Fluor Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 8 May 2026: press release. Guidance figures: 1 lowered, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell 8 percent year over year: Revenue was $3,663 million against $3,982 million a year ago, down 8%. Urban Solutions contributed $2,437 million, Energy Solutions $703 million and Mission Solutions $523 million. Source
• Adjusted EPS fell to $0.14: Adjusted EPS was $0.14 against $0.73 a year ago. Adjusted EBITDA was $60 million in the highlights and $61 million in the reconciliation table, against $155 million. Source
• Urban Solutions profit fell on mining costs: Urban segment profit was $6 million against $70 million a year ago. The result includes a $37 million impact from cost increases on a mining project in the Americas; revenue rose to $2.4 billion. Source
• Mission Solutions swung to a loss: Mission Solutions reported a segment loss of $71 million against a $5 million profit a year earlier. New awards were $332 million, including a FEED award for the Centrus uranium enrichment plant expansion. Source
• New awards fell 54 percent: Total new awards were $2.7 billion against $5.8 billion a year earlier, with 98% reimbursable. Urban Solutions accounted for $2.1 billion of the total. Source
• Backlog held near $25.7 billion: Backlog was $25.7 billion, slightly up from December 31, 2025 and down from $28.7 billion a year earlier; 82% is reimbursable. Legacy project backlog is now $169 million. Source
• Operating cash flow was $110 million: Operating cash flow was $110 million against a $286 million outflow a year earlier. Management described it as the best first quarter in nine years. Source
• NuScale stake sold for $2.4 billion: The company completed the NuScale investment sale in April 2026, generating $2.4 billion in proceeds since September 2025. The cash flow table shows $1,359 million of NuScale share sale proceeds in the quarter. Source

“I am encouraged by the significant number of new awards we secured in recent months across diverse markets, including gas-fueled and nuclear power, refining, data centers, mining, and uranium enrichment.”

Jim Breuer, Fluor’s Chief Executive Officer

Guidance

What changed from last quarter

• Guidance lowered: Adjusted EBITDA guidance for 2026 narrowed to $525 - $560 million from $525 - $585 million. Source
• Ended: NuScale investment sale completed in April 2026; the prior release anticipated full monetization by end of Q2 2026. Source
• New: Fabrication yard in China divested for $124 million. Source

Quarter results and earnings

• Revenue fell 8 percent year over year: Revenue was $3,663 million against $3,982 million a year ago, down 8%. Urban Solutions contributed $2,437 million, Energy Solutions $703 million and Mission Solutions $523 million. Source
• Net earnings turned positive: Net earnings attributable to Fluor were $160 million, against a $241 million loss a year earlier. Diluted EPS was $1.08 against $(1.42) in the prior-year quarter. Source
• Adjusted EPS fell to $0.14: Adjusted EPS was $0.14 against $0.73 a year ago. Adjusted EBITDA was $60 million in the highlights and $61 million in the reconciliation table, against $155 million. Source
• Consolidated segment profit fell to $8 million: Consolidated segment profit was $8 million, a 0.2% margin, against $131 million or 3.3% a year ago. Source

Segments and regions

• Urban Solutions profit fell on mining costs: Urban segment profit was $6 million against $70 million a year ago. The result includes a $37 million impact from cost increases on a mining project in the Americas; revenue rose to $2.4 billion. Source
• Urban awards fell from pharmaceutical year: Urban Solutions new awards were $2.1 billion against $5.3 billion a year ago, when a large pharmaceutical award was recognized. Quarterly awards included an aluminum project in the Middle East and a Chile mine expansion. Source
• Energy profit rose on closeout items: Energy Solutions segment profit was $74 million, up from $47 million, driven by favorable close out items on three projects. Revenue fell to $703 million from $1.2 billion as execution on near-complete projects slowed. Source
• Energy backlog declined on project progress: Energy Solutions ending backlog was $4.3 billion against $6.2 billion a year ago, reflecting progress on several large projects including the Mexico JV. New awards were $213 million against $315 million. Source
• Mission Solutions swung to a loss: Mission Solutions reported a segment loss of $71 million against a $5 million profit a year earlier. New awards were $332 million, including a FEED award for the Centrus uranium enrichment plant expansion. Source
• Non-US share of awards rose: New awards from projects outside the U.S. were 55% of the total, against 10% a year ago. Backlog outside the U.S. was 43%, against 42%. Source

“The strong growth potential of our business is not impacted by the project charge in the quarter.”

Jim Breuer, Fluor’s Chief Executive Officer

Costs, charges and adjusted items

• G&A rose on stock compensation: G&A expenses were $61 million against $36 million a year earlier, primarily driven by the impact of stock-based compensation. Source
• Litigation ruling excluded from adjusted earnings: Adjusted earnings exclude the $96 million impact of a Q1 2026 ruling on the LOGCAP materials management qui tam matter, against $28 million a year earlier. Source
• Equity method earnings were $51 million: Equity method earnings were $51 million against a $393 million loss a year earlier. This line is excluded from adjusted net earnings. Source

Demand and the order book

• New awards fell 54 percent: Total new awards were $2.7 billion against $5.8 billion a year earlier, with 98% reimbursable. Urban Solutions accounted for $2.1 billion of the total. Source
• Backlog held near $25.7 billion: Backlog was $25.7 billion, slightly up from December 31, 2025 and down from $28.7 billion a year earlier; 82% is reimbursable. Legacy project backlog is now $169 million. Source
• Urban backlog eased slightly: Urban Solutions ending backlog was $19 billion, slightly lower than $20.2 billion a year earlier. Mission Solutions backlog was $2.5 billion. Source

Capital, cash and returns

• Operating cash flow was $110 million: Operating cash flow was $110 million against a $286 million outflow a year earlier. Management described it as the best first quarter in nine years. Source
• NuScale stake sold for $2.4 billion: The company completed the NuScale investment sale in April 2026, generating $2.4 billion in proceeds since September 2025. The cash flow table shows $1,359 million of NuScale share sale proceeds in the quarter. Source
• Quarter buybacks reached $516 million: Share repurchases were $516 million against $142 million a year earlier. No debt was retired this quarter, against $18 million a year earlier. Source
• Cash and securities stood at $3.2 billion: Cash and marketable securities at quarter end were $3.2 billion. Cash and cash equivalents were $3,187 million, up from $2,135 million at year-end. Source

Strategy and growth priorities

• Awards span several end markets: Management cited recent awards across gas-fueled and nuclear power, refining, data centers, mining and uranium enrichment. Source
• Plan to convert pipeline and expand margins: Chief Executive Officer Jim Breuer said the company is positioned to convert its growing pipeline, expand margins and pursue sustained profitable growth using a disciplined project delivery model. Source
• Remaining Stork and AMECO units excluded: Core operations results exclude the remaining Stork and AMECO equipment businesses, which are no longer classified as discontinued operations. Source

Figures management reported

Risks management discussed

• Operational: Cost growth on a mining project in the Americas was recognized in Q1 and drove part of the adjusted EBITDA guidance revision. Source
• External: A project slowed temporarily because of Middle East geopolitical concerns, which management cited alongside the mining cost growth. Source

Earlier plans management reported on

• Not stated: Management said the full year operating cash flow guidance of $300 million was maintained. Source
• Met: The prior release anticipated full NuScale monetization by end of Q2 2026; this release reports the sale completed in April 2026.

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.