Fluor Corporation completed the sale of 71 million shares of NuScale Power Corporation on February 13, 2026, and announced the transaction on February 17, 2026. The sale generated gross proceeds of $1.35 billion, bringing Fluor’s cumulative proceeds from NuScale holdings to nearly $2 billion, including earlier sales in 2025.
The divestiture is part of Fluor’s broader monetization strategy. The company has already repurchased about 17 million shares between the fourth quarter of 2025 and February 13, 2026, spending more than $700 million, and has increased the authorization for its share‑repurchase program. Fluor plans to monetize the remaining 40 million NuScale shares by the second quarter of 2026, using the proceeds to strengthen its balance sheet and return value to shareholders.
Fluor’s fourth‑quarter 2025 earnings, released on the same day as the NuScale sale announcement, showed a GAAP net loss of $1.57 billion ($9.87 per share) and an adjusted earnings per share of $0.33, falling short of the $0.34 consensus estimate. Revenue for the quarter was $4.20 billion, down from $4.30 billion a year earlier, and the company recorded a $2 billion reduction in the valuation of its NuScale investment. Full‑year 2025 revenue was $15.5 billion, with a GAAP net loss of $51 million.
"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 Fluor CEO Jim Breuer. "Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders." CFO John Regan added, "In 2025, we returned substantial capital while maintaining a strong liquidity position. With the continued monetization of our NuScale investment, we have enhanced financial flexibility to drive organic growth, M&A opportunities that advance our strategic objectives, and continued repurchases."
NuScale Power’s stock was trading at $14.31 on February 13, 2026. The sale increases the number of shares available to the public, potentially affecting liquidity and share supply, while investors have expressed mixed sentiment about the move and its impact on NuScale’s valuation.
Fluor’s overall business context shows a backlog of $25.5 billion, 81 % of which is reimbursable, and new awards of $12.0 billion in 2025. The company’s Urban Solutions segment performed well, whereas Energy Solutions faced challenges after an adverse ruling on the Santos project. These dynamics shape the company’s revenue mix and profitability outlook.
Starboard Value has acquired a stake in Fluor, signaling potential activist interest. The presence of an activist investor may influence future strategic decisions regarding Fluor’s remaining NuScale holdings and other capital allocation choices.
Investors reacted with mixed sentiment. The earnings miss weighed against the positive signals from the NuScale monetization and share‑repurchase program, leading to a balanced view of Fluor’s short‑term financial performance and long‑term strategic direction.
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