Fluor Reports Third Quarter 2026 Results
IRVING, Texas--( BUSINESS WIRE)-- 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 $34.3 billion, building a solid foundation for sustained growth. Our focus remains on continued growth, successful project delivery for our clients and strategic deployment of capital that creates long-term value for our shareholders.”
Q3 2026 Highlights:
All comparisons are made to the same period of the prior year unless otherwise stated.
Results
Awards and backlog
Cash and capital allocation
Business Segment Highlights
($ 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.
Urban Solutions
Energy Solutions
Mission Solutions
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.
Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures under SEC rules that are described below.
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 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 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.
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.
(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.
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.
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.
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 %