Fluor (FLR) Financials

$44.41 -1.08 (-2.37%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$44.18 -0.23 (-0.52%)

As of 05/15/2026 07:45 PM Eastern

Annual Income Statements for Fluor

This table shows Fluor's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	413	281	154	173	-1,522	-435	-464	212	166	4,290	-102
Consolidated Net Income / (Loss)	475	327	227	233	-1,522	-435	-440	73	79	2,084	-62
Net Income / (Loss) Continuing Operations	481	327	37	234	-1,321	-301	-366	73	79	2,084	-62
Total Pre-Tax Income	727	547	54	386	-839	-278	-346	244	315	613	-311
Total Operating Income	926	599	94	448	-828	-232	-273	209	147	463	-378
Total Gross Profit	1,095	790	278	569	-206	410	454	355	477	574	-120
Total Revenue	18,114	19,037	14,807	18,851	15,454	15,788	14,156	13,744	15,474	16,315	15,503
Operating Revenue	18,114	19,037	14,807	18,851	15,454	15,788	14,156	13,744	15,474	16,315	15,503
Total Cost of Revenue	17,019	18,246	14,529	18,282	15,661	15,378	13,702	13,389	14,997	15,741	15,623
Operating Cost of Revenue	17,019	18,246	14,529	18,282	15,661	15,378	13,702	13,389	14,997	15,741	15,623
Total Operating Expenses	168	191	184	121	622	642	727	171	232	203	196
Selling, General & Admin Expense	168	191	184	121	140	215	226	237	232	203	196
Total Other Income / (Expense), net	-200	-53	-40	-41	-11	-46	-73	60	70	242	5.00
Interest Expense	45	70	67	77	65	72	90	59	60	46	42
Interest & Investment Income	85	17	27	37	54	26	17	94	228	196	109
Other Income / (Expense), net	-240	-	-	-	-	-	-	25	-98	92	-62
Income Tax Expense	246	219	16	173	482	23	20	171	236	634	-39
Other Gains / (Losses), net	-	-	-	-	-	-	-	0.00	0.00	2,105	210
Preferred Stock Dividends Declared	-	-	-	-	0.00	0.00	24	39	56	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	62	46	-73	-	-	-	-	-72	-60	-61	-11
Basic Earnings per Share	$2.85	$2.02	$1.10	$1.24	-	-	-	$0.75	$0.55	$12.48	($0.31)
Weighted Average Basic Shares Outstanding	144.81M	139.17M	139.91M	139.58M	-	140.76M	141.43M	142.33M	170.41M	168.79M	146.56M
Diluted Earnings per Share	$2.81	$2.00	$1.09	$1.23	-	-	-	$0.73	$0.54	$12.30	($0.31)
Weighted Average Diluted Shares Outstanding	146.72M	140.91M	139.91M	139.58M	-	140.76M	141.43M	142.33M	170.41M	168.79M	146.56M
Weighted Average Basic & Diluted Shares Outstanding	144.70M	139.17M	139.91M	139.58M	-	140.76M	141.43M	142.33M	170.41M	168.79M	146.56M

This table shows Fluor's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	169	63	59	169	54	1,863	-241	2,460	-697	-1,624	160
Consolidated Net Income / (Loss)	206	-81	40	153	25	1,802	-232	2,438	-707	-1,561	165
Net Income / (Loss) Continuing Operations	181	-40	40	153	25	1,845	-232	2,438	-707	-1,561	165
Total Pre-Tax Income	260	24	91	214	86	222	108	-9.00	-483	73	107
Total Operating Income	218	-24	52	176	49	186	91	-26	-496	53	92
Total Gross Profit	251	66	99	178	88	209	140	56	-449	133	13
Total Revenue	3,963	3,820	3,734	4,227	4,094	4,260	3,982	3,978	3,368	4,175	3,663
Operating Revenue	3,963	3,820	3,734	4,227	4,094	4,260	3,982	3,978	3,368	4,175	3,663
Total Cost of Revenue	3,712	3,754	3,635	4,049	4,006	4,051	3,842	3,922	3,817	4,042	3,650
Operating Cost of Revenue	3,712	3,754	3,635	4,049	4,006	4,051	3,842	3,922	3,817	4,042	3,650
Total Operating Expenses	33	-8.00	59	50	37	23	36	52	43	65	61
Selling, General & Admin Expense	56	54	59	50	37	57	36	52	43	65	61
Total Other Income / (Expense), net	42	-50	51	86	35	36	4.00	-13	9.00	5.00	155
Interest Expense	14	14	13	11	11	11	12	9.00	11	10	10
Interest & Investment Income	56	62	52	49	48	47	29	26	24	30	149
Other Income / (Expense), net	-	-	12	48	-2.00	-	-13	-30	-4.00	-15	16
Income Tax Expense	79	64	51	61	61	461	-53	765	-177	-574	-7.00
Other Gains / (Losses), net	-	-	0.00	0.00	0.00	-	-393	3,212	-401	-2,208	51
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-19	-16	-29	-	9.00	-22	-10	12	5.00
Basic Earnings per Share	$1.18	($0.17)	$0.35	$0.99	$0.32	$10.82	($1.42)	$14.93	($4.30)	($9.52)	$1.10
Weighted Average Basic Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M
Diluted Earnings per Share	$1.15	($0.14)	$0.34	$0.97	$0.31	$10.68	($1.42)	$14.81	($4.30)	($9.40)	$1.08
Weighted Average Diluted Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M
Weighted Average Basic & Diluted Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M

This table details how cash moves in and out of Fluor's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-43	-99	-46	-39	232	202	10	230	80	310	-694
Net Cash From Operating Activities	849	706	602	162	219	186	25	31	212	828	-387
Net Cash From Continuing Operating Activities	1,165	706	602	162	219	186	25	31	212	828	-387
Net Income / (Loss) Continuing Operations	481	327	227	233	-1,553	-367	-401	73	79	2,084	-62
Consolidated Net Income / (Loss)	475	327	227	233	-1,553	-367	-401	73	79	2,084	-62
Depreciation Expense	189	211	206	198	155	105	74	73	74	73	68
Non-Cash Adjustments To Reconcile Net Income	187	20	30	-78	652	458	521	-86	186	-1,718	18
Changes in Operating Assets and Liabilities, net	308	133	120	-210	950	-10	-169	-29	-127	389	-411
Net Cash From Investing Activities	-67	-741	-484	1.38	80	-41	-122	-78	-277	-333	437
Net Cash From Continuing Investing Activities	-67	-741	-484	1.38	80	-41	-122	-78	-277	-333	437
Purchase of Property, Plant & Equipment	-240	-236	-283	-211	-181	-113	-75	-75	-106	-164	-50
Acquisitions	0.00	-241	-	-	-	-	-	0.00	0.00	-131	0.00
Purchase of Investments	-477	-878	-510	-557	-83	-64	-229	-481	-459	-298	-424
Divestitures	46	0.00	0.00	125	-	-	146	95	0.00	82	605
Sale and/or Maturity of Investments	411	526	220	563	239	19	45	383	288	179	306
Other Investing Activities, net	17	6.46	-6.48	-0.33	40	5.00	-9.00	-	0.00	-1.00	0.00
Net Cash From Financing Activities	-728	-10	-216	-140	-77	48	122	315	127	-116	-797
Net Cash From Continuing Financing Activities	-728	-10	-216	-140	-77	48	122	315	127	-116	-797
Repayment of Debt	-33	-1,266	-60	-514	0.71	-14	-534	-55	-334	-57	-44
Repurchase of Common Equity	-510	-9.72	0.00	-50	-	-	-	0.00	0.00	-125	-754
Payment of Dividends	-184	-176	-165	-182	-152	-52	-128	-99	-82	-14	-64
Issuance of Debt	0.00	1,435	0.00	599	9.09	4.00	0.00	0.00	560	0.00	0.00
Issuance of Common Equity	5.25	9.07	6.40	5.13	65	110	202	21	10	0.00	65
Other Financing Activities, net	-6.62	-3.35	3.19	1.57	-	0.00	0.00	448	-27	80	0.00
Effect of Exchange Rate Changes	-98	-54	51	-62	10	9.00	-15	-38	18	-69	53

