Fluor (FLR) Q2 2025

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Earnings

Fluor Corporation delivered a bruising second quarter, with results falling well short of expectations as cost overruns, an arbitration setback, and a sharp pullback in client spending converged on the engineering giant. Revenue slid 5.9% year-over-y… Read more Fluor Corporation delivered a bruising second quarter, with results falling well short of expectations as cost overruns, an arbitration setback, and a sharp pullback in client spending converged on the engineering giant. Revenue slid 5.9% year-over-year to $3.98 billion, missing the $4.55 billion consensus by 12.55%, while adjusted EPS came in at $0.43, a 23.26% miss against the $0.56 estimate. The single most damaging driver was $54 million in net cost growth on three troubled infrastructure projects within Urban Solutions, compounded by a $31 million arbitration ruling tied to a completed fabrication project in Mexico. Adjusted EBITDA collapsed 42% to $96 million, and operating cash flow swung to negative $21 million from positive $282 million a year ago. New awards fell 43% to $1.77 billion, with trade policy uncertainty and rising interest rates prompting clients to defer commitments, a dynamic that pushed Fluor to cut its full-year adjusted EPS guidance to $1.95-$2.15 from a prior $2.25-$2.75, with adjusted EBITDA now expected at $475-$525 million.