Revenue growth remains under pressure with an 8.0% year-over-year decline in 2026Q1, while structural margin compression is evidenced by a significant -13.3% gross margin contraction observed in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 15.19B | 15.5B | 16.32B | 15.47B | 13.74B | 14.16B | 14.16B | 15.45B | 18.85B | 14.81B | 19.04B | 18.11B | 21.53B | 27.35B | 27.58B | 23.38B | 20.85B | 21.99B | 22.33B | 16.69B | 14.08B | 13.16B | 9.38B | 8.81B | 9.96B | 8.97B | 9.42B | 10.75B | 11.86B | 13.22B | 10.05B |
| Revenue Growth % | -8.32% | -4.97% | 5.43% | 12.59% | -2.91% | -0.01% | -8.39% | -18.02% | 27.32% | -22.22% | 5.09% | -15.87% | -21.28% | -0.82% | 17.94% | 12.14% | -5.19% | -1.5% | 33.76% | 18.56% | 6.97% | 40.31% | 6.53% | -11.58% | 11% | -4.78% | -12.36% | -9.32% | -10.29% | 31.46% | - |
| Cost of Goods Sold | 15.43B | 15.62B | 15.74B | 15B | 13.39B | 13.7B | 13.76B | 15.66B | 18.28B | 14.53B | 18.25B | 17.02B | 20.13B | 25.99B | 26.69B | 22.23B | 20.14B | 20.69B | 21.08B | 15.89B | 13.52B | 12.73B | 8.96B | 8.4B | 9.54B | 8.62B | 9.16B | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 100.77% | 96.48% | 96.92% | 97.42% | 96.79% | 97.18% | 101.33% | 96.98% | 98.12% | 95.85% | 93.96% | 93.5% | 95.01% | 96.79% | 95.09% | 96.62% | 94.08% | 94.43% | 95.19% | 96.05% | 96.69% | 95.52% | 95.39% | 95.84% | 96.06% | 97.24% | - | - | - | - |
| Gross Profit | -247M | -120M | 574M | 477M | 355M | 454M | 399.53M | -206.05M | 569.38M | 277.73M | 790.32M | 1.09B | 1.4B | 1.37B | 885M | 1.15B | 705.25M | 1.3B | 1.24B | 802.45M | 556.47M | 435.93M | 420.04M | 406.23M | 414.17M | 353.19M | 259.94M | 0 | 0 | 0 | 0 |
| Gross Margin % | -1.63% | -0.77% | 3.52% | 3.08% | 2.58% | 3.21% | 2.82% | -1.33% | 3.02% | 1.88% | 4.15% | 6.04% | 6.5% | 4.99% | 3.21% | 4.91% | 3.38% | 5.92% | 5.57% | 4.81% | 3.95% | 3.31% | 4.48% | 4.61% | 4.16% | 3.94% | 2.76% | - | - | - | - |
| Gross Profit Growth % | - | -120.91% | 20.34% | 34.37% | -21.81% | 13.63% | 293.9% | -136.19% | 105.01% | -64.86% | -27.81% | -21.75% | 2.48% | 54.26% | -22.97% | 62.91% | -45.8% | 4.59% | 55.03% | 44.2% | 27.65% | 3.78% | 3.4% | -1.92% | 17.27% | 35.87% | - | - | - | - | - |
| Operating Expenses | 270M | 243M | 111M | 330M | 146M | 727M | 354.24M | 622.28M | 569.38M | -148.57M | 790.32M | 1.09B | 1.4B | 1.37B | 885M | 1.15B | 156.27M | 1.3B | 263.5M | 193.86M | 178.82M | 143.72M | 142.39M | 141.47M | 160.1M | 166.96M | 120.94M | 10.75B | 11.86B | 13.22B | 10.05B |
| OpEx % of Revenue | - | 1.57% | 0.68% | 2.13% | 1.06% | 5.14% | 2.5% | 4.03% | 3.02% | -1% | 4.15% | 6.04% | 6.5% | 4.99% | 3.21% | 4.91% | 0.75% | 5.92% | 1.18% | 1.16% | 1.27% | 1.09% | 1.52% | 1.61% | 1.61% | 1.86% | 1.28% | 100% | 100% | 100% | 100% |