This table details how cash moves in and out of Fluor's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	159	98	-184	294	283	-83	-396	-261	604	-641	1,052
Net Cash From Operating Activities	3.00	308	-111	282	330	327	-286	-21	286	-366	110
Net Cash From Continuing Operating Activities	3.00	308	-111	282	330	327	-286	-21	286	-366	110
Net Income / (Loss) Continuing Operations	181	-40	40	154	25	1,865	-232	2,438	-707	-1,561	165
Consolidated Net Income / (Loss)	181	-40	40	154	25	1,865	-232	2,438	-707	-1,561	165
Depreciation Expense	20	17	18	16	19	20	18	17	17	16	16
Non-Cash Adjustments To Reconcile Net Income	-2.00	110	4.00	3.00	2.00	-2,103	319	-2,529	174	1,981	-167
Changes in Operating Assets and Liabilities, net	-196	221	-173	109	284	545	-391	53	802	-802	96
Net Cash From Investing Activities	-149	-231	-22	-16	-91	-204	36	-97	377	121	1,434
Net Cash From Continuing Investing Activities	-149	-231	-22	-16	-91	-203	36	-97	377	121	1,434
Purchase of Property, Plant & Equipment	-29	-35	-34	-48	-51	-31	-11	-14	-13	-12	-11
Purchase of Investments	-163	-196	-62	-37	-107	-92	-90	-125	-76	-133	-56
Sale of Property, Plant & Equipment	-	-	30	44	-5.00	-	62	-	1.00	-	124
Divestitures	-	-	-	-	-	-	0.00	-	-	191	1,359
Sale and/or Maturity of Investments	43	33	44	25	49	61	75	39	54	138	15
Other Investing Activities, net	-	-	-	-	23	-	0.00	-	-3.00	-	3.00
Net Cash From Financing Activities	328	-4.00	-26	32	16	-138	-163	-178	-47	-409	-478
Net Cash From Continuing Financing Activities	328	-4.00	-26	32	16	-138	-163	-178	-47	-409	-478
Repayment of Debt	-195	3.00	-26	-6.00	-23	-7.00	-21	-25	1.00	1.00	-3.00
Repurchase of Common Equity	-	-	0.00	-	-	-	-142	-153	-70	-389	-516
Payment of Dividends	-23	-12	-	-6.00	-2.00	-6.00	0.00	-	-	-21	-4.00
Issuance of Common Equity	3.00	5.00	-	-	-	-	0.00	-	-	-	45
Other Net Changes in Cash	-	-	-	-	-	-	17	-	-	-	-14
Cash Interest Paid	15	-	20	2.00	19	-	19	-	16	-	16
Cash Income Taxes Paid	59	-	46	-15	-73	-	30	53	41	-	38

This table presents Fluor's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,625	9,216	9,328	8,883	7,967	7,310	7,089	6,827	6,973	9,143	8,236
Total Current Assets	5,105	5,610	5,601	5,371	5,367	5,034	5,181	5,044	5,063	5,175	6,442
Cash & Equivalents	1,950	1,850	1,804	1,765	1,997	2,199	2,209	2,439	2,519	2,829	2,135
Short-Term Investments	197	111	161	215	7.26	23	127	185	69	130	1,638
Note & Lease Receivable	1,203	1,700	1,603	1,237	1,217	936	1,171	1,109	1,137	921	1,073
Other Current Assets	379	411	2,033	1,316	1,628	1,238	1,674	1,311	1,338	1,295	1,596
Plant, Property, & Equipment, net	892	1,017	1,094	746	595	464	456	447	458	494	464
Total Noncurrent Assets	1,628	2,589	2,633	2,766	2,005	1,812	1,452	1,336	1,452	3,474	1,330
Long-Term Investments	559	884	992	903	601	527	517	584	614	2,828	543
Other Noncurrent Operating Assets	202	370	377	313	492	270	305	278	340	646	787
Total Liabilities & Shareholders' Equity	7,625	9,216	9,328	8,883	7,967	7,310	7,089	6,827	6,973	9,143	8,236
Total Liabilities	4,512	5,974	5,835	5,902	6,383	6,047	5,522	4,831	4,921	5,151	4,959
Total Current Liabilities	2,935	3,816	3,574	3,659	3,905	3,572	3,614	3,216	3,163	3,071	3,378
Accounts Payable	1,267	1,591	1,513	1,401	1,547	1,116	1,220	1,017	1,214	1,220	1,482
Accrued Expenses	245	645	454	362	470	376	802	679	657	527	642
Current Employee Benefit Liabilities	670	735	707	587	609	579	629	626	653	640	621
Other Current Liabilities	-	-	874	903	1,158	1,094	945	742	639	684	633
Total Noncurrent Liabilities	1,577	2,158	2,261	2,243	2,477	2,475	1,908	1,615	1,758	2,080	1,581
Long-Term Debt	987	1,518	1,592	1,662	1,652	1,701	1,841	978	1,158	1,104	1,070
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	83	81	67	73	70	468	6.00
Other Noncurrent Operating Liabilities	590	640	670	564	742	594	-	564	530	508	505
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,113	3,243	3,492	2,980	1,584	1,263	1,567	1,996	2,052	3,992	3,277
Total Preferred & Common Equity	2,997	3,125	3,342	2,834	1,488	1,030	1,393	1,786	1,940	3,949	3,244
Total Common Equity	2,997	3,125	3,342	2,834	1,488	1,030	1,393	1,786	1,940	3,949	3,244
Common Stock	1.39	40	90	84	167	197	968	1,255	1,230	1,176	445
Retained Earnings	3,429	3,582	3,655	3,294	1,701	1,250	791	896	979	3,124	3,064
Accumulated Other Comprehensive Income / (Loss)	-433	-497	-402	-544	-380	-417	-366	-365	-269	-351	-265
Noncontrolling Interest	116	118	150	146	96	233	174	210	112	43	33

