FLUOR CORP, 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Cover - shares
3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-16129  
Entity Registrant Name FLUOR CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 33-0927079  
Entity Address, Address Line One 6700 Las Colinas Boulevard  
Entity Address, City or Town Irving,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75039  
City Area Code 469  
Local Phone Number 398-7000  
Title of 12(b) Security Common Stock, $.01 par value per share  
Trading Symbol FLR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   139,669,896
Entity Central Index Key 0001124198  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 3,663 $ 3,982
Cost of revenue (3,650) (3,842)
Gross profit 13 140
G&A (61) (36)
Gain on sale of CFHI 124 0
Foreign currency gain (loss) 16 (13)
Operating profit 92 91
Interest expense (10) (12)
Interest income 25 29
Earnings before taxes 107 108
Income tax benefit (including $18 million and $73 million tax benefit attributable to equity method earnings (loss) in 2026 and 2025, respectively) 7 53
Net earnings before equity method earnings 114 161
Equity method earnings (loss) 51 (393)
Net earnings (loss) 165 (232)
Less: Net earnings attributable to NCI 5 9
Net earnings (loss) attributable to Fluor $ 160 $ (241)
Earnings Per Share    
Basic EPS (in dollars per share) $ 1.10 $ (1.42)
Diluted EPS (in dollars per share) $ 1.08 $ (1.42)
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Income tax benefit (expense) attributable to equity method earnings $ 18 $ 73
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net earnings (loss) $ 165 $ (232)
OCI, net of taxes:    
Foreign currency translation adjustment (21) 26
Total OCI, net of taxes (21) 26
Comprehensive income (loss) 144 (206)
Less: Comprehensive income attributable to NCI 5 9
Comprehensive income (loss) attributable to Fluor $ 139 $ (215)
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents ($336 and $328 related to VIEs) $ 3,187 $ 2,135
Marketable securities ($34 and $39 related to VIEs) 52 59
Accounts receivable, net ($123 and $142 related to VIEs) 951 1,073
Contract assets ($31 and $17 related to VIEs) 1,232 1,146
Investment in NuScale 433 1,579
Other current assets ($17 and $26 related to VIEs) 228 450
Total current assets 6,083 6,442
Noncurrent assets    
PP&E, net ($41 related to VIEs for both periods) 456 464
Investments 562 543
Other assets ($9 and $17 related to VIEs) 819 787
Total noncurrent assets 1,837 1,794
Total assets 7,920 8,236
Current liabilities    
Accounts payable ($169 and $205 related to VIEs) 1,623 1,482
Contract liabilities ($174 and $254 related to VIEs) 584 633
Accrued salaries, wages and benefits ($11 and $9 related to VIEs in both periods) 590 621
Other accrued liabilities ($28 and $31 related to VIEs) 613 642
Total current liabilities 3,410 3,378
Long-term debt 1,071 1,070
Deferred taxes 10 6
Other noncurrent liabilities ($3 related to VIEs in both periods) 478 505
Commitments and contingencies
Shareholders’ equity    
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 141,559,940 and 152,047,739 shares in 2026 and 2025, respectively 1 2
APIC 0 443
AOCI (286) (265)
Retained earnings 3,157 3,064
Total shareholders’ equity 2,872 3,244
NCI 79 33
Total equity 2,951 3,277
Total liabilities and equity $ 7,920 $ 8,236
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 3,187 $ 2,135
Marketable securities, current 52 59
Accounts receivable, net 951 1,073
Contract assets 1,232 1,146
Other current assets 228 450
NONCURRENT ASSETS, VIEs    
PP&E, net ($41 related to VIEs for both periods) 456 464
Other assets 819 787
CURRENT LIABILITIES, VIEs    
Accounts payable 1,623 1,482
Contract liabilities 584 633
Accrued salaries, wages and benefits 590 621
Other accrued liabilities $ 613 $ 642
Shareholders’ equity    
Common stock shares authorized (in shares) 375,000,000 375,000,000
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock shares issued (in shares) 141,559,940 152,047,739
Common stock shares outstanding (in shares) 141,559,940 152,047,739
Variable Interest Entity, Primary Beneficiary    
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 336 $ 328
Marketable securities, current 34 39
Accounts receivable, net 123 142
Contract assets 31 17
Other current assets 17 26
NONCURRENT ASSETS, VIEs    
PP&E, net ($41 related to VIEs for both periods) 41 41
Other assets 9 17
CURRENT LIABILITIES, VIEs    
Accounts payable 169 205
Contract liabilities 174 254
Accrued salaries, wages and benefits 11 9
Other accrued liabilities 28 31
Other noncurrent liabilities $ 3 $ 3
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING CASH FLOW    
Net earnings (loss) $ 165 $ (232)
Adjustments to reconcile net earnings (loss) to operating cash flow:    
Equity method (earnings) loss, net of taxes (69) 320
Depreciation 16 18
Gain on sales of assets (including the sale of CFHI in 2026) (124) (8)
Stock-based compensation 12 12
Deferred taxes (11) (7)
Changes in assets and liabilities 107 (384)
Other 14 (5)
Operating cash flow 110 (286)
INVESTING CASH FLOW    
Proceeds from the sale of NuScale shares 1,359 0
Purchases of marketable securities (7) (21)
Proceeds from sales and maturities of marketable securities 15 75
Capital expenditures (11) (11)
Proceeds from sales of assets (including the sale of CFHI in 2026) 124 62
Investments in partnerships and joint ventures (49) (69)
Other 3 0
Investing cash flow 1,434 36
FINANCING CASH FLOW    
Repurchase of common stock (516) (142)
Purchase and retirement of debt 0 (18)
Distributions paid to NCI (4) 0
Capital contributions by NCI 45 0
Other (3) (3)
Financing cash flow (478) (163)
Effect of exchange rate changes on cash (14) 17
Increase (decrease) in cash and cash equivalents 1,052 (396)
Cash and cash equivalents at beginning of period 2,135 2,829
Cash and cash equivalents at end of period 3,187 2,433
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 16 19
Cash paid for income taxes (net of refunds) $ 38 $ 30
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Total Shareholders' Equity
Common Stock
APIC
AOCI
Retained Earnings
NCI
Beginning Balance (in shares) at Dec. 31, 2024     169        
Beginning balance at Dec. 31, 2024 $ 3,992 $ 3,949 $ 2 $ 1,174 $ (351) $ 3,124 $ 43
Increase (Decrease) in Shareholders' Equity              
Net earnings (loss) (232) (241)       (241) 9
OCI 26 26     26    
Contributions from NCI, net of distributions 8           8
Other NCI transactions (1)           (1)
Stock-based plan activity (in shares)     1        
Stock-based plan activity 1 1   1      
Repurchase of common stock (in shares)     (4)        
Repurchase of common stock (144) (144)   (144)      
Ending Balance (in shares) at Mar. 31, 2025     166        
Ending balance at Mar. 31, 2025 3,650 3,591 $ 2 1,031 (325) 2,883 59
Beginning Balance (in shares) at Dec. 31, 2025     152        
Beginning balance at Dec. 31, 2025 3,277 3,244 $ 2 443 (265) 3,064 33
Increase (Decrease) in Shareholders' Equity              
Net earnings (loss) 165 160       160 5
OCI (21) (21)     (21)    
Contributions from NCI, net of distributions 41           41
Stock-based plan activity (in shares)     1        
Stock-based plan activity 10 10   10      
Repurchase of common stock (in shares)     (11)        
Repurchase of common stock (521) (521) $ (1) (453)   (67)  
Ending Balance (in shares) at Mar. 31, 2026     142        
Ending balance at Mar. 31, 2026 $ 2,951 $ 2,872 $ 1 $ 0 $ (286) $ 3,157 $ 79
v3.26.1
Principles of Consolidation
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation Principles of Consolidation
These financial statements do not include footnotes and certain financial information presented annually under GAAP, and therefore, should be read in conjunction with our 2025 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year.