| Selling, General & Admin | 187M | 162M | 203M | 224M | 242M | 231M | 201.12M | 277.72M | 143.06M | 183.88M | 191.07M | 408.23M | 182.71M | 175.15M | 151.01M | 163.46M | 156.27M | 178.52M | 229.69M | 193.86M | 178.82M | 143.72M | 142.39M | 141.47M | 160.1M | 166.96M | 98.87M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 1.04% | 1.24% | 1.45% | 1.76% | 1.63% | 1.42% | 1.8% | 0.76% | 1.24% | 1% | 2.25% | 0.85% | 0.64% | 0.55% | 0.7% | 0.75% | 0.81% | 1.03% | 1.16% | 1.27% | 1.09% | 1.52% | 1.61% | 1.61% | 1.86% | 1.05% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 81M | -92M | 106M | -96M | 496M | 153.12M | 344.57M | 426.32M | -332.45M | 599.24M | 686.47M | 1.22B | 1.19B | 733.99M | 985.46M | 0 | 1.12B | 33.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.07M | 10.75B | 11.86B | 13.22B | 10.05B |
| Operating Income | -517M | -363M | 463M | 147M | 209M | -273M | 45.29M | -828.34M | 426.32M | 426.3M | 599.24M | 686.47M | 1.22B | 1.19B | 733.99M | 985.46M | 548.98M | 1.12B | 980.53M | 608.58M | 377.66M | 292.2M | 277.65M | 264.76M | 254.07M | 186.23M | 139M | 10.75B | 11.86B | 13.22B | 10.05B |
| Operating Margin % | -3.4% | -2.34% | 2.84% | 0.95% | 1.52% | -1.93% | 0.32% | -5.36% | 2.26% | 2.88% | 3.15% | 3.79% | 5.65% | 4.35% | 2.66% | 4.21% | 2.63% | 5.11% | 4.39% | 3.65% | 2.68% | 2.22% | 2.96% | 3.01% | 2.55% | 2.08% | 1.48% | 100% | 100% | 100% | 100% |
| Operating Income Growth % | - | -178.4% | 214.97% | -29.67% | 176.56% | -702.81% | 105.47% | -294.3% | 0% | -28.86% | -12.71% | -43.56% | 2.21% | 62.13% | -25.52% | 79.51% | -51.1% | 14.49% | 61.12% | 61.15% | 29.24% | 5.24% | 4.87% | 4.21% | 36.43% | 33.98% | -98.71% | -9.32% | -10.29% | 31.46% | - |
| EBITDA | -451M | -295M | 536M | 221M | 282M | -199M | 150.86M | -657.85M | 642.97M | 651.57M | 825.16M | 876.21M | 1.41B | 1.4B | 946.37M | 1.19B | 739.57M | 1.3B | 1.14B | 755.39M | 503.81M | 396.33M | 382.9M | 344.44M | 332.06M | 258.14M | 450.69M | 10.75B | 11.86B | 13.22B | 10.05B |
| EBITDA Margin % | -2.97% | -1.9% | 3.29% | 1.43% | 2.05% | -1.41% | 1.07% | -4.26% | 3.41% | 4.4% | 4.33% | 4.84% | 6.54% | 5.11% | 3.43% | 5.08% | 3.55% | 5.93% | 5.12% | 4.53% | 3.58% | 3.01% | 4.08% | 3.91% | 3.33% | 2.88% | 4.78% | 100% | 100% | 100% | 100% |
| EBITDA Growth % | -178.43% | -155.04% | 142.53% | -21.63% | 241.71% | -231.91% | 122.93% | -202.31% | -1.32% | -21.04% | -5.83% | -37.81% | 0.84% | 47.63% | -20.3% | 60.55% | -43.31% | 14.06% | 51.42% | 49.93% | 27.12% | 3.51% | 11.17% | 3.73% | 28.64% | -42.72% | -95.81% | -9.32% | -10.29% | 31.46% | - |
| D&A (Non-Cash Add-back) | 66M | 68M | 73M | 74M | 73M | 74M | 105.57M | 170.48M | 216.66M | 225.27M | 225.91M | 189.74M | 192.59M | 207.1M | 212.38M | 201.94M | 190.58M | 182.01M | 163.31M | 146.81M | 126.16M | 104.12M | 105.25M | 79.68M | 77.99M | 71.91M | 311.69M | 0 | 0 | 0 | 0 |
| EBIT | -466M | -313M | 659M | 375M | 303M | -256M | 68.86M | -774.58M | 462.89M | 121.27M | 616.29M | 771.32M | 1.23B | 1.2B | 761.74M | 1.02B | 570.21M | 1.15B | 1.16B | 608.58M | 377.66M | 292.2M | 277.65M | 264.76M | 254.07M | 186.23M | 161.06M | 10.75B | 11.86B | 13.22B | 10.05B |
