Fluor (FLR) Q4 2025 earnings summary

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.