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Sep 30
Fluor Q3 2025 Earnings Report
Fluor reported its third quarter 2025 results, highlighting a significant net loss primarily due to the Santos ruling and a reduction in NuScale's share price, despite strong new awards and an increase in adjusted EPS.
Key Takeaways
Fluor Corporation experienced a challenging third quarter in 2025, reporting a GAAP net loss of $697 million, largely driven by a $653 million charge related to the Santos ruling and a $401 million reduction in NuScale's share price. Despite these significant impacts, the company achieved $3.3 billion in new awards, with 99% being reimbursable, and reported a strong adjusted EPS of $0.68, up 33% year-over-year. The company also generated $286 million in operating cash flow and increased its full-year guidance for adjusted EPS and EBITDA.
Fluor reported a GAAP net loss of $697 million, primarily due to a $653 million charge for the Santos ruling and a $401 million reduction in NuScale's share price.
New awards totaled $3.3 billion, a 21% increase year-over-year, with 99% being reimbursable projects.
Adjusted EPS increased by 33% year-over-year to $0.68, and adjusted EBITDA rose by 29% to $161 million.
The company's backlog stood at $28.2 billion, with 82% attributable to reimbursable projects, and cash and marketable securities improved to $2.8 billion.
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Fluor Revenue by Segment
Revenue by Segment
Urban Solutions Revenue
CapyFin.comEnergy Solutions Revenue
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CapyFin.com Forward Guidance
Fluor has increased its full-year 2025 guidance for adjusted EBITDA and adjusted EPS, reflecting confidence in its operational performance despite market uncertainties. The company also anticipates full monetization of its NuScale investment by the end of Q2 2026.
Positive Outlook
- Increased adjusted EBITDA guidance to $510 million to $540 million from $475 million to $525 million.
- Increased adjusted EPS guidance to $2.10 to $2.25 per share from $1.95 to $2.15 per share.
- Targeting an additional $800 million in share repurchases through February.
- Expect full monetization of NuScale investment by the end of Q2 2026.
- Full year operating cash flow guidance increased to $250 million - $300 million.
Challenges Ahead
- Continued short-term uncertainty in some markets.
- Inability to provide forward-looking guidance for U.S. GAAP net earnings or EPS due to prediction uncertainties.
- The Santos ruling charge of $653 million will impact GAAP results.
- The reduction in NuScale's share price of $401 million will impact GAAP results.
- Assumes a tax rate of 30% for 2025 estimates, which could be subject to change.