Fluor (FLR) Q3 2025: Adjusted EPS Beats, Guidance Raised; $800M Buyback Target and NuScale Monetization Drive Outlook

by Mateusz Kaczmarek

7 November 2025

Adjusted EPS rose 33% YoY to $0.68 as Fluor lifted full‑year 2025 guidance for both adjusted EPS ($2.10–$2.25) and adjusted EBITDA ($510–$540M). Revenue was $3.37B, reflecting a litigation‑related reversal tied to the Santos project. ^[1]
Backlog stood at $28.2B (82% reimbursable) and new awards were $3.3B (99% reimbursable), underscoring the shift toward lower‑risk contract structures. ^[2]
Capital returns: Fluor repurchased $70M of shares in Q3 and is targeting an additional $800M through February (company language). ^[3]
NuScale exit path: Yesterday Fluor and NuScale agreed on terms to convert the remainder of Fluor’s stake to Class A shares and monetize the position by the end of Q2 2026, with certain issuance limits through February 2026. ^[4]
Stock reaction: Shares were volatile after the print (see live chart above for today’s intraday range and last trade).

What Fluor reported today

Fluor Corporation released third‑quarter 2025 results before the market open. Headline items:

Revenue:$3.37B, down 18% YoY, reflecting a $653M reversal associated with the Australian Santos ruling. ^[5]
GAAP results:Net loss attributable to Fluor of $697M (‑$4.30 per share), driven by the Santos charge and a $401M mark‑to‑market impact from NuScale’s share price. ^[6]
Adjusted performance:Adjusted EBITDA $161M (+29% YoY); adjusted EPS $0.68 (+33% YoY). Management raised 2025 guidance to $2.10–$2.25 adjusted EPS and $510–$540M adjusted EBITDA and increased operating cash‑flow guidance to $250–$300M. ^[7]
Cash & liquidity:$2.8B in cash and marketable securities at quarter‑end. Operating cash flow $286M in Q3. ^[8]

Segment color.

Urban Solutions: Profit $61M; revenue up to $2.3B on ramp‑ups in life sciences and mining; $1.8B in new awards. ^[9]
Energy Solutions: Loss $533M; the Santos ruling was recorded as a reduction to revenue; payment is anticipated in Q4 pending appeal. ^[10]
Mission Solutions: Profit $34M; revenue $761M; awards $1.3B including a six‑year extension at the Portsmouth project in Ohio. ^[11]

Strategy & capital allocation updates

Buybacks: After $70M of repurchases in Q3, Fluor says it is targeting an additional $800M through February (company language). While timing is management‑dependent, the stated target signals an intent to accelerate capital returns. ^[12]
NuScale monetization: On Nov. 6, Fluor and NuScale outlined a framework to convert Fluor’s remaining Class B units, with structured monetization expected to finish by end‑Q2 2026. The agreement includes limits on NuScale equity issuance through February 2026, intended to preserve value while the stake is sold down. ^[13]

How the market is reacting today

FLR traded sharply higher out of the gate before retracing; intraday volatility has been elevated (see live chart above). Newswires highlighted that adjusted EPS topped estimates and guidance was raised, which helped sentiment despite the Santos‑related GAAP loss. ^[14]

Legal headlines on Nov. 7, 2025

A number of investor‑rights firms reminded Fluor shareholders of ongoing securities litigation and upcoming lead‑plaintiff deadlines:

Schall Law Firm: public reminder today regarding lead‑plaintiff opportunity in a securities fraud lawsuit. ^[15]
DJS Law Group: separate announcement today of an investor investigation into Fluor. ^[16]
Levi & Korsinsky: earlier this week set a Nov. 14, 2025 lead‑plaintiff deadline for certain FLR investors. ^[17]

Editor’s note: These notices are typical after large price moves or accounting/litigation updates; they do not imply findings of wrongdoing. Investors should read court filings and disclosures before taking action.

Why today’s update matters

Risk discipline is showing up in mix. With 82% of backlog and 99% of new awards reimbursable, Fluor continues to lean into lower‑risk contracts that can improve margin stability over time. ^[18]
Santos is a headline drag, but largely non‑core to go‑forward mix. The $653M ruling hit revenue/GAAP in Q3; management expects payment in Q4 while pursuing appeal. The reimbursable tilt plus recent awards may help buffer future variability. ^[19]
Capital returns + NuScale unwind support the equity story. The buyback target through February and structured NuScale exit by mid‑2026 could simplify the narrative and return cash to shareholders, assuming orderly execution. ^[20]

What to watch next

Q4 cash inflow from Santos (if payment timing holds) and its effect on year‑end cash/OCF. ^[21]
Pace of buybacks against the $800M target and any commentary on authorization or timing. ^[22]
NuScale share‑sale cadence and any updates to the structured monetization plan and lock‑up/issuance limitations through February 2026. ^[23]
Award momentum in life sciences, mining, and government services as indicators for 2026 backlog quality. ^[24]

Sources

Fluor newsroom press release: “Fluor Reports Third Quarter 2025 Results” (Nov. 7, 2025). Figures and guidance details throughout. ^[25]
Business Wire mirror of Q3 release (Nov. 7, 2025). ^[26]
Business Wire: “Fluor and NuScale Announce Agreement Regarding Stake Monetization” (Nov. 6, 2025). ^[27]
Refinitiv/Reuters brief via TradingView on today’s beat and guidance raise. ^[28]
Investor‑rights firm notices (Nov. 7, 2025): Schall Law, DJS Law Group; Levi & Korsinsky deadline reference. ^[29]

Disclosure: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and consider consulting a licensed financial advisor.

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Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

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