This table presents Fluor's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,870	6,630	6,756	7,163	6,700	6,811	7,100	8,423	11,788	11,468	7,920
Total Current Assets	4,991	4,837	4,878	5,060	4,911	5,017	5,265	4,911	5,027	5,472	6,083
Cash & Equivalents	2,436	2,137	2,262	2,421	2,335	2,629	2,912	2,433	2,172	2,776	3,187
Short-Term Investments	155	174	60	64	74	79	94	78	99	53	485
Note & Lease Receivable	1,007	1,088	1,163	1,174	1,099	1,021	1,049	918	1,081	1,083	951
Other Current Assets	1,393	1,438	1,393	1,401	1,403	1,288	1,210	1,482	1,675	1,560	1,460
Plant, Property, & Equipment, net	460	434	439	443	438	467	504	480	484	479	456
Total Noncurrent Assets	1,419	1,359	1,439	1,660	1,351	1,327	1,331	3,032	6,277	5,517	1,381
Long-Term Investments	612	612	667	865	632	614	612	2,376	5,616	4,822	562
Other Noncurrent Operating Assets	288	281	298	314	269	262	252	656	661	695	819
Total Liabilities & Shareholders' Equity	6,870	6,630	6,756	7,163	6,700	6,811	7,100	8,423	11,788	11,468	7,920
Total Liabilities	4,840	4,723	4,786	5,141	4,656	4,568	4,759	4,773	5,810	6,241	4,969
Total Current Liabilities	3,211	3,166	3,190	3,140	2,947	2,837	2,982	2,819	3,102	3,784	3,410
Accounts Payable	1,071	1,068	1,155	1,197	1,248	1,112	1,195	1,323	1,439	1,502	1,623
Accrued Expenses	637	743	764	653	518	456	495	400	378	268	613
Current Employee Benefit Liabilities	567	574	575	611	529	573	608	516	602	618	590
Other Current Liabilities	769	765	679	661	652	696	684	580	683	1,396	584
Total Noncurrent Liabilities	1,629	1,557	1,596	2,001	1,709	1,731	1,777	1,954	2,708	2,457	1,559
Long-Term Debt	980	978	979	1,425	1,149	1,136	1,116	1,087	1,070	1,070	1,071
Noncurrent Deferred & Payable Income Tax Liabilities	63	84	81	73	72	99	80	412	1,160	898	10
Other Noncurrent Operating Liabilities	586	495	536	503	488	496	581	455	478	489	478
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,923	1,907	1,970	2,022	2,044	2,243	2,341	3,650	5,978	5,227	2,951
Total Preferred & Common Equity	1,650	1,719	1,797	1,883	1,951	2,142	2,251	3,591	5,949	5,186	2,872
Total Common Equity	1,650	1,719	1,797	1,883	1,951	2,142	2,251	3,591	5,949	5,186	2,872
Common Stock	1,130	1,258	1,268	1,214	1,232	1,264	1,288	1,033	889	827	1.00
Retained Earnings	898	780	831	1,000	1,038	1,207	1,261	2,883	5,339	4,642	3,157
Accumulated Other Comprehensive Income / (Loss)	-378	-319	-302	-331	-319	-329	-298	-325	-279	-283	-286
Noncontrolling Interest	273	188	173	139	93	101	90	59	29	41	79

