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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Fluor
Fluor (FLR) investor relations material
Fluor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Transitioned from 'Fix & Build' to 'Grow & Execute' phase, focusing on growth, project delivery, and shareholder value, while strengthening capital structure and diversifying revenue mix.
Completed major divestitures, including Stork and a Chinese fabrication yard, and advanced NuScale monetization, generating nearly $2B in proceeds through February 2026.
Achieved $754M in share repurchases in 2025, with an additional $335M in early 2026.
Major project completions and expanded wins in pharmaceuticals, mining, semiconductors, LNG, and nuclear remediation.
Reported a GAAP net loss of $51M for 2025, with adjusted EPS of $2.19 and adjusted EBITDA of $504M.
Financial highlights
2025 revenue reached $15.5B, with $12.0B in new awards and $25.5B ending backlog; 87% of new awards and 81% of backlog were reimbursable.
Adjusted EBITDA for 2025 was $504M; adjusted EPS was $2.19, while GAAP EPS was ($0.31), impacted by a $643M Santos litigation charge.
Operating cash flow for 2025 was negative $387M, mainly due to a $642M Santos payment; cash and marketable securities at year-end totaled $2.2B.
Net interest income totaled $67M; G&A expense was $196M, down 3% year-over-year.
Equity earnings of $210M, driven by NuScale and Q1 NTTA.
Outlook and guidance
2026 adjusted EBITDA guidance: $525M–$585M; adjusted EPS: $2.60–$3.00; operating cash flow expected at ~$300M, excluding a $400M NuScale tax bill due in Q2.
New awards for 2026 expected to be significantly higher than 2025, with book-to-burn ratio above 1.
Segment margin guidance: Urban Solutions 3.0–4.0%, Energy Solutions 4.0–5.0%, Mission Solutions 6.0%.
Effective tax rate projected at 26–28%; net interest income: $35–$45M; G&A expense guidance: $175–$185M.
Strong opportunity set in LNG, mining, advanced tech, nuclear fuels, and data centers.
Operational cash flow drivers beyond Santos
Detail Energy Solutions' path to future EPC awards
NuScale proceeds: M&A and organic growth plans
Impact of legacy projects on Urban margins?
How has the US power market evolved for Fluor?
How does AI enhance Fluor's EPC model?
Partial view of Summaries dataset, powered by Quartr API
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Next Fluor earnings date
Q1 20261 May, 2026
Fluor
Next Fluor earnings date
Q1 20261 May, 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.
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