Companies /Industrials

Fluor Corporation

NYSE: FLR Engineering & Construction
$53.28
▼ $0.82 (−1.52%) today
Markets closed · 4:34pm ET

Q2 2025 Earnings

Reported Aug 1, 2025, 7:03am ET · SEC source
$0.43
Miss −23.26%
EPS · est. $0.56
$4.0B
Miss −12.55%
Revenue · est. $4.5B
−0.0%
Trailing market
FLR vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−20%0+20%Aug 1Aug 1report 7:03am ETearnings−0.7%−10.0%
−20%0+20%Aug 1Aug 1earnings−0.7%−10.0%
FLR −10.0%S&P 500 −0.7%
−20%0+20%Aug 1Aug 1report 7:03am ETearnings−0.9%−10.0%
−20%0+20%Aug 1Aug 1earnings−0.9%−10.0%
FLR −10.0%NASDAQ −0.9%
−20%0+20%Jul 31Aug 8report 7:03am ETearnings+1.8%−10.7%
−20%0+20%Jul 31Aug 8earnings+1.8%−10.7%
FLR −10.7%S&P 500 +1.8%
−20%0+20%Jul 31Aug 8report 7:03am ETearnings+2.9%−10.7%
−20%0+20%Jul 31Aug 8earnings+2.9%−10.7%
FLR −10.7%NASDAQ +2.9%
−27.04%
Day of report
−3.45%
Next session
+1.13%
One week
+3.50%
30 days

S&P 500 over the same 30 days: +3.54%.

Did FLR Beat Earnings? Q2 2025 Results

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.

Key Takeaways
  • LNG Canada project achieved first cargo shipment milestone
  • $54 million net cost growth impact from three infrastructure projects due to subcontractor design errors, schedule impacts, and price escalation
  • $31 million unexpected arbitration ruling on Mexico joint venture fabrication project
  • Temporary stop work order on Pacific airfield project impacted Mission Solutions
  • Curtailed work at Mexico joint venture pending client payments
  • $3.2 billion pre-tax mark-to-market gains on NuScale investment drove GAAP earnings

“I'm pleased with the tremendous accomplishments achieved by the team on the LNG Canada project, including the first shipment of LNG. We received a contract award to update the FEED package for a proposed phase 2 expansion, and this week an agreement was reached on our COVID claims and other matters.”

Fluor CEO, on the earnings call

Forward Guidance & Outlook

Fluor revised its full-year 2025 guidance downward due to client hesitation around economic uncertainty impacting new awards and project delays. Adjusted EBITDA guidance was reduced to $475–$525 million from $575–$675 million. Adjusted EPS guidance was lowered to $1.95–$2.15 per share from $2.25–$2.75 per share. Full year operating cash flow guidance is $200–$250 million. Estimates assume a tax rate of 30 percent. Management characterizes the client spending shift as temporary.

FLR YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$2.0B$4.0B$4.2B$4.0BRevenue$169.0M$2.5BNet Income
$0$2.0B$4.0BRevenueNet Income

FLR Revenue by Segment

Urban Solutions$2.1B+13.1%
Energy Solutions$1.1B−28.3%
Mission Solutions$762.0M+8.2%

Figures from SEC filings and company reports. Not investment advice.