This table displays calculated financial ratios and metrics derived from Fluor's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.87%	5.09%	-22.22%	27.32%	-18.02%	2.16%	-10.34%	-2.91%	12.59%	5.43%	-4.98%
EBITDA Growth	-37.81%	-5.83%	-61.33%	101.48%	-202.31%	80.69%	-56.69%	254.27%	-59.93%	335.77%	-159.24%
EBIT Growth	-43.56%	-12.71%	-84.34%	354.26%	-294.30%	71.99%	-17.67%	185.71%	-79.06%	844.90%	-179.28%
NOPAT Growth	-28.75%	-41.42%	-81.80%	259.39%	-346.99%	71.99%	-17.67%	132.72%	-41.04%	-143.02%	-1,568.21%
Net Income Growth	-26.64%	-31.06%	16.18%	6.80%	-474.62%	71.42%	-1.15%	116.59%	8.22%	2,537.97%	-102.98%
EPS Growth	-12.19%	-28.83%	-45.50%	12.84%	0.00%	0.00%	0.00%	0.00%	-26.03%	2,177.78%	-102.52%
Operating Cash Flow Growth	32.15%	-16.87%	-14.73%	-73.06%	35.06%	-15.08%	-86.56%	24.00%	583.87%	290.57%	-146.74%
Free Cash Flow Firm Growth	16.75%	-129.38%	62.83%	1,665.21%	-89.16%	139.50%	-387.67%	167.64%	-107.41%	1,385.71%	-244.42%
Invested Capital Growth	-13.52%	43.25%	7.81%	-55.04%	-75.78%	-226.49%	293.17%	-114.31%	109.76%	-8,737.50%	104.49%
Revenue Q/Q Growth	-5.65%	3.36%	-24.00%	35.98%	-15.13%	17.51%	-8.27%	0.65%	0.71%	2.77%	-0.55%
EBITDA Q/Q Growth	-27.95%	-0.61%	-53.37%	73.78%	-44.08%	-216.05%	10.80%	5,216.67%	-53.41%	65.94%	-115.03%
EBIT Q/Q Growth	-33.12%	-2.50%	-79.51%	188.50%	-27.36%	-13,643.49%	12.35%	412.00%	-74.07%	83.00%	-79.59%
NOPAT Q/Q Growth	-14.53%	-14.32%	-76.84%	199.40%	-27.36%	-1,288.77%	12.35%	219.10%	-23.77%	-114.62%	-54.29%
Net Income Q/Q Growth	-35.59%	46.58%	49.43%	-1.37%	32.74%	-207.62%	-547.61%	151.05%	-53.25%	698.47%	-101.84%
EPS Q/Q Growth	-37.42%	70.94%	-24.31%	-11.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-101.57%
Operating Cash Flow Q/Q Growth	5.40%	-3.46%	-25.13%	304.91%	-8.87%	-37.24%	114.03%	-86.52%	524.00%	2.35%	-226.47%
Free Cash Flow Firm Q/Q Growth	27.90%	-232.16%	-125.94%	331.47%	-84.67%	-58.84%	-126.34%	16.10%	42.64%	77.66%	-196.58%
Invested Capital Q/Q Growth	-26.69%	-6.50%	4.10%	-64.93%	-81.98%	-175.31%	-11.10%	-215.38%	-93.04%	-329.19%	102.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.04%	4.15%	1.88%	3.02%	-1.33%	2.60%	3.21%	2.58%	3.08%	3.52%	-0.77%
EBITDA Margin	4.84%	4.33%	2.16%	3.41%	-4.26%	-0.80%	-1.41%	2.23%	0.79%	3.29%	-2.40%
Operating Margin	5.11%	3.15%	0.63%	2.26%	-5.36%	-1.47%	-1.93%	1.52%	0.95%	2.84%	-2.44%
EBIT Margin	3.79%	3.15%	0.63%	2.26%	-5.36%	-1.47%	-1.93%	1.70%	0.32%	2.84%	-2.84%
Profit (Net Income) Margin	2.62%	1.72%	2.57%	2.16%	-9.85%	-2.76%	-3.11%	0.53%	0.51%	12.77%	-0.40%
Tax Burden Percent	65.38%	59.91%	707.01%	105.33%	181.33%	156.47%	127.17%	29.92%	25.08%	339.97%	19.94%
Interest Burden Percent	105.84%	91.22%	57.34%	90.48%	101.34%	119.83%	126.74%	104.27%	642.86%	132.40%	70.68%
Effective Tax Rate	33.84%	40.09%	30.40%	44.93%	0.00%	0.00%	0.00%	70.08%	74.92%	103.43%	0.00%
Return on Invested Capital (ROIC)	40.76%	21.17%	3.15%	15.04%	-96.41%	0.00%	-138.29%	25.47%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	49.04%	23.29%	-21.24%	4.80%	-40.35%	0.00%	-118.80%	24.79%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-25.77%	-10.86%	8.15%	-2.48%	29.72%	0.00%	107.20%	-21.37%	0.00%	0.00%	0.00%
Return on Equity (ROE)	14.99%	10.30%	11.30%	12.56%	-66.70%	-30.56%	-31.09%	4.10%	3.90%	68.96%	-1.71%
Cash Return on Invested Capital (CROIC)	55.26%	-14.39%	-4.37%	90.98%	25.60%	0.00%	-185.12%	0.00%	-664.17%	0.00%	-3,182.58%
Operating Return on Assets (OROA)	8.68%	7.12%	1.01%	4.68%	-9.83%	-3.04%	-3.79%	3.36%	0.71%	5.75%	-5.06%
Return on Assets (ROA)	6.01%	3.89%	4.10%	4.46%	-18.07%	-5.70%	-6.11%	1.05%	1.14%	25.86%	-0.71%
Return on Common Equity (ROCE)	14.45%	9.92%	10.85%	11.98%	-63.15%	-27.02%	-26.62%	3.66%	3.59%	67.19%	-1.69%
Return on Equity Simple (ROE_SIMPLE)	15.85%	10.48%	11.38%	14.34%	-102.31%	-42.22%	-31.59%	4.09%	4.07%	52.77%	0.00%
Net Operating Profit after Tax (NOPAT)	613	359	65	235	-580	-162	-191	63	37	-16	-265
NOPAT Margin	3.38%	1.89%	0.44%	1.25%	-3.75%	-1.03%	-1.35%	0.46%	0.24%	-0.10%	-1.71%
Net Nonoperating Expense Percent (NNEP)	-8.28%	-2.13%	24.39%	10.24%	-56.07%	-18.74%	-19.49%	0.68%	2.04%	62.43%	5.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.00%	1.15%	-0.31%	-6.09%
Cost of Revenue to Revenue	93.96%	95.85%	98.12%	96.98%	101.33%	97.40%	96.79%	97.42%	96.92%	96.48%	100.77%
SG&A Expenses to Revenue	0.93%	1.00%	1.24%	0.64%	0.90%	1.36%	1.60%	1.72%	1.50%	1.24%	1.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.93%	1.00%	1.24%	0.76%	4.03%	4.07%	5.14%	1.24%	1.50%	0.68%	1.26%
Earnings before Interest and Taxes (EBIT)	686	599	94	426	-828	-232	-273	234	49	463	-440
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	876	825	319	643	-658	-127	-199	307	123	536	-372
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.03	2.17	2.04	1.53	1.76	2.18	2.51	2.76	3.44	2.14	1.97
Price to Tangible Book Value (P/TBV)	2.11	2.61	2.46	1.84	2.68	2.73	3.06	3.12	3.85	2.26	1.97
Price to Revenue (P/Rev)	0.34	0.36	0.46	0.23	0.17	0.14	0.25	0.36	0.43	0.52	0.41
Price to Earnings (P/E)	14.78	24.09	15.04	22.42	0.00	0.00	0.00	23.23	40.20	3.94	0.00
Dividend Yield	1.95%	1.73%	1.72%	2.72%	3.91%	3.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.76%	4.15%	6.65%	4.46%	0.00%	0.00%	0.00%	4.30%	2.49%	25.36%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.22	2.83	2.62	3.41	7.68	0.00	4.68	0.00	592.70	0.00	102.41
Enterprise Value to Revenue (EV/Rev)	0.25	0.30	0.38	0.18	0.12	0.09	0.19	0.22	0.31	0.23	0.20
Enterprise Value to EBITDA (EV/EBITDA)	5.13	6.85	17.65	5.13	0.00	0.00	0.00	9.96	38.55	7.13	0.00
Enterprise Value to EBIT (EV/EBIT)	6.55	9.43	60.01	7.74	0.00	0.00	0.00	13.06	96.77	8.25	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.33	15.75	86.22	14.06	0.00	0.00	0.00	48.89	128.61	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.29	8.01	9.36	20.35	8.22	7.72	107.31	98.61	22.37	4.61	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	5.41	0.00	0.00	2.32	11.70	3.90	0.00	4.26	0.00	5.59	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.49	0.46	0.57	1.07	1.35	1.19	0.57	0.56	0.28	0.33
Long-Term Debt to Equity	0.32	0.47	0.46	0.56	1.04	1.35	1.17	0.49	0.56	0.28	0.33
Financial Leverage	-0.53	-0.47	-0.38	-0.52	-0.74	-1.02	-0.90	-0.86	-1.02	-1.11	-1.09
Leverage Ratio	2.50	2.65	2.75	2.81	3.69	5.37	5.09	3.91	3.41	2.67	2.39
Compound Leverage Factor	2.64	2.42	1.58	2.55	3.74	6.43	6.45	4.07	21.92	3.53	1.69
Debt to Total Capital	24.06%	33.04%	31.67%	36.17%	51.62%	57.46%	54.26%	36.15%	36.07%	21.66%	24.61%
Short-Term Debt to Total Capital	0.00%	1.70%	0.54%	0.58%	1.18%	0.16%	0.53%	4.86%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	24.06%	31.34%	31.14%	35.59%	50.44%	57.29%	53.74%	31.29%	36.07%	21.66%	24.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.83%	2.43%	2.94%	3.13%	2.94%	7.85%	5.08%	6.72%	3.49%	0.84%	0.76%
Common Equity to Total Capital	73.10%	64.53%	65.39%	60.70%	45.43%	34.70%	40.66%	57.13%	60.44%	77.49%	74.63%
Debt to EBITDA	1.13	1.94	5.07	2.63	-2.57	-13.43	-9.34	3.68	9.41	2.06	-2.88
Net Debt to EBITDA	-1.96	-1.51	-4.20	-1.86	1.39	8.22	5.00	-6.77	-16.62	-8.74	8.73
Long-Term Debt to EBITDA	1.13	1.84	4.99	2.58	-2.51	-13.39	-9.25	3.19	9.41	2.06	-2.88
Debt to NOPAT	1.61	4.46	24.78	7.19	-2.92	-10.50	-9.73	18.07	31.41	-69.60	-4.04
Net Debt to NOPAT	-2.80	-3.47	-20.49	-5.09	1.58	6.43	5.20	-33.23	-55.44	295.25	12.27
Long-Term Debt to NOPAT	1.61	4.23	24.37	7.08	-2.85	-10.47	-9.63	15.64	31.41	-69.60	-4.04
Altman Z-Score	4.45	3.74	3.13	3.47	2.36	2.76	2.67	3.24	3.58	3.69	3.45
Noncontrolling Interest Sharing Ratio	3.62%	3.68%	3.98%	4.58%	5.31%	11.57%	14.38%	10.78%	7.95%	2.56%	1.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.47	1.57	1.47	1.37	1.41	1.43	1.57	1.60	1.69	1.91
Quick Ratio	1.61	1.36	1.00	0.88	0.83	0.88	0.97	1.16	1.18	1.26	1.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	831	-244	-91	1,420	154	369	-1,061	718	-53	683	-987
Operating Cash Flow to CapEx	1,330.62%	456.19%	321.90%	124.78%	190.67%	18,600.00%	33.33%	41.33%	200.00%	504.88%	-774.00%
Free Cash Flow to Firm to Interest Expense	18.56	-3.50	-1.35	18.41	2.37	5.12	-11.79	12.16	-0.89	14.85	-23.49
Operating Cash Flow to Interest Expense	18.97	10.13	8.92	2.10	3.38	2.58	0.28	0.53	3.53	18.00	-9.21
Operating Cash Flow Less CapEx to Interest Expense	17.54	7.91	6.15	0.42	1.61	2.57	-0.56	-0.75	1.77	14.43	-10.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.29	2.26	1.60	2.07	1.83	2.07	1.97	1.98	2.24	2.02	1.78
Accounts Receivable Turnover	12.22	13.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.35	19.94	14.03	20.49	23.05	29.83	30.78	30.44	34.20	34.28	32.37
Accounts Payable Turnover	12.66	12.77	9.36	12.55	10.63	11.55	11.73	11.97	13.44	12.93	11.56
Days Sales Outstanding (DSO)	29.86	27.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	28.83	28.58	38.98	29.08	34.35	31.60	31.11	30.49	27.15	28.22	31.56
Cash Conversion Cycle (CCC)	1.03	-0.64	-38.98	-29.08	-34.35	-31.60	-31.11	-30.49	-27.15	-28.22	-31.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,395	1,998	2,154	968	235	-297	573	-82	8.00	-691	31
Invested Capital Turnover	12.05	11.22	7.13	12.08	25.70	-508.26	102.44	55.98	-418.22	-47.77	-46.98
Increase / (Decrease) in Invested Capital	-218	603	156	-1,185	-734	-531	870	-655	90	-699	722
Enterprise Value (EV)	4,495	5,652	5,632	3,300	1,801	1,437	2,683	3,057	4,742	3,819	3,175
Market Capitalization	6,098	6,780	6,821	4,348	2,620	2,247	3,503	4,925	6,674	8,459	6,388
Book Value per Share	$21.17	$22.44	$23.89	$20.15	$10.61	$7.32	$9.85	$12.57	$11.39	$23.02	$20.13
Tangible Book Value per Share	$20.38	$18.62	$19.86	$16.83	$6.99	$5.85	$8.09	$11.12	$10.18	$21.86	$20.13
Total Capital	4,100	4,843	5,111	4,669	3,275	2,969	3,426	3,126	3,210	5,096	4,347
Total Debt	987	1,600	1,619	1,688	1,690	1,706	1,859	1,130	1,158	1,104	1,070
Total Long-Term Debt	987	1,518	1,592	1,662	1,652	1,701	1,841	978	1,158	1,104	1,070
Net Debt	-1,719	-1,245	-1,339	-1,194	-915	-1,044	-994	-2,078	-2,044	-4,683	-3,246
Capital Expenditures (CapEx)	64	155	187	130	115	1.00	75	75	106	164	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	-85	89	-241	-504	-755	-751	-644	-688	-855	-709
Debt-free Net Working Capital (DFNWC)	2,170	1,876	2,054	1,738	1,500	1,467	1,585	1,980	1,900	2,104	3,064
Net Working Capital (NWC)	2,170	1,794	2,027	1,711	1,462	1,462	1,567	1,828	1,900	2,104	3,064
Net Nonoperating Expense (NNE)	138	32	-315	-172	942	273	249	-10	-42	-2,100	-203
Net Nonoperating Obligations (NNO)	-1,719	-1,245	-1,339	-2,012	-1,350	-1,560	-994	-2,078	-2,044	-4,683	-3,246
Total Depreciation and Amortization (D&A)	190	226	225	217	170	105	74	73	74	73	68
Debt-free, Cash-free Net Working Capital to Revenue	0.13%	-0.45%	0.60%	-1.28%	-3.26%	-4.78%	-5.31%	-4.69%	-4.45%	-5.24%	-4.57%
Debt-free Net Working Capital to Revenue	11.98%	9.86%	13.88%	9.22%	9.71%	9.29%	11.20%	14.41%	12.28%	12.90%	19.76%
Net Working Capital to Revenue	11.98%	9.43%	13.69%	9.08%	9.46%	9.26%	11.07%	13.30%	12.28%	12.90%	19.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.48	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	139.76M	0.00	0.00	0.00	0.00	142.33M	170.41M	168.79M	146.56M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.30	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	140.89M	0.00	0.00	0.00	0.00	142.33M	170.41M	168.79M	146.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	139.91M	0.00	0.00	0.00	0.00	142.33M	170.41M	168.79M	146.56M
Normalized Net Operating Profit after Tax (NOPAT)	613	359	65	235	-357	104	12	100	103	324	-265
Normalized NOPAT Margin	3.38%	1.89%	0.44%	1.25%	-2.31%	0.66%	0.08%	0.73%	0.67%	1.99%	-1.71%
Pre Tax Income Margin	4.01%	2.87%	0.36%	2.05%	-5.43%	-1.76%	-2.44%	1.78%	2.04%	3.76%	-2.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.33	8.60	1.39	5.53	-12.77	-3.22	-3.03	3.97	0.82	10.07	-10.48
NOPAT to Interest Expense	13.69	5.15	0.97	3.04	-8.94	-2.26	-2.12	1.06	0.61	-0.34	-6.30
EBIT Less CapEx to Interest Expense	13.91	6.38	-1.38	3.84	-14.54	-3.24	-3.87	2.69	-0.95	6.50	-11.67
NOPAT Less CapEx to Interest Expense	12.26	2.93	-1.80	1.36	-10.71	-2.27	-2.96	-0.21	-1.15	-3.91	-7.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.78%	53.72%	43.43%	44.86%	-9.97%	-11.95%	-29.09%	135.62%	103.80%	0.67%	-103.23%
Augmented Payout Ratio	146.07%	56.69%	43.43%	57.17%	-9.97%	-11.95%	-29.09%	135.62%	103.80%	6.67%	-1,319.35%

