Fluor (FLR) FY2025 results: revenue $15.5 billion, down 5.0% on the year

Fluor is an engineering, procurement and construction (EPC) and project management firm, incorporated in Delaware in September 2000, that works through subsidiaries and joint ventures. The company states that it and its predecessors have served clients for over 110 years. Its clients span life sciences, advanced technologies and manufacturing, data centers, mining and metals, gas and nuclear power, infrastructure, chemicals, LNG, and oil and gas production and fuels, and it also works for the U.S. federal government and governments abroad. It reports three principal segments, Urban Solutions, Energy Solutions and Mission Solutions, with other activities in an Other segment.

What it does on a project

Its services fall into six broad categories, from consulting to complete design-build, operations and maintenance contracts. Engineering and design covers piping, mechanical, electrical, control systems, civil, structural and architectural work, along with process and chemical engineering, front-end engineering, feasibility studies, permitting and siting. Project management covers logistics, execution plans, schedules, cost forecasts and progress tracking, and Fluor is often hired as overall program manager on large projects with many contractors. Procurement includes strategic sourcing, material management, buying, expediting, supplier quality inspection and logistics. In construction it mobilizes, executes and commissions projects on a self-perform or subcontracted basis. Operations and maintenance covers facility management, plant readiness, commissioning, start-up, turnaround and outage services.

The three segments

Urban Solutions serves advanced technologies and manufacturing, including data centers, semiconductors and batteries; life sciences, for pharmaceutical, biotechnology, medical device and animal health clients; and mining and metals, for producers of copper, lithium, rare earth minerals, iron ore, bauxite, alumina, aluminum, steel, diamond, gold and fertilizers. It also serves infrastructure, with a focus on state departments of transportation. Staffing is often provided through TRS Staffing Solutions, and Plant & Facility Services offers reliability and maintenance services to power generation and industrial manufacturing clients in North America.

Energy Solutions offers EPC services for upstream oil and gas, fuels, chemicals, LNG and power. Its upstream work covers field development, pipelines, offshore facilities and gas processing, and downstream it upgrades refineries and repurposes facilities for renewable fuels. In LNG it has worked on liquefaction, floating LNG facilities, mid-scale LNG and regasification terminals, and in power it can work with small modular and conventional nuclear reactor technologies as well as thermal power.

Mission Solutions serves the U.S. and other governments. Its nuclear and environmental business works for the DOE and the National Nuclear Security Administration on nuclear security and operations, fuels enrichment, nuclear waste management, laboratory management and the remediation and decommissioning of government sites. It is a partner to FEMA for disaster recovery and emergency response. Its national security business provides operations and maintenance, global logistics, EPC and life support across U.S. military service organizations, and security-cleared personnel for the intelligence community.

How it contracts

It typically works under two broad contract types: reimbursable contracts, where the client pays based on negotiated rates and fees, and lump-sum or guaranteed maximum contracts. At December 31, 2025, 81% of its backlog was reimbursable.

NuScale and Stork

The Other segment previously held NuScale, deconsolidated in October 2024, and the remaining Stork operations, fully divested in 2025. In November 2025 Fluor converted its remaining 111 million NuScale voting shares into registered shares, and it completed the sale of 71 million of them on February 13, 2026. The company states that it expects to sell the remaining 40 million shares through similar structured programs.

People

At December 31, 2025 it had 22,995 people: 17,122 salaried employees, 4,602 craft and hourly employees and 1,271 from the TRS agency. North America held 58% of the workforce, Asia Pacific 20%, Europe, Africa and Middle East 17% and Central and South America 5%.

From Fluor's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.