Fluor
Fluor Corporation is an American multinational engineering and construction firm headquartered in Irving, Texas, specializing in engineering, procurement, construction (EPC), fabrication, modularization, operations, maintenance, and project management services for global clients across industries such as energy, infrastructure, and chemicals.[1][2] Founded in 1912 by John Simon Fluor as a small construction company with an initial investment of $100, it originated from a family of Swiss immigrants and has evolved into a Fortune 500 enterprise with over a century of experience delivering complex projects.[3][4] The company has a rich history of innovation and expansion, beginning with early pipeline and oilfield projects in California and growing through strategic relocations and diversification into diverse sectors including mining, power generation, and advanced manufacturing.[4][5] By the mid-20th century, Fluor had become a leader in heavy engineering, contributing to landmark infrastructure developments worldwide while emphasizing safety, sustainability, and technological integration in its operations.[6][7] Today, Fluor operates in more than 100 countries, employing tens of thousands of professionals and focusing on high-impact projects that address global challenges like energy transition and urban development, underpinned by a commitment to ethical practices and client-centric solutions.[8][9]History
Founding and early years
Fluor Corporation was founded in 1912 by John Simon "Si" Fluor in Santa Ana, California, as the Fluor Construction Company, initially operating out of a garage with a modest investment of $100 and focusing on general contracting, including pipeline and refinery work in the burgeoning oil and gas sector.[3][4] The company quickly established a reputation for quality and innovation in hydrocarbon-related projects, securing its first contract in the hydrocarbon transportation industry in 1915 to build meter shops and an office for the Southern California Gas Company.[10] By the early 1920s, Fluor had expanded its operations, constructing a 10,000-gallon-per-day natural gasoline plant for Richfield Oil Company in 1922 and a gas plant in Santa Fe Springs, California, amid the state's oil boom in 1925.[4] In the 1920s and 1930s, the company grew its presence in the oil fields, particularly expanding into Texas with significant pipeline projects, including a 1930 contract with the Panhandle Eastern Pipeline Company to build compressor stations along a major oil pipeline route from Texas to Indiana.[11][4] This work solidified Fluor's expertise in oil and gas infrastructure, with additional contracts such as a 1930 refining unit for Shell Oil in Illinois, helping the firm navigate the challenges of the Great Depression through family-backed financial support, including mortgaging homes to retain employees in 1933.[11][4] Family involvement deepened in the mid-1920s when Fluor's sons, Peter E. Fluor and John Simon Fluor Jr., joined the business, gradually assuming operational roles by the 1930s, with the company formally incorporating as Fluor Construction Co. in 1924 and reincorporating as Fluor Corporation in 1929.[11][4] Following John Simon Fluor's death in 1944, Peter E. Fluor became president, marking a seamless generational transition that propelled the company forward.[4][11] During World War II, Fluor significantly contributed to the war effort by constructing military-related facilities, including a 1943 helium plant for the U.S. Bureau of Mines and refineries that produced over 33% of the nation's 100-octane aviation gasoline, while developing patented processes for oil and gas handling.[4][11] The company's workforce and operations expanded tenfold during this period, focusing on synthetic rubber production and other critical infrastructure.[4] Postwar, Fluor entered the chemical plants and power generation sectors in the late 1940s and 1950s, building a grassroots refinery for Carter Oil in Montana in 1946 and expanding into petrochemical facilities, which broadened its engineering and construction capabilities beyond initial oil and gas foundations.[4][11]Expansion and diversification
During the 1960s, Fluor Corporation pursued aggressive expansion through strategic acquisitions and international ventures, building on its domestic oil and gas foundation. In 1969, the company acquired the mining and construction division of Utah Construction & Mining Co., establishing Fluor Mining & Metals, Inc., which marked its entry into the mining sector and enhanced its capabilities in heavy construction and resource extraction.[4] This move diversified Fluor's portfolio beyond traditional energy services. Concurrently, Fluor began targeting international markets, with early forays into the Middle East; by the mid-1970s, it secured its first major project in Saudi Arabia, a $5 billion contract with Aramco for gas gathering and processing infrastructure, which solidified its presence in global oil infrastructure development.[4] In the 1970s, Fluor further diversified into emerging sectors such as nuclear power and broader infrastructure, leveraging its engineering expertise to enter high-growth areas. The company broke ground on the Farley Nuclear Plant in Alabama in 1970, its first major nuclear project, which expanded its role in power generation and atomic energy facilities.