Key Highlights

  • Third-quarter 2026 Revenue was $3.72 billion, against $3.368 billion in the third quarter of 2025.
  • New awards were $10.9 billion.
  • Ending Backlog was $34.3 billion, now about 70% reimbursable.
  • Adjusted EPS was $0.77, against $0.68 a year earlier, and adjusted EBITDA was $142 million, against $161 million.
  • Fluor maintained 2026 adjusted EBITDA guidance of $500 million to $525 million.

Fluor (NYSE:FLR), the engineering, procurement and construction company, reported third-quarter 2026 results before the market opened on Friday. Revenue was $3.72 billion, compared with $3.368 billion a year earlier. Market estimates had pointed to revenue of $4.16 billion and Earnings of $0.80 per share.

Diluted earnings per share were $1.16, against a loss of $4.30 a year earlier, and net earnings attributable to Fluor were $158 million, against a loss of $697 million. Adjusted EPS was $0.77, compared with $0.68. The company noted that the prior-year GAAP results included a $653 million revenue Reversal related to the Santos court ruling, so the year-over-year GAAP comparison is not meaningful on a stand-alone basis.

Third-Quarter Awards Lift Backlog

New awards of $10.9 billion were led by LNG Canada, copper Mining awards and a six-month extension for Savannah River, and were almost three times quarterly revenue. Backlog stood at $34.3 billion, which management described as the highest level of the decade. The company said these projects will ramp to full execution over the next two years.

The Urban Solutions segment booked $2 billion in new awards, headlined by two copper projects in Chile. Management said it is positioned for the release of a multibillion-dollar copper project in South America.

Adjusted EBITDA, Cash Flow and Share Repurchases

Adjusted EBITDA was $142 million, compared with $161 million a year earlier. Operating Cash Flow for the quarter was $186 million, which management said exceeded expectations. Fluor repurchased $300 million of shares in the quarter and said it remains on pace for $1.4 billion of repurchases in 2026. Weighted average diluted shares were 136 million, against 162 million a year earlier, and the company said it has retired 32 million shares over the past 12 months.

Full-Year Guidance Left Unchanged

Fluor maintained its 2026 adjusted EBITDA guidance of $500 million to $525 million, which it said implies full-year adjusted EPS of $2.70 to $2.80 given the expected pace of share repurchases. It said the ranges were conditioned last quarter when it announced the divestiture of ECA Fluor. Through the first nine months, revenue was $11.711 billion, compared with $11.327 billion.

Project Ramp-Up and Reimbursable Mix Are the Items Management Flagged

Management said the share of reimbursable backlog is expected to trend down to the 60s as projects convert. Late in October, one reimbursable client notified Fluor of changes to its project, and management addressed the effect on fourth-quarter guidance on the call.