Fluor Corporation reported a fourth‑quarter net loss of $1.6 billion, or $9.87 per diluted share, and a full‑year GAAP net loss of $51 million, or ($0.31) per diluted share. Revenue for the quarter was $4.175 billion, down 2.4% from $4.3 billion a year earlier, while adjusted EBITDA fell to $91 million, or $0.33 per share, compared with $161 million, or $0.68 per share, in the same period a year ago.
The year‑to‑date GAAP loss was driven largely by a $2 billion write‑down of Fluor’s investment in NuScale and a $643 million charge related to the Santos litigation. Excluding those one‑time items, adjusted earnings per share rose to $0.68 from $0.51 a year earlier, and adjusted EBITDA increased 30% from $124 million a year ago, reflecting stronger operating performance despite the impact of legacy project cost growth of $30 million.
Segment results highlighted a profit of $205 million in Urban Solutions, while Energy Solutions posted a $414 million loss, largely due to the Santos reversal. The contrast underscores the uneven performance across Fluor’s business lines, with Urban Solutions benefiting from robust demand in infrastructure and construction, and Energy Solutions suffering from regulatory and legal headwinds.
Fluor’s backlog at year‑end was $18.7 billion, up from $17.7 billion a year earlier, providing a cushion of future work. Management raised its 2026 adjusted EBITDA guidance to $525 million to $585 million, an upward revision from the prior $475 million to $525 million range, signaling confidence in its growing EPC award pipeline and improved execution on its reimbursable backlog.
"Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments," said CEO Jim Breuer. CFO John Regan added, "Our capital allocation strategy is directly aligned with Fluor's growth priorities and our commitment to deliver shareholder value." The guidance lift reflects expectations of stronger project wins and better cost control, while the backlog growth indicates continued demand for Fluor’s services.
The earnings miss was largely attributable to the one‑time charges that depressed GAAP results, while the revenue shortfall was driven by a decline in Energy Solutions revenue, offset only partially by growth in Urban Solutions. Adjusted metrics, however, showed a 30% increase in EBITDA and a modest rise in adjusted EPS, indicating that core operations remained resilient. The guidance revision and strong backlog suggest that management remains optimistic about future performance, but the impact of legacy project cost growth and the Santos litigation continue to weigh on short‑term profitability.
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