This table displays calculated financial ratios and metrics derived from Fluor's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	146,564,673.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	146,564,673.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.72%	2.94%	-0.48%	7.31%	3.31%	11.52%	6.64%	-5.89%	-17.73%	-2.00%	-8.01%
EBITDA Growth	2,544.44%	-119.44%	156.91%	69.91%	-71.43%	3,042.86%	17.07%	-116.25%	-831.82%	-77.50%	29.17%
EBIT Growth	2,081.82%	-233.33%	136.88%	87.23%	-77.52%	875.00%	21.88%	-125.00%	-1,163.83%	-82.73%	38.46%
NOPAT Growth	72.46%	440.28%	123.16%	157.88%	-90.61%	-600.61%	493.50%	-114.46%	-2,537.49%	334.58%	-27.75%
Net Income Growth	836.36%	-28.57%	155.14%	177.05%	-73.79%	2,324.69%	-680.00%	1,493.46%	-2,928.00%	-183.65%	171.12%
EPS Growth	1,337.50%	0.00%	141.46%	177.14%	-73.04%	7,728.57%	-517.65%	1,426.80%	-1,487.10%	-188.02%	176.06%
Operating Cash Flow Growth	-97.46%	569.57%	31.06%	354.84%	10,900.00%	6.17%	-157.66%	-107.45%	-13.33%	-211.93%	138.46%
Free Cash Flow Firm Growth	-98.58%	-107.77%	-243.54%	-83.62%	2,597.05%	1,097.51%	389.57%	1,815.27%	191.41%	-150.58%	-63.44%
Invested Capital Growth	542.31%	109.76%	790.91%	347.83%	-240.00%	-8,737.50%	-198.68%	-1,571.93%	-740.99%	104.49%	-41.33%
Revenue Q/Q Growth	0.61%	-3.61%	-2.25%	13.20%	-3.15%	4.05%	-6.53%	-0.10%	-15.33%	23.96%	-12.26%
EBITDA Q/Q Growth	110.62%	-102.94%	1,100.00%	174.29%	-64.58%	202.94%	-53.40%	-140.63%	-1,138.46%	111.18%	129.63%
EBIT Q/Q Growth	131.91%	-111.01%	316.67%	238.46%	-72.16%	279.59%	-58.06%	-171.79%	-792.86%	107.60%	184.21%
NOPAT Q/Q Growth	211.03%	-73.64%	-42.86%	450.51%	-88.68%	-1,505.79%	167.75%	-113.42%	-1,807.69%	235.29%	-79.13%
Net Income Q/Q Growth	237.70%	-139.32%	380.95%	186.44%	-68.05%	3,237.04%	-112.87%	1,150.86%	-129.00%	-120.79%	110.57%
EPS Q/Q Growth	228.57%	-112.17%	0.00%	185.29%	-68.04%	3,345.16%	-113.30%	1,142.96%	-129.03%	-118.60%	111.49%
Operating Cash Flow Q/Q Growth	-95.16%	10,166.67%	-136.04%	354.05%	17.02%	-0.91%	-187.46%	92.66%	1,461.90%	-227.97%	130.05%
Free Cash Flow Firm Q/Q Growth	-96.15%	-564.62%	-202.29%	130.32%	533.28%	71.84%	-12.25%	100.57%	-3.65%	-129.83%	163.43%
Invested Capital Q/Q Growth	600.00%	-93.04%	1,800.00%	-62.50%	-382.46%	-329.19%	78.29%	-459.33%	-61.38%	102.29%	-783.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.33%	1.73%	2.65%	4.21%	2.15%	4.91%	3.52%	1.41%	-13.33%	3.19%	0.35%
EBITDA Margin	6.01%	-0.18%	1.87%	4.54%	1.66%	4.84%	2.41%	-0.98%	-14.34%	1.29%	3.39%
Operating Margin	5.50%	-0.63%	1.39%	4.16%	1.20%	4.37%	2.29%	-0.65%	-14.73%	1.27%	2.51%
EBIT Margin	5.50%	-0.63%	1.39%	4.16%	1.20%	4.37%	1.96%	-1.41%	-14.85%	0.91%	2.95%
Profit (Net Income) Margin	5.20%	-2.12%	1.58%	4.00%	1.32%	42.30%	-5.83%	61.29%	-20.99%	-37.39%	4.50%
Tax Burden Percent	79.23%	-337.50%	64.84%	78.97%	62.79%	811.71%	-214.81%	-27,088.89%	146.38%	-2,138.36%	154.21%
Interest Burden Percent	119.27%	-100.00%	175.00%	121.59%	175.51%	119.35%	138.46%	16.07%	96.60%	192.11%	99.07%
Effective Tax Rate	30.38%	266.67%	56.04%	28.50%	70.93%	207.66%	-49.07%	0.00%	0.00%	-786.30%	-6.54%
Return on Invested Capital (ROIC)	1,322.24%	0.00%	145.56%	2,756.92%	0.00%	0.00%	56,426.26%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1,319.50%	0.00%	143.66%	2,754.85%	0.00%	0.00%	56,439.18%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-1,290.52%	0.00%	-138.94%	-2,732.62%	0.00%	0.00%	-56,419.35%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	31.72%	3.90%	6.62%	24.30%	11.96%	68.96%	6.91%	99.67%	88.93%	-1.71%	10.15%
Cash Return on Invested Capital (CROIC)	-80.56%	-664.17%	-4.40%	279.47%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,182.58%	0.00%
Operating Return on Assets (OROA)	12.05%	-1.41%	3.23%	9.66%	2.66%	8.84%	4.29%	-2.47%	-24.93%	1.62%	5.48%
Return on Assets (ROA)	11.38%	-4.76%	3.66%	9.28%	2.94%	85.65%	-12.76%	107.52%	-35.25%	-66.71%	8.37%
Return on Common Equity (ROCE)	27.66%	3.59%	6.15%	22.72%	11.34%	67.19%	6.72%	98.10%	87.39%	-1.69%	9.94%
Return on Equity Simple (ROE_SIMPLE)	8.98%	0.00%	15.63%	19.28%	11.59%	0.00%	50.46%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	152	40	23	126	14	-200	136	-18	-347	470	98
NOPAT Margin	3.83%	1.05%	0.61%	2.98%	0.35%	-4.70%	3.41%	-0.46%	-10.31%	11.25%	2.68%
Net Nonoperating Expense Percent (NNEP)	2.74%	-5.87%	1.89%	2.07%	1.80%	59.53%	-12.92%	54.56%	-7.92%	-51.22%	1.92%
Return On Investment Capital (ROIC_SIMPLE)	-	1.25%	-	-	-	-3.93%	2.86%	-0.26%	-5.51%	10.81%	2.44%
Cost of Revenue to Revenue	93.67%	98.27%	97.35%	95.79%	97.85%	95.09%	96.48%	98.59%	113.33%	96.81%	99.65%
SG&A Expenses to Revenue	1.41%	1.41%	1.58%	1.18%	0.90%	1.34%	0.90%	1.31%	1.28%	1.56%	1.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.83%	-0.21%	1.26%	0.05%	0.95%	0.54%	0.90%	1.31%	1.28%	1.56%	1.67%
Earnings before Interest and Taxes (EBIT)	218	-24	52	176	49	186	78	-56	-500	38	108
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	238	-7.00	70	192	68	206	96	-39	-483	54	124
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.79	3.44	3.69	3.48	3.63	2.14	1.68	1.42	1.31	1.97	2.38
Price to Tangible Book Value (P/TBV)	3.14	3.85	4.13	3.85	4.00	2.26	1.68	1.42	1.31	1.97	2.38
Price to Revenue (P/Rev)	0.34	0.43	0.47	0.47	0.51	0.52	0.37	0.52	0.44	0.41	0.45
Price to Earnings (P/E)	51.08	40.20	27.81	19.78	31.19	3.94	3.28	2.04	2.01	0.00	22.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.96%	2.49%	3.60%	5.06%	3.21%	25.36%	30.52%	48.99%	49.77%	0.00%	4.37%
Enterprise Value to Invested Capital (EV/IC)	30.38	592.70	35.56	94.22	0.00	0.00	0.00	0.00	0.00	102.41	0.00
Enterprise Value to Revenue (EV/Rev)	0.23	0.31	0.35	0.34	0.36	0.23	0.14	0.10	0.02	0.20	0.25
Enterprise Value to EBITDA (EV/EBITDA)	13.23	38.55	13.05	10.89	17.83	7.13	4.01	4.42	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	18.48	96.77	15.90	12.73	22.77	8.25	4.59	5.51	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	72.24	128.61	32.30	22.44	53.08	0.00	28.93	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	22.37	20.63	11.14	7.12	4.61	3.53	4.73	0.85	0.00	417.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	33.71	14.98	5.59	6.04	5.78	0.26	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.56	0.56	0.51	0.48	0.28	0.30	0.18	0.20	0.33	0.36
Long-Term Debt to Equity	0.70	0.56	0.56	0.51	0.48	0.28	0.30	0.18	0.20	0.33	0.36
Financial Leverage	-0.98	-1.02	-0.97	-0.99	-1.01	-1.11	-1.00	-1.10	-1.20	-1.09	-1.05
