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Fluor (FLR) FY2024 results: revenue $16.3 billion, up 5.4% on the year

Fluor Corp. (FLR) reported revenue of $16.3 billion for fiscal 2024, the year ended 31 December 2024, up 5.4% on the year before. Net income was $2.1 billion, up 1443.2%, and diluted earnings per share $12.30. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue
$16.3 billion
+5.4% on the year
FY2017FY2024
Operating margin
2.8%
0.9% a year earlier
FY2017FY2024
Net income
$2.1 billion
+1,443.2% on the year
FY2017FY2024
Diluted EPS
$12.30
+2,177.8% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue16,31515,47413,744+5.4%
Cost of revenue15,74114,99713,389+5.0%
Gross profit574477355+20.3%
Gross margin3.5%3.1%2.6%
Operating income463147209+215.0%
Operating margin2.8%0.9%1.5%
Interest expense46.060.059.0-23.3%
Pre-tax income2,718315244+762.9%
Income tax634236171+168.6%
Effective tax rate23.3%74.9%70.1%
Net income2,145139145+1,443.2%
Net margin13.1%0.9%1.1%
Diluted EPS$12.30$0.54$0.73+2,177.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow82821231.0+290.6%
Capital expenditure16410675.0+54.7%
Free cash flow664106-44.0+526.4%
Free cash flow margin4.1%0.7%-0.3%
Cash from investing-333-277-78.0
Cash from financing-116127315
Depreciation and amortisation73.074.073.0-1.4%
Share-based compensation31.048.019.0-35.4%
Buybacks1250.00.0
Diluted shares, weighted174m153m145m+13.7%
Shares outstanding at period end169m170m142m-0.7%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity3,9491,9401,786+103.6%
Non-controlling interest43.0112210-61.6%
Short-term borrowingsn/a0.0n/a
Debt1,1041,1581,130-4.7%
Other liabilities4,0473,7633,701+7.5%
Total liabilities and equity9,1436,9736,827+31.1%
Fixed assets494458447+7.9%
Goodwill199206206-3.4%
Investments2,958683185+333.1%
Cash and equivalents2,8292,5192,439+12.3%
Other assets2,6633,1073,550-14.3%
Total assets9,1436,9736,827+31.1%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.