Earnings release
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Fluor Corpora on Bre Turner Exhibit 99.1 6700 Las Colinas Blvd Media Rela ons Irving, Texas 75039 864.281.6976 tel 469.398.7000 main tel Jason Landkamer Investor Rela ons 469.398.7222 tel News Release FLUOR REPORTS THIRD QUARTER 2025 RESULTS • Q3 share repurchases of $70 million; targe ng addi onal $800 million through February • New awards $3.3 billion; 99% reimbursable • Backlog $28.2 billion; 82% reimbursable • Strong opera ng cash flow of $286 million • Company increases 2025 guidance for adjusted EPS, EBITDA and opera ng cash flow • NuScale investment to be converted to Class A shares, expect full mone za on by end of Q2 2026 IRVING, Texas (November 7, 2025) - Fluor Corpora on (NYSE: FLR) announced financial results for its third quarter ending September 30, 2025. “Fluor’s third quarter results demonstrate our commitment to disciplined project delivery and crea ng value for our clients and shareholders,” said Jim Breuer, chief execu ve officer of Fluor. “Despite con nued short term uncertainty in some markets, we are well posi oned with unmatched global engineering and construc on exper se, disciplined execu on, a predominantly reimbursable por olio, and a clear capital alloca on strategy. We remain confident in our ability to deliver significant value over me.” Breuer con nued: “Working with NuScale’s management and board over the past several quarters, we recently announced a comprehensive agreement for the conversion and mone za on of our remaining stake in NuScale. This allows Fluor to realize significant value from this investment and return it to our shareholders.” 1
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• Q3 2025 Highlights: ◦ Revenue of $3.4 billion, down 18% y/y; reflects $653 million reversal for Santos ruling ◦ GAAP net loss a ributable to Fluor of $697 million reflects a $653 million charge for the Santos ruling in August plus $401 million for the reduc on in NuScale’s share price ◦ Adjusted EBITDA of $161 million, up 29% y/y ◦ EPS of ($4.30); adjusted EPS of $0.68, up 33% y/y ◦ Consolidated segment loss of $439 million reflects Santos ruling ◦ Cash and marketable securi es at the end of the quarter improved to $2.8 billion ◦ G&A expenses of $43 million, up 16% y/y, includes $12 million in restructuring costs • Q3 Opera ng Cash Flow: $286 million vs $330 million y/y, YTD improvements driven by reduced working capital needs anddistribu ons from a large Energy Solu ons project; full year guidance increased to $250 - $300 million • NuScale: Received net proceeds of $605 million through early October for 15 million shares converted in Q3; Mone za on of remaining 111 million shares expected to finish in the second quarter of 2026 • New Awards: Q3 new awards totaled $3.3 billion, up 21% y/y; 99% reimbursable • Backlog: $28.2 billion at 82% reimbursable, down 10% y/y from $31.3 billion a year ago and flat with Q2 [1] Non-GAAP Financial Measure. See “Non-GAAP Financial Measures” for addi onal informa on. Outlook Consistent with prior prac ce, we are not providing forward-looking guidance for U.S. GAAP net earnings or U.S. GAAP earnings per share, or a quan ta ve reconcilia on of adjusted EBITDA or adjusted EPS guidance, because we are unable to predict with reasonable certainty all of the components required to provide such reconcilia on without unreasonable efforts, which are uncertain and could have a material impact on GAAP reported results for the guidance period. See “Non-GAAP Financial Measures” for addi onal informa on. The company is revising its adjusted EBITDA and EPS guidance as follows: Previous As Revised Adjusted EBITDA Guidance$475 to $525 million $510 to $540 million Adjusted EPS Guidance$1.95 to $2.15 per share $2.10 to $2.25 per share Es mates for 2025 assume a tax rate of 30%. Adjusted EPS and adjusted EBITDA guidance exclude items similar to those outlined in the reconcilia on table at the end of this release. [1] 2
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Business Segments Urban Solu ons reported a profit of $61 million in the third quarter compared to $68 million in the third quarter of 2024. Results include an adjustment of $25 million for delay related effects on an infrastructure project, which was par ally offset by a favorable nego a on with a designer on a separate infrastructure project. Results also reflect a ramp up of recently awarded projects in life sciences and mining. Revenue for the third quarter increased to $2.3 billion from $1.9 billion a year ago. New awards for the quarter were $1.8 billion compared to $828 million a year ago. Awards for the quarter included incremental awards on a mining project in Canada and a life sciences project in the United States. Ending backlog increased 8% to $20.5 billion compared to $19.0 billion a year ago. Energy Solu ons reported a loss of $533 million in the third quarter compared to a profit of $50 million in the third quarter of 2024. Results include $653 million for the ruling on the long-completed Santos project in Australia, which was recorded as a reduc on