Leverage Ratio	3.46	3.41	3.37	3.22	3.27	2.67	2.66	2.26	2.45	2.39	2.48
Compound Leverage Factor	4.13	-3.41	5.90	3.92	5.74	3.18	3.68	0.36	2.37	4.59	2.45
Debt to Total Capital	41.65%	36.07%	35.99%	33.62%	32.28%	21.66%	22.95%	15.18%	16.99%	24.61%	26.63%
Short-Term Debt to Total Capital	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.13%	36.07%	35.99%	33.62%	32.28%	21.66%	22.95%	15.18%	16.99%	24.61%	26.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.01%	3.49%	2.91%	2.99%	2.60%	0.84%	1.25%	0.41%	0.65%	0.76%	1.96%
Common Equity to Total Capital	54.34%	60.44%	61.10%	63.39%	65.11%	77.49%	75.81%	84.41%	82.36%	74.63%	71.41%
Debt to EBITDA	5.47	9.41	2.78	2.30	3.46	2.06	1.89	2.86	-6.19	-2.88	-3.11
Net Debt to EBITDA	-7.22	-16.62	-4.57	-4.43	-7.75	-8.74	-6.61	-18.23	38.04	8.73	9.19
Long-Term Debt to EBITDA	5.40	9.41	2.78	2.30	3.46	2.06	1.89	2.86	-6.19	-2.88	-3.11
Debt to NOPAT	29.84	31.41	6.87	4.75	10.28	-69.60	13.64	-1.76	-6.24	-4.04	-4.06
Net Debt to NOPAT	-39.43	-55.44	-11.31	-9.14	-23.06	295.25	-47.69	11.18	38.37	12.27	11.99
Long-Term Debt to NOPAT	29.47	31.41	6.87	4.75	10.28	-69.60	13.64	-1.76	-6.24	-4.04	-4.06
Altman Z-Score	3.38	3.55	3.83	4.01	3.92	3.59	3.53	3.07	2.61	3.64	3.75
Noncontrolling Interest Sharing Ratio	12.81%	7.95%	7.11%	6.50%	5.25%	2.56%	2.67%	1.58%	1.73%	1.05%	2.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.60	1.67	1.77	1.77	1.69	1.74	1.62	1.45	1.91	1.78
Quick Ratio	1.17	1.18	1.19	1.31	1.36	1.26	1.22	1.08	1.03	1.43	1.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11	-50	-151	46	290	499	438	878	846	-252	160
Operating Cash Flow to CapEx	10.34%	880.00%	-2,775.00%	7,050.00%	589.29%	1,054.84%	0.00%	-150.00%	2,383.33%	-3,050.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.77	-3.57	-11.63	4.17	26.39	45.34	36.47	97.53	76.89	-25.23	16.00
Operating Cash Flow to Interest Expense	0.21	22.00	-8.54	25.64	30.00	29.73	-23.83	-2.33	26.00	-36.60	11.00
Operating Cash Flow Less CapEx to Interest Expense	-1.86	19.50	-8.85	25.27	24.91	26.91	-19.58	-3.89	24.91	-37.80	22.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.19	2.24	2.32	2.32	2.23	2.02	2.19	1.75	1.68	1.78	1.86
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	34.03	34.20	35.45	34.76	33.53	34.28	36.09	34.31	31.72	32.37	32.44
Accounts Payable Turnover	13.07	13.44	12.82	13.37	12.91	12.93	12.41	12.40	11.59	11.56	10.48
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.93	27.15	28.48	27.31	28.27	28.22	29.42	29.43	31.49	31.56	34.84
Cash Conversion Cycle (CCC)	-27.93	-27.15	-28.48	-27.31	-28.27	-28.22	-29.42	-29.43	-31.49	-31.56	-34.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	115	8.00	152	57	-161	-691	-150	-839	-1,354	31	-212
Invested Capital Turnover	345.28	-418.22	237.78	926.12	-690.22	-47.77	16,563.00	-41.72	-20.58	-46.98	-83.89
Increase / (Decrease) in Invested Capital	141	90	174	80	-276	-699	-302	-896	-1,193	722	-62
Enterprise Value (EV)	3,494	4,742	5,404	5,370	5,760	3,819	2,305	1,654	261	3,175	3,753
Market Capitalization	5,262	6,674	7,203	7,455	8,172	8,459	6,046	8,442	6,801	6,388	6,837
Book Value per Share	$13.13	$11.39	$11.40	$12.51	$13.14	$23.02	$21.81	$36.13	$32.08	$20.13	$20.56
Tangible Book Value per Share	$11.70	$10.18	$10.19	$11.31	$11.94	$21.86	$21.81	$36.13	$32.08	$20.13	$20.56
Total Capital	3,465	3,210	3,193	3,379	3,457	5,096	4,737	7,048	6,297	4,347	4,022
Total Debt	1,443	1,158	1,149	1,136	1,116	1,104	1,087	1,070	1,070	1,070	1,071
Total Long-Term Debt	1,425	1,158	1,149	1,136	1,116	1,104	1,087	1,070	1,070	1,070	1,071
Net Debt	-1,907	-2,044	-1,892	-2,186	-2,502	-4,683	-3,800	-6,817	-6,581	-3,246	-3,163
Capital Expenditures (CapEx)	29	35	4.00	4.00	56	31	-51	14	12	12	-113
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-547	-688	-445	-528	-723	-855	-419	-346	-1,141	-709	-999
Debt-free Net Working Capital (DFNWC)	1,938	1,900	1,964	2,180	2,283	2,104	2,092	1,925	1,688	3,064	2,673
Net Working Capital (NWC)	1,920	1,900	1,964	2,180	2,283	2,104	2,092	1,925	1,688	3,064	2,673
Net Nonoperating Expense (NNE)	-54	121	-36	-43	-40	-2,002	368	-2,456	360	2,031	-67
Net Nonoperating Obligations (NNO)	-1,907	-2,044	-1,892	-2,186	-2,502	-4,683	-3,800	-6,817	-6,581	-3,246	-3,163
Total Depreciation and Amortization (D&A)	20	17	18	16	19	20	18	17	17	16	16
Debt-free, Cash-free Net Working Capital to Revenue	-3.56%	-4.45%	-2.88%	-3.35%	-4.55%	-5.24%	-2.53%	-2.12%	-7.32%	-4.57%	-6.58%
Debt-free Net Working Capital to Revenue	12.61%	12.28%	12.71%	13.85%	14.38%	12.90%	12.63%	11.80%	10.83%	19.76%	17.60%
Net Working Capital to Revenue	12.50%	12.28%	12.71%	13.85%	14.38%	12.90%	12.63%	11.80%	10.83%	19.76%	17.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.18	($0.17)	$0.35	$0.99	$0.32	$10.82	($1.42)	$14.93	($4.30)	($9.52)	$1.10
Adjusted Weighted Average Basic Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M
Adjusted Diluted Earnings per Share	$1.15	($0.14)	$0.34	$0.97	$0.31	$10.68	($1.42)	$14.81	($4.30)	($9.40)	$1.08
Adjusted Weighted Average Diluted Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	170.38M	170.41M	171.19M	171.29M	171.52M	168.79M	164.66M	161.66M	161.18M	146.56M	139.67M
Normalized Net Operating Profit after Tax (NOPAT)	152	-17	36	126	34	130	64	-18	-347	37	64
Normalized NOPAT Margin	3.83%	-0.44%	0.97%	2.98%	0.84%	3.06%	1.60%	-0.46%	-10.31%	0.89%	1.76%
Pre Tax Income Margin	6.56%	0.63%	2.44%	5.06%	2.10%	5.21%	2.71%	-0.23%	-14.34%	1.75%	2.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.57	-1.71	4.00	16.00	4.45	16.91	6.50	-6.22	-45.45	3.80	10.80
NOPAT to Interest Expense	10.84	2.86	1.76	11.44	1.29	-18.20	11.30	-2.02	-31.56	46.97	9.80
EBIT Less CapEx to Interest Expense	13.50	-4.21	3.69	15.64	-0.64	14.09	10.75	-7.78	-46.55	2.60	22.10
NOPAT Less CapEx to Interest Expense	8.77	0.36	1.45	11.08	-3.80	-21.02	15.55	-3.58	-32.65	45.77	21.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	73.96%	103.80%	23.61%	9.93%	7.66%	0.67%	0.00%	0.00%	1.46%	-103.23%	20.30%
Augmented Payout Ratio	73.96%	103.80%	23.61%	9.93%	7.66%	6.67%	14.74%	10.25%	16.02%	-1,319.35%	357.01%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from Fluor Corp (NYSE: FLR) across the last four years of quarterly income, cash flow and balance sheet data provided. The bullets are organized with positives first, then neutral points, and finally any negatives.

