10 to $2.25 per share and adjusted EBITDA to $510 to $540 million , also raising its full-year operating cash flow guidance to $250 - $300 million.
- The company repurchased $70 million in shares in Q3, targeting an additional $800 million through February, and expects full monetization of its NuScale investment by the end of Q2 2026, having already received $605 million from Q3 conversions.
8 days ago
Fluor Reports Third Quarter 2025 Results and Raises Full-Year Guidance
FLR
Earnings
Guidance Update
Share Buyback
- Fluor reported a GAAP net loss attributable to Fluor of $697 million for the third quarter ended September 30, 2025, primarily due to a $653 million charge for the Santos ruling and a $401 million reduction in NuScale's share price.
- Despite the net loss, adjusted EPS for Q3 2025 was $0.68, up 33% year-over-year, and adjusted EBITDA was $161 million, up 29% year-over-year.
- The company increased its 2025 guidance for adjusted EPS to $2.10 to $2.25 per share and adjusted EBITDA to $510 to $540 million.
- Fluor executed $70 million in share repurchases during Q3 2025 and is targeting an additional $800 million through February.
- New awards totaled $3.3 billion in Q3 2025, contributing to a backlog of $28.2 billion.
Nov 7, 2025, 10:50 AM
Fluor and NuScale Announce Stake Monetization Agreement
FLR
M&A
- Fluor and NuScale Power Corporation have reached an agreement for Fluor to convert and monetize its remaining stake in NuScale.
- Under the agreement, Fluor will convert its Class B units of NuScale Power, LLC into shares of Class A common stock of NuScale and will promptly begin a structured monetization of these shares.
- Fluor expects to complete the monetization of its stake by the end of the second quarter of 2026.
- In connection with the exchange, Fluor has agreed to vote in favor of NuScale’s anticipated increase to its authorized share count, reduce Fluor’s economic rights under the tax receivable agreement, and waive certain claims.
- Both parties also agreed to certain limitations on NuScale’s equity issuances through February 2026.
Nov 6, 2025, 9:30 PM