Fluor reported a challenging fourth quarter and full year 2025, marked by a significant net loss driven by investment write-downs and project-specific charges. Despite these headwinds, the company highlighted progress in its capital allocation strategy, including substantial share repurchases and the ongoing monetization of its NuScale investment, while also setting guidance for 2026 adjusted EBITDA.
Full year 2025 share repurchases of $754 million; $1.4 billion planned for 2026.
positiveFull year new awards totaled $12.0 billion, with 87% being reimbursable.
positiveEnding Backlog of $25.5 billion; 81% reimbursable.
positiveReceived $1.35 billion in Q1 2026 for NuScale share sales, with full monetization anticipated by end of Q2 2026.
positiveAdjusted EBITDA guidance for 2026 set at $525 million to $585 million.
positiveGAAP net loss attributable to Fluor of $51 million for the full year 2025, compared to a net profit of $2.1 billion in 2024.
negativeFourth quarter 2025 results include a net $2 billion reduction in the valuation of the investment in NuScale, leading to a net loss of $1.6 billion or ($9.87) per diluted share.
negativeFull year 2025 Operating Cash Flow was negative at ($387) million, compared to positive $828 million in the prior year.
negativeEnergy Solutions reported a full year loss of $414 million in 2025, down from a profit of $256 million in 2024, with revenue down significantly.
negativeFull year revenue decreased to $15.5 billion in 2025 from $16.3 billion in 2024.
negativeTotal new awards for the full year 2025 were $12.0 billion, a decrease from $15.1 billion in 2024, reflecting delayed timing.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Urban Solutions | N/A | — | — | — |
Energy Solutions | N/A | — | — | — |
Mission Solutions | N/A | — | — | — |
Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
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.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.