Fluor (FLR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $3.4 billion, down 18% year-over-year due to a $653 million reversal for the Santos ruling and a $401 million reduction in NuScale's share price.

• Net loss attributable to shareholders was $697 million, primarily from the Santos charge and NuScale mark-to-market loss.

• Adjusted EBITDA rose 29% year-over-year to $161 million; adjusted EPS was $0.68, up 33% year-over-year.

• Backlog remained stable at $28.2 billion as of September 30, 2025, with 82% reimbursable and significant new awards in Urban and Mission Solutions.

• Major milestone reached in NuScale monetization, with share conversion and proceeds partially tax shielded; full exit expected by Q2 2026.

Financial highlights

• Q3 2025 revenue: $3.4 billion, including a $653 million revenue reversal due to the Santos litigation.

• Adjusted EBITDA for Q3 was $161 million, up from $124 million a year ago; adjusted EPS was $0.68 versus $0.51 in 2024.

• GAAP net loss: $697 million in Q3 2025, compared to net income of $54 million in Q3 2024.

• Operating cash flow of $286 million in Q3; cash and marketable securities ended at $2.8 billion.

• Share repurchases totaled $70 million in Q3, with an additional $800 million targeted through February.

Outlook and guidance

• Adjusted EBITDA guidance for 2025 raised to $510–$540 million; adjusted EPS guidance increased to $2.10–$2.25 per share.

• 2025 revenue expected to be roughly flat with 2024, excluding the Santos effect; new awards outlook at $13 billion.

• Most new awards expected in 2026–2028, with EBIT realized in 2027–2029 due to deferrals and cancellations.

• Full-year operating cash flow guidance increased to $250–$300 million.

• EBITDA for 2026 expected to be marginally better than 2025, with more details to come in February.