Fluor Corporation (NYSE:FLR) posted fourth-quarter 2025 adjusted earnings that fell short of Wall Street expectations on Tuesday, even as it advanced plans to monetize its investment in NuScale Power and continued share buybacks.
Shares declined 4.84% in pre-market trading following the announcement.
The company reported adjusted earnings of $0.33 per share for the quarter, missing the analyst consensus of $0.35. Revenue totaled $4.2 billion, compared with $4.3 billion in the same period a year earlier. Segment profit dropped to $120 million from $206 million in the prior-year quarter.
Performance was weighed down by $30 million in cost increases tied to legacy infrastructure projects, along with additional reserves related to a U.S. Department of Defense contract.
“Our growing confidence in capturing significant EPC awards in 2026 and into 2027 is supported by an improving capital spending environment and increasing client commitments,” said Jim Breuer, chief executive officer of Fluor. “Furthermore, I am pleased that the monetization of our NuScale investment is progressing well and that we are returning significant value to our shareholders.”
For full-year 2025, Fluor generated revenue of $15.5 billion and reported a GAAP net loss of $51 million, or -$0.31 per share. On an adjusted basis, earnings reached $2.19 per share. Annual results included the impact of a $643 million adverse ruling related to the Santos project.
New awards for 2025 totaled $12.0 billion, with 87% structured as reimbursable contracts. The company ended the year with a backlog of $25.5 billion, of which 81% consists of reimbursable work.
Looking ahead, Fluor introduced 2026 adjusted EBITDA guidance in the range of $525 million to $585 million.
The company also disclosed that it received $1.35 billion in the first quarter of 2026 from NuScale share sales and expects to complete the full monetization of that investment by the end of the second quarter.
“In 2025, we returned substantial capital while maintaining a strong liquidity position,” said John Regan, chief financial officer of Fluor. “With the continued monetization of our NuScale investment, we have enhanced financial flexibility to drive organic growth, M&A opportunities that advance our strategic objectives, and continued repurchases.”