FLUOR CORP

Listed Company

FLRCIK 0001124198NYSELarge AcceleratedHeavy Construction Other Than Bldg Const - ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$15.50B

Net Income

$-51.00M

Total Assets

$8.24B

Equity

$3.24B

Shares Out

146.56M

Op. Cash Flow

$-387.00M

Business

FLUOR CORP is a global professional services firm that delivers engineering, procurement, construction (EPC), fabrication, modularization and project management solutions for complex capital projects. It offers engineering and design, project management, procurement and supply chain, construction and commissioning, operations and maintenance, fabrication and modularization, and staffing and consulting services, including nuclear and environmental remediation capabilities. The company operates through three principal segments—Urban Solutions, Energy Solutions and Mission Solutions—and an Other segment. It serves clients worldwide across industries such as advanced technologies and manufacturing, chemicals, infrastructure, life sciences, LNG, mining and metals, nuclear and government markets, deploying work via subsidiaries, joint ventures and distributed execution centers.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	15,503	16,315	15,474	13,744	14,156
Cost of revenue	−15,623	−15,741	−14,997	−13,389	−13,702
Gross profit (loss)	−120	574	477	355	454
G&A	−196	−203	−232	−237	−226
Foreign currency gain (loss)	−62	92	−98	25	−13
Operating profit (loss)	−378	463	147	209	−273
Interest expense	−42	−46	−60	−59	—
Interest income	109	196	228	94	17
Earnings (loss) before taxes	−311	613	315	244	—
Income tax benefit (expense) (including $92 million and $(376) million attributable to equity method earnings in 2025 and 2024, respectively)	39	−634	−236	−171	−20
Net earnings (loss) before equity method earnings	−272	−21	79	73	—
Equity method earnings	210	2,105	0	0	—
Net earnings (loss)	−62	2,084	79	73	—
Less: Net earnings (loss) attributable to NCI	−11	−61	−60	−72	39
Net earnings (loss) attributable to Fluor	−51	2,145	139	145	−440
Less: Dividends on CPS	0	0	29	39	24
Less: Make-whole payment on conversion of CPS	0	0	27	0	0
Net earnings (loss) available to Fluor common stockholders, basic	−51	2,145	83	106	−464
Net earnings (loss) available to Fluor common stockholders, diluted	−51	2,145	83	106	−464
Basic EPS available to Fluor common stockholders (in dollars per share)	−0.31	12.48	0.55	0.75	—
Diluted EPS available to Fluor common stockholders (in dollars per share)	−0.31	12.3	0.54	0.73	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents ($328 and $333 related to VIEs)	2,135	2,829	2,519	2,439	2,209
Marketable securities	59	130	69	185	127
Accounts receivable, net ($142 and $92 related to VIEs)	1,073	921	1,137	1,109	1,171
Contract assets ($17 and $130 related to VIEs)	1,146	1,138	991	915	1,066
Investment in NuScale(1)	1,579	0	—	—	—
Other current assets ($26 and $32 related to VIEs)	450	157	347	396	608
Total current assets	6,442	5,175	5,063	5,044	5,181
PP&E, net ($41 and $46 related to VIEs)	464	494	458	447	456
Investments	543	2,828	614	584	517
Other assets ($17 related to VIEs for both periods)	787	646	340	278	305
Total noncurrent assets	1,794	3,968	1,910	1,783	1,908
Total assets	8,236	9,143	6,973	6,827	7,089
Accounts payable ($205 and $233 related to VIEs)	1,482	1,220	1,214	1,017	1,220
Contract liabilities ($254 and $278 related to VIEs)	633	684	639	742	945
Accrued salaries, wages and benefits ($9 and $18 related to VIEs)	621	640	653	626	629
Other accrued liabilities ($31 and $37 related to VIEs)	642	527	657	679	802
Total current liabilities	3,378	3,071	3,163	3,216	3,614
Long-term debt	1,070	1,104	1,158	978	1,174
Deferred taxes	6	468	70	73	67
Other noncurrent liabilities ($3 related to VIEs for both periods)	505	508	530	564	—
Contingencies and commitments	—	—	—	—	—
Common stock authorized 375,000,000 shares ($0.01 par value); issued and outstanding 152,047,739 and 169,228,759 shares in 2025 and 2024, respectively	2	2	2	1	1
APIC	443	1,174	1,228	1,254	967
AOCI	−265	−351	−269	−365	−366
Retained earnings	3,064	3,124	979	896	791
Total shareholders' equity	3,244	3,949	1,940	1,786	1,393
NCI	33	43	112	210	174
Total equity	3,277	3,992	2,052	1,996	1,567
Total liabilities and equity	8,236	9,143	6,973	6,827	7,089

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity method earnings, net of taxes	−302	−1,729	0	0	—
Depreciation and amortization	68	73	74	73	74
(Gain) loss on sales of assets	−7	−14	150	−35	−2
Stock-based compensation	30	31	48	19	32
Deferred taxes	−511	42	−13	17	28
Changes in assets and liabilities	402	347	−114	−46	−197
Other	−5	−6	−12	−4	11
Operating cash flow	−387	828	212	31	25
Gain on the fair value of the forward sale contract of NuScale shares	605	0	0	—	—
Purchases of marketable securities	−146	−205	−426	−428	−149
Proceeds from sales and maturities of marketable securities	221	145	285	364	45
Capital expenditures	−50	−164	−106	−75	−75
NuScale cash deconsolidated	0	−131	0	0	—
Proceeds from sales of assets (net of cash divested)	63	82	−5	95	—
Investments in partnerships and joint ventures	−278	−93	−33	−53	−80
Return of capital from partnerships and joint ventures	22	34	8	19	—
Other	0	−1	0	19	−9
Investing cash flow	437	−333	−277	−78	−122
Repurchase of common stock	−754	−125	0	0	—
Proceeds from issuance of 2029 Notes, net of issuance costs	0	0	560	0	0
Capped call transactions related to 2029 Notes	0	0	−73	0	0
Purchases and retirement of debt	−37	−57	−249	−41	−525
Proceeds from NuScale share issuance (net of issuance fees)	0	80	0	107	0
Dividends paid on CPS	0	0	−29	−39	−19
Make-whole payment on conversion of CPS	0	0	−27	0	0
Distributions paid to NCI	−64	−14	−53	−60	−109
Capital contributions by NCI	65	0	10	21	202
Other	−7	0	−12	−14	−9
Financing cash flow	−797	−116	127	315	122
Effect of exchange rate changes on cash	53	−69	18	−38	−15
Increase (decrease) in cash and cash equivalents	−694	310	80	230	10

Filings

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