| Net Interest Income | 65M | 67M | 150M | 168M | 35M | -73M | -41.79M | -11.13M | -40.57M | -40.04M | -52.64M | -28.08M | -11.41M | -12.44M | -482K | 16.36M | 10.61M | 14.17M | 48.15M | -24.02M | -23.01M | -16.29M | -15.45M | -10.11M | -8.93M | -25.01M | -26.32M | 0 | 0 | 0 | 0 |
| Interest Income | 105M | 109M | 196M | 228M | 94M | 17M | 23.58M | 53.76M | 36.58M | 27.78M | 17.05M | 16.69M | 18.27M | 14.44M | 27.76M | 31.96M | 21.23M | 24.23M | 66.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 40M | 42M | 46M | 60M | 59M | 90M | 65.37M | 64.89M | 77.14M | 67.64M | 69.69M | 44.77M | 29.68M | 26.89M | 28.24M | 15.6M | 10.62M | 10.05M | 11.93M | 24.02M | 23.01M | 16.29M | 15.45M | 10.11M | 8.93M | 25.01M | 26.32M | 10.66B | 11.66B | 13.1B | 9.77B |
| Other Income/Expense | 1.21B | 615M | 2.25B | 168M | 35M | -73M | -41.79M | -11.13M | -40.57M | -372.49M | -52.64M | 40.08M | -11.41M | -12.44M | -482K | 16.36M | 10.61M | 14.17M | 161.17M | 40.51M | 4.33M | 7.38M | 3.5M | 3.22M | 6.45M | -908K | 25.29M | -10.66B | -11.66B | -13.1B | -9.77B |
| Pretax Income | 695M | 252M | 2.72B | 315M | 244M | -346M | 3.49M | -839.47M | 385.75M | 53.81M | 546.6M | 726.55M | 1.2B | 1.18B | 733.5M | 1B | 559.6M | 1.14B | 1.14B | 649.09M | 381.99M | 299.58M | 281.16M | 267.98M | 260.52M | 185.32M | 164.29M | 88.7M | 193.8M | 119.4M | 280.4M |
| Pretax Margin % | 4.58% | 1.63% | 16.66% | 2.04% | 1.78% | -2.44% | 0.02% | -5.43% | 2.05% | 0.36% | 2.87% | 4.01% | 5.6% | 4.31% | 2.66% | 4.28% | 2.68% | 5.17% | 5.11% | 3.89% | 2.71% | 2.28% | 3% | 3.04% | 2.62% | 2.07% | 1.74% | 0.82% | 1.63% | 0.9% | 2.79% |
| Income Tax | 360M | 314M | 634M | 236M | 171M | 20M | 15.86M | 481.96M | 173.33M | 16.36M | 219.15M | 245.89M | 352.81M | 354.57M | 162.44M | 303.73M | 118.51M | 403.91M | 392.79M | 115.77M | 118.54M | 72.31M | 94.46M | 88.53M | 90.55M | 57.55M | 48.01M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 51.8% | 124.6% | 23.33% | 74.92% | 70.08% | -5.78% | 453.81% | -57.41% | 44.93% | 30.4% | 40.09% | 33.84% | 29.28% | 30.11% | 22.15% | 30.32% | 21.18% | 35.53% | 34.4% | 17.84% | 31.03% | 24.14% | 33.6% | 33.03% | 34.76% | 31.06% | 29.23% | 0% | 0% | 0% | 0% |
| Net Income | 350M | -51M | 2.15B | 139M | 145M | -440M | -435.05M | -1.52B | 173.47M | 191.38M | 281.4M | 412.5M | 510.91M | 667.71M | 456.33M | 593.73M | 357.5M | 684.89M | 720.46M | 533.32M | 263.45M | 227.27M | 186.69M | 157.45M | 163.62M | 19.41M | 123.95M | 104.2M | 235.3M | 146.2M | 268.1M |
| Net Margin % | 2.3% | -0.33% | 13.15% | 0.9% | 1.05% | -3.11% | -3.07% | -9.85% | 0.92% | 1.29% | 1.48% | 2.28% | 2.37% | 2.44% | 1.65% | 2.54% | 1.71% | 3.11% | 3.23% | 3.2% | 1.87% | 1.73% | 1.99% | 1.79% | 1.64% | 0.22% | 1.32% | 0.97% | 1.98% | 1.11% | 2.67% |
| Net Income Growth % | -81.03% | -102.38% | 1443.17% | -4.14% | 132.95% | -1.14% | 71.42% | -977.49% | -9.36% | -31.99% | -31.78% | -19.26% | -23.48% | 46.32% | -23.14% | 66.08% | -47.8% | -4.94% | 35.09% | 102.44% | 15.92% | 21.73% | 18.57% | -3.77% | 742.94% | -84.34% | 18.95% | -55.72% | 60.94% | -45.47% | - |
