Fluor Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 November 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Consolidated segment profit turned positive: Consolidated segment profit was $248 million, against a loss of $439 million. Segment profit margin was 6.7%, against (13.0)%. Source
• Adjusted EPS up 13% year over year: Diluted EPS was $1.16, against a loss of $4.30. Adjusted EPS was $0.77, against $0.68 a year earlier. Source
• Adjusted EBITDA lower than last year: Adjusted EBITDA was $142 million, against $161 million. Adjusted EBITDA margin was 3.8%; the prior-year margin was 4.8%, which included an 80 basis point lift from the Santos revenue reversal. Source
• Energy profit lifted by ICA-Fluor gain: Energy Solutions segment profit was $93 million, against a loss of $533 million, with a 13.7% margin. The company attributed the improvement primarily to the gain on the sale. Source
• Awards reached $10.9 billion: New awards were $10.9 billion, against $3.3 billion. The company said this was its highest quarterly total. Source
• Backlog up 21% to decade high: Backlog was $34.3 billion, up 21%. Reimbursable share was 69%, against 81% at prior year end; the backlog table shows 82% at September 30, 2025. Source
• Cash balance at quarter end: The company reported cash and equivalents of $3.1 billion at quarter end. The nine-month cash flow summary shows cash and cash equivalents of $2,678 million at period end. Source
• LOGCAP ruling excluded from adjusted results: A ruling on the LOGCAP materials management qui tam matter was excluded from adjusted results: $2 million in the quarter and $100 million for the nine months. Source

“Our focus remains on continued growth, successful project delivery for our clients and strategic deployment of capital that creates long-term value for our shareholders.”

Jim Breuer, chief executive officer of Fluor

Guidance

What changed from last quarter

• Guidance kept: Adjusted EBITDA guidance for 2026 was affirmed at $500 to $525 million, unchanged from the prior release. Source
• Guidance kept: The 2026 share repurchase target of $1.4 billion was restated in this release, as in the prior release. Source
• Ended: The company sold its interest in ICA-Fluor, its former Mexico joint venture, and recognized the gain in Energy Solutions. Source
• New: Energy Solutions received an award for Phase 2 of LNG Canada in the quarter. The prior release had described a limited notice to proceed on this expansion. Source

Results and growth drivers

• Revenue up 10% year over year: Revenue was $3.7 billion, compared with $3.4 billion a year earlier. Source
• GAAP earnings positive against prior loss: GAAP net earnings attributable to Fluor were $158 million, against a net loss of $697 million. The prior-year quarter included an equity method loss of $401 million. Source
• Consolidated segment profit turned positive: Consolidated segment profit was $248 million, against a loss of $439 million. Segment profit margin was 6.7%, against (13.0)%. Source
• Adjusted EPS up 13% year over year: Diluted EPS was $1.16, against a loss of $4.30. Adjusted EPS was $0.77, against $0.68 a year earlier. Source
• Adjusted EBITDA lower than last year: Adjusted EBITDA was $142 million, against $161 million. Adjusted EBITDA margin was 3.8%; the prior-year margin was 4.8%, which included an 80 basis point lift from the Santos revenue reversal. Source
• Nine-month revenue and segment profit: Nine-month revenue was $11,711 million, against $11,327 million. Nine-month segment profit was $426 million, against a loss of $230 million. Source

Segment performance

• Urban Solutions profit higher: Urban Solutions profit was $100 million, a 4.3% margin, against $61 million and 2.6%. The company cited a milestone on an infrastructure project and a life sciences ramp. Source
• Energy revenue more than doubled: Energy Solutions revenue was $679 million, against $262 million. The prior-year figure included a $653 million revenue reduction tied to the Santos ruling. Source
• Energy profit lifted by ICA-Fluor gain: Energy Solutions segment profit was $93 million, against a loss of $533 million, with a 13.7% margin. The company attributed the improvement primarily to the gain on the sale. Source
• Mission profit up, revenue down: Mission Solutions revenue was $714 million, against $761 million. Segment profit was $55 million, against $34 million, a 7.7% margin against 4.5%. Source

