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Fluor (FLR) investor relations material
Fluor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $4B, with $1.8B in new awards and backlog stable at $28.2B, 63–80% reimbursable.
Net earnings surged to $2.44B, driven by a $3.2B pre-tax NuScale gain, offsetting operational headwinds.
NuScale will convert 15M Class B shares to Class A, supporting monetization and tax credit use.
Market hesitancy, trade policy, and cost escalation delayed client investment and new awards.
First LNG Canada cargo shipped; settlement reached on COVID claims and phase 2 FEED update awarded.
Financial highlights
Adjusted EBITDA was $96M, down 42% year-over-year; adjusted EPS was $0.43, down 49% year-over-year.
Consolidated segment profit for Q2 was $78M; GAAP net earnings were $2.5B, including $3.2B NuScale gain.
Operating cash flow for Q2 was negative $21M, with cash and marketable securities at $2.3B.
Share repurchases in Q2 totaled $153M; H1 2025 repurchases reached $295M, with $450–$500M targeted for the year.
Gross margin for Q2 was 2.0%, down from 4.6% a year ago.
Outlook and guidance
2025 adjusted EBITDA guidance revised to $475M–$525M; adjusted EPS to $1.95–$2.15.
Revenue growth of 5–10% expected year-over-year; new awards outlook is $13B–$15B.
Operating cash flow for 2025 expected at $200M–$250M.
Urban Solutions margin guidance: 2.5–3.5%; Energy Solutions: 3.5–4.5%; Mission Solutions: 5.0–6.0%.
Guidance lowered due to client hesitation and economic uncertainty.
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Frequently asked questions
Experts at Complex Construction Projects
Fluor Corporation is an American company with multinational operations that specializes in engineering and construction. The company has grown to become one of the largest and most diverse providers of engineering, procurement, construction, maintenance, and project management services globally. Fluor operates across various sectors including oil and gas, chemicals, mining, metals, infrastructure, power, renewable energy, and government projects. It is headquartered in Irving, Texas, and its shares are listed on the NYSE.
Founding and Growth
The modern form of the company was founded in 1912 as Fluor Construction Company in Santa Ana, California. Fluor's expertise in building and maintaining oil refineries, pipelines, and other infrastructure projects became the cornerstone of its growth. The 1940s marked a significant turning point for Fluor, as it began taking on larger projects, including the construction of factories during World War II. The post-war era saw further diversification, as the company ventured into nuclear and aerospace industries, underpinning its reputation for tackling complex engineering projects. Throughout the latter half of the 20th century and into the 21st century, Fluor continued to expand globally, diversifying its portfolio to include not only services for the oil and gas industry, but also mining, power generation, and other industrial sectors.
The Company’s Offerings
Fluor operates as a holding company, offering a range of services through its subsidiaries. A significant portion of Fluor's business is rooted in the oil and gas industry, but its expertise stretches into other sectors as well. This includes the design and construction of power plants, petrochemical factories, and mining facilities, as well as the development of essential infrastructure like roads and bridges. Government buildings and manufacturing facilities are also part of Fluor's project portfolio. The company has become known for tackling large and complex construction projects which is a large part of its company DNA. Some publicly traded companies offering similar services are Jacobs Solutions, AECOM, and KBR.
Complex Project Management
A key aspect of Fluor's operations is large-scale project management. The company is well known for its expertise in handling intricate projects that require meticulous planning, design, engineering, and construction management. These projects often entail the development of industrial facilities, such as refineries, power plants, manufacturing units, and other complex structures. Fluor's role typically encompasses the entire lifecycle of these projects, from the initial conceptual design through to the final stages of construction and commissioning.
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