The financial statements included herein are unaudited. We believe they contain all adjustments of a normal recurring nature which are necessary to fairly present our financial position and our operating results as of and for the periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. We have evaluated all material events occurring subsequent to March 31, 2026 through the filing date of this 10-Q.
v3.26.1
Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In 2026, we adopted ASU 2025-05 on measurement of credit losses for accounts receivable and contract assets. This ASU introduces a practical expedient allowing us to assume that conditions at the balance sheet date remain unchanged over the life of these assets. The adoption did not have any impact on our consolidated results.
During 2024, the FASB issued ASU 2024-03 on the disaggregation of income statement expenses or "DISE." This ASU requires additional footnote disclosure of the details of certain income statement expense line items, without changing amounts reported on the consolidated income statement. ASU 2024-03 is first effective for our annual reporting for 2027 and for our quarterly reporting beginning in 2028. We do not expect this ASU to have any impact on our consolidated results.
In May 2025, the FASB issued ASU 2025-03 on identifying the accounting acquirer in transactions involving VIEs. This ASU revises the guidance to require consideration of the same factors used in other business combinations when the legal acquiree is a VIE that qualifies as a business and the transaction is effected primarily through the exchange of equity interests. ASU 2025-03 is effective for our annual and quarterly reporting for 2027. We do not expect this ASU to have any impact on our consolidated results.
In September 2025, the FASB issued ASU 2025-06 to make targeted improvements to the guidance on internal use software. This ASU removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for our annual and quarterly reporting for 2028 and may be applied using a prospective, retrospective or modified transition approach. We are assessing any impact this ASU may have on our future software expenditures.
In December 2025, the FASB issued ASU 2025‑11 on interim reporting. This ASU clarifies when interim reporting requirements apply, standardizes the form and content of interim financial statements and notes, and introduces a disclosure principle requiring entities to report events occurring after year end that have a material impact. ASU 2025‑11 is effective for our annual and quarterly reporting for 2028. We do not expect this ASU to have any impact on our consolidated results.
v3.26.1
Earnings Per Share
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Potentially dilutive securities include convertible debt, stock options, RSUs and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.
3ME
March 31,
(in millions, except per share amounts)20262025
Net earnings (loss) attributable to Fluor$160 $(241)
Weighted average common shares outstanding146 169 
Diluted effect:
Stock options, RSUs and performance-based award units2
Convertible debt (1)
Weighted average diluted shares outstanding148 169 
Basic EPS
$1.10 $(1.42)
Diluted EPS
$1.08 $(1.42)
Anti-dilutive securities not included in shares outstanding:
Stock options, RSUs and performance-based award units— 
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes has a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2026 Quarter, the weighted average price of our common stock exceeded $45.37 resulting in the addition of 406,184 shares to diluted shares outstanding. During the 2025 Quarter, the weighted average price of our common stock was below the minimum conversion price.
v3.26.1
Operating Information by Segment and Geographic Area
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
3ME
March 31,
(in millions)20262025
Revenue
Urban Solutions$2,437 $2,157 
Energy Solutions703 1,206 
Mission Solutions523 597 
Other— 22 
Total revenue$3,663 $3,982 
Cost of revenue
Urban Solutions
$(2,426)$(2,081)
Energy Solutions
(629)(1,158)
Mission Solutions(594)(590)
Other(1)(13)
Total cost of revenue
$(3,650)$(3,842)
Segment profit
Urban Solutions
$$70 
Energy Solutions74 47 
Mission Solutions(71)
Other(1)
Total segment profit$$131 
G&A(61)(36)
Gain on sale of CFHI124 — 
Foreign currency gain (loss)16 (13)
Interest income (expense), net15 17 
Earnings attributable to NCI
Earnings before taxes$107 $108 
Intercompany revenue for our professional staffing business, excluded from revenue above$54 $58 
Urban Solutions. Segment profit decreased in 2026 due to cost growth totaling $37 million (or $0.25 per share) on a large mining joint venture project and a decline in execution activity for a recently completed project.
Energy Solutions. Segment profit increased in 2026 primarily due to the recognition of favorable close out items on 3 projects, offset slightly by an acceleration of profit recognition in the 2025 Quarter due to a change of scope on another project.
Mission Solutions. Segment profit declined in 2026 primarily due to the recognition of a $96 million (or $0.65 per share) charge resulting from the outcome of a court ruling on a lawsuit filed against us in 2013. Segment profit in 2025 reflected an additional reserve of $28 million resulting from an adverse ruling on a long-standing claim on a project completed in 2019.
