FLUOR CORP (FLR) FY2025 10-K Annual Report
FLUOR CORP (FLR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
FLUOR CORP FY2025 10-K Analysis
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
FLUOR CORP FY2025 Key Financial MetricsXBRL
Revenue
$15.5B
▼ -5.0% YoY
Net Income
-$51M
▼ -102.4% YoY
Operating Margin
-2.4%
▼ -528bp YoY
Net Margin
-0.3%
▼ -1348bp YoY
ROE
-1.6%
▼ -5589bp YoY
Total Assets
$8.2B
▼ -9.9% YoY
EPS (Diluted)
$-0.31
▼ -102.5% YoY
Operating Cash Flow
-$387M
▼ -146.7% YoY
Source: XBRL data from FLUOR CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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