[12] Entry into mining accelerated with projects like the Dexing Copper Mine in China in 1978, while infrastructure capabilities grew through involvement in large-scale energy transport systems. Fluor also innovated proprietary technologies during this period, including advanced modular construction techniques for offshore facilities, as demonstrated in its 1973 engineering of the world's first totally offshore oil and gas plant for Atlantic Richfield in the North Sea.[13] These developments positioned Fluor as a versatile EPC provider capable of handling complex, technology-driven projects across industries.[4] The 1970s and early 1980s represented a period of rapid growth for Fluor, fueled by global energy demands and landmark projects. A key highlight was its contribution to the Trans-Alaska Pipeline System, where Fluor designed the pumping stations and Valdez Marine Terminal starting in 1972, with completion in 1977, enabling the transport of oil from Alaska's North Slope.[10] This era saw Fluor's workforce expand significantly, reaching approximately 29,000 employees by 1980, supported by new corporate offices in Houston and Irvine to manage the influx.[14] The company's backlog swelled, reflecting booming demand in hydrocarbons, mining, and power sectors, and establishing it as one of the largest engineering firms worldwide.[13] The mid-1980s oil recession, triggered by plummeting global prices, challenged Fluor's growth trajectory, leading to substantial financial strain and a strategic pivot. In fiscal 1985, the company reported a net loss of $633 million, primarily due to write-downs on assets tied to the volatile energy market.[15] In response, Fluor divested non-core holdings, including mining operations and offshore drilling units, and restructured its business model to emphasize engineering and procurement services over labor-intensive construction.[13] This shift, culminating in the 1986 merger of its engineering and construction arms into Fluor Daniel, Inc., aimed to reduce cyclical exposure and focus on knowledge-based services in diversified markets like industrial and government projects.[16]Restructuring and recent developments
In the 1980s, Fluor faced significant financial challenges stemming from its diversification into mining, particularly the 1981 acquisition of St. Joe Minerals Corporation for $2.2 billion, which exposed the company to a downturn in the commodities market and contributed to substantial losses. By 1985, these pressures, compounded by the collapse in oil prices and recessionary conditions, led to a net loss of $633 million and prompted a major restructuring effort under CEO David S. Tappan Jr., who assumed the role following J. Robert Fluor's death in 1984. The company divested non-core assets, including oil properties, gold operations, offshore drilling facilities, and South African interests, while selling St. Joe Minerals in 1987 for $100 million—a fraction of the purchase price—to refocus on its engineering, procurement, and construction (EPC) services. This strategic pivot, including the 1986 merger of Fluor Engineers and Constructors with Daniel International to form Fluor Daniel Inc., enabled recovery by the late 1980s, with profits reaching $147 million on $7 billion in sales by decade's end. Entering the 1990s, Fluor experienced post-recession growth, bolstered by major contracts such as a $5 billion project with Saudi Aramco, which helped revenues climb from $7.85 billion in 1993 to $11.02 billion in 1996 and net income from $166.8 million to $268.1 million. In 2001, the company rebranded its primary operating subsidiary from Fluor Daniel to simply Fluor, introducing a unified logo to streamline its identity as an integrated EPC provider. Following the September 11, 2001 attacks, Fluor expanded into government contracts, securing significant awards under the U.S. Department of Defense's Logistics Civil Augmentation Program (LOGCAP), including over $13.5 billion for support services in Iraq and Afghanistan from 2001 to 2021. The 2010s brought challenges from oil price volatility, which adversely affected demand in Fluor's energy segment and led to project delays and cost overruns, as noted in the company's SEC filings. In May 2019, Carlos Hernandez, previously chief legal officer, was appointed interim CEO following David Seaton's abrupt resignation and was confirmed as permanent CEO later that year, serving until his retirement at the end of 2020 amid efforts to stabilize operations. In the 2020s, Fluor adapted to the COVID-19 pandemic by implementing health protocols such as mask mandates, social distancing, and remote work where feasible, while supporting communities through initiatives like distributing 3,000 ration kits to affected families in India. Leadership transitioned to David E. Constable as CEO in January 2021, followed by Jim Breuer's appointment as CEO effective May 1, 2025, with Constable moving to executive chairman to emphasize growth in high-priority sectors like data centers and power. In October 2025, activist investor Starboard Value disclosed a nearly 5% stake in Fluor, advocating for governance reforms, capital structure optimization, and a review of investments such as its 39% ownership in NuScale Power to align with policy-driven expansion opportunities. On sustainability, Fluor announced in January 2021 a commitment to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions by the end of 2023, a goal it met ahead of schedule through measures like renewable energy adoption and landfill avoidance, reducing operational emissions to net zero.Operations