Total assets by segment are as follows:
(in millions)March 31,
2026
December 31,
2025
Urban Solutions
$1,855 $1,769 
Energy Solutions581 621 
Mission Solutions666 733 
Corporate4,384 3,532 
Other434 1,581 
Total assets$7,920 $8,236 
Revenue by project location follows:
3ME
March 31,
(in millions)20262025
North America$2,768 $2,653 
Asia Pacific (includes Australia)202 316 
Europe587 842 
Central and South America79 139 
Middle East and Africa27 32 
Total revenue$3,663 $3,982 
v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate on earnings, including equity method earnings, was (4)% for the 2026 Quarter compared to 19% for the 2025 Quarter. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:

3ME
March 31,
(In millions)20262025
U.S statutory federal income tax (benefit) expense$33 $(60)
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects(5)(7)
Valuation allowance, net(70)
Foreign tax impacts19 
Noncontrolling interest(1)(2)
Reserve for uncertain tax positions
(2)(3)
Other adjustments19 10 
Total income tax benefit$(7)$(53)
v3.26.1
Partnerships and Joint Ventures
3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Partnerships and Joint Ventures Partnerships and Joint Ventures
Many of our partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $43 million and $47 million were included in other accrued liabilities as of March 31, 2026 and December 31, 2025, respectively, and consisted primarily of provision for anticipated losses on a legacy infrastructure project and an Energy Solutions joint venture. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $224 million and $219 million as of March 31, 2026 and December 31, 2025, respectively.
During 2026, we sold our ownership interest in CFHI for proceeds of $124 million. We recognized a gain of $124 million upon the sale as the investment had previously been fully impaired.
Variable Interest Entities

The aggregate carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net asset of $456 million and $425 million as of March 31, 2026 and December 31, 2025, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of March 31, 2026 for the unconsolidated VIEs were $48 million.
We are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on the balance sheet. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations. We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.
v3.26.1
Investment in NuScale
3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investment in NuScale Investment in NuScale
We converted our remaining NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares upon reaching agreement with NuScale in November 2025. In November 2025, through an indirect, wholly-owned subsidiary, we entered into a variable price forward sale agreement whereby we pledged and granted a security interest in 71 million of our remaining shares in NuScale, while maintaining continuing involvement and ownership rights, and committed to sell, convey, transfer, assign and deliver those shares at the final settlement date in February 2026. Through our bank's execution, we completed the sale of all 71 million shares of NuScale in February 2026, generating total proceeds of $1.35 billion.
In February 2026, we entered into 3 variable price forward sale agreements similar to the November agreement for the final 40 million of our NuScale shares. Through our banks' execution, we completed the sale of the final 40 million shares of NuScale in April 2026, generating total proceeds of $473 million, and thereby completing the divestiture of our ownership interest in NuScale.
The components of equity method earnings (loss) are as follows:
3ME
March 31,
(in millions)20262025
Equity method earnings (loss)
Loss on the fair value of our investment in NuScale$(124)$(477)
Gain on the fair value of the forward sale of NuScale shares176 — 
Other (1)84 
Equity method earnings (loss)$51 $(393)
v3.26.1
Guarantees
3 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
Guarantees GuaranteesThe maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $13 billion as of March 31, 2026. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. The performance guarantee obligation was not material as of March 31, 2026 and December 31, 2025.
v3.26.1
Contingencies and Commitments
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments Contingencies and Commitments
We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies, including matters arising in the ordinary course of business, of which the asserted value may be significant. We record accruals in the financial statements for contingencies when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While there is at least a reasonable possibility that other losses may be incurred in excess of amounts accrued, management is unable to estimate the possible loss or range of loss or has determined such amounts to be immaterial, except as otherwise noted below. At present, except as set forth below, we do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable outcomes could involve substantial monetary damages, fines, penalties and other expenditures. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. We might also enter into an agreement to settle one or more such matters if we determine such settlement is in the best interests of our stakeholders, and any such settlement could include substantial payments.
The following disclosures for commitments and contingencies are new or have been updated since the matter was presented in the 2025 10-K.
In March 2026, a federal court jury in the U.S. District Court for South Carolina found in Fluor’s favor on three of four claims brought against it by private plaintiffs (known as “Relators”) alleging violations of the United States False Claims Act concerning Fluor’s support of American and allied warfighters in Afghanistan under a military support contract. On the remaining claim, which involved Fluor’s management of materials, the jury awarded $15 million in damages, which is subject to trebling under the False Claims Act. We filed post-trial motions to set aside the jury verdict and enter judgment in Fluor’s favor. The Relators have asked the Court to increase the jury verdict and for penalties and attorneys’ fees. Post-trial motions are currently pending. Following resolution of those motions, the court will enter a final judgment, which either party may appeal. A final judgment is possible by the third quarter of 2026. Although Fluor is challenging the jury verdict, we recognized a charge in the 2026 Quarter reflecting the jury verdict, Fluor’s historic attorneys’ fees and an estimate of liability for the Relators’ attorneys’ fees.
In February 2026, alleged NuScale Power Corporation shareholders filed a complaint in the U.S. District Court for the District of Oregon against NuScale, two NuScale executives, and Fluor (claimed as NuScale’s controlling shareholder). The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired NuScale securities between May 13, 2025, and November 6, 2025, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning NuScale’s relationship with ENTRA1 Energy LLC, which statements the plaintiffs assert were materially misleading. We intend to contest these claims as they relate to Fluor.
There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2025 10-K.
