Fluor Q3 2026: record $10.9B awards and $34.3B backlog

Quarter overview

Fluor reported Q3 2026 revenue of $3.7 billion and GAAP net earnings attributable to Fluor of $158 million, compared with a net loss of $697 million in the prior-year period. Management cited strong demand and conversion of its prospect pipeline, with new awards of $10.9 billion driving backlog growth.

Financial performance

Consolidated segment profit was $248 million versus a loss of $439 million a year earlier. GAAP EPS was $1.16 and adjusted EPS was $0.77 (up 13% year‑over‑year). Adjusted EBITDA for the quarter was $142 million, with GAAP EBITDA margin of 5.7% and adjusted EBITDA margin of 3.8%. Results included a $73 million pre‑tax gain on the sale of Fluor’s interest in ICA‑Fluor.

Awards and backlog

New awards of $10.9 billion included LNG Canada Phase 2 and two mining projects, producing a book‑to‑burn of 2.9x. Backlog increased 21% year‑over‑year to $34.3 billion, with 69% reimbursable (down from 81% at prior year end).

Segments, cash and capital allocation

Urban Solutions saw stable revenue and improved profit driven by infrastructure and life‑sciences milestones and mining JV cost pressures; Energy Solutions revenue rose to $679 million and reflected a $73 million gain on the ICA‑Fluor sale and the $7.5 billion LNG Canada Phase 2 award; Mission Solutions revenue declined on lower DOE and emergency‑response activity while profit benefited from award fees and nuclear project contributions. Cash and equivalents were $3.1 billion, operating cash flow was $186 million, and share repurchases were $300 million in Q3 ($1.1 billion YTD).

Outlook

Fluor affirmed 2026 adjusted EBITDA guidance of $500–$525 million and said it will not provide GAAP net earnings or EPS guidance or a quantitative reconciliation for adjusted measures due to uncertainty in the components required for reconciliation.