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Dec 31, 2025
Fluor Q4 2025 Earnings Report
Fluor reported a significant fourth quarter 2025 net loss driven by a reduction in the valuation of its NuScale investment, while revenue remained relatively stable year-over-year.
Key Takeaways
Fluor generated fourth quarter 2025 revenue of 4175000000, compared to 4260000000 a year ago. The company reported a net loss attributable to Fluor of 1574000000, primarily reflecting a 2000000000 reduction in the valuation of its NuScale investment. Adjusted EBITDA was 91000000, and new awards totaled 1127000000 with ending backlog of 25536000000.
Revenue was 4175000000, slightly down from the prior year.
Net loss attributable to Fluor was 1574000000 due to NuScale valuation impact.
Adjusted EBITDA totaled 91000000 for the quarter.
New awards were 1127000000; total backlog ended at 25536000000.
Revenue by Segment
Forward Guidance
For 2026, Fluor established adjusted EBITDA guidance of 525000000 to 585000000, supported by expected new EPC awards and continued monetization of its NuScale investment.
Positive Outlook
- Adjusted EBITDA guidance between 525000000 and 585000000.
- Improving capital spending environment.
- Strong diversified backlog of 25536000000.
- Planned 1400000000 in share repurchases for 2026.
- Continued monetization of NuScale investment.
Challenges Ahead
- Recent large net loss driven by investment valuation changes.
- Energy Solutions segment facing lower activity levels.
- Exposure to project cost growth and litigation risks.
- Dependence on timing of large EPC awards.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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