Fluor Australia Ltd., our wholly-owned subsidiary (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court (the “Court”) against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of AUD $1.47 billion. Santos joined Fluor to the matter on the basis of a parent company guarantee issued for the project. On July 14, 2023, a panel of 3 referees appointed by the Court (the "Panel”) recommended judgment for Santos on claims that the Panel valued at approximately AUD $790 million excluding interest and costs. While the project contract contains a liability cap of approximately AUD $236 million, the Panel found that the liability cap did not apply to Santos’s claims. Following interim applications and hearings, in August 2025, the Court generally accepted the recommendations of the panel of referees. In December 2025, we made a payment to Santos of $649 million, net of GST, in accordance with the Court’s orders. Santos’s legal fees will be assessed in a separate process. After allowing for committed insurance proceeds and reserves, we recognized a reduction to revenue of $643 million reflecting the net estimated impact of the judgment. Discussions with our insurers are ongoing and, if successful, may further reduce the ultimate obligation. We have appealed the court's decision to the Queensland Court of Appeal. The appeal hearing is currently scheduled to take place in July 2026. In mid-October 2025, five of our more than 30 insurers filed a complaint in the Superior Court of California, County of Orange, disputing coverage by seeking various declaratory judgments. We have reached an agreement with these
carriers to dismiss the action without prejudice subject to a standstill/tolling agreement.
In September 2025, purported shareholders filed a complaint against Fluor and certain of its current and former executives in the U.S. District Court for the Northern District of Texas. The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired Fluor securities between February 18, 2025 and July 31, 2025, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning market conditions, rising costs on three infrastructure projects and the effectiveness of our risk mitigation strategies, which statements the plaintiffs assert were materially misleading. We intend to contest these claims.
In October 2025, a purported shareholders' derivative action was filed against current and former members of our Board of Directors, as well as certain current and former executives in the U.S. District Court for the Northern District of Texas. Fluor is named as a nominal defendant in the action. The action purports to assert claims on behalf of Fluor and makes substantially the same factual allegations as the securities class action matter discussed above and seeks various forms of declaratory and monetary relief, as well as corporate reforms. Three further derivative actions were filed in November and December 2025, all of which are also based on the same factual allegations. In addition, in November 2025, a Fluor shareholder made a Section 220 demand to Fluor for certain books and records. Further, in January and February 2026, two investigation demands were made on Fluor’s Board. We also intend to contest the derivative claims.
v3.26.1
Contract Assets and Liabilities
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
(in millions)March 31,
2026
December 31, 2025
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,142 $1,100 
Contract work in progress - lump-sum contracts90 46 
Contract assets$1,232 $1,146 
3ME
March 31,
(in millions)20262025
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$410 $367 
We periodically evaluate our project forecasts and the amounts recognized with respect to claims. We include estimated amounts for claims in project revenue to the extent it is probable we will realize those amounts. As of March 31, 2026 and December 31, 2025, we had recorded $210 million and $214 million, respectively, of revenue associated with claims for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had $106 million and $105 million of back charges that may be disputed as of March 31, 2026 and December 31, 2025, respectively.
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)March 31,
2026
Within 1 year$12,664 
1 to 2 years5,973 
Thereafter5,894 
Total RUPO$24,531 
v3.26.1
Remaining Unsatisfied Performance Obligations
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Remaining Unsatisfied Performance Obligations Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
(in millions)March 31,
2026
December 31, 2025
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,142 $1,100 
Contract work in progress - lump-sum contracts90 46 
Contract assets$1,232 $1,146 
3ME
March 31,
(in millions)20262025
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$410 $367 
We periodically evaluate our project forecasts and the amounts recognized with respect to claims. We include estimated amounts for claims in project revenue to the extent it is probable we will realize those amounts. As of March 31, 2026 and December 31, 2025, we had recorded $210 million and $214 million, respectively, of revenue associated with claims for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had $106 million and $105 million of back charges that may be disputed as of March 31, 2026 and December 31, 2025, respectively.
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)March 31,
2026
Within 1 year$12,664 
1 to 2 years5,973 
Thereafter5,894 
Total RUPO$24,531 
v3.26.1
Debt and Letters of Credit
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Letters of Credit Debt and Letters of Credit
Debt consisted of the following:
(in millions)March 31,
2026
December 31, 2025
Borrowings under credit facility$— $— 
Senior Notes
2028 Notes (4.250% Senior Notes)
506 506 
Unamortized discount and deferred financing costs(1)(2)
2029 Notes (1.125% Convertible Senior Notes)
575 575 
Unamortized deferred financing costs(9)(9)
Total debt$1,071 $1,070 

Credit Facility

As of March 31, 2026, letters of credit totaling $413 million were outstanding under our $2.2 billion credit facility, which matures in February 2028. As of March 31, 2026, we had not made any borrowings under our credit facility line and maintained a borrowing capacity of $903 million.
Uncommitted Lines of Credit
As of March 31, 2026, letters of credit totaling $851 million were outstanding under uncommitted lines of credit.
v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 March 31, 2026December 31, 2025
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:        
Investment in NuScale(1)
$433 $433 $— $— $1,579 $1,579 $— $— 
NuScale forward contracts(2)
47 — 47 — 208 — 208 — 
Trading securities(3)
— — — — 
_________________________________________________________
(1) We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates. Our investment in NuScale consisted of 40 million and 111 million shares as of March 31, 2026 and December 31, 2025, respectively.
(2)     In February 2026, we entered into 3 variable price forward sale agreements (described elsewhere) for our NuScale shares. The fair value of these forward contracts, which met the definition of a derivative, represents the difference between the closing price of NuScale at the balance sheet date and the year-to-date settlement price calculated per the agreement plus a discounted growth assumption through the estimated settlement date. The derivative assets were included in other current assets on the balance sheet as of March 31, 2026 and December 31, 2025.
(3)    Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
The following summarizes information about financial instruments that are not required to be measured at fair value:
  March 31, 2026December 31, 2025
(in millions)Fair Value
Hierarchy
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:     
Cash(1)
Level 1$1,979 $1,979 $1,480 $1,480 
Cash equivalents(2)
Level 21,208 1,208 655 655 
Marketable securities(2)
Level 252 52 59 59 
Liabilities: 
2028 Senior Notes(3)
Level 2$505 $498 $504 $503 
2029 Senior Notes(3)
Level 2
566 704 566 657 
_________________________________________________________
(1)    Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)    Cash equivalents and marketable securities primarily consists of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(3)    The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.
v3.26.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Our executive and director stock-based compensation plans are described more fully in the 2025 10-K.
Equity Awards
Performance-based award units totaling 167,643 and 273,564 were awarded to most officers, including all Section 16 officers, during the 2026 and 2025 Quarters, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based elements of such awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter.
