FLUOR REPORTS THIRD QUARTER 2026 RESULTS
FLUOR CORP (FLR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Fluor Corporation Brett Turner Exhibit 99.1 6700 Las Colinas Blvd Media Relations Irving, Texas 75039 864.281.6976 tel 469.398.7000 main tel Jason Landkamer Investor Relations 469.398.7222 tel News Release FLUOR REPORTS THIRD QUARTER 2026 RESULTS • Revenue of $3.7 billion up 10%
How this was made
The 30-second read
Why it matters
The earnings beat and reaffirmed guidance are likely to attract short‑term buying, especially given the contrast with last year's loss.
Market read
The earnings release provides fresh, material data for traders; the profit turnaround and large award pipeline suggest near‑term upside.
What to watch
Potential exposure to commodity price volatility and the 69% reimbursable portion of backlog could temper long‑term gains.
FLUOR REPORTS THIRD QUARTER 2026 RESULTS
Revenue increased 10%, new awards reached $10.9 billion, backlog increased 21% to $34.3 billion, and GAAP net earnings attributable to Fluor were $158 million versus a $697 million loss. The company affirmed its 2026 adjusted EBITDA guidance of $500 – $525 million, while adjusted EBITDA declined to $142 million from $161 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $3.72B | – | 10% |
| Nine months ended September 30, 2026 total revenueGAAP | $11.71B | – | – |
| Q3 2026 consolidated segment profitnon-GAAP | $248M | – | – |
| Q3 2026 consolidated segment profit marginnon-GAAP | 6.7% | – | – |
| Nine months ended September 30, 2026 consolidated segment profitnon-GAAP | $426M | – | – |
| Nine months ended September 30, 2026 consolidated segment profit marginnon-GAAP | 3.6% | – | – |
| Q3 2026 G&AGAAP | −$52M | – | – |
| Nine months ended September 30, 2026 G&AGAAP | −$155M | – | – |
| Q3 2026 earnings before taxesGAAP | $243M | – | – |
| Nine months ended September 30, 2026 earnings before taxesGAAP | $505M | – | – |
| Q3 2026 net earnings attributable to FluorGAAP | $158M | – | – |
| Nine months ended September 30, 2026 net earnings attributable to FluorGAAP | $432M | – | – |
| Q3 2026 diluted EPSGAAP | $1.16 | – | – |
| Nine months ended September 30, 2026 diluted EPSGAAP | $3.04 | – | – |
| Q3 2026 adjusted net earningsnon-GAAP | $105M | – | – |
| Nine months ended September 30, 2026 adjusted net earningsnon-GAAP | $255M | – | – |
| Q3 2026 adjusted EPSnon-GAAP | $0.77 | – | 13% |
| Nine months ended September 30, 2026 adjusted EPSnon-GAAP | $1.80 | – | – |
| Q3 2026 EBITDAGAAP | $213M | – | – |
| Q3 2026 GAAP EBITDA marginGAAP | 5.7% | – | – |
| Nine months ended September 30, 2026 EBITDAGAAP | $456M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $142M | – | – |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 3.8% | – | – |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | $351M | – | – |
| Q3 2026 total new awardsother | $10.87B | – | 234% |
| Nine months ended September 30, 2026 total new awardsother | $19.66B | – | – |
| Q3 2026 book-to-burnother | 2.9x | – | – |
| September 30, 2026 total backlogother | $34.30B | – | 21% |
| September 30, 2026 backlog related to projects located outside of the U.S.other | 56% | – | – |
| September 30, 2026 backlog related to reimbursable projectsother | 69% | – | – |
| Q3 2026 total adjusted net revenuenon-GAAP | $2B | – | – |
| Q3 2026 adjusted net marginnon-GAAP | 8.9 % | – | – |
| Nine months ended September 30, 2026 total adjusted net revenuenon-GAAP | $5.78B | – | – |
| Nine months ended September 30, 2026 adjusted net marginnon-GAAP | 7.8 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Urban SolutionsProfit and margin increased due to improved project performance and profitability upon successful milestone achievement on an infrastructure project and a ramp of execution activities on a life sciences project, partially offset by cost growth on a large mining JV project. Awards included two copper mining projects in Chile. | $2.33B | – | — |
| Energy SolutionsPrior-year revenue included a $653 million revenue reduction related to the ruling on the long-completed Santos project in Australia. Profit and margin improved primarily reflecting a $73 million gain on the sale of ICA-Fluor. Awards included $7.5 billion for Phase 2 of LNG Canada. | $679M | – | 159% |
| Mission SolutionsRevenue declined on lower DOE and emergency-response volume. Profit and margin increased due to improved award fee performance and project contributions within the nuclear portfolio. | $714M | – | (6%) |
2026 outlook
- NoteAdjusted EBITDA of $500 – $525 million
- NoteThe company is 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.
Capital returns
- Q3 share repurchases of $300 million.
- Share repurchases of $1.1 billion year to date.
- Repurchase of common stock of $(1,116) million for the nine months ended September 30, 2026, compared with $(365) million in the prior-year period.
- Previously announced 2026 share-repurchase target of $1.4 billion.
What drove it
- New awards totaled $10.9 billion, including LNG Canada Phase 2 and two mining projects.
- Energy Solutions revenue increased to $679 million from $262 million; the prior-year period included a $653 million Santos-project revenue reduction.
- Urban Solutions profit was $100 million with a 4.3% segment profit margin, compared with $61 million and 2.6%.
- Mission Solutions profit was $55 million with a 7.7% segment profit margin, compared with $34 million and 4.5%.
- The quarter included a $73 million pre-tax gain on the sale of Fluor's interest in ICA-Fluor.
