Companies /Industrials

Fluor Corporation

NYSE: FLR Engineering & Construction
$54.10
â–² $2.07 (+3.98%) today
Markets closed · 8:56am ET

Q3 2025 Earnings

Reported Nov 7, 2025, 7:03am ET · SEC source
$0.68
Beat +51.18%
EPS · est. $0.45
$3.4B
Miss −19.75%
Revenue · est. $4.2B
−2.7%
Trailing market
FLR vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−10%−5%0+5%Nov 7Nov 7report 7:03am ETearnings+0.4%−5.4%
−10%−5%0+5%Nov 7Nov 7earnings+0.4%−5.4%
FLR −5.4%S&P 500 +0.4%
−10%−5%0+5%Nov 7Nov 7report 7:03am ETearnings+0.1%−5.4%
−10%−5%0+5%Nov 7Nov 7earnings+0.1%−5.4%
FLR −5.4%NASDAQ +0.1%
−10%−5%0+5%Nov 6Nov 14report 7:03am ETearnings+0.9%−10.8%
−10%−5%0+5%Nov 6Nov 14earnings+0.9%−10.8%
FLR −10.8%S&P 500 +0.9%
−10%−5%0+5%Nov 6Nov 14report 7:03am ETearnings+0.6%−10.8%
−10%−5%0+5%Nov 6Nov 14earnings+0.6%−10.8%
FLR −10.8%NASDAQ +0.6%
−0.28%
Day of report
−0.53%
Next session
−9.80%
One week
−1.58%
30 days

S&P 500 over the same 30 days: +1.13%.

Did FLR Beat Earnings? Q3 2025 Results

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.

Key Takeaways
  • Adjusted EBITDA of $161 million, up 29% year-over-year
  • Adjusted EPS of $0.68, up 33% year-over-year
  • Strong operating cash flow of $286 million in Q3
  • Urban Solutions revenue increased to $2.3 billion from $1.9 billion year-over-year, driven by ramp-up of life sciences and mining projects
  • Mission Solutions revenue increased to $761 million from $635 million year-over-year
  • 99% of new awards were reimbursable, maintaining risk discipline
  • NuScale share monetization generated net proceeds of $605 million through early October

“Fluor's third quarter results demonstrate our commitment to disciplined project delivery and creating value for our clients and shareholders. Despite continued short term uncertainty in some markets, we are well positioned with unmatched global engineering and construction expertise, disciplined execution, a predominantly reimbursable portfolio, and a clear capital allocation strategy. We remain confident in our ability to deliver significant value over time.”

Fluor CEO, on the earnings call

Forward Guidance & Outlook

Fluor raised its full-year 2025 guidance: adjusted EBITDA is now expected at $510–$540 million (previously $475–$525 million), and adjusted EPS is now expected at $2.10–$2.25 per share (previously $1.95–$2.15). Full-year operating cash flow guidance was also increased to $250–$300 million. Estimates assume a 30% tax rate. The company expects full monetization of its remaining NuScale stake (111 million shares) by the end of Q2 2026 and targets an additional $800 million in share repurchases through February. Despite short-term uncertainty in some markets, management expressed confidence in the company's positioning with its predominantly reimbursable portfolio and disciplined execution approach.

FLR YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$2.0B$4.0B$4.1B$3.4BRevenue
$0$2.0B$4.0BRevenue

FLR Revenue by Segment

Urban Solutions$2.3B
Energy Solutions$262.0M
Mission Solutions$761.0M

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