For awards granted under the 2026 and 2025 performance award plan, 70% of the award is earned based on achievement of earnings before taxes targets over three 1-year periods and 30% of the award is earned based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. For awards granted under the 2024 performance award plan, 80% of the award is earned based on achievement of earnings before taxes targets over three 1-year periods and 20% of the award is earned based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. The performance component of these awards is deemed granted when targets are set while the TSR component of these awards is deemed granted upon issuance. During the 2026 Quarter, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2026Weighted Average
Grant Date
Fair Value
Per Share
2026 Performance Award Plan219,715$57.62
2025 Performance Award Plan209,391$37.96
2024 Performance Award Plan120,397$41.46
For awards granted under these performance award plans, the number of units are adjusted at the end of each performance period based on attainment of certain performance targets and on market conditions, pursuant to the terms of the award agreements. As of March 31, 2026, there were 262,754 shares associated with performance awards that had been awarded to employees, but which are not deemed granted due to the underlying performance targets having not yet been established.
Liability Awards
SGI awards granted to executives vest and become payable at a rate of 1/3 of the total award each year. Performance-based awards were awarded to non-Section 16 executives and will be settled in cash on a single date each year.
Location in Statement of Operations3ME
March 31,
(in millions)20262025
SGI awardsG&A$$(3)
Performance-based awards for non-Section 16 executives
G&A10 
Liabilities (in millions)Location on Balance SheetMarch 31,
2026
December 31, 2025
SGI awardsAccrued salaries, wages and benefits and other noncurrent liabilities$23 $29 
Performance-based awards for non-Section 16 executives
Accrued salaries, wages and benefits and other noncurrent liabilities22 22 
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K), except as described in the table below:
Name and TitleActionDate Adopted
Character of Trading Arrangement(1)
Aggregate Number of Shares of Common Stock to be Sold Expiration Date
Pierre Bechelany
Business Group President, Energy Solutions
AdoptionMarch 9, 202610b5-1 trading arrangement20,892February 23, 2027
David E. Constable
Executive Chairman
AdoptionMarch 10, 202610b5-1 trading arrangement166,900December 31, 2026
Kevin B. Hammonds
Chief Legal Officer and Corporate Secretary
AdoptionMarch 9, 202610b5-1 trading arrangement3,075February 23, 2027
_________________________________________________________
(1)    Each trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Pierre Bechelany [Member]  
Trading Arrangements, by Individual  
Name Pierre Bechelany
Title Business Group President, Energy Solutions
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 9, 2026
Expiration Date February 23, 2027
Arrangement Duration 351 days
Aggregate Available 20,892
David E. Constable [Member]  
Trading Arrangements, by Individual  
Name David E. Constable
Title Executive Chairman
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2026
Expiration Date December 31, 2026
Arrangement Duration 296 days
Aggregate Available 166,900
Kevin B. Hammonds [Member]  
Trading Arrangements, by Individual  
Name Kevin B. Hammonds
Title Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 9, 2026
Expiration Date February 23, 2027
Arrangement Duration 351 days
Aggregate Available 3,075
v3.26.1
Recent Accounting Pronouncements (Policies)
3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In 2026, we adopted ASU 2025-05 on measurement of credit losses for accounts receivable and contract assets. This ASU introduces a practical expedient allowing us to assume that conditions at the balance sheet date remain unchanged over the life of these assets. The adoption did not have any impact on our consolidated results.
During 2024, the FASB issued ASU 2024-03 on the disaggregation of income statement expenses or "DISE." This ASU requires additional footnote disclosure of the details of certain income statement expense line items, without changing amounts reported on the consolidated income statement. ASU 2024-03 is first effective for our annual reporting for 2027 and for our quarterly reporting beginning in 2028. We do not expect this ASU to have any impact on our consolidated results.
In May 2025, the FASB issued ASU 2025-03 on identifying the accounting acquirer in transactions involving VIEs. This ASU revises the guidance to require consideration of the same factors used in other business combinations when the legal acquiree is a VIE that qualifies as a business and the transaction is effected primarily through the exchange of equity interests. ASU 2025-03 is effective for our annual and quarterly reporting for 2027. We do not expect this ASU to have any impact on our consolidated results.
In September 2025, the FASB issued ASU 2025-06 to make targeted improvements to the guidance on internal use software. This ASU removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for our annual and quarterly reporting for 2028 and may be applied using a prospective, retrospective or modified transition approach. We are assessing any impact this ASU may have on our future software expenditures.
In December 2025, the FASB issued ASU 2025‑11 on interim reporting. This ASU clarifies when interim reporting requirements apply, standardizes the form and content of interim financial statements and notes, and introduces a disclosure principle requiring entities to report events occurring after year end that have a material impact. ASU 2025‑11 is effective for our annual and quarterly reporting for 2028. We do not expect this ASU to have any impact on our consolidated results.
v3.26.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Calculations of Basic and Diluted EPS
3ME
March 31,
(in millions, except per share amounts)20262025
Net earnings (loss) attributable to Fluor$160 $(241)
Weighted average common shares outstanding146 169 
Diluted effect:
Stock options, RSUs and performance-based award units2
Convertible debt (1)
Weighted average diluted shares outstanding148 169 
Basic EPS
$1.10 $(1.42)
Diluted EPS
$1.08 $(1.42)
Anti-dilutive securities not included in shares outstanding:
Stock options, RSUs and performance-based award units— 
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes has a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2026 Quarter, the weighted average price of our common stock exceeded $45.37 resulting in the addition of 406,184 shares to diluted shares outstanding. During the 2025 Quarter, the weighted average price of our common stock was below the minimum conversion price.
