Fluor (FLR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3.72B, up 10% YoY; record awards of $10.87B lifted backlog to $34.31B, its highest level this decade.

• Q3 adjusted EBITDA was $142M and adjusted EPS was $0.77, up from $0.68 YoY; a large-project earnings ramp is expected to build over coming years.

Financial highlights

• Q3 operating cash flow was $186M; cash and equivalents totaled $3.1B at quarter-end.

• Q3 adjusted EBITDA was $142M versus $161M; adjusted net earnings were $105M versus $111M.

• Backlog was $34.31B, up 34% from year-end 2025; 69% was reimbursable.

Outlook and guidance

• FY26 adjusted EBITDA guidance remains $500M–$525M and adjusted EPS $2.70–$2.80; adjusted operating cash flow guidance rose to $430M–$460M from $300M–$320M.

• FY26 book-to-burn is expected above 1.0x and could approach 1.4x; Q4 adjusted EBITDA implies $150M–$175M and adjusted EPS $0.85–$0.95.

• Preliminary FY27 adjusted EBITDA growth target is low double digits YoY; award EBIT burn starts in 2027 and is expected to peak in 2028–2030.

• FY26 revenue mix assumptions are 65% Urban, 20% Energy Solutions and 15% Mission Solutions; segment margin assumptions are 2.5%, 7.0% and 6.5%, respectively.