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FLUOR
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Latest analysis
Updated Nov 6, 2026
Fluor posts record $10.9B new awards and $34.3B backlog in Q3 2026, anchored by LNG Canada Phase 2 FNP and diversified megaproject pipeline across power, copper, and data centers.
Fluor's Q3 2026 marks a structural inflection: record quarterly new awards of $10.9 billion — nearly 3x revenue — drove backlog to $34.3 billion, the highest level this decade, with the $7.5 billion LNG Canada Phase 2 full notice to proceed as the headline booking. Management maintains full-year 2026 adjusted EBITDA guidance of $500–$525 million and projects low double-digit EBITDA growth in 2027, with peak earnings from current megaproject awards expected in 2028 as utilization ramps. A client-driven scope reduction of approximately $2 billion expected to hit Q4 backlog is the primary near-term headwind, though management frames it as project-specific and already incorporated into preliminary 2027 guidance.
Tone: bullishRevenue
$15.5B
FLR 10-K · FY 2025
Employees
22,995
Revenue FY2024
$16.3B
Headquarters
Irving, TX
Profile
FLR 10-K Item 1 · Mar 2, 2026Fluor Corporation is a global engineering, procurement, and construction (EPC) company headquartered in Irving, Texas. The company provides project delivery and asset management services across a broad range of industries and geographies. It operates through multiple business segments serving government, industrial, and infrastructure end markets.
Read filing description ↓ Collapse description ↑
Fluor is dedicated to building a better world by applying our world-class expertise to solve our clients' greatest challenges. We deliver professional and technical solutions that emphasize safety, operational excellence and capital efficiency for our clients. Incorporated in Delaware in September 2000, Fluor and its predecessors have served clients for over 110 years, consistently supporting development and progress. We believe we are poised to continue helping our clients meet similar needs into the foreseeable future. Through our subsidiaries and joint ventures, we stand among the world's leading professional services firms, offering EPC and project management services. We provide these services to our clients in diverse industries worldwide including life sciences, advanced technologies and manufacturing, data centers, mining and metals, gas and nuclear derived power, infrastructure, chemicals, LNG, and oil and gas production and fuels. We are also a service provider to the U.S. federal government and governments abroad. Our operations are organized into 3 principal segments: Urban Solutions, Energy Solutions and Mission Solutions. Additional activities are reported under our Other segment. We are guided by 4 strategic priorities for driving value creation for our shareholders: Drive growth across our portfolio by growing our market positions in energy addition, low carbon power, LNG, sustainable chemicals, data centers, semiconductors, critical metals and minerals and national security while maintaining our industry leading position in traditional oil & gas, chemicals, commodity mining, life sciences and supporting the DOE.
Primary products
- Engineering and design
- Project management
- Procurement
- Construction
- Operations and maintenance
- Front-end engineering
Business segments
End markets
Geographies
Named customers
For 2025, revenue earned from agencies of the U.S. government accounted for 17% of our total revenue. We perform work for these government agencies under multiple contracts and sometimes through joint venture arrangements. Additionally, revenue from a single Urban Solutions' customer spanning multiple projects amounted to 15% of our revenue in 2025.
Named competitors
“We believe our engineering, procurement and construction business derives its competitive strength from our market diversity, excellence in execution, reputation for quality, technology, cost-effectiveness, worldwide procurement capability, project management expertise, geographic coverage, ability to meet client requirements by performing construction on either a union or an open shop basis, ability to execute complex projects of varying sizes, strong safety record and lengthy experience with a wide range of services and technologies.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined from $16,315 million in 2024 to $15,503 million in 2025, with Urban Solutions growing significantly while Energy Solutions declined sharply and the Other segment contracted substantially following divestitures.
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