Fluor Corporation (FLR) SEC Filings & Earnings Calls

Negative operating cash flow due to large tax payment on NuScale monetization

“Operating Cash Flow: ($317) million, includes $357 million tax payment related to NuScale monetization” · word for word

Guidance narrowed downward due to removal of Mexico JV contribution

“The company is narrowing its 2026 adjusted EBITDA guidance from $525 – $560 million to $500 – $525 million. This reduction reflects the removal of the previously estimated 2nd half contribution from the JV in Mexico.”

Cost growth on Gordie Howe International Bridge project

“cost growth of $44 million for the now substantially completed Gordie Howe International Bridge project due to the effects of foreign currency fluctuation, a subcontractor bankruptcy and client driven changes” · word for word

Legacy project cost overruns

“Segment profit and profit margin decreased in the 2026 Period due to cost growth of $37 million on a large mining joint venture project in the first quarter of 2026 and a decline in execution activity for a recently completed project.” · word for word

Legal and litigation exposure

“Segment profit and profit margin declined during the 2026 Period primarily due to the recognition of a $98 million charge during the first quarter of 2026, resulting from the outcome of a court ruling on a lawsuit filed against us in 2013.” · word for word

Geopolitical risk in Middle East

“We are closely monitoring Middle East events, other geopolitical factors and escalation pressures and their potential impact on business opportunities and risks.” · word for word

Project Cost Overruns

“Segment profit and profit margin declined in 2026 due to cost growth of $37 million on a large mining joint venture project” · word for word

Legal/Claim Risk

“Segment profit and profit margin declined in 2026 primarily due to the recognition of a $96 million charge resulting from the outcome of a court ruling on a lawsuit filed against us in 2013.” · word for word

Geopolitical Risk

“While one mining project in the Middle East has slowed down due to geopolitical concerns” · word for word

Departure of Group President, Strategic Projects, may indicate transition risk.

“Consulting agreement with former Group President, Strategic Projects.”

Loss of strategic investor support

“As of April 15, 2026, the Reporting Persons are no longer the beneficial owners of more than five percent of the Issuer's securities and are no longer required to report their holdings on Schedule 13D.” · word for word

Reduced strategic commitment from major shareholder

“Fluor sold a large block of shares and dropped below 5% ownership, terminating its 13D filing.”

Fluor reduces stake, potential loss of strategic support

“Nuke sold 13,500,000 shares of Class A Common Stock to BofA at a price of $12.0665 per share.” · word for word

Derivative Lawsuits

“Since October 2025, four separate purported stockholders’ derivative actions have been filed against various current and former members of the Board... alleging breaches of the individuals’ fiduciary duties and related state and federal law claims.” · word for word

Below-Target Financial Performance

“EBITDA... $499.3 (performance rating 0.77); Cash Flow from Segments... $460.3 (performance rating 0.63); EBT... $486.6 (performance rating 0.65)”

NuScale investment valuation risk; $2B reduction in Q4 2025.

“Results for the quarter reflect a net $2 billion reduction in the valuation of our investment in NuScale.” · word for word

Santos project judgment of $643M adverse impact.

“Results reflect $643 million adverse Santos ruling.” · word for word

Cost growth on legacy infrastructure projects and DOD project reserves.

“Results reflect $30 million in cost growth on projects in our legacy infrastructure portfolio, and additional recognition of reserves on a DOD project.” · word for word

Santos Judgment Liability

“Revenue, profit and operating cash flow in 2025 was significantly impacted by a judgment on the long completed Santos project in Australia. We recognized a reversal of revenue of $643 million during 2025, inclusive of committed insurance proceeds, representing the net payment to Santos made in the fourth quarter of 2025.” · word for word

Infrastructure Project Cost Overruns

“Segment profit in 2025 decreased due to forecast adjustments for cost growth on 3 infrastructure projects related to subcontracted design errors, price escalation, schedule impacts partially offset by the refinement of expected recovery on these same projects. These forecast adjustments of $108 million were partially offset by improved performance on other i” · word for word

NuScale Monetization Uncertainty

“We intend to complete the sale of our shares in NuScale by the end of Q2 2026, but there can be no assurance regarding the ultimate timing of such monetization process.” · word for word

Backlog Execution Risk

“Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.” · word for word

Santos litigation ruling resulted in $653M charge and revenue reversal; appeal submitted.

“Results include $653 million for the ruling on the long-completed Santos project in Australia, which was recorded as a reduction to revenue.” · word for word

NuScale investment monetization subject to market conditions; $401M charge from share price decline.

“GAAP net loss attributable to Fluor of $697 million reflects a $653 million charge for the Santos ruling in August plus $401 million for the reduction in NuScale’s share price” · word for word

Major Litigation Liability

“We expect that Santos will seek judgment for approximately $665 million, including interest but excluding GST and Santos’ legal fees.” · word for word

Infrastructure Project Cost Overruns

“Segment profit in the 2025 Period also included forecast adjustments totaling $54 million for cost growth on 3 infrastructure projects related to subcontracted design errors, price escalation and schedule impacts.” · word for word

NuScale Investment Volatility

“We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates, which resulted in a pre-tax loss of $401 million for the 2025 Quarter and a pre-tax gain of $2.3 billion for the 2025 Period.” · word for word

Client Spending Delays

“Clients facing cost pressures or low commodity prices, such as chemicals, have postponed commitments pending improved visibility.”