v3.26.1
Operating Information by Segment and Geographic Area (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Operating Information and Assets by Reportable Segment
3ME
March 31,
(in millions)20262025
Revenue
Urban Solutions$2,437 $2,157 
Energy Solutions703 1,206 
Mission Solutions523 597 
Other— 22 
Total revenue$3,663 $3,982 
Cost of revenue
Urban Solutions
$(2,426)$(2,081)
Energy Solutions
(629)(1,158)
Mission Solutions(594)(590)
Other(1)(13)
Total cost of revenue
$(3,650)$(3,842)
Segment profit
Urban Solutions
$$70 
Energy Solutions74 47 
Mission Solutions(71)
Other(1)
Total segment profit$$131 
G&A(61)(36)
Gain on sale of CFHI124 — 
Foreign currency gain (loss)16 (13)
Interest income (expense), net15 17 
Earnings attributable to NCI
Earnings before taxes$107 $108 
Intercompany revenue for our professional staffing business, excluded from revenue above$54 $58 
Total assets by segment are as follows:
(in millions)March 31,
2026
December 31,
2025
Urban Solutions
$1,855 $1,769 
Energy Solutions581 621 
Mission Solutions666 733 
Corporate4,384 3,532 
Other434 1,581 
Total assets$7,920 $8,236 
Schedule of Revenue by Project Location
Revenue by project location follows:
3ME
March 31,
(in millions)20262025
North America$2,768 $2,653 
Asia Pacific (includes Australia)202 316 
Europe587 842 
Central and South America79 139 
Middle East and Africa27 32 
Total revenue$3,663 $3,982 
v3.26.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:
3ME
March 31,
(In millions)20262025
U.S statutory federal income tax (benefit) expense$33 $(60)
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects(5)(7)
Valuation allowance, net(70)
Foreign tax impacts19 
Noncontrolling interest(1)(2)
Reserve for uncertain tax positions
(2)(3)
Other adjustments19 10 
Total income tax benefit$(7)$(53)
v3.26.1
Investment in NuScale (Tables)
3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Earnings
The components of equity method earnings (loss) are as follows:
3ME
March 31,
(in millions)20262025
Equity method earnings (loss)
Loss on the fair value of our investment in NuScale$(124)$(477)
Gain on the fair value of the forward sale of NuScale shares176 — 
Other (1)84 
Equity method earnings (loss)$51 $(393)
v3.26.1
Contract Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
(in millions)March 31,
2026
December 31, 2025
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,142 $1,100 
Contract work in progress - lump-sum contracts90 46 
Contract assets$1,232 $1,146 
3ME
March 31,
(in millions)20262025
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$410 $367 
v3.26.1
Remaining Unsatisfied Performance Obligations (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Remaining Performance Obligation
We estimate that our RUPO will be satisfied over the following periods:
(in millions)March 31,
2026
Within 1 year$12,664 
1 to 2 years5,973 
Thereafter5,894 
Total RUPO$24,531 
v3.26.1
Debt and Letters of Credit (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
(in millions)March 31,
2026
December 31, 2025
Borrowings under credit facility$— $— 
Senior Notes
2028 Notes (4.250% Senior Notes)
506 506 
Unamortized discount and deferred financing costs(1)(2)
2029 Notes (1.125% Convertible Senior Notes)
575 575 
Unamortized deferred financing costs(9)(9)
Total debt$1,071 $1,070 
v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 March 31, 2026December 31, 2025
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:        
Investment in NuScale(1)
$433 $433 $— $— $1,579 $1,579 $— $— 
NuScale forward contracts(2)
47 — 47 — 208 — 208 — 
Trading securities(3)
— — — — 
_________________________________________________________
(1) We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates. Our investment in NuScale consisted of 40 million and 111 million shares as of March 31, 2026 and December 31, 2025, respectively.
(2)     In February 2026, we entered into 3 variable price forward sale agreements (described elsewhere) for our NuScale shares. The fair value of these forward contracts, which met the definition of a derivative, represents the difference between the closing price of NuScale at the balance sheet date and the year-to-date settlement price calculated per the agreement plus a discounted growth assumption through the estimated settlement date. The derivative assets were included in other current assets on the balance sheet as of March 31, 2026 and December 31, 2025.
(3)    Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
Schedule of Financial Instruments Not Required to be Measured at Fair Value
The following summarizes information about financial instruments that are not required to be measured at fair value:
  March 31, 2026December 31, 2025
(in millions)Fair Value
Hierarchy
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:     
Cash(1)
Level 1$1,979 $1,979 $1,480 $1,480 
Cash equivalents(2)
Level 21,208 1,208 655 655 
Marketable securities(2)
Level 252 52 59 59 
Liabilities: 
2028 Senior Notes(3)
Level 2$505 $498 $504 $503 
2029 Senior Notes(3)
Level 2
566 704 566 657 
_________________________________________________________
(1)    Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)    Cash equivalents and marketable securities primarily consists of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(3)    The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.
v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Performance-Based Awards Granted During the 2026 Quarter, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2026Weighted Average
Grant Date
Fair Value
Per Share
2026 Performance Award Plan219,715$57.62
2025 Performance Award Plan209,391$37.96
2024 Performance Award Plan120,397$41.46
Schedule of Disclosure of Compensation Arrangements by Share-based Payment Award
Location in Statement of Operations3ME
March 31,
(in millions)20262025
SGI awardsG&A$$(3)
Performance-based awards for non-Section 16 executives
G&A10 
Liabilities (in millions)Location on Balance SheetMarch 31,
2026
December 31, 2025
SGI awardsAccrued salaries, wages and benefits and other noncurrent liabilities$23 $29 
Performance-based awards for non-Section 16 executives
Accrued salaries, wages and benefits and other noncurrent liabilities22 22 
v3.26.1
Earnings Per Share - Schedule of Calculations of Basic and Diluted EPS (Details)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
day
$ / shares
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Income Amounts Attributable to Parent, Disclosures [Abstract]    
Net earnings (loss) attributable to Fluor | $ $ 160 $ (241)
Weighted average common shares outstanding (shares) 146,000,000 169,000,000
Diluted effect:    
Stock options, RSUs and performance-based award units (in shares) 2,000,000 0
Convertible debt (in shares) 0 0
Weighted average diluted shares outstanding (in shares) 148,000,000 169,000,000
Basic EPS (in dollars per share) | $ / shares $ 1.10 $ (1.42)
Diluted EPS (in dollars per share) | $ / shares $ 1.08 $ (1.42)
Additional shares to diluted shares outstanding during the quarter (in shares) 406,184  
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt    
Diluted effect:    
Conversion price (in dollars per share) | $ / shares $ 45.37  
Stock price trigger (in dollar per share) | $ / shares $ 58.98  