to revenue. Payment is an cipated in the fourth quarter, and the company has submi ed its appeal. Revenue for the quarter decreased to $262 million from $1.4 billion a year ago, reflec ng the Santos li ga on men oned above. New awards in the quarter totaled $222 million, compared to $1.5 billion in the third quarter of 2024. Ending backlog was $5.1 billion compared to $8.8 billion a year ago. Mission Solu ons reported a profit of $34 million in the third quarter compared to $45 million in the third quarter of 2024. Segment profit reflects the recogni on of reserves for certain ques oned and disputed costs on a defense support project, mostly offset by the favorable resolu on on a longstanding claim on a completed weapons project. Revenue for the third quarter increased to $761 million from $635 million a year ago. New awards for the quarter improved to $1.3 billion, compared to $274 million in the third quarter of 2024. New awards included a six-year contract to extend Fluor’s presence at the Portsmouth project in Ohio. Ending backlog was $2.6 billion compared to $3.1 billion a year ago. 3
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Conference Call Fluor will host a conference call at 8:30 a.m. Eastern on Friday, November 7, 2025 which will be webcast live and can be accessed by logging onto investor.fluor.com. The call will also be accessible by telephone at 888-800-3960 (U.S./Canada) or +1 646-307-1852. The conference ID is 4438700. A replay of the webcast will be available for 30 days. Non-GAAP Financial Measures This news release contains discussions of consolidated segment profit (loss) and margin, adjusted net earnings (loss), adjusted EPS and adjusted EBITDA that are non-GAAP financial measures under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings (loss) a ributable to noncontrolling interests. The company believes that segment profit (loss) provides a meaningful perspec ve on its business results as it is the aggrega on of individual segment profit measures that the company u lizes to evaluate and manage its business performance. Adjusted net earnings (loss) is defined as net earnings (loss) from core opera ons excluding equity method earnings (loss) and the impacts of foreign exchange fluctua ons, impairments and certain items that management believes are unrelated to actual normalized opera onal performance. Net earnings (loss) from core opera ons is net earnings (loss) a ributable to Fluor excluding the results of our remaining Stork and AMECO equipment businesses that are no longer classified as discon nued opera ons but that con nue to be marketed for sale or that have been sold. Adjusted EPS is defined as adjusted net earnings divided by weighted average diluted shares outstanding. Adjusted EBITDA is defined as net earnings (loss) from opera ons before interest, income taxes, deprecia on and amor za on (EBITDA), further adjusted by the same items excluded from adjusted net earnings. The company believes adjusted net earnings, adjusted EPS and adjusted EBITDA allow investors to evaluate the company’s ongoing earnings on a normalized basis and make meaningful period- over-period comparisons. However, non-GAAP measures have limita ons as analy cal tools and should not be considered in isola on from or a subs tute for measures of financial performance prepared in accordance with U.S. GAAP. In addi on, these non- GAAP measures are not necessarily comparable to similarly tled measures reported by other companies. Reconcilia ons of consolidated segment profit (loss), adjusted net earnings, adjusted EPS and adjusted EBITDA to the most comparable GAAP measures are included in the press release tables. The company is unable to provide a reconcilia on of its adjusted EPS and adjusted EBITDA guidance to the most comparable GAAP measure without unreasonable efforts because it is unable to predict with reasonable certainty all of the components required to provide such reconcilia on, including the impact of foreign exchange fluctua ons, which are uncertain and could have a material impact on GAAP reported results for the guidance period. About Fluor Corpora on Fluor Corpora on (NYSE: FLR) is building a be er world by applying world-class exper se to solve its clients’ greatest challenges. Fluor’s nearly 27,000 employees provide professional and technical solu ons that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $16.3 billion in 2024 and is ranked 257 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construc on and maintenance services for more than a century. For more informa on, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. 4