“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 of Fluor

Awards and backlog

• Awards reached $10.9 billion: New awards were $10.9 billion, against $3.3 billion. The company said this was its highest quarterly total. Source
• Backlog up 21% to decade high: Backlog was $34.3 billion, up 21%. Reimbursable share was 69%, against 81% at prior year end; the backlog table shows 82% at September 30, 2025. Source
• Energy backlog more than doubled: Urban Solutions backlog was $19,172 million, down 7%. Energy Solutions backlog was $10,679 million, up 109%. Mission Solutions backlog was $4,454 million, up 71%. Source
• Outside-US share rose sharply: Projects outside the U.S. were 85% of new awards, against 30% a year earlier, and 56% of backlog, against 41%. Source
• Urban awards included Chile mining projects: Urban Solutions new awards were $1,991 million, against $1,760 million. Source
• Mission awards include Savannah River extension: Mission Solutions new awards were $1,165 million, against $1,271 million. Awards included a six-month extension of the Savannah River DOE contract and added scope on an EPC project. Source

Margins, costs and tax

• Adjusted net margin lower: Adjusted net margin was 8.9%, against 9.7%, on adjusted net revenue of $2,000 million, against $2,212 million. At-cost revenue was 46% of total revenue, against 54%. Source
• Adjusted segment profit lower: Adjusted segment profit was $177 million, against $214 million, after the company's adjustments for the ICA-Fluor gain and a LOGCAP ruling. Source
• G&A rose on compensation: G&A was $52 million, against $43 million, which the company attributed to higher stock price and performance-based compensation. Source
• Tax expense against prior-year benefit: Income tax expense was $57 million, against a $177 million benefit a year earlier. Nine-month tax expense was $74 million. Source

Cash and shareholder returns

• Cash balance at quarter end: The company reported cash and equivalents of $3.1 billion at quarter end. The nine-month cash flow summary shows cash and cash equivalents of $2,678 million at period end. Source
• Nine-month operating cash flow negative: Third-quarter operating cash flow was $186 million. Nine-month operating cash flow was $(21) million, the same as in the prior-year nine months. Source
• NuScale sales drove investing inflows: Nine-month proceeds from NuScale share sales were $1,831 million, against $414 million. Cash income taxes paid were $440 million, including $357 million tied to those sales. Source
• Quarterly repurchases of $300 million: Third-quarter share repurchases were $300 million, and $1.1 billion year to date, against $365 million in the prior-year nine months. Source
• Asset sale proceeds and lower capex: Nine-month asset sale proceeds were $299 million, including the ICA-Fluor and CFHI sales. Nine-month capital expenditures were $26 million, against $38 million. Source

Non-GAAP adjustments and litigation

• LOGCAP ruling excluded from adjusted results: A ruling on the LOGCAP materials management qui tam matter was excluded from adjusted results: $2 million in the quarter and $100 million for the nine months. Source
• Equity method earnings fell sharply: Equity method earnings were nil in the quarter, against a $401 million loss. Nine-month equity method earnings were $44 million, against $2,418 million. Source
• Transformation costs excluded from adjusted results: Systems and business transformation costs were $1 million in the quarter and $4 million for the nine months, and are excluded from adjusted measures. Source

Figures management reported

Risks management discussed

• Operational: Cost growth on a large mining joint venture project offset part of the Urban Solutions profit gain in the quarter. Source
• Regulatory: Litigation outcomes, claims and settlements can affect earnings on completed projects; the company excludes significant ones from adjusted results. Source
• Demand: Lower DOE and emergency-response volume reduced Mission Solutions revenue in the quarter and year to date. Source

Earlier plans management reported on

• Met: The Stork business, previously marketed for sale, is now described by the company as divested. Source
• Not stated: The company affirmed the 2026 adjusted EBITDA guidance range in this release. Source
• Not stated: The company refers to the previously announced 2026 repurchase target, with $1.1 billion done year to date. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 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.