Fluor Awards Record $10.9 Billion, Lifts Backlog

The Tip Desk · November 6, 2026 · 3 min read

Third-quarter revenue was $3.7 billion as the company booked LNG Canada Phase 2 and two Chilean copper mines and affirmed 2026 adjusted EBITDA of $500 million to $525 million.

Fluor Corporation (FLR) booked $10.9 billion of new awards in the third quarter, the highest quarterly total in the company’s history, and raised backlog 21% year over year to $34.3 billion, the highest of the decade.

The engineering, procurement and construction firm said the awards included $7.5 billion for Phase 2 of LNG Canada and two copper mining projects in Chile. Book-to-burn was 2.9 times. Awards had been $6.1 billion in the second quarter.

Revenue was $3.7 billion, up 10% from $3.4 billion a year earlier. GAAP net earnings attributable to Fluor were $158 million, compared with a net loss of $697 million a year earlier. The quarter included a $73 million pre-tax gain on the sale of the company’s interest in ICA-Fluor, its former joint venture in Mexico. Adjusted earnings were $0.77 a share, up 13% from $0.68.

Adjusted EBITDA was $142 million, down from $161 million a year earlier. Adjusted EBITDA margin was 3.8%, compared with 4.8% that included an 80 basis point lift from the Santos revenue reversal. Consolidated segment profit was $248 million, versus a loss of $439 million.

Energy Solutions was the awards engine. Segment revenue was $679 million, up 159% from $262 million a year earlier; the prior-year period included a $653 million revenue reduction related to the ruling on the long-completed Santos project in Australia. Segment profit was $93 million, a 13.7% margin, versus a $533 million loss a year earlier, primarily reflecting the $73 million ICA-Fluor gain. New awards in the segment were $7.7 billion, versus $222 million a year earlier. Backlog was $10.7 billion, up 109%.

Urban Solutions revenue was $2.33 billion, essentially unchanged from $2.34 billion a year earlier. Segment profit was $100 million, a 4.3% margin, versus $61 million and 2.6%, up 64%. The company said profit and margin increased due to improved project performance and profitability upon successful milestone achievement on an infrastructure project and a ramp of execution activities on a life sciences project, partially offset by cost growth on a large mining joint venture. New awards were $2.0 billion, up 13% from $1.76 billion, including the two Chilean copper mines. Backlog was $19.2 billion, down 7%.

Mission Solutions revenue was $714 million, down 6% from $761 million a year earlier on lower DOE and emergency-response volume. Segment profit was $55 million, a 7.7% margin, versus $34 million and 4.5%, due to improved award fee performance and project contributions within the nuclear portfolio. New awards were $1.17 billion, down 8% from $1.27 billion, including a six-month extension of the Savannah River DOE contract. Backlog was $4.45 billion, up 71%.

Backlog was 69% reimbursable, versus 81% at prior year end. Cash and cash equivalents were $2.678 billion at September 30, 2026. Third-quarter operating cash flow was $186 million. Share repurchases were $300 million in the quarter and $1.1 billion year to date, toward a previously announced 2026 target of $1.4 billion.

The company is affirming 2026 adjusted EBITDA guidance of $500 million to $525 million, after narrowing that range from $525 million to $560 million in the second-quarter release. It is not providing forward-looking guidance for GAAP net earnings or GAAP earnings per share.