Fluor Corp reported its third‑quarter 2025 results on November 7, 2025, for the quarter ended September 30. The company posted an adjusted earnings per share of $0.68, beating the consensus estimate of $0.44 by $0.24, while revenue of $3.37 billion fell short of the $4.12 billion forecast by roughly 18%. The revenue miss was largely driven by a $653 million charge related to the Santos ruling in Australia, which also contributed to a significant loss in the Energy Solutions segment.
Revenue was $3.37 billion, down 4% from the $3.48 billion reported in Q3 2024. The shortfall reflects the impact of the Santos ruling, which created a $533 million loss in Energy Solutions and offset gains in other segments. Urban Solutions, the company’s most profitable segment, delivered a $61 million profit, while Mission Solutions remained flat compared with the prior quarter. The mix shift toward higher‑margin Urban Solutions helped cushion the overall margin impact of the Energy Solutions loss.
The adjusted EPS beat was driven by disciplined cost management and a favorable operating margin. Despite the revenue decline, Fluor maintained an operating margin of 9.9%, up from 9.5% in the prior year, thanks to tighter spend on non‑core projects and efficient execution in high‑margin projects. The company’s ability to preserve profitability in the face of a large one‑time charge demonstrates strong operational leverage and effective cost control.
Management raised its full‑year 2025 guidance, projecting adjusted EPS of $2.10–$2.25 per share, an increase from the previous $2.06 guidance, and adjusted EBITDA of $510–$540 million, up from $480–$520 million. The upward revision reflects confidence in a robust pipeline of new awards—up 21% year‑over‑year to $3.3 billion—and a backlog of $28.2 billion, 82% of which is reimbursable. Fluor also highlighted its strategy to monetize its stake in NuScale Power, with a planned full monetization by the end of Q2 2026.
The market reacted positively to the earnings release. Investors cited the EPS beat, the raised guidance, and the planned NuScale monetization as key drivers of the favorable response. The company’s strong cash position of $2.8 billion and improved operating cash flow outlook further reinforce its financial resilience.
The earnings report underscores Fluor’s ability to deliver profitability amid revenue headwinds, while its guidance signals confidence in future growth opportunities and a clear path to unlocking shareholder value through strategic initiatives.
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