third quarter 2026
Filed Nov 6, 2026FLUOR 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.