Fluor (NYSE:FLR) reported a volatile set of full-year 2025 results on Tuesday, as the engineering and construction giant navigated a major legal setback and a dramatic restructuring of its balance sheet.
The Irving, Texas-based firm posted annual revenue of $15.5 billion, but swung to a GAAP net loss of $51 million, or ($0.31) per share.
The loss was driven largely by a $643 million adverse ruling related to the Santos project in Australia and a $2 billion downward valuation adjustment on its investment in NuScale Power.
However, on an adjusted basis—which strips out these non-cash and one-time items—the company delivered a profit of $2.19 per share, reflecting resilient performance in its core urban and mission solutions segments.
Despite the GAAP volatility, Fluor is entering 2026 with a massive influx of liquidity.
The company received $605 million from the monetization of its NuScale stake in 2025 and an additional $1.35 billion in the first quarter of 2026.
Management expects to fully exit the investment by the end of June.
Meanwhile, Fluor's project pipeline remains a pillar of stability.