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Fluor swung to third-quarter revenue and a loss after a court ruling in Australia forced it to take a $653 million charge, but executives remained bullish on its shift to reimbursable megaprojects, according to comments during the announcement of the company’s third quarter results.
“Despite continued near-term uncertainty in some markets, we are well positioned with unmatched global engineering and construction expertise, disciplined execution, a predominantly repayable portfolio and a clear capital allocation strategy,” Fluor CEO Jim Breuer said in a press release. “We are confident in our ability to deliver significant value over time.”
Breuer said delays in clients’ investment decisions, driven by uncertainty of trade policyhave affected new awards in 2025. Also, most new awards in 2026 will be weighted toward the second half of the year, he added.
Jim Breuer
Courtesy of Fluor
However, the Irving, Texas-based company still expects about $90 billion in new awards over its four-year planning cycle, most of which will come between 2026 and 2028, Breuer said. He added the ongoing government shutdown could affect federal contracting activity in the short term, but that Fluor’s growing exposure to electrical work should provide some insulation from broader economic changes.
“We are accelerating our efforts in the energy market, given the increased need for power generation,” Breuer said during the call. “We are looking at a number of opportunities in the United States and internationally, particularly where we have an operational footprint.”
Segment performance
The company’s Urban Solutions segment made a $61 million profit on an increase in life sciences and mining projects, plus incremental bookings at a copper project in Canada and a U.S. pharmaceutical facility, Breuer said.
On legacy infrastructure, Breuer said four long-running, unprofitable projects are nearing completion. For example, he said the Gordie Howe Bridge should open to traffic by the end of the year or early 2026, the LAX people mover in early 2026, the I-635 project in the second quarter of 2026 and the I-35E Phase 2 work in late 2026.
“On many of these projects, we continue to pursue cost recoveries and change orders from customers and subcontractors,” Breuer said on the call. “While we ultimately hope to be successful in these recoveries, in many cases, these efforts materialize over an extended timeline.”
The Energy Solutions segment posted a loss of $533 million, largely due to an Australian court ruling over a long-defunct LNG project that Fluor built for Santos, an Australian energy company. The ruling, which Fluor plans to appeal, resulted in a $653 million charge.
On a positive note, the company completed Train 2 on its LNG project in Canada and delivered all systems.
“This project will be remembered as one of the largest and most complex projects in Fluor’s history,” Breuer said during the call. “Its success is a testament to our global capabilities, even in remote or difficult locations.”
Missions Solutions won $34 million with $1.3 billion in new awards, including a six-year Energy Department contract to expand Fluor’s presence at the Portsmouth project in Ohio. Other prospects include working on a strategic range services contract for the Air Force, additional work to support the intelligence community and work for the National Cancer Institute, according to Fluor.
3Q results
Fluor posted a loss of $697 million in the third quarter of 2025, compared with earnings of $54 million in the same period in 2024, the statement said. Its revenue reached $3.4 billion in the third quarter, down about 18% year over year.
The portfolio fell 10% from $31.3 billion a year ago to about $28.2 billion, according to the report. New awards in the third quarter, on the other hand, totaled $3.3 billion, up 21% from a year ago.
“Investors will be happy, but probably still want more,” Andrew Wittmann, senior research analyst at Baird, a Milwaukee-based financial services firm, wrote in a research note. “The results, however, were difficult, with weak orders, charges and delays all in the report.”
