flr-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-16129

FLUOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		33-0927079
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

6700 Las Colinas Boulevard
Irving,	Texas	75039
(Address of principal executive offices)		(Zip Code)

469-398-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.01 par value per share	FLR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, 161,182,507 shares of the registrant’s common stock, $0.01 par value, were outstanding.

Table of Contents

FLUOR CORPORATION

FORM 10-Q


TABLE OF CONTENTS			PAGE

	Glossary of Terms		2

Part I:	Financial Information
	Item 1:	Condensed Consolidated Financial Statements (Unaudited)
		Statement of Operations	3
		Statement of Comprehensive Income	4
		Balance Sheet	5
		Statement of Cash Flows	6
		Statement of Changes in Equity	7
		Notes to Financial Statements	8
	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
	Item 3:	Quantitative and Qualitative Disclosures about Market Risk	23
	Item 4:	Controls and Procedures	23
	Changes in Consolidated Backlog (Unaudited)		24

Part II:	Other Information
	Item 1:	Legal Proceedings	25
	Item 1A:	Risk Factors	25
	Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	25
	Item 4:	Mine Safety Disclosures	25
	Item 5:	Other Information	25
	Item 6:	Exhibits	26

Signatures			27

Table of Contents

Glossary of Terms

The abbreviations and definitions set forth below apply to the Fluor-specific terms used throughout this filing.


Abbreviation/Term			Definition
Fluor			Fluor Corporation
NuScale			NuScale Power Corporation
SGI			Stock growth incentive awards
Stork			Stork Holding B.V. and subsidiaries

The abbreviations and definitions set forth below apply to the indicated terms used throughout this filing.


Abbreviation/Term			Definition
2024 10-K			Annual Report on Form 10-K for the year ended December 31, 2024
2024 Period			Nine months ended September 30, 2024
2024 Quarter			Three months ended September 30, 2024
2025 Period			Nine months ended September 30, 2025
2025 Quarter			Three months ended September 30, 2025
3ME			Three months ended
9ME			Nine months ended
AOCI			Accumulated other comprehensive income (loss)
APIC			Additional paid-in capital
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CFM			Customer-furnished materials
CTA			Currency translation adjustment
DOD			U.S. Department of Defense (recently renamed Department of War)
DOE			U.S. Department of Energy
EPC			Engineering, procurement and construction
EPS			Earnings (loss) per share
Exchange Act			Securities Exchange Act of 1934
FASB			Financial Accounting Standards Board
G&A			General and administrative expense
GAAP			Accounting principles generally accepted in the United States
ICFR			Internal control over financial reporting
IT			Information technology
NCI			Noncontrolling interests
NM			Not meaningful
OBBB			One Big Beautiful Bill, signed into U.S. law in July 2025
OCI			Other comprehensive income (loss)
PP&E			Property, plant and equipment
RSU			Restricted stock units
RUPO			Remaining unsatisfied performance obligations
SEC			Securities and Exchange Commission
TSR			Total shareholder return
VIE			Variable interest entity

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

UNAUDITED


	3ME September 30,				9ME September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Revenue	$	3,368	$	4,094	$	11,327	$	12,055
Cost of revenue	(3,817)		(4,006)		(11,580)		(11,689)
Gross profit (loss)	(449)		88		(253)		366
G&A	(43)		(37)		(131)		(147)
Foreign currency gain (loss)	(4)		(2)		(47)		58
Operating profit (loss)	(496)		49		(431)		277
Interest expense	(11)		(11)		(31)		(35)
Interest income	24		48		79		149
Earnings (loss) before taxes	(483)		86		(383)		391
Income tax benefit (expense) (including $230 million tax benefit and $(454) million tax expense attributable to equity method earnings (loss) in 2025 Quarter and 2025 Period, respectively)	177		(61)		(536)		(172)
Net earnings (loss) before equity method earnings (loss)	(306)		25		(919)		219
Equity method earnings (loss)	(401)		—		2,418		—
Net earnings (loss)	(707)		25		1,499		219
Less: Net earnings (loss) attributable to NCI	(10)		(29)		(23)		(63)
Net earnings (loss) attributable to Fluor	$	(697)	$	54	$	1,522	$	282

Basic EPS	$	(4.30)	$	0.32	$	9.21	$	1.65
Diluted EPS	$	(4.30)	$	0.31	$	9.13	$	1.63

The accompanying notes are an integral part of these financial statements.

Table of Contents

FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED


	3ME September 30,				9ME September 30,
(in millions)	2025		2024		2025		2024
Net earnings (loss)	$	(707)	$	25	$	1,499	$	219

OCI, net of taxes:
Foreign currency translation adjustment	(5)		37		66		(12)
Other	1		(6)		2		(16)
Total OCI, net of taxes	(4)		31		68		(28)
Comprehensive income (loss)	(711)		56		1,567		191
Less: Comprehensive income (loss) attributable to NCI	(10)		(28)		(23)		(62)
Comprehensive income (loss) attributable to Fluor	$	(701)	$	84	$	1,590	$	253

The accompanying notes are an integral part of these financial statements.

Table of Contents

FLUOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

UNAUDITED


(in millions, except share and per share amounts)	September 30, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents ($355 and $333 related to VIEs)	$	2,776	$	2,829
Marketable securities ($38 and $59 related to VIEs)	53		130
Accounts receivable, net ($173 and $92 related to VIEs)	1,083		921
Contract assets ($127 and $130 related to VIEs)	1,434		1,138
Other current assets ($25 and $32 related to VIEs)	126		157
Total current assets	5,472		5,175
Noncurrent assets
PP&E, net ($42 and $46 related to VIEs)	479		494
Investments	4,822		2,828
Other assets ($17 and $17 related to VIEs)	695		646
Total noncurrent assets	5,996		3,968
Total assets	$	11,468	$	9,143
LIABILITIES AND EQUITY
Current liabilities
Accounts payable ($252 and $233 related to VIEs)	$	1,502	$	1,220
Contract liabilities ($302 and $278 related to VIEs)	1,396		684
Accrued salaries, wages and benefits ($18 related to VIEs in both periods)	618

SEC Form 10-Q filed by Fluor Corporation