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt | Debt Conversion Terms One    
Diluted effect:    
Threshold trading days (in days) | day 20  
Threshold consecutive trading days (in days) | day 30  
v3.26.1
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of EPS (Details) - shares
shares in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options, RSUs and performance-based award units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities not included above (in shares) 0 3
v3.26.1
Operating Information by Segment and Geographic Area - Schedule of Operating Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total revenue $ 3,663 $ 3,982
Total segment profit 92 91
G&A (61) (36)
Gain on sale of CFHI 124 0
Foreign currency gain (loss) 16 (13)
Interest income (expense), net 15 17
Earnings attributable to NCI 5 9
Earnings before taxes 107 108
Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 3,663 3,982
Total cost of revenue (3,650) (3,842)
Total segment profit 8 131
Consolidation, Eliminations    
Segment Reporting Information [Line Items]    
Total revenue 54 58
Urban Solutions | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 2,437 2,157
Total cost of revenue (2,426) (2,081)
Total segment profit 6 70
Energy Solutions | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 703 1,206
Total cost of revenue (629) (1,158)
Total segment profit 74 47
Mission Solutions | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 523 597
Total cost of revenue (594) (590)
Total segment profit (71) 5
Other | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 0 22
Total cost of revenue (1) (13)
Total segment profit $ (1) $ 9
v3.26.1
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Number Of Reportable Segments Disclosed By Definition Flag true  
Urban Solutions    
Segment Reporting Information [Line Items]    
Effect of forecast revision on estimated project cost $ 37  
Effect of forecast revision on estimated project cost (in dollars per share) $ 0.25  
Mission Solutions    
Segment Reporting Information [Line Items]    
Effect of forecast revision on estimated project cost $ 96 $ 28
Effect of forecast revision on estimated project cost (in dollars per share) $ 0.65  
v3.26.1
Operating Information by Segment and Geographic Area - Schedule of Total Assets by Segment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Total assets $ 7,920 $ 8,236
Operating Segments | Urban Solutions    
Segment Reporting Information [Line Items]    
Total assets 1,855 1,769
Operating Segments | Energy Solutions    
Segment Reporting Information [Line Items]    
Total assets 581 621
Operating Segments | Mission Solutions    
Segment Reporting Information [Line Items]    
Total assets 666 733
Corporate | Corporate    
Segment Reporting Information [Line Items]    
Total assets 4,384 3,532
Other    
Segment Reporting Information [Line Items]    
Total assets $ 434 $ 1,581
v3.26.1
Operating Information by Segment and Geographic Area - Schedule of Revenue by Project Location (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 3,663 $ 3,982
North America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue 2,768 2,653
Asia Pacific (includes Australia)    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue 202 316
Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue 587 842
Central and South America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue 79 139
Middle East and Africa    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 27 $ 32
v3.26.1
Income Taxes - Narrative (Details)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective tax rate, continuing operations (as a percent) (4.00%) 19.00%
v3.26.1
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
U.S statutory federal income tax (benefit) expense $ 33 $ (60)
Increase (decrease) in taxes resulting from:    
State and local income taxes, net of federal income tax effects (5) (7)
Valuation allowance, net (70) 2
Foreign tax impacts 19 7
Noncontrolling interest (1) (2)
Reserve for uncertain tax positions (2) (3)
Other adjustments 19 10
Total income tax benefit $ (7) $ (53)
v3.26.1
Partnerships and Joint Ventures (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Variable interest entity information      
Proceeds from the sale of NuScale shares $ 1,359 $ 0  
COOEC Fluor Heavy Industries Co., Ltd. | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Variable interest entity information      
Proceeds from the sale of NuScale shares 124    
Loss on sale of investment 124    
Variable interest entity, not primary beneficiary      
Variable interest entity information      
Net ( liability) assets 456   $ 425
Variable interest entity, not primary beneficiary | Future funding commitment      
Variable interest entity information      
Commitment amount 48    
Accrued liabilities | Related Party      
Variable interest entity information      
Investments loss position in other accrued liabilities 43   47
Accounts and notes receivable, net | Related Party | Variable interest entity, not primary beneficiary      
Variable interest entity information      
Accounts receivable, net $ 224   $ 219
v3.26.1
Investment in NuScale - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
1 Months Ended 3 Months Ended 4 Months Ended
Feb. 28, 2026
Nov. 30, 2025
Apr. 30, 2026
Feb. 13, 2026
Schedule of Equity Method Investments [Line Items]        
Proceeds from repurchase of equity       $ 1,350
Subsequent Event        
Schedule of Equity Method Investments [Line Items]        
Proceeds from repurchase of equity     $ 473  
NuScale        
Schedule of Equity Method Investments [Line Items]        
Related party transaction, shares converted (in shares) 40 71    
v3.26.1
Investment in NuScale - Schedule of Equity Method Earnings (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]    
Loss on the fair value of our investment in NuScale $ (124) $ (477)
Gain on the fair value of the forward sale of NuScale shares 176 0
Other (1) 84
Equity method earnings (loss) $ 51 $ (393)
v3.26.1
Guarantees (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Guarantees    
Performance guarantee liabilities $ 0 $ 0
Performance Guarantee    
Guarantees    
Maximum payments required under performance guarantees $ 13,000,000,000  
v3.26.1
Contingencies and Commitments (Details) - Pending litigation
$ in Millions, $ in Millions
1 Months Ended
Jul. 14, 2023
AUD ($)
referee
Dec. 13, 2016
AUD ($)
Mar. 31, 2026
USD ($)
claim
Dec. 31, 2025
USD ($)
Relators Claim        
Loss Contingencies [Line Items]        
Number of claims dismissed | claim     3  
Number of claims | claim     4  
Damages awarded to other party     $ 15  
Santos Ltd        
Loss Contingencies [Line Items]        
Damages sought   $ 1,470    
Number of referees appointed | referee 3      
Estimate of possible loss $ 236      
Loss contingency payments       $ 649
Reversal of revenue due to court ruling, amount repaid to customers       $ 643
Santos Ltd Claim 2        
Loss Contingencies [Line Items]        
Panel referred damages awarded from other party $ 790      
v3.26.1
Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Contract assets      
Unbilled receivables - reimbursable contracts $ 1,142   $ 1,100
Contract work in progress - lump-sum contracts 90   46