| Net Income (Continuing) | 335M | -62M | 2.08B | 79M | 73M | -366M | -12.36M | -1.32B | 212.42M | 37.45M | 327.45M | 480.66M | 852.09M | 823.03M | 571.07M | 698.09M | 441.08M | 732.88M | 748.9M | 533.32M | 263.45M | 227.27M | 186.69M | 179.46M | 169.98M | 127.77M | 116.27M | 38.2M | 117.9M | 146.2M | 268.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -35M | -355.97M | -239.52M | 20.43M | 180.75M | 0 | -5.66M | -204.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.62M | -6.36M | -108.36M | 7.68M | 0 | 0 | 0 | 0 |
| Minority Interest | 79M | 33M | 43M | 112M | 210M | 174M | 232.98M | 96.34M | 154.87M | 150.09M | 117.64M | 116.15M | 112.96M | 123.84M | 85.8M | 64.38M | 31.63M | 28.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.99 | -0.31 | 12.30 | 0.54 | 0.73 | -3.29 | -3.09 | -10.87 | 1.59 | 1.36 | 2.00 | 2.81 | 3.20 | 4.06 | 2.71 | 3.40 | 1.98 | 3.75 | 3.89 | 2.93 | 1.48 | 1.31 | 1.13 | 0.98 | 1.02 | 0.13 | 0.81 | 0.69 | 1.49 | 0.88 | 1.61 |
| EPS Growth % | -81.15% | -102.52% | 2177.78% | -26.03% | 122.19% | -6.47% | 71.57% | -783.65% | 16.91% | -32% | -28.83% | -12.19% | -21.18% | 49.82% | -20.29% | 71.72% | -47.2% | -3.6% | 32.76% | 97.97% | 12.98% | 15.93% | 15.31% | -3.92% | 684.62% | -83.95% | 17.39% | -53.69% | 69.32% | -45.34% | - |
| EPS (Basic) | - | -0.31 | 12.48 | 0.55 | 0.75 | -3.29 | -3.09 | -10.87 | 1.60 | 1.36 | 2.02 | 2.85 | 3.24 | 4.11 | 2.73 | 3.44 | 2.01 | 3.79 | 3.99 | 3.06 | 1.53 | 1.34 | 1.15 | 0.99 | 1.03 | 0.13 | 0.83 | 0.69 | 1.50 | 0.88 | 1.62 |
| Diluted Shares Outstanding | 176M | 176M | 174M | 153M | 145M | 141M | 140.51M | 140.06M | 141.3M | 140.89M | 140.9M | 146.7M | 159.62M | 164.35M | 168.49M | 174.56M | 180.99M | 180.86M | 182.61M | 182.18M | 178.39M | 173.31M | 165.59M | 161.08M | 159.71M | 155.28M | 153.02M | 152.12M | 158.45M | 167.09M | 167.04M |
| Basic Shares Outstanding | 169.23M | 169.23M | 172M | 150M | 142M | 141M | 140.51M | 140.06M | 140.4M | 139.76M | 139.2M | 144.8M | 157.49M | 162.57M | 167.12M | 172.5M | 178.05M | 179.1M | 177.66M | 174.5M | 172.67M | 169.64M | 163.12M | 159.59M | 158.69M | 155.28M | 150.24M | 151.01M | 157.39M | 166.14M | 165.49M |
| Dividend Payout Ratio | - | - | - | 20.86% | 26.9% | - | - | - | 68.45% | 61.66% | 41.93% | 30.35% | 24.7% | 11.79% | 28.19% | 14.77% | 25.2% | 13.24% | 12.48% | 13.2% | 20.07% | 30.21% | 28.64% | 33.21% | 31.47% | 262.3% | 61.3% | - | - | - | - |
Legacy project margin erosion
As reported in recent financial filings, Fluor's quarterly revenue has exhibited a volatile contraction, with the most recent period showing an 8.0% year-over-year decline to $3.7 billion, reflecting the ongoing challenges of replacing legacy project volume with higher-quality, cost-reimbursable contract wins in a tightening capital environment.
The inconsistent revenue trajectory suggests that the company is struggling to maintain top-line momentum as it pivots away from high-risk, fixed-price EPC work. Investors should monitor whether the current book-to-bill dynamics can stabilize revenue, as the reliance on large-scale project milestones often leads to lumpy and unpredictable quarterly performance.
