Fluor Corp

fluor.com

What Do They Do?

Designs and builds facilities and infrastructure for industrial clients, and provides technical services to U.S. and other governments.

How Do They Make Money?

On cost-based jobs, customers cover negotiated costs and fees; on fixed-price jobs, they pay an agreed project price. Fluor bills as work is performed, with engineering and construction invoices typically due within 30 to 45 days and service invoices within 30 to 90 days.

revenue

Segment	Share	Revenue
Urban Solutions	59% FY2022: 32%
Energy Solutions	23% FY2022: 43%
Mission Solutions	18% FY2022: 17%
Other	0.2% FY2022: 8.8%

Who Are Their Customers?

Government agencies buy Fluor's services under multiple contracts, sometimes through joint ventures; an Urban Solutions customer engaged Fluor on multiple projects.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 20% from two customers

Do Revenues Turn Into Profits?

No. It lost $51M in FY2025.

Operating income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($463M, 3%)

Net income, FY2025

0% of revenue

▼ Now a loss vs FY2024 ($2.1B, 13%)

Free cash flow, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($664M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $4B in Q2 FY2025
Net income: ▼ −95%; vs $2.5B in Q2 FY2025

Urban Solutions share of revenue vs 52.0% in Q2 FY2025

Aug 7, 2026 Fluor cut its 2026 adjusted EBITDA guidance Fluor lowered guidance from $525–$560 million to $500–$525 million, removing the expected second-half contribution from the Mexico joint venture.
Mar 9, 2026 Executive chairman announced retirement; board appointed a new chair David E. Constable plans to retire at the annual meeting, and James T. Hackett was appointed chair effective May 5, 2026.

Growing. Revenue grew 10% in 4 years, from $14.2B in FY2021 to $15.5B in FY2025, about 2% a year.

NuScale's place in the portfolio The older report described NuScale operations within Other; the latest report says NuScale was deconsolidated and describes plans to sell the remaining shares.

Revenue over time

Urban Solutions Energy Solutions Mission Solutions Other

$20B$10B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AECOM, Amentum Services, Bechtel Group, Black & Veatch, Burns & McDonnell, BWXT Technologies, EMCOR Group, Jacobs Solutions, KBR, Kiewit, Parsons, Turner Construction, V2X, Zachry Group, ACS Actividades de Construccion y Servicios, Balfour Beatty, Chiyoda, Exyte, Hatch, and JGC

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