At a glance
Fluor Corporation is worth $6.28B. Revenue fell 5.0% to $15.50B in fiscal 2025, at a loss; over 4 years it has grown 2.3% a year. It pays no dividend; it spent $879.0M buying back its shares over FY2021–FY2025. The stock returned −6.1% over the past year with dividends reinvested and +18.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 76.7% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 4 months after the lows.
The business in plain English
Fluor is an engineering and construction company. It plans and builds large, complex facilities for other businesses and for governments. The industry calls this EPC work, short for engineering, procurement (sourcing equipment and materials) and construction. Fluor is often hired as the overall program manager on big jobs that involve many contractors. It also offers consulting, staffing, and operations and maintenance services. Its clients include drug makers, chipmakers, data center developers, miners, and chemical and LNG (liquefied natural gas) producers. It also works for state transportation departments, the U.S. federal government and governments abroad.
Fluor makes money from contracts. On reimbursable contracts, the client pays Fluor's costs plus a fee, which limits Fluor's risk. On lump-sum contracts, Fluor gets a fixed price and carries the risk if costs run over. Fluor says it focuses on reimbursable terms. As of December 31, 2025, 81% of its backlog was reimbursable. Backlog is signed work that Fluor has not yet done.
Urban Solutions is the largest segment. It brought in 59.3% of Fluor's $15.5 billion in revenue for the year ended December 31, 2025. It covers advanced manufacturing, life sciences, mining and metals, infrastructure and staffing. Energy Solutions brought in 22.9%. It serves oil and gas, chemicals, LNG and power markets, including nuclear. Mission Solutions added 17.5%. By region, North America produced 73% of revenue and Europe 18.7%.
Price history
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FLR -6.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Urban Solutions | $9.20B | 59.3% |
| Energy Solutions | $3.55B | 22.9% |
| Mission Solutions | $2.72B | 17.5% |
| Other | $29.0M | 0.2% |
By geography
| North America | $11.31B | 73% |
| Europe | $2.90B | 18.7% |
| Asia Pacific (includes Australia) | $604.0M | 3.9% |
| Central and South America | $538.0M | 3.5% |
| Middle East and Africa | $152.0M | 1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.33B, up 8.8% from a year earlier, and net income was $114.0M (-95.4%).
- For fiscal 2025, revenue was $15.50B (-5.0% year over year; +2.3% a year from FY2021 to FY2025) with a -0.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +2.3% watch |
|---|---|
| Operating margin | -2.4% weak |
| Free cash flow margin | -2.8% weak |
| Return on equity (FY2025) | -1.6% weak |
| Return on assets (FY2025) | -0.6% weak |
| Net cash (cash minus debt) | $2.52B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.79B | $-435.0M | $73.0M |
| FY2021 | $14.16B | $-440.0M | $-50.0M |
| FY2022 | $13.74B | $145.0M | $-44.0M |
| FY2023 | $15.47B | $139.0M | $106.0M |
| FY2024 | $16.32B | $2.15B | $664.0M |
| FY2025 | $15.50B | $-51.0M | $-437.0M |
Valuation snapshot
| Market value | $6.28B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Fluor’s market value went from $7.31B at the end of 2016 to $6.28B on Oct 28, 2026, down 14%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.28B | -1.7% |
| 2025 | $6.39B | -24.5% |
| 2024 | $8.46B | +26.8% |
| 2023 | $6.67B | +35.5% |
| 2022 | $4.92B | +40.6% |
| 2021 | $3.50B | +55.9% |
| 2020 | $2.25B | -15.1% |
| 2019 | $2.65B | -41.6% |
| 2018 | $4.53B | -37.3% |
| 2017 | $7.22B | -1.2% |
| 2016 | $7.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLR price data to Oct 28, 2026 | +18.5% | -6.1% | +12.2% | +18.8% | -0.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.5% |
| 2025 | -19.6% |
| 2024 | +25.9% |
| 2023 | +13.0% |
| 2022 | +39.9% |
| 2021 | +55.1% |
| 2020 | -14.5% |
| 2019 | -39.5% |
| 2018 | -36.6% |
| 2017 | +0.1% |
| 2016 | +13.1% |
| 2015 | -20.8% |
| 2014 | -23.6% |
| 2013 | +38.0% |
| 2012 | +18.3% |
| 2011 | -23.5% |
| 2010 | +48.7% |
| 2009 | +1.6% |
| 2008 | -37.9% |
| 2007 | +79.7% |
| 2006 | +6.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.5% over that stretch · deepest drop along the way 70%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.4% over that stretch · deepest drop along the way 76.7%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 8.2% over that stretch · deepest drop along the way 26.7%, back to its old high 3.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 2 sales ($988K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 10, 2026 | Alvin C III Collins GROUP PRESIDENT | sell (plan) | $712K |
| Aug 7, 2026 | Pierre Edward Bechelany Group President | sell (plan) | $276K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.54% | Mar 31, 2026 |
| FMR LLC | 4.5% | Mar 31, 2025 |
| Wellington Management Group LLP | 3.8% | Sep 30, 2025 |
ETFs with the most weight in FLR
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 1.42% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 1.38% |
| FPWR First Trust EIP Power Solutions ETF | 1.31% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.13% |
| NUKZ Range Nuclear Renaissance Index ETF | 1.08% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.76% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 0.6% |
| IFRA iShares U.S. Infrastructure ETF | 0.52% |
What could go wrong
- NuScale stake makes reported earnings swing. Fluor must revalue its investment in NuScale at fair value, roughly its market value, each reporting period. Those changes flow into reported earnings, so profit can jump or fall for reasons unrelated to its projects.
