Fluor (FLR) Q3 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Fluor's third quarter told two very different stories at once. A $653 million revenue reversal tied to an adverse ruling on the long-completed Santos project in Australia distorted the headline numbers, pulling reported revenue down 17.7% year-over-y… Read more Fluor's third quarter told two very different stories at once. A $653 million revenue reversal tied to an adverse ruling on the long-completed Santos project in Australia distorted the headline numbers, pulling reported revenue down 17.7% year-over-year to $3.37 billion and missing the $4.20 billion consensus by 19.75%, while a $401 million equity method loss on NuScale's declining share price pushed the GAAP net loss to $697 million, or ($4.30) per diluted share. Strip those non-operational items away, however, and the underlying business performed strongly: adjusted EPS of $0.68 cleared the $0.45 consensus estimate by 51.18%, and adjusted EBITDA rose 29% year-over-year to $161 million, driven by Urban Solutions, where revenue climbed to $2.34 billion on ramp-ups in life sciences and mining. With the Santos payment anticipated in Q4 and Fluor moving to fully monetize its NuScale stake by mid-2026, management raised full-year adjusted EPS guidance to $2.10 to $2.25 and adjusted EBITDA guidance to $510 to $540 million, signaling confidence that the operational momentum will carry through year-end.