Based on the provided income statement data, Fluor's gross margin has frequently dipped into negative territory, including a significant -13.3% contraction in 2025Q3, which underscores the severe impact of legacy project cost overruns and the difficulty of achieving profitability on older, fixed-price contractual obligations.
The inability to consistently maintain positive gross margins suggests that the company is still working through a backlog of underpriced projects that continue to consume operational resources. This margin profile appears fundamentally weaker than industry peers like KBR or Jacobs, indicating that a return to sustainable profitability requires a complete clearing of these legacy liabilities.
According to historical income statements, Fluor's net income figures have been characterized by extreme volatility, including a massive $2.5 billion gain in 2025Q2 followed by a $1.6 billion loss in 2025Q4, suggesting that reported earnings are heavily influenced by non-operating adjustments rather than core operational performance.
The wide variance between operating income and net income warrants further investigation into the nature of these non-recurring items, which likely include divestitures or valuation adjustments. Analysts should focus on operating income as a more reliable, albeit currently strained, indicator of the company's underlying business health and management's execution discipline.
While management emphasizes a strategic shift toward cost-reimbursable contracts, the persistent negative operating margins, such as the -1.3% reported in 2026Q1, suggest that the company's operational turnaround remains fragile and potentially susceptible to further cost inflation or project execution delays that could erode the current liquidity buffer.
Short-sellers may focus on the fact that despite a multi-year effort to de-risk the backlog, the income statement has yet to demonstrate a clear, sustained inflection toward positive operating profitability. The reliance on percentage-of-completion accounting means that future earnings remain vulnerable to sudden, negative revisions in estimates at completion for the remaining legacy projects.
Quick answers to the most common questions about buying FLR stock.
For fiscal year 2025, Fluor Corporation (FLR) reported total revenue of $15.50B. This represents a 54.2% increase compared to $10.05B in 1996.
Fluor Corporation (FLR) reported a net loss of $51.0M for the fiscal year ending 2025.
Fluor Corporation (FLR) reported an operating income of $-363.0M, resulting in an operating profit margin of -2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Fluor Corporation (FLR) generated $-120.0M in gross profit for the year, representing a gross profit margin of -0.8%. This demonstrates the company's core pricing power and production efficiency.