- Fixed-price projects can turn into losses. On lump-sum contracts, Fluor agrees to a set price. If a project runs late or over budget, it may not recover the extra cost, and disputes over who pays can be long and costly.
- Government and nuclear work carry extra risks. Contracts funded by the U.S. government come with added risks compared with private work. Nuclear services need adequate indemnification, meaning protection against liability claims, and without it Fluor could face heavy costs.
- Revenue depends on winning new awards. The markets Fluor serves rise and fall in cycles. When clients pull back on big projects, new awards slow, and work already in backlog can be cut or canceled unexpectedly.
- Partners and subcontractors can let it down. Fluor works through joint ventures and relies on suppliers and subcontractors. If a partner it has little control over fails to perform, Fluor can be left with extra obligations.
- Dangerous sites and overseas political risk. Fluor's work is inherently dangerous, sometimes in places with high security risks. Accidents, political upheaval abroad or currency swings can disrupt projects, raise costs and cause losses.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released; Shareholder vote results
- Executive or board change
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Fluor pays no dividend. Its yield was 0% as of October 28, 2026, and its last regular dividend, $0.10 per share, was paid in fiscal 2020. Retirees who want cash from it would have to rely on selling shares. Fluor has used buybacks instead, spending $879 million over fiscal 2021 to 2025. That includes $754 million in fiscal 2025, a year when free cash flow (cash left after capital spending) was negative $437 million. The share count fell 5.4% from October 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 70% during the 2008 financial crisis and had not regained that high as of October 28, 2026. It fell 76.7% in the 2020 COVID crash, then recovered in under three months. In the 2022 bear market it rose 8.2% between the market's peak and low, despite a 26.7% slide along the way. Single stocks like Fluor carry more risk than diversified funds.
Questions investors ask
Does Fluor pay a dividend?
No. Fluor does not pay a dividend on its common stock, and its dividend yield was 0% as of October 28, 2026. Its last regular dividend, $0.10 per share, was paid in fiscal 2020. Instead, the company has returned cash through share buybacks, spending $879 million from fiscal 2021 through 2025. Buybacks shrink the share count but pay no cash to shareholders who keep their shares. The stock may not suit investors who need regular income.
How does Fluor make money?
Fluor is paid to design, equip and build large facilities for clients. This is known as engineering, procurement and construction (EPC) work. Fluor also manages big projects that involve many contractors and offers operations and maintenance services. As of December 31, 2025, 81% of its backlog (signed work not yet done) was reimbursable, meaning clients pay costs plus a fee. In fiscal 2025, Urban Solutions supplied 59.3% of $15.5 billion in revenue, Energy Solutions 22.9% and Mission Solutions 17.5%.
Is Fluor profitable?
Not in its latest full year. For fiscal 2025, which ended December 31, 2025, Fluor posted a net loss of $51 million and an operating loss of $378 million on $15.5 billion of revenue. In fiscal 2024 it had net income of $2.1 billion. In the quarter ended June 30, 2026, it earned $114 million on $4.33 billion of revenue. Revenue rose 8.8% from a year earlier, but net income fell 95.4%. Fluor warns that revaluing its NuScale investment makes its reported earnings volatile.
Does Fluor have a lot of debt?
No. As of June 30, 2026, Fluor held $3.59 billion in cash and investments against $1.07 billion of total debt. That left net cash of about $2.52 billion. Shareholders' equity was $2.69 billion. Keeping debt low is one of Fluor's stated priorities for using its cash. Still, its debt agreements include covenants, which are rules that limit some of its actions, and it warns that refinancing could come at higher interest rates.
How has Fluor stock performed over the long run?
Strongly over five years but flat over ten. As of October 28, 2026, Fluor's share price returned about 18.8% a year over five years and -0.2% a year over ten years. Over one year it returned -6.1%. The ride has been rough. The stock's worst peak-to-trough fall in 21 years of price history was 95.9%. Its one-year beta of 1.84 means it has tended to move almost twice as much as the overall market.