--- title: "Fluor | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 3.663 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285794943.md" datetime: "2026-05-09T04:03:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285794943.md) - [en](https://longbridge.com/en/news/285794943.md) - [zh-HK](https://longbridge.com/zh-HK/news/285794943.md) --- # Fluor | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 3.663 B Revenue: As of FY2026 Q1, the actual value is USD 3.663 B, missing the estimate of USD 3.894 B. EPS: As of FY2026 Q1, the actual value is USD 1.08, beating the estimate of USD 0.6064. EBIT: As of FY2026 Q1, the actual value is USD 92 M. #### Overall Financial Performance (Three Months Ended March 31, 2026 vs. 2025) - **Gross Profit**: Fluor Corporation reported a gross profit of $13 million in 2026, compared to $140 million in 2025. - **Operating Profit**: Operating profit was $92 million in 2026, a slight increase from $91 million in 2025. - **Net Earnings (Loss) attributable to Fluor Corporation**: The company reported net earnings attributable to Fluor Corporation of $160 million in 2026, a significant improvement from a net loss of - $241 million in 2025. - **Equity Method Earnings (Loss)**: Equity method earnings were $51 million in 2026, compared to a loss of - $393 million in 2025. This includes a loss on the fair value of the investment in NuScale of - $124 million in 2026 (vs. - $477 million in 2025) and a gain on the fair value of forward sale contracts of NuScale shares of $176 million in 2026 (vs. $0 million in 2025). - **General & Administrative (G&A) Expenses**: Total G&A expenses were - $61 million in 2026, up from - $36 million in 2025. This increase was primarily driven by compensation of $46 million in 2026 (vs. $24 million in 2025), mainly due to higher stock price-driven compensation. Other G&A components included severance and restructuring costs of $2 million (2026 vs. 2025), legal & professional fees of $2 million (2026) vs. $3 million (2025), facilities costs of $4 million (2026) vs. $0 million (2025), and a reserve for legacy legal claims of $2 million (2026) vs. $0 million (2025). - **Gain on Sale of CFHI**: Fluor Corporation recognized a gain on the sale of CFHI of $124 million in 2026, with no comparable gain in 2025. #### Segment Performance (Three Months Ended March 31, 2026 vs. 2025) - **Urban Solutions**: - **Revenue**: $2,437 million in 2026 vs. $2,157 million in 2025. - **Segment Profit**: $6 million (0.2% margin) in 2026 vs. $70 million (3.2% margin) in 2025. The profit decreased due to $37 million in cost growth on a large mining joint venture project and reduced execution activity on a recently completed project. - **New Awards**: $2,144 million in 2026 vs. $5,330 million in 2025. - **Backlog**: $19,007 million as of March 31, 2026, compared to $18,746 million as of December 31, 2025. - **Energy Solutions**: - **Revenue**: $703 million in 2026 vs. $1,206 million in 2025. - **Segment Profit**: $74 million (10.5% margin) in 2026 vs. $47 million (3.9% margin) in 2025. The profit increase was primarily due to favorable close-out items on three projects, partially offset by accelerated profit recognition in the 2025 Quarter due to a change in scope on another project. - **New Awards**: $213 million in 2026 vs. $315 million in 2025. - **Backlog**: $4,261 million as of March 31, 2026, compared to $4,601 million as of December 31, 2025. - **Mission Solutions**: - **Revenue**: $523 million in 2026 vs. $597 million in 2025. - **Segment Profit**: - $71 million (-13.6% margin) in 2026 vs. $5 million (0.8% margin) in 2025. The profit declined primarily due to a - $96 million charge from a court ruling on a lawsuit filed in 2013. - **New Awards**: $332 million in 2026 vs. $164 million in 2025. - **Backlog**: $2,463 million as of March 31, 2026, compared to $2,189 million as of December 31, 2025. Unfunded government contracts in backlog were $1.1 billion as of March 31, 2026, vs. $1.0 billion as of December 31, 2025. #### Cash Flow (Three Months Ended March 31, 2026 vs. 2025) - **Operating Cash Flow**: Fluor Corporation reported operating cash flow of $110 million in 2026, a significant increase from - $286 million in 2025. This increase was primarily due to decreases in working capital on several large projects and distributions from joint ventures, despite the annual payout of employee incentive awards. - **Investing Cash Flow**: Investing cash flow was $1,434 million in 2026, compared to $36 million in 2025. This included proceeds from the sale of NuScale shares of $1,359 million (2026 vs. $0 million in 2025) and proceeds from sales of assets (including CFHI) of $124 million (2026 vs. $62 million in 2025). Investments in partnerships and joint ventures were - $49 million in 2026, including $32 million in funding for a proportionately consolidated loss project for an infrastructure joint venture, compared to - $69 million in 2025. - **Financing Cash Flow**: Financing cash flow was - $478 million in 2026 vs. - $163 million in 2025. This included the repurchase of common stock totaling - $516 million (2026 vs. - $142 million in 2025) and capital contributions by Noncontrolling Interests (NCI) of $45 million in 2026 related to an infrastructure joint venture (vs. $0 million in 2025). #### Other Key Metrics - **Total Backlog**: Total backlog was $25,731 million as of March 31, 2026, compared to $25,536 million as of December 31, 2025. Backlog related to projects outside the U.S. was 43% (March 31, 2026) vs. 40% (December 31, 2025), and reimbursable projects accounted for 82% (March 31, 2026) vs. 81% (December 31, 2025). The backlog included $169 million (March 31, 2026) and $255 million (December 31, 2025) for legacy projects in a loss position. - **Remaining Unsatisfied Performance Obligations (RUPO)**: Total RUPO was $24,531 million as of March 31, 2026, with $12,664 million expected within 1 year, $5,973 million in 1 to 2 years, and $5,894 million thereafter. - **Liquidity and Capital Resources**: Cash and Cash Equivalents combined with Marketable Securities were $3.2 billion as of March 31, 2026, up from $2.2 billion as of December 31, 2025. Non-U.S. cash and cash equivalents were $939 million (March 31, 2026) vs. $820 million (December 31, 2025). The committed credit facility, maturing in February 2028, had $413 million in outstanding letters of credit and $903 million borrowing capacity as of March 31, 2026. Uncommitted lines of credit had $851 million in outstanding letters of credit as of March 31, 2026. - **Stock Repurchase Program**: During the first quarter of 2026, Fluor Corporation repurchased 11 million shares for $516 million. Since Q4 2024, a total of 32 million shares have been repurchased for $1.4 billion. The board authorized a 30 million share expansion in February 2026, targeting approximately $1.4 billion in share repurchases in 2026. - **Performance Guarantees**: Maximum potential future payments under outstanding performance guarantees were $13 billion as of March 31, 2026. #### Outlook and Strategy Fluor Corporation observes strong client engagement and a robust pipeline of opportunities, particularly in energy, commodities, and advanced technologies, as teams progress engineering and design work for future projects. The company completed the divestiture of its ownership interest in NuScale, generating $2.43 billion in cash since September 2025, and intends to contest ongoing legal claims. Fluor Corporation anticipates its cash from operations, unused credit capacity, and cash position will support operating requirements and debt maturities for at least the next 12 months, while also targeting approximately $1.4 billion in share repurchases in 2026. ### Related Stocks - [FLR.US](https://longbridge.com/en/quote/FLR.US.md) ## Related News & Research - [These Analysts Revise Their Forecasts On Fluor After Q1 Results](https://longbridge.com/en/news/285974978.md) - [Fluor Is Expanding Its Nuclear Energy Projects in Europe. 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