Short answer
FLUOR CORP (FLR) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $15.5B (−5.0% year over year) and net income of −$51M.
- Top risk flagged: Regulatory risk: potential liability under U.S. Foreign Corrupt Practices Act and anti-bribery laws impacting contract eligibility
FY2025 key financial metrics · XBRL
- Revenue
- $15.5B
- −5.0% YoY
- Net income
- −$51M
- −102.4% YoY
- Operating margin
- -2.4%
- −5.3 pp YoY
- EPS (diluted)
- −$0.31
- −102.5% YoY
- ROE
- -1.6%
- −55.9 pp YoY
- Operating cash flow
- −$387M
- −146.7% YoY
Source: XBRL data from the FLUOR CORP (FLR) FY2025 10-K on SEC EDGAR. USD.
FLUOR CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Engineering, procurement, and construction services with project-based revenue recognition
- New significant equity investment in NuScale added to balance sheet at $1.579B as of 2025 year-end
- Strategic focus on NuScale investment implies increased emphasis on nuclear technology segment
- Revenue declined 5%, $15.5B in 2025 vs. $16.3B in 2024; net loss $51M attributable to Fluor common stockholders vs. net income $2.145B in 2024
- Revenue recognition on engineering and construction contracts remains complex, with critical audit focus on variable consideration judgments
Management Discussion & Analysis
- Revenue $15.5B in 2025, down $0.8B YoY from $16.3B in 2024; decrease driven by $643M revenue reversal (Santos project) and lower Energy Solutions volume
- Operating margin (total segment profit margin) (0.7)% in 2025 vs 3.9% in 2024; Urban Solutions margin 2.2% vs 4.2%, Energy Solutions loss with NM margin vs 4.3%, Mission Solutions 3.5% vs 5.9%
- Best segment: Urban Solutions revenue $9.2B (+27% YoY), profit $205M; worst: Energy Solutions revenue $3.55B (-40% YoY), loss $414M
- Operating cash flow negative $387M in 2025 vs positive $828M in 2024; share repurchases $754M (18M shares), NuScale share sales $1.96B proceeds including $605M in 2025 and $1.35B in Q1 2026; capex $50M
- 2026 outlook targets $1.4B share repurchases, completion of monetization of remaining 40M NuScale shares by Q2 2026; risks include project cost overruns, timing shifts from client commitments, and judgment appeal uncertainties
Risk Factors
- Regulatory risk: potential liability under U.S. Foreign Corrupt Practices Act and anti-bribery laws impacting contract eligibility
- Macroeconomic threat: client capital expenditures influenced by volatile hydrocarbon prices and inflation impacting project awards
- Operational vulnerability: dependency on subcontractors and suppliers, with supplier failures risking delays and increased costs
- Competitive risk: influx of non-traditional EPC competitors offering below-market pricing causing margin pressure
- Financial risk: restrictive covenants in debt agreements limiting strategic flexibility and potential refinancing at higher rates
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.