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.
The company ended the year with a $25.5 billion backlog, with 81% of those contracts structured as "reimbursable"—a strategy designed to protect margins against the inflation and cost overruns that have plagued the construction industry in recent years.
Looking ahead, Fluor issued 2026 adjusted EBITDA guidance of $525 million to $585 million.