Fluor (FLR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 9% year-over-year to $4.33 billion, with strong new awards of $6.1 billion and backlog reaching $26.9 billion, reflecting robust demand across key markets and diversified growth in Urban Solutions, Mining & Metals, Energy Solutions, and Mission Solutions.

• Net earnings attributable to shareholders were $114 million, with adjusted EPS of $0.91 and adjusted EBITDA of $149 million, more than doubling last year’s EPS.

• Completed $175 million divestiture of Mexico JV and full NuScale monetization, sharpening strategic focus and generating significant cash.

• Urban Solutions remained the largest revenue contributor, with $3.2 billion in new awards and a strong pipeline in mining, infrastructure, and life sciences.

• Energy Solutions and Mission Solutions delivered higher segment profits, driven by mega project closeouts, new nuclear contracts, and expanded EPC opportunities.

Financial highlights

• Q2 revenue was $4.3–$4.33 billion (+9% year-over-year); adjusted EBITDA reached $149 million (+55%), and adjusted EPS was $0.91 (+112%).

• Net earnings attributable to shareholders were $114 million; consolidated segment profit reached $170 million.

• Backlog ended at $26.9 billion, 85% reimbursable, with $6.1 billion in new awards and removal of $650 million related to the JV sale.

• Operating cash flow was negative $317 million, impacted by a $357 million tax payment related to NuScale; normalized OCF would have been $40 million.

• Cash and marketable securities at quarter end totaled $3.0 billion.

Outlook and guidance

• 2026 adjusted EBITDA guidance is $500–$525 million; adjusted EPS expected at $2.70–$2.80.

• Adjusted operating cash flow guidance raised to $300–$320 million, excluding major tax payments.

• Revenue split: 65% urban, 20% energy, 15% mission; segment margins: 2.5–3% urban, 6–7% energy, 6% mission.

• Book-to-burn ratio for new awards expected well above 1.

• No forward-looking GAAP net earnings or EPS guidance provided due to uncertainty in reconciling adjustments.