Fluor Reports Third Quarter 2026 Results

Revenue of $3.7 billion up 10% year over year, EPS of $1.16 vs ($4.30) and adjusted EPS[1] of $0.77 up 13% year over year New awards of $10.9 billion; highest quarterly new awards in Fluor's history 21% increase in backlog year-over-year to $34.3 billion, highest backlog this decade; 69% reimbursable Share repurchases of $300 million in the quarter and $1.1 billion year to date Company affirms guidance for 2026 IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced financial results for its third quarter ended September 30, 2026. “Our third quarter results reflect strong demand across our key markets and continued progress converting our prospect pipeline into high-quality awards,” said Jim Breuer, chief executive officer of Fluor. “New awards of $10.9 billion, including LNG Canada Phase 2 as well as two mining projects, was the highest quarterly total in Fluor’s history and grew backlog 21% to $34.3 billion, building a solid foundation for sustained growth. Our focus remains on continued growth, successful project delivery for our clients and strategic deployment of capital that creates long-term value for our shareholders.” Q3 2026 Highlights: All comparisons are made to the same period of the prior year unless otherwise stated. Results Revenue of $3.7 billion, up 10% from $3.4 billion GAAP net earnings attributable to Fluor of $158 million, compared with a net loss of $697 million; includes a $73 million pre-tax gain on the sale of our interest in ICA-Fluor Consolidated segment profit[1] of $248 million, compared with a loss of $439 million G&A of $52 million driven by higher stock price and performance based compensation EPS of $1.16, compared with a loss of $4.30 Adjusted EPS[1] of $0.77, compared with $0.68 Adjusted EBITDA[1] of $142 million, compared with $161 million GAAP EBITDA margin of 5.7%, compared with -13.9% Adjusted EBITDA margin[1] of 3.8%, compared with 4.8% that included an 80 basis point lift from the Santos revenue reversal Awards and backlog New awards of $10.9 billion, compared with $3.3 billion; book-to-burn 2.9x Backlog of $34.3 billion, up 21%, with 69% reimbursable, compared with 81% at prior year end Cash and capital allocation Cash and equivalents of $3.1 billion at quarter end Q3 operating cash flow of $186 million Q3 share repurchases of $300 million ($1.1 billion year to date, toward our previously announced 2026 target of $1.4 billion) Business Segment Highlights ($ in millions) Q3 2026 Q3 2025 Change Urban Solutions Revenue $2,327 $2,343 — Segment profit $100 $61 64% Segment profit margin 4.3% 2.6% 170 bps New awards $1,991 $1,760 13% Backlog $19,172 $20,507 (7%) Energy Solutions Revenue $679 $262 159% Segment profit $93 $(533) NM Segment profit margin 13.7% NM NM New awards $7,716 $222 NM Backlog $10,679 $5,121 109% Mission Solutions Revenue $714 $761 (6%) Segment profit $55 $34 62% Segment profit margin 7.7% 4.5% 320 bps New awards $1,165 $1,271 (8%) Backlog $4,454 $2,608 71% Total Fluor Revenue $3,720 $3,368 10% Consolidated segment profit [1] $248 $(439) NM Segment profit margin [1] 6.7% (13.0)% NM New awards $10,872 $3,253 234% Backlog $34,305 $28,236 21% [1] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for additional information. ____________________ Urban Solutions Revenue: Quarterly revenue consistent year over year. Profit: Quarterly profit and margin increased due to improved project performance and profitability upon successful milestone achievement on an infrastructure project, a ramp of execution activities on a life sciences project, partially offset by cost growth on a large mining JV project. New awards: Awards included two copper mining projects in Chile. Energy Solutions Revenue: Quarterly revenue increased year over year to $679 million compared to $262 million in Q3 2025. Prior year included a $653 million revenue reduction related to the ruling on the long-completed Santos project in Australia. Profit: Quarterly and year-to-date profit and margin improved, primarily reflecting a $73 million gain on the sale of ICA-Fluor, our former joint venture in Mexico. New awards: Awards included $7.5 billion for Phase 2 of LNG Canada. Mission Solutions Revenue: Quarterly and year-to-date revenue declined on lower DOE and emergency-response volume. Profit: Quarterly profit and margin increased due to improved award fee performance and project contributions within our nuclear portfolio. New awards: Awards included a six-month extension of the Savannah River DOE contract and an additional award scope on an EPC project. Outlook We are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quantitative reconciliation of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconciliation without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for additional information. The company is affirming its 2026 adjusted EBITDA guidance of $500 – $525 million. Adjusted EBITDA guidance excludes items similar to those outlined in the reconciliation table at the end of this release. Conference CallRead the full story here

Fluor Reports Third Quarter 2026 Results

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