Quarterly Results
Annual Performance Context
For the full year 2025, revenue totaled $15.5 billion, down from $16.3 billion in 2024. The GAAP net loss attributable to Fluor was $51 million, compared to net earnings of $2.1 billion the previous year. Adjusted EPS for the year stood at $2.19, declining from $2.32 in 2024. The consolidated segment loss was $109 million, against a profit of $635 million a year ago, primarily reflecting a $643 million adverse judgment regarding the Santos project. Ending backlog decreased to $25.5 billion from $28.5 billion in 2024.
Business and Operations Update
Urban Solutions reported a segment profit of $205 million, down from $304 million, driven by $108 million in cost growth on legacy projects. Energy Solutions posted a loss of $414 million, largely due to the reversal of previously recognized revenue associated with the Santos judgment. Mission Solutions profit decreased to $94 million from $153 million, impacted by reserve recognition on a Department of Defense project. Regarding capital allocation, the company repurchased $754 million in shares during 2025. Jim Breuer, chief executive officer of Fluor, stated, “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.” Additionally, the company received $1.35 billion in proceeds from NuScale share sales in the first quarter of 2026.
Forward Outlook
Management established adjusted EBITDA guidance for 2026 of $525 million to $585 million. The documents note: “Consistent with prior practice, 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.”
Performance Summary
In summary, Fluor experienced a contraction in both quarterly and annual revenue alongside significant net losses attributed to investment valuations and legal judgments. While new awards volume for the fourth quarter declined year-over-year, the company maintained a substantial backlog, with 81 percent related to reimbursable projects. Liquidity remains stable with cash and marketable securities totaling $2.2 billion at year-end, supported by ongoing monetization of non-core assets.