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Forward-Looking Statements: This release may contain forward-looking statements (including without limita on statements to the effect that the Company or its management "will," "believes," "expects," “an cipates,” "plans" or other similar expressions). These forward-looking statements, including statements rela ng to resolu on of outstanding claims or lawsuits, strategic and opera on plans, plans related to our NuScale investment, future growth, new awards, backlog, earnings, capital alloca on plans and the outlook for the company’s business. Actual results may differ materially as a result of a number of factors, including, among other things, the cyclical nature of many of the markets the Company serves and our clients’ vulnerability to poor economic condi ons, such as infla on, slow growth or recession, which may result in decreased capital investment and reduced demand for our services; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execu on ac vi es, including the failure to meet cost and schedule es mates; intense compe on in the industries in which we operate; the inability to hire and retain qualified personnel; failure of our joint venture or other partners to perform their obliga ons; the failure of our suppliers, subcontractors and other third par es to adequately perform services under our contracts; cyber-security breaches; possible informa on technology interrup ons; risks related to the use of ar ficial intelligence and similar technologies; exposure to poli cal and economic risks in different countries, including tariffs and trade policies, geopoli cal events and conflicts, civil unrest, security issues, labor condi ons and other foreign economic and poli cal uncertain es in the countries in which we do business; the impact of government shutdowns and spending cuts, in par cular with respect to our contracts with the U.S. government; client cancella ons of, or scope adjustments to, exis ng contracts; failure to maintain safe worksites and interna onal security risks; risks or uncertain es associated with events outside of our control, including weather condi ons, pandemics, public health crises, poli cal crises or other catastrophic events; the use of es mates in preparing our financial statements; GAAP earnings vola lity due to recurring fair value measurements of our investment in NuScale; client delays or defaults in making payments; uncertain es, restric ons and regula ons impac ng our government contracts; the poten al impact of certain tax ma ers; the Company's ability to secure appropriate insurance; liabili es associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant por on of the Company's revenues; failure to adequately protect intellectual property rights; climate change, natural disasters and related environmental issues; increasing scru ny with respect to sustainability prac ces; risks related to our indebtedness; the availability of credit and restric ons imposed by credit facili es, both for the Company and our clients, suppliers, subcontractors or other partners; restric ve covenants contained in the agreements governing our debt; possible limita ons on bonding or le er of credit capacity; failure to obtain favorable results in exis ng or future li ga on and regulatory proceedings, dispute resolu on proceedings or claims, including claims for addi onal costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those rela ng to environmental, health and safety ma ers; and restric ons on possible transac ons imposed by our charter documents and Delaware law. Cau on must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expecta ons and projec ons. Addi onal informa on concerning these and other factors can be found in the Company's public periodic filings with the Securi es and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2025. Such filings are available either publicly or upon request from Fluor's Investor Rela ons Department: (469) 398- 7222. The Company disclaims any intent or obliga on other than as required by law to update its forward-looking statements in light of new informa on or future events. 5
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SUMMARY OF FINANCIALS AND U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (LOSS) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2025 2024 2025 2024 Revenue Urban Solu ons $ 2,343 $ 1,931 $ 6,570 $ 5,240 Energy Solu ons 262 1,428 2,611 4,456 Mission Solu ons 761 635 2,120 1,940 Other 2 100 26 419 Total revenue $ 3,368 $ 4,094 $ 11,327 $ 12,055 Segment profit (loss) $ and margin % Urban Solu ons $ 61 2.6% $ 68 3.5% $ 160 2.4% $ 223 4.3% Energy Solu ons (533)NM 50 3.5% (470)(18.0)% 193 4.3% Mission Solu ons 34 4.5% 45 7.1% 73 3.4% 108 5.6% Other (1)NM (46)NM 7 NM (95)NM Total segment profit (loss) $ and margin % $ (439)(13.0)% $ 117 2.9% $ (230)(2.0)% $ 429 3.6% G&A (43) (37) (131) (147) Foreign currency gain (loss) (4) (2) (47) 58 Interest income (expense), net 13 37 48 114 Earnings (loss) a ributable to NCI (10) (29) (23) (63) Earnings (loss) before taxes (483) 86 (383) 391 Income tax benefit (expense) 177 (61) (536) (172) Net earnings (loss) before equity method earnings (loss) (306) 25 (919) 219 Equity method earnings (loss) (401) — 2,418 — Net earnings (loss) (707) 25 1,499 219 Less: Net earnings (loss) a ributable to NCI (10) (29) (23) (63) Net earnings (loss) a ributable to Fluor $ (697) $ 54 $ 1,522 $ 282 New awards Urban Solu ons $ 1,760 $ 828 $ 7,946 $ 8,117 Energy Solu ons 222 1,541 1,085 2,840 Mission Solu ons 1,271 274 1,798 1,481 Other — 56 — 377 Total new awards $ 3,253 $ 2,699 $ 10,829 $ 12,815 New awards related to projects located outside of the U.S. 30% 68% 22% 36% (1) Income tax benefit (expense), including a $230 million tax benefit and a $(454) million tax expense a ributable to equity method earnings (loss) duringthe three and nine months ended September 30, 2025, respec vely. (1) 6
