Fluor posts record quarterly awards as backlog reaches $34.3 billion
Fluor reported a 10% revenue increase, a return to GAAP profit and its highest quarterly awards total, while affirming 2026 adjusted EBITDA guidance.
Fluor reported third-quarter 2026 revenue of $3.72 billion, up 10% from $3.37 billion a year earlier. GAAP net earnings attributable to Fluor were $158 million, compared with a $697 million net loss in the prior-year quarter.
The engineering and construction company said quarterly new awards were its highest ever, producing a 2.9 times book-to-burn ratio. Awards included $7.5 billion for Phase 2 of LNG Canada, two copper-mining projects in Chile, a six-month extension of a Savannah River Department of Energy contract and additional EPC scope.
Energy Solutions revenue rose to $679 million from $262 million, while its backlog more than doubled to $10.679 billion. Fluor attributed part of the year-on-year comparison to a prior-year revenue reduction related to the completed Santos project ruling in Australia and said the quarter also included a $73 million gain from selling its ICA-Fluor interest.
Operating cash flow was $186 million. Fluor repurchased $300 million of shares during the quarter, bringing year-to-date repurchases to $1.1 billion toward its previously announced $1.4 billion 2026 target. Cash and equivalents stood at $3.1 billion at quarter-end.
Fluor affirmed its 2026 adjusted EBITDA guidance of $500 million to $525 million. Adjusted EPS was $0.77, up from $0.68, although adjusted EBITDA declined to $142 million from $161 million as the prior-year comparison included a favorable Santos revenue reversal.
Q3 revenue
$3.72B
↑ +10% year over year
Q3 EPS
$1.16
↑ vs. ($4.30) year over year
New awards
$10.872B
↑ vs. $3.253B quarterly record
Backlog
$34.305B
↑ +21% year over year
Sources
Quarterly revenue, Fluor
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.8B | $3.7B | $4.2B | $4.1B | $4.3B | $4.0B | $4.0B | $3.4B | $4.2B | $3.7B | $4.3B |
| Revenue growth | 9.7% | 3.0% | −0.5% | 7.3% | 3.3% | 11.5% | 6.6% | −5.9% | −17.7% | −2.0% | −8.0% | 8.8% |
| Gross margin | 6.3% | 1.7% | 2.7% | 4.2% | 2.2% | 4.9% | 3.5% | 1.4% | −13.3% | 3.2% | 0.4% | 4.1% |
| Operating margin | 5.5% | −0.7% | 1.4% | 4.2% | 1.2% | 4.4% | 2.3% | −0.7% | −14.7% | 1.3% | 2.5% | 3.1% |
| Net income | $206M | −$22.0M | $59.0M | $169M | $54.0M | $1.9B | −$241M | $2.5B | −$697M | −$1.6B | $160M | $114M |
| Diluted EPS | $1.15 | −$0.18 | $0.34 | $0.97 | $0.31 | $10.67 | −$1.42 | $14.81 | −$4.30 | −$9.44 | $1.08 | $0.81 |
| Cash from operations | $3.0M | $308M | −$111M | $282M | $330M | $327M | −$286M | −$21.0M | $286M | −$366M | $110M | −$317M |
| Capital expenditure | $29.0M | $35.0M | $34.0M | $48.0M | $51.0M | $31.0M | $11.0M | $14.0M | $13.0M | $12.0M | $11.0M | $7.0M |
| Free cash flow | −$26.0M | $273M | −$145M | $234M | $279M | $296M | −$297M | −$35.0M | $273M | −$378M | $99.0M | −$324M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $125M | $142M | $153M | $70.0M | $389M | $516M | $300M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Fluor.