Solid revenue baseline around $4B per quarter. Fluor’s operating revenue sits in the roughly $4.0B range in recent quarters, with Q4 2025 at $4.175B and prior periods maintaining a similar top-line level, indicating a stable scale of operations.
One-time earnings boost in mid-2025. In Q2 2025, Fluor reported net income attributable to common shareholders of about $2.46B and a diluted EPS of $14.81, suggesting a significant one-off or accounting item driving a temporary spike in reported earnings.
Solidly funded balance sheet with manageable leverage. Total equity around $5.2B in mid-2025, and long-term debt near $1.07B, implying a solid capitalization and relatively modest leverage to support ongoing operations.
Cash flow from operations shows volatility but some positive quarters. For example, net cash from continuing operating activities was positive in some quarters (e.g., Q3 2025), yet negative in others (e.g., Q4 2025), indicating uneven quarterly cash-generation patterns.
Gross margin fluctuates, signaling margin pressure. 2025 quarters show notable variance: Q2 2025 gross profit around $56M on roughly $3.98B revenue (very narrow margin), while Q3 2025 shows a gross profit of about -$449M, and Q4 2025 roughly $133M on higher revenue, pointing to inconsistent profitability on a quarterly basis.
Earnings per share (EPS) swing is pronounced. EPS swings from a strong Q2 2025 print (Diluted EPS of about $14.81) to negative readings in other quarters, reflecting volatility in earnings quality or timing of non-operating items.
Scale of assets remains large with relatively stable equity position. Total assets hover around the mid‑to‑high $11B range, and total equity stays in the $5B–$5.3B area across 2024–2025, suggesting a sizable, stabilized corporate base.
Financing activity shows no clear near-term trend. Quarter-to-quarter debt issuance/repayment and related financing activities vary, indicating active but not steadily upward or downward leverage management.
Persistent quarterly earnings volatility and several negative net income quarters. After the mid-2025 bump, several quarters show negative net income to common shareholders (e.g., Q1 2025 around -$241M; Q3 2025 around -$697M; Q4 2025 around -$1.624B), highlighting ongoing earnings volatility and challenges to steady profitability.
Cash balance and cash flow pressures in some periods. Notable negative net changes in cash (e.g., Q4 2025 −$641M; Q2 2025 −$261M) point to periods of liquidity stress or heavy cash requirements, even as some quarters post positive cash flow.

