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Engineering & construction · Industrials · Fiscal year ends Dec 31
FLUOR reported revenue of $15.5B in the fiscal year ended Dec 2025, down 5.0% from the year before. Operating income was −$378M, an operating margin of −2.4%, and net income was −$51M. Operating cash flow of −$387M less capital expenditure of $50M left free cash flow of −$437M. It held more cash than debt (net cash $1.1B).
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 14,156 | 13,744 | 15,474 | 16,315 | 15,503 |
| Cost of revenue | 13,702 | 13,389 | 14,997 | 15,741 | 15,623 |
| Gross profit | 454 | 355 | 477 | 574 | −120 |
| Operating income | −273 | 209 | 147 | 463 | −378 |
| Interest expense | 90.0 | 59.0 | 60.0 | 46.0 | 42.0 |
| Pre-tax income | −346 | 244 | 315 | 2,718 | −101 |
| Income tax | 20.0 | 171 | 236 | 634 | −39.0 |
| Net income | −440 | 145 | 139 | 2,145 | −51.0 |
| Diluted EPS | – | 0.73 | 0.54 | 12.30 | −0.31 |
| Diluted shares | 141 | 145 | 153 | 174 | 164 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,209 | 2,439 | 2,519 | 2,829 | 2,135 |
| Receivables | 1,171 | 1,109 | 1,137 | 921 | 1,073 |
| Current assets | 5,181 | 5,044 | 5,063 | 5,175 | 6,442 |
| Net PP&E | 456 | 447 | 458 | 494 | 464 |
| Goodwill | 249 | 206 | 206 | 199 | – |
| Total assets | 7,089 | 6,827 | 6,973 | 9,143 | 8,236 |
| Payables | 1,220 | 1,017 | 1,214 | 1,220 | 1,482 |
| Deferred revenue | 945 | 742 | 639 | 684 | 633 |
| Current liabilities | 3,614 | 3,216 | 3,163 | 3,071 | 3,378 |
| Short-term debt | 18.0 | 152 | 0.0 | – | – |
| Long-term debt | 1,174 | 978 | 1,158 | 1,104 | 1,070 |
| Total liabilities | 5,522 | 4,831 | 4,921 | 5,151 | 4,959 |
| Shareholders' equity | 1,393 | 1,786 | 1,940 | 3,949 | 3,244 |
| Backlog (remaining obligations) | 18,503 | 24,999 | 27,759 | 26,284 | 24,321 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 25.0 | 31.0 | 212 | 828 | −387 |
| Capital expenditure | 75.0 | 75.0 | 106 | 164 | 50.0 |
| Free cash flow | −50.0 | −44.0 | 106 | 664 | −437 |
| Depreciation & amortisation | 74.0 | 73.0 | 74.0 | 73.0 | 68.0 |
| Stock-based compensation | 32.0 | 19.0 | 48.0 | 31.0 | 30.0 |
| Share buybacks | – | 0.0 | 0.0 | 125 | 754 |
| Dividend per share | 16.25 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.9% | 12.6% | 5.4% | −5.0% |
| Operating income growth (YoY) | – | – | −29.7% | 215.0% | −181.6% |
| EPS growth (YoY) | – | – | −26.0% | 2177.8% | −102.5% |
| Gross margin | 3.2% | 2.6% | 3.1% | 3.5% | −0.8% |
| Operating margin | −1.9% | 1.5% | 0.9% | 2.8% | −2.4% |
| Net margin | −3.1% | 1.1% | 0.9% | 13.1% | −0.3% |
| Return on equityBlank when equity is negative | −31.6% | 8.1% | 7.2% | 54.3% | −1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.9% | 5.8% | 3.9% | 7.6% | −7.8% |
| Free cash flow margin | −0.4% | −0.3% | 0.7% | 4.1% | −2.8% |
| Cash conversion (CFO ÷ net income) | −0.06x | 0.21x | 1.53x | 0.39x | 7.59x |
| Receivable days | 30 | 29 | 27 | 21 | 25 |
| Payable days | 32 | 28 | 30 | 28 | 35 |
| Interest cover | −3.03x | 3.54x | 2.45x | 10.1x | −9.00x |
| Debt ÷ equity | 0.86x | 0.63x | 0.60x | 0.28x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,017 | −1,309 | −1,361 | −1,725 | −1,065 |
| Current ratio | 1.43x | 1.57x | 1.60x | 1.69x | 1.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.