flr-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-16129

FLUOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		33-0927079
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

6700 Las Colinas Boulevard
Irving,	Texas	75039
(Address of principal executive offices)		(Zip Code)

469-398-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.01 par value per share	FLR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 25, 2025, 161,664,371 shares of the registrant’s common stock, $0.01 par value, were outstanding.

Table of Contents

FLUOR CORPORATION

FORM 10-Q


TABLE OF CONTENTS			PAGE

	Glossary of Terms		2

Part I:	Financial Information
	Item 1:	Condensed Consolidated Financial Statements (Unaudited)
		Statement of Operations	3
		Statement of Comprehensive Income	4
		Balance Sheet	5
		Statement of Cash Flows	6
		Statement of Changes in Equity	7
		Notes to Financial Statements	8
	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
	Item 3:	Quantitative and Qualitative Disclosures about Market Risk	21
	Item 4:	Controls and Procedures	22
	Changes in Consolidated Backlog (Unaudited)		23

Part II:	Other Information
	Item 1:	Legal Proceedings	24
	Item 1A:	Risk Factors	24
	Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 4:	Mine Safety Disclosures	24
	Item 5:	Other Information	24
	Item 6:	Exhibits	25

Signatures			26

Table of Contents

Glossary of Terms

The abbreviations and definitions set forth below apply to the Fluor-specific terms used throughout this filing.


Abbreviation/Term			Definition
Fluor			Fluor Corporation
NuScale			NuScale Power Corporation
SGI			Stock growth incentive awards
Stork			Stork Holding B.V. and subsidiaries

The abbreviations and definitions set forth below apply to the indicated terms used throughout this filing.


Abbreviation/Term			Definition
2024 10-K			Annual Report on Form 10-K for the year ended December 31, 2024
2024 Period			Six months ended June 30, 2024
2024 Quarter			Three months ended June 30, 2024
2025 Period			Six months ended June 30, 2025
2025 Quarter			Three months ended June 30, 2025
3ME			Three months ended
6ME			Six months ended
AOCI			Accumulated other comprehensive income (loss)
APIC			Additional paid-in capital
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CFM			Customer-furnished materials
CTA			Currency translation adjustment
DOD			U.S. Department of Defense
DOE			U.S. Department of Energy
EPC			Engineering, procurement and construction
EPS			Earnings (loss) per share
Exchange Act			Securities Exchange Act of 1934
FASB			Financial Accounting Standards Board
G&A			General and administrative expense
GAAP			Accounting principles generally accepted in the United States
ICFR			Internal control over financial reporting
IT			Information technology
NCI			Noncontrolling interests
NM			Not meaningful
OBBB			One Big Beautiful Bill, signed into U.S. law in July 2025
OCI			Other comprehensive income (loss)
PP&E			Property, plant and equipment
RSU			Restricted stock units
RUPO			Remaining unsatisfied performance obligations
SEC			Securities and Exchange Commission
TSR			Total shareholder return
VIE			Variable interest entity

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

UNAUDITED


	3ME June 30,				6ME June 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Revenue	$	3,978	$	4,227	$	7,959	$	7,961
Cost of revenue	(3,922)		(4,049)		(7,762)		(7,683)
Gross profit	56		178		197		278
G&A	(52)		(50)		(88)		(110)
Foreign currency gain (loss)	(30)		48		(44)		60
Operating profit (loss)	(26)		176		65		228
Interest expense	(9)		(11)		(21)		(23)
Interest income	26		49		55		100
Earnings (loss) before taxes	(9)		214		99		305
Income tax expense (including $757 million and $684 million tax expense attributable to equity method earnings in 2025 Quarter and 2025 Period, respectively)	(765)		(61)		(712)		(111)
Net earnings (loss) before equity method earnings	(774)		153		(613)		194
Equity method earnings	3,212		—		2,819		—
Net earnings	2,438		153		2,206		194
Less: Net earnings (loss) attributable to NCI	(22)		(16)		(13)		(34)
Net earnings attributable to Fluor	$	2,460	$	169	$	2,219	$	228

Basic EPS	$	14.93	$	0.99	$	13.30	$	1.33
Diluted EPS	$	14.81	$	0.97	$	13.19	$	1.32

The accompanying notes are an integral part of these financial statements.