05/17/26 06:40 AM ETAI Generated. May Contain Errors.

Fluor Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fluor's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fluor's net income appears to be on an upward trend, with a most recent value of -$62 million in 2025, falling from $475.01 million in 2015. The previous period was $2.08 billion in 2024. Check out Fluor's forecast to explore projected trends and price targets.

Fluor's total operating income in 2025 was -$378 million, based on the following breakdown:

Total Gross Profit: -$120 million
Total Operating Expenses: $196 million

Over the last 10 years, Fluor's total revenue changed from $18.11 billion in 2015 to $15.50 billion in 2025, a change of -14.4%.

Fluor's total liabilities were at $4.96 billion at the end of 2025, a 3.7% decrease from 2024, and a 9.9% increase since 2015.

In the past 10 years, Fluor's cash and equivalents has ranged from $1.76 billion in 2018 to $2.83 billion in 2024, and is currently $2.14 billion as of their latest financial filing in 2025.

Over the last 10 years, Fluor's book value per share changed from 21.17 in 2015 to 20.13 in 2025, a change of -4.9%.

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Financial statements for NYSE:FLR last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fluor (FLR) Financials

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Fluor (FLR) Financials

Annual Income Statements for Fluor

Quarterly Income Statements for Fluor

Annual Cash Flow Statements for Fluor

Quarterly Cash Flow Statements for Fluor

Annual Balance Sheets for Fluor

Quarterly Balance Sheets for Fluor

Annual Metrics And Ratios for Fluor

Quarterly Metrics And Ratios for Fluor

Financials Breakdown Chart

Key Financial Trends

Fluor Financials - Frequently Asked Questions

When does Fluor's financial year end?

How has Fluor's net income changed over the last 10 years?

What is Fluor's operating income?

How has Fluor's revenue changed over the last 10 years?

How much debt does Fluor have?

How much cash does Fluor have?

How has Fluor's book value per share changed over the last 10 years?

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