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Jun 30, 2025
Fluor Q2 2025 Earnings Report
Fluor reported its second quarter 2025 financial results, with revenue down 6% year-over-year and GAAP net earnings significantly impacted by mark-to-market gains on its NuScale investment.
Key Takeaways
Fluor's second quarter 2025 results were mixed, with a 6% year-over-year decrease in revenue to $4.0 billion. GAAP net earnings attributable to Fluor surged to $2.5 billion, primarily driven by a $3.2 billion pre-tax mark-to-market gain on its NuScale investment. However, adjusted EPS fell by 49% to $0.43, and adjusted EBITDA decreased by 42% to $96 million, reflecting cost growth on infrastructure projects and a shift in client capital spending. New awards were down significantly, and backlog also decreased.
Revenue for Q2 2025 was $4.0 billion, a 6% decrease compared to the same period last year.
GAAP net earnings attributable to Fluor reached $2.5 billion, largely due to a $3.2 billion pre-tax mark-to-market gain from the NuScale investment.
Adjusted EPS declined by 49% year-over-year to $0.43, and adjusted EBITDA decreased by 42% to $96 million.
New awards totaled $1.8 billion, a 43% decrease year-over-year, and total backlog stood at $28.2 billion, down 13% from a year ago.
Revenue by Segment
Forward Guidance
Fluor has revised its full-year 2025 adjusted EBITDA and adjusted EPS guidance downwards due to client hesitation, economic uncertainty, and project delays. The company now expects adjusted EBITDA between $475 million and $525 million and adjusted EPS between $1.95 and $2.15.
Positive Outlook
- Agreement reached on COVID claims and other matters related to LNG Canada project.
- Final notice to proceed on the Reko Diq mining project received.
- Incremental award on a life sciences project.
- Short-term extensions at two DOE sites.
- Additional funding for ongoing hurricane relief efforts.
Challenges Ahead
- Adjusted EBITDA guidance revised downwards from $575-$675 million to $475-$525 million.
- Adjusted EPS guidance revised downwards from $2.25-$2.75 to $1.95-$2.15.
- Results impacted by cost growth on three long-standing infrastructure projects.
Historical Earnings Impact
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