Companies /Industrials

Fluor Corporation

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

Q4 2025 Earnings

Reported Feb 17, 2026, 7:01am ET · SEC source
$0.33
Miss −3.57%
EPS · est. $0.34
$4.2B
Miss −2.21%
Revenue · est. $4.3B
+1.9%
Beating market
FLR vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+4%+8%Feb 17Feb 18report 7:01am ETearnings+1.3%+10.3%
0+4%+8%Feb 17Feb 18earnings+1.3%+10.3%
FLR +10.3%S&P 500 +1.3%
0+4%+8%Feb 17Feb 18report 7:01am ETearnings+1.9%+10.3%
0+4%+8%Feb 17Feb 18earnings+1.9%+10.3%
FLR +10.3%NASDAQ +1.9%
−7%0+7%+14%Feb 17Feb 24report 7:01am ETearnings+1.2%+11.3%
−7%0+7%+14%Feb 17Feb 24earnings+1.2%+11.3%
FLR +11.3%S&P 500 +1.2%
−7%0+7%+14%Feb 17Feb 24report 7:01am ETearnings+1.8%+11.3%
−7%0+7%+14%Feb 17Feb 24earnings+1.8%+11.3%
FLR +11.3%NASDAQ +1.8%
+6.79%
Day of report
+4.26%
Next session
+9.33%
One week
−1.44%
30 days

S&P 500 over the same 30 days: −3.38%.

Did FLR Beat Earnings? Q4 2025 Results

Fluor delivered a disappointing finish to 2025, missing on both top and bottom lines as a $2.00 billion write-down on its NuScale investment overwhelmed an otherwise serviceable operating quarter. On an adjusted basis, the engineering and construction giant posted Q4 EPS of $0.33, falling short of the $0.35 consensus estimate by 5.71%, while revenue came in at $4.17 billion, a 5.02% miss against the $4.40 billion Wall Street expected and a 2.0% decline from the prior year. The NuScale impairment, combined with $30.00 million in legacy infrastructure cost overruns and additional reserves on a Department of Defense project, compressed Q4 adjusted EBITDA to $91.00 million from $154.00 million a year ago. The full-year picture was similarly burdened by a $643.00 million Santos litigation payment, which dragged operating cash flow to negative $387.00 million. Looking ahead, management guided 2026 adjusted EBITDA of $525.00 million to $585.00 million, backed by $1.40 billion in planned share repurchases and growing confidence in capturing significant EPC awards through 2027 as the company completes its strategic shift toward reimbursable contracts.

Key Takeaways
  • Urban Solutions revenue growth driven by increased project execution activity
  • Energy Solutions revenue decline due to $643 million Santos judgment revenue reversal and projects nearing completion
  • Cost growth of $30 million on legacy infrastructure projects in Q4
  • Net $2 billion reduction in NuScale investment valuation impacting Q4 GAAP results
  • $60 million combined impact from DOD project reserves and Q1 ruling on Mission Solutions

“Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments. Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders. We are confident that our diversified portfolio and strong capital position will support the delivery of our growth strategy.”

Fluor CEO, on the earnings call

Forward Guidance & Outlook

Fluor established 2026 adjusted EBITDA guidance of $525 million to $585 million, reflecting expected timing of new awards and pace of execution on existing backlog. The company plans $1.4 billion in share repurchases for 2026. Management expressed growing confidence in capturing significant EPC awards in 2026 and into 2027, supported by an improving capital spending environment and increasing client commitments. Full monetization of the NuScale investment is anticipated by end of Q2 2026, having already received $1.35 billion in Q1 2026.

FLR YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$4.3B$4.2BRevenue
$0$2.0B$4.0BRevenue

FLR Revenue by Segment

Urban Solutions$2.6B
Energy Solutions$943.0M
Mission Solutions$600.0M

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