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FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED


	3ME June 30,				6ME June 30,
(in millions)	2025		2024		2025		2024
Net earnings	$	2,438	$	153	$	2,206	$	194

OCI, net of taxes:
Foreign currency translation adjustment	46		(5)		72		(49)
Other	—		(3)		—		(9)
Total OCI, net of taxes	46		(8)		72		(58)
Comprehensive income	2,484		145		2,278		136
Less: Comprehensive income (loss) attributable to NCI	(22)		(15)		(13)		(33)
Comprehensive income attributable to Fluor	$	2,506	$	160	$	2,291	$	169

The accompanying notes are an integral part of these financial statements.

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FLUOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

UNAUDITED


(in millions, except share and per share amounts)	June 30, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents ($401 and $333 related to VIEs)	$	2,172	$	2,829
Marketable securities ($54 and $59 related to VIEs)	99		130
Accounts receivable, net ($76 and $92 related to VIEs)	1,081		921
Contract assets ($71 and $130 related to VIEs)	1,489		1,138
Other current assets ($23 and $32 related to VIEs)	186		157
Total current assets	5,027		5,175
Noncurrent assets
PP&E, net ($43 and $46 related to VIEs)	484		494
Investments	5,616		2,828
Other assets ($20 and $17 related to VIEs)	661		646
Total noncurrent assets	6,761		3,968
Total assets	$	11,788	$	9,143
LIABILITIES AND EQUITY
Current liabilities
Accounts payable ($227 and $233 related to VIEs)	$	1,439	$	1,220
Contract liabilities ($257 and $278 related to VIEs)	683		684
Accrued salaries, wages and benefits ($22 and $18 related to VIEs)	602		640
Other accrued liabilities ($50 and $37 related to VIEs)	378		527
Total current liabilities	3,102		3,071

Long-term debt	1,070		1,104
Deferred taxes	1,160		468
Other noncurrent liabilities	478		508

Commitments and contingencies

Equity
Shareholders’ equity
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 162,423,864 and 169,228,759 shares in 2025 and 2024, respectively	2		2
APIC	887		1,174
AOCI	(279)		(351)
Retained earnings	5,339		3,124
Total shareholders’ equity	5,949		3,949
NCI	29		43
Total equity	5,978		3,992
Total liabilities and equity	$	11,788	$	9,143

The accompanying notes are an integral part of these financial statements.

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FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

UNAUDITED


	6ME June 30,
(in millions)	2025		2024
OPERATING CASH FLOW
Net earnings	$	2,206	$	194
Adjustments to reconcile net earnings to operating cash flow:
Equity method earnings, net of taxes	(2,135)		—
Depreciation and amortization	35		34
Gain on sales of assets	(8)		(14)
Stock-based compensation	17		20
Deferred taxes	(6)		22
Changes in assets and liabilities	(405)		(86)
Other	(11)		1
Operating cash flow	(307)		171

INVESTING CASH FLOW
Purchases of marketable securities	(80)		(78)
Proceeds from sales and maturities of marketable securities	114		69
Capital expenditures	(25)		(82)
Proceeds from sales of assets	62		74
Investments in partnerships and joint ventures	(135)		(21)
Other	3		—
Investing cash flow	(61)		(38)

FINANCING CASH FLOW
Repurchase of common stock	(295)		—
Purchase and retirement of debt	(36)		(24)
Proceeds from NuScale share issuance (net of issuance fees)	—		45
Other	(10)		(15)
Financing cash flow	(341)		6

Effect of exchange rate changes on cash	52		(29)
Increase (decrease) in cash and cash equivalents	(657)		110
Cash and cash equivalents at beginning of period	2,829		2,519
Cash and cash equivalents at end of period	$	2,172	$	2,629

SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	19	$	22
Cash paid for income taxes (net of refunds)	83		31

The accompanying notes are an integral part of these financial statements.

Table of Contents

FLUOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

UNAUDITED


(in millions, except per share amounts)	Common Stock			APIC		AOCI		Retained Earnings		Total Shareholders' Equity		NCI		Total Equity
	Shares	Amount
BALANCE AS OF DECEMBER, 2024	169	$	2	$	1,174	$	(351)	$	3,124	$	3,949	$	43	$	3,992
Net earnings (loss)	—	—		—		—		(241)		(241)		9		(232)
OCI	—	—		—		26		—		26		—

SEC Form 10-Q filed by Fluor Corporation