Contract assets 1,232   $ 1,146
Information about contract liabilities:      
Revenue recognized that was included in contract liabilities as of January 1 $ 410 $ 367  
v3.26.1
Contract Assets and Liabilities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Claim revenue for costs $ 210 $ 214
Construction contract cost, subcontractor $ 106 $ 105
v3.26.1
Remaining Unsatisfied Performance Obligations (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period $ 24,531
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period $ 12,664
Remaining performance obligation, period (in years) 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period $ 5,973
Remaining performance obligation, period (in years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period $ 5,894
Remaining performance obligation, period (in years) 2 years
v3.26.1
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Arrangements    
Borrowings under credit facility $ 0 $ 0
Long-term debt 1,071 1,070
Total debt $ 1,071 1,070
2028 Notes (4.250% Senior Notes)    
Financing Arrangements    
Debt instrument, interest rate, stated percentage (as a percent) 4.25%  
Long-term debt $ 506 506
Unamortized discount and deferred financing costs $ (1) (2)
2029 Notes (1.125% Convertible Senior Notes)    
Financing Arrangements    
Debt instrument, interest rate, stated percentage (as a percent) 1.125%  
Long-term debt $ 575 575
Unamortized discount and deferred financing costs $ (9) $ (9)
v3.26.1
Debt and Letters of Credit - Narrative (Details) - Lines of Credit
$ in Millions
Mar. 31, 2026
USD ($)
Financing Arrangements  
Long-term line of credit $ 413
Committed Line of Credit  
Financing Arrangements  
Current borrowing capacity 903
Uncommitted Line of Credit  
Financing Arrangements  
Long-term line of credit 851
Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit  
Financing Arrangements  
Maximum borrowing capacity $ 2,200
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale $ 433 $ 1,579
NuScale    
Fair value of assets and liabilities measured on recurring basis    
Remaining shares sold (in shares) 40 111
Foreign Exchange Forward    
Fair value of assets and liabilities measured on recurring basis    
NuScale forward contract $ 47 $ 208
Level 1 | Foreign Exchange Forward    
Fair value of assets and liabilities measured on recurring basis    
NuScale forward contract 0 0
Level 2 | Foreign Exchange Forward    
Fair value of assets and liabilities measured on recurring basis    
NuScale forward contract 47 208
Level 3 | Foreign Exchange Forward    
Fair value of assets and liabilities measured on recurring basis    
NuScale forward contract 0 0
Fair Value, Measurements, Recurring    
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale 433 1,579
Trading securities 6 2
Fair Value, Measurements, Recurring | Level 1    
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale 433 1,579
Trading securities 6 2
Fair Value, Measurements, Recurring | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale 0 0
Trading securities 0 0
Fair Value, Measurements, Recurring | Level 3    
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale 0 0
Trading securities $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Level 2 | Carrying Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Marketable securities, current $ 52 $ 59
Level 2 | Carrying Value | 2028 Notes (4.250% Senior Notes)    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Debt 505 504
Level 2 | Carrying Value | 2029 Notes (1.125% Convertible Senior Notes)    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Debt 566 566
Level 2 | Fair Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Marketable securities, current 52 59
Level 2 | Fair Value | 2028 Notes (4.250% Senior Notes)    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Debt 498 503
Level 2 | Fair Value | 2029 Notes (1.125% Convertible Senior Notes)    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Debt 704 657
Cash | Level 1 | Carrying Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Cash and cash equivalents 1,979 1,480
Cash | Level 1 | Fair Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Cash and cash equivalents 1,979 1,480
Cash Equivalents | Level 2 | Carrying Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Cash and cash equivalents 1,208 655
Cash Equivalents | Level 2 | Fair Value    
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis    
Cash and cash equivalents $ 1,208 $ 655
v3.26.1
Stock-Based Compensation - Narrative (Details)
3 Months Ended
Mar. 31, 2026
period
shares
Mar. 31, 2025
shares
Stock-Based Plans    
Percent of earnings before taxes (as a percent) 80.00%  
Earnings before taxes measurement periods (in years) 1 year  
Award vesting measurement, percent of TSR (as a percent) 20.00%  
2026 Performance Award Plan and 2025 Performance Award Plan    
Stock-Based Plans    
Earnings before taxes measurement periods (in years) 1 year  
Award vesting measurement, percent of TSR (as a percent) 30.00%  
2024 Performance Award Plan    
Stock-Based Plans    
Number of measurement periods | period 3  
Performance-based awards for non-Section 16 executives    
Stock-Based Plans    
Award vesting measurement, TSR period (in years) 3 years  
Performance-based awards for non-Section 16 executives | 2026 Performance Award Plan and 2025 Performance Award Plan    
Stock-Based Plans    
Percent of earnings before taxes (as a percent) 70.00%  
Number of measurement periods | period 3  
Performance-based awards for non-Section 16 executives | 2024 Performance Award Plan    
Stock-Based Plans    
Vesting period (in years) 3 years  
Performance-based awards for non-Section 16 executives | Executives    
Stock-Based Plans    
Granted (in shares) | shares 167,643 273,564
Vesting period (in years) 3 years  
Performance-based awards for non-Section 16 executives | Employees    
Stock-Based Plans    
Granted (in shares) | shares 262,754  
v3.26.1
Stock-Based Compensation - Schedule of Performance-Based Awards Granted (Details) - $ / shares
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
2026 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based Award Units Granted (in shares) 219,715    
Weighted Average Grant Date Fair Value Per Share (in dollars per share) $ 57.62    
2025 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based Award Units Granted (in shares)   209,391  
Weighted Average Grant Date Fair Value Per Share (in dollars per share)   $ 37.96  
2024 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based Award Units Granted (in shares)     120,397
Weighted Average Grant Date Fair Value Per Share (in dollars per share)     $ 41.46
v3.26.1
Stock-Based Compensation - Schedule of Disclosure of Compensation Arrangements by Share-based Payment Award (Details) - Executives - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
SGI awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Liabilities associated with SGI awards, net of adjustments $ 23   $ 29
Share-based compensation expense, net of adjustments 8 $ (3)  
Performance-based awards for non-Section 16 executives      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, net of adjustments 10 $ 3  
Liabilities associated with SGI awards, net of adjustments $ 22   $ 22