Concerns
- Adjusted EBITDA was $142 million, compared with $161 million, and adjusted EBITDA margin was 3.8%, compared with 4.8%.
- Mission Solutions revenue was $714 million, down 6%, on lower DOE and emergency-response volume.
- Urban Solutions results were partially offset by cost growth on a large mining JV project.
- G&A was $(52) million, driven by higher stock price and performance based compensation.
- The company cited potential cost overruns, project delays, client scope adjustments, government shutdowns and spending cuts, among other risks, in its forward-looking-statement disclosure.
What to watch
- Execution and backlog conversion following $10.9 billion of quarterly new awards and $34.3 billion of backlog.
- Delivery of $7.5 billion of Phase 2 of LNG Canada awards within Energy Solutions.
- Whether adjusted EBITDA reaches the affirmed 2026 guidance range of $500 – $525 million.
- Urban Solutions project performance, including cost growth on the large mining JV project.
- Mission Solutions demand trends in DOE and emergency-response work.
- Progress toward the previously announced 2026 share-repurchase target of $1.4 billion.
Balance sheet and cash flow
- Cash and equivalents of $3.1 billion at quarter end.
- Cash and cash equivalents at end of period of $2,678 million as of September 30, 2026, compared with $2,776 million as of September 30, 2025.
- Q3 operating cash flow of $186 million.
- Nine-month operating cash flow of $(21) million, compared with $(21) million.
- Nine-month capital expenditures of $(26) million, compared with $(38) million.
- Nine-month investing cash flow of $1,676 million, compared with $316 million.
- Nine-month financing cash flow of $(1,078) million, compared with $(388) million.
- Nine-month increase in cash and cash equivalents of $543 million, compared with a decrease of $(53) million.
- Proceeds from the sale of NuScale shares of $1,831 million for the nine months ended September 30, 2026, compared with $414 million.
- Proceeds from sales of assets of $299 million for the nine months ended September 30, 2026, compared with $63 million.
- Purchase and retirement of debt of $(15) million for the nine months ended September 30, 2026, compared with $(37) million.
Analysis
Fluor reported a marked GAAP turnaround in the third quarter. Revenue increased 10% to $3,720 million, while net earnings attributable to Fluor were $158 million versus a loss of $(697) million. Diluted EPS was $1.16 versus $(4.30). Consolidated segment profit was $248 million, compared with a loss of $(439) million, and consolidated segment margin was 6.7% compared with (13.0)%. The results included a $73 million pre-tax gain on the sale of the company's interest in ICA-Fluor.
Awards and backlog were the central positive indicators. Total new awards were $10,872 million versus $3,253 million, producing a 2.9x book-to-burn ratio. Backlog was $34,305 million, up 21% from $28,236 million, with 69% related to reimbursable projects. Energy Solutions accounted for $7,716 million of quarterly awards, including $7.5 billion for Phase 2 of LNG Canada, and its backlog increased 109% to $10,679 million.
Segment trends were uneven. Urban Solutions revenue was effectively unchanged at $2,327 million, but segment profit improved to $100 million from $61 million and margin rose to 4.3% from 2.6%. Energy Solutions revenue increased to $679 million from $262 million, with the prior-year period affected by a $653 million Santos-project revenue reduction; segment profit was $93 million versus a $(533) million loss. Mission Solutions revenue declined 6% to $714 million on lower DOE and emergency-response volume, although segment profit increased to $55 million from $34 million.
Underlying adjusted measures did not match the magnitude of the GAAP improvement. Adjusted EBITDA declined to $142 million from $161 million, and adjusted EBITDA margin declined to 3.8% from 4.8%. Adjusted EPS increased to $0.77 from $0.68, while adjusted net earnings declined to $105 million from $111 million. The company affirmed 2026 adjusted EBITDA guidance of $500 – $525 million and did not provide forward-looking U.S. GAAP net earnings or EPS guidance.
Capital allocation remained substantial. Fluor repurchased $300 million of shares during the quarter and $1.1 billion year to date, toward its previously announced 2026 target of $1.4 billion. The company reported Q3 operating cash flow of $186 million. For the nine months ended September 30, operating cash flow was $(21) million, including $357 million of income tax payments related to NuScale share sales, while cash and cash equivalents at the end of the period were $2,678 million.
Management, verbatim
Our third quarter results reflect strong demand across our key markets and continued progress converting our prospect pipeline into high-quality awards.
Jim Breuer, chief executive officer
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.
Jim Breuer, chief executive officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- Free cash flow was not reported.
- Debt balance was not reported.
- Dividend amount was not reported.
- Tax rate was not reported.
- Prior-quarter comparative figures were not reported for most metrics.
- Previous-period outlook was not provided, so prior-guidance comparisons cannot be made.
- A prior-year Q3 operating cash flow figure was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Fluor's Q3 filing is the first public disclosure of its quarterly performance and includes a significant profit swing and record new awards.
Ticker impact
Fluor Corp (NYSE:FLR) reported Q3 2026 results with revenue $3.7B (+10% YoY), EPS $1.16, and reaffirmed its 2026 adjusted EBITDA guidance.
upward pressure as investors price in profit turnaround and record new awards
The company swung from a $697M loss a year ago to a $158M profit, posted record $10.9B new awards and reaffirmed guidance, which typically supports a price rally.
Market effects
Strong results may boost sentiment in the engineering and construction sector, highlighting demand for LNG and mining projects.
North American construction and energy markets could see modest buying interest.
Highlights continued global demand for large‑scale infrastructure, especially LNG Canada Phase 2.
Counterpoint
If the market had already priced in the turnaround, the reaffirmed guidance may limit upside.
Key entities
- CompanyFluor Corp
Engineering and construction firm reporting Q3 2026 results.
