Fluor Corporation (NYSE:FLR) shares rose Friday after the company reported third-quarter 2025 results that beat profit expectations but missed on revenue.
Adjusted earnings per share were 68 cents, topping the 45-cent estimate, while revenue fell 18% to $3.37 billion, below the $4.20 billion consensus.
GAAP EPS was a loss of $4.30, driven by a $653 million Santos project charge and a $401 million reduction in NuScale’s value. Adjusted EBITDA climbed 29% to $161 million, while the GAAP net loss totaled $697 million.
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Operating cash flow totaled $286 million, down from $330 million a year earlier, and cash and marketable securities increased to $2.8 billion.
Fluor repurchased $70 million in shares during the quarter and plans another $800 million through February 2026.
Awards And Backlog
New awards reached $3.3 billion, a 21% increase year over year, with 99% of the awards reimbursable.
Backlog was $28.24 billion, down 10% from last year but steady sequentially.
Segment Performance
Urban Solutions reported $61 million in profit, down from $68 million a year ago, reflecting a delay-related adjustment that was partly offset by a favorable project negotiation. Revenue rose to $2.3 billion from $1.9 billion, supported by life sciences and mining growth. New awards more than doubled to $1.8 billion, and backlog increased 8% to $20.5 billion.
Energy Solutions recorded a $533 million loss, versus a $50 million profit a year earlier, due to the Santos ruling. Revenue dropped to $262 million from $1.4 billion, with new awards at $222 million and backlog down to $5.1 billion from $8.8 billion.
Mission Solutions earned $34 million, down from $45 million, reflecting reserves on a defense project partly offset by a favorable claim resolution. Revenue rose to $761 million from $635 million, with new awards surging to $1.3 billion on a six-year contract extension at the Portsmouth project in Ohio. Backlog was $2.6 billion, down from $3.1 billion.
NuScale Monetization
Fluor received $605 million in proceeds through early October from the conversion of 15 million NuScale shares and expects full monetization of the remaining 111 million shares by the second quarter of 2026.
Management Commentary
CEO Jim Breuer said, “Fluor’s third quarter results demonstrate our commitment to disciplined project delivery and creating value for our clients and shareholders.” He added that despite “continued short-term uncertainty in some markets,” Fluor remains confident in delivering long-term value.
Outlook
The company raised its 2025 adjusted EPS guidance to $2.10–$2.25, up from $1.95–$2.15 and above the $2.06 estimate, and lifted adjusted EBITDA guidance to $510–$540 million from $475–$525 million.
Price Action: FLR shares were trading higher by 7.49% to $47.92 premarket at last check Friday.
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