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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fluor
Fluor (FLR) investor relations material
Fluor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Aug, 2026
Executive summary
Q2 2026 revenue rose 9% year-over-year to $4.33 billion, with strong new awards of $6.1 billion and backlog reaching $26.9 billion, reflecting robust demand across key markets and diversified growth in Urban Solutions, Mining & Metals, Energy Solutions, and Mission Solutions.
Net earnings attributable to shareholders were $114 million, with adjusted EPS of $0.91 and adjusted EBITDA of $149 million, more than doubling last year’s EPS.
Completed $175 million divestiture of Mexico JV and full NuScale monetization, sharpening strategic focus and generating significant cash.
Urban Solutions remained the largest revenue contributor, with $3.2 billion in new awards and a strong pipeline in mining, infrastructure, and life sciences.
Energy Solutions and Mission Solutions delivered higher segment profits, driven by mega project closeouts, new nuclear contracts, and expanded EPC opportunities.
Financial highlights
Q2 revenue was $4.3–$4.33 billion (+9% year-over-year); adjusted EBITDA reached $149 million (+55%), and adjusted EPS was $0.91 (+112%).
Net earnings attributable to shareholders were $114 million; consolidated segment profit reached $170 million.
Backlog ended at $26.9 billion, 85% reimbursable, with $6.1 billion in new awards and removal of $650 million related to the JV sale.
Operating cash flow was negative $317 million, impacted by a $357 million tax payment related to NuScale; normalized OCF would have been $40 million.
Cash and marketable securities at quarter end totaled $3.0 billion.
Outlook and guidance
2026 adjusted EBITDA guidance is $500–$525 million; adjusted EPS expected at $2.70–$2.80.
Adjusted operating cash flow guidance raised to $300–$320 million, excluding major tax payments.
Revenue split: 65% urban, 20% energy, 15% mission; segment margins: 2.5–3% urban, 6–7% energy, 6% mission.
Book-to-burn ratio for new awards expected well above 1.
No forward-looking GAAP net earnings or EPS guidance provided due to uncertainty in reconciling adjustments.
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Latest events from Fluor
- Q1 2026 delivered $3.66B revenue, $160M net earnings, and strong cash flow with a $25.7B backlog.FLR
Q1 2026 - Strong financials, leadership changes, and all proposals approved amid strategic growth focus.FLRAGM 2026
- Board refreshment, pay-for-performance, and strong risk oversight headline this year's proxy.FLRProxy Filing
- 2026 guidance targets higher earnings and margins, with $754M in share repurchases in 2025.FLRQ4 2025
- Q3 2025 net loss of $697M from Santos and NuScale charges; adjusted EBITDA and EPS rose YoY.FLRQ3 2025
- Financial discipline, growth in Urban Solutions, and nuclear power drive a robust outlook.FLRUBS Global Industrials and Transportation Conference
- Q3 revenue was $4.1B, adjusted EPS $0.51, backlog $31.3B, and $1.6B NuScale gain expected.FLRQ3 2024
- Q2 revenue grew 7% to $4.2B, net earnings hit $169M, and backlog reached $32.3B.FLRQ2 2024
- Adjusted EBITDA up 76% year-over-year; 2025 guidance held despite $241M GAAP net loss.FLRQ1 2025
Next Fluor earnings date
Q3 20266 Nov, 2026
Fluor
Next Fluor earnings date
Q3 20266 Nov, 2026
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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.