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(in millions) September 30,2025 September 30,2024 Backlog Urban Solu ons $ 20,507 $ 19,006 Energy Solu ons 5,121 8,824 Mission Solu ons 2,608 3,095 Other — 394 Total backlog $ 28,236 $ 31,319 Backlog related to projects located outside of the U.S. 41% 56% Backlog related to reimbursable projects 82% 80% SUMMARY OF CASH FLOW INFORMATION Nine Months EndedSeptember 30, (in millions) 2025 2024 OPERATING CASH FLOW $ (21) $ 501 INVESTING CASH FLOW Proceeds from the sale of NuScale shares 414 — Proceeds from sales and maturi es (purchases) of marketable securi es 80 (22) Capital expenditures (38) (133) Proceeds from sale of assets 63 69 Investments in partnerships and joint ventures (203) (66) Other — 23 Inves ng cash flow 316 (129) FINANCING CASH FLOW Repurchase of common stock (365) — Purchase and re rement of debt (37) (44) Distribu ons paid to NCI (43) (8) Capital contribu ons by NCI 65 — Proceeds from NuScale share issuance (net of issuance fees) — 80 Other (8) (6) Financing cash flow (388) 22 Effect of exchange rate changes on cash 40 (1) Increase (decrease) in cash and cash equivalents (53) 393 Cash and cash equivalents at beginning of period 2,829 2,519 Cash and cash equivalents at end of period $ 2,776 $ 2,912 Cash paid during the period for: Interest $ 35 $ 41 Income taxes (net of refunds) 124 (42) (1) Includes $120 million for funding of consolidated project losses. (1) 7
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RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TOADJUSTED EARNINGS PER SHARE THREE MONTHS ENDEDSEPTEMBER 30, NINE MONTHS ENDEDSEPTEMBER 30, (In millions, except per share amounts) 2025 2024 2025 2024 Net earnings (loss) a ributable to Fluor $ (697) $ 54 $ 1,522 $ 282 Exclude: Stork & AMECO businesses (now divested) 1 6 (9) 14 Net earnings (loss) from core opera ons (696) 60 1,513 296 Adjustments: Equity method earnings (loss) $ 401 $ — $ (2,418) $ — NuScale expenses — 38 — 95 Santos ruling 653 — 653 — Favorable judgment on a Mission Solu ons weapons project (15) — (15) — Favorable nego a on on an Urban Solu ons infrastructure project (12) — (12) — Impact of li ga on on completed projects — — 56 — Impact of bad debt reserves taken for a long-completed project — — 22 — Severance and other exit costs 12 — 21 — Reserve for legacy legal claims — — 4 — Embedded foreign currency deriva ve (gain)/loss (13) (20) — (47) Foreign currency (gain)/loss 4 2 47 (58) Tax expense on above items (223) 9 435 32 Adjusted Net Earnings $ 111 $ 89 $ 306 $ 318 Diluted EPS $ (4.30) $ 0.31 $ 9.13 $ 1.63 Adjusted EPS $ 0.68 $ 0.51 $ 1.84 $ 1.83 Core opera ons excludes the results of our now-divested Stork and AMECO businesses. We exclude earnings impacts for li ga on outcomes, claims, se lements or associated damages from adjusted earnings when they are significant in magnitude, non-rou neand do not represent on-going normal opera ons. Reflects the impact of an arbitra on ruling on a fabrica on project at our Energy Solu ons joint venture in Mexico, as well as the impact of a recent ruling on a long-standingclaim on a Mission Solu ons project completed in 2019. (1) (2) (3) (1) (2) (3) 8
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RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA THREE MONTHS ENDEDSEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER30, (in millions) 2025 2024 2025 2024 Net earnings (loss) a ributable to Fluor $ (697) $ 54 $ 1,522 $ 282 Interest income, net (13) (37) (48) (114) Tax (benefit) expense (177) 61 536 172 Equity method earnings (loss) 401 — (2,418) — Deprecia on & amor za on 17 19 52 53 EBITDA $ (469) $ 97 $ (356) $ 393 Adjustments: Stork & AMECO businesses (now divested) $ 1 $ 7 $ (9) $ (7) NuScale expenses — 38 — 95 Santos ruling 653 — 653 — Favorable judgment on a Mission Solu ons weapons project (15) — (15) — Favorable nego a on on an Urban Solu ons infrastructure project (12) — (12) — Impact of li ga on on completed projects — — 56 — Impact of bad debt reserves taken for a long-completed project — — 22 — Severance and other exit costs 12 — 21 — Reserve for legacy legal claims — — 4 — Embedded foreign currency deriva ve (gain)/loss (13) (20) — (47) G&A: Foreign currency (gain)/loss 4 2 47 (58) Adjusted EBITDA $ 161 $ 124 $ 411 $ 376 We exclude earnings impacts for li ga on outcomes, claims, se lements or associated damages from adjusted earnings when they are significant in magnitude, non-rou neand do not represent on-going normal opera ons. Reflects the impact of an arbitra on ruling on a fabrica on project at our Energy Solu ons joint venture in Mexico, as well as the impact of a recent ruling on a long-standingclaim on a Mission Solu ons project completed in 2019. #corp (1) (2) (1) (2) 9