Fluor lost $1.57B in Q4, expects 2026 rebound

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After a yr marked largely by uncertainty, extra large-scale tasks are actually shifting nearer to execution in 2026, in accordance with Fluor.

On the corporate’s second-quarter earnings name final yr, CEO Jim Breuer mentioned shoppers had been taking a “wait-and-see approach due to a variety of reasons,” reminiscent of commerce coverage discussions and general price escalation. That finally led to challenge cancellations or prolonged deferments in just a few circumstances throughout that interval.

However now, Fluor CEO Jim Breuer mentioned “the uncertainty and hesitation that we noticed final yr is abating,” in a optimistic signal for development exercise.

“As we stand in early 2026, we’re seeing improved confidence throughout our consumer base,” mentioned Breuer throughout Fluor’s fourth-quarter earnings call on Tuesday. “This confidence is a results of excessive ranges of latest front-end work, in addition to detailed negotiations on tasks that we see changing to backlog within the subsequent a number of quarters, weighted in the direction of the second half of 2026.”

For that cause, Irving, Texas-based Fluor expects new awards this yr to be “considerably increased than in 2025,” mentioned Breuer. He highlighted power development as a selected space for that rebound.

“Prospects for 2026 embody our entrance again into the gas-fired energy market,” mentioned Breuer through the name. “We at present have a restricted discover to proceed with a confidential U.S. utility for a large-scale challenge with a possible so as to add two further amenities for a similar consumer.”

These tasks will begin on a reimbursable foundation after which convert to a negotiated mounted value as soon as the execution plan and estimate are accomplished in late 2026 or early 2027, mentioned Breuer.

He additionally mentioned the agency’s legacy fixed-price publicity is shrinking. Backlog tied to older infrastructure tasks has declined to $250 million from $700 million a yr in the past, as these jobs transfer towards completion.

Enhance in nuclear tasks

Breuer pointed to nuclear challenge prospects through the name. The corporate not too long ago superior a Romanian small modular reactor challenge and is pursuing further standard and SMR alternatives with a number of expertise suppliers, he mentioned.

It additionally bought 71 million shares of NuScale Power, a small modular nuclear reactor firm, for $1.35 billion, in accordance with a separate Tuesday launch. Fluor plans to monetize its remaining 40 million shares within the second quarter of 2026, in accordance with the discharge.

Within the U.S., Fluor secured an early engineering award tied to growth of a uranium enrichment plant in Ohio. The challenge kinds a part of federal efforts to rebuild home nuclear gas provide chains.

“Within the nuclear energy market, we’re happy with our progress to advance present tasks,” mentioned Breuer. “We proceed to broaden and diversify our nuclear energy portfolio, which we imagine will present vital progress potential within the mid to long run.”

Breuer additionally emphasised Fluor’s use of synthetic intelligence throughout challenge planning.

“AI will improve our capacity to plan, design, procure and construct, enhancing resolution timeliness and high quality, accelerating execution and sharpening our aggressive edge,” mentioned Breuer. “As of in the present day, we’ve deployed AI throughout the challenge lifecycle, from predicted analytics on capital tasks to clever pricing insights throughout the availability chain. We have now additionally carried out AI functions throughout particular person useful roles, together with HR, finance, authorized and procurement.”

This fall by the numbers

Fluor reported a lack of $1.57 billion within the fourth quarter of 2025, a reversal from $1.86 billion in revenue throughout This fall a yr in the past, in accordance with the report. Its income reached $4.18 billion for the fourth quarter, a few 2% drop from $4.26 billion in the identical interval a yr earlier.

For the total yr, Fluor posted a $51 million loss in 2025, down from a $2.15 billion acquire in 2024. Its income for the total yr additionally dropped about 5% from $16.32 billion in 2024 to $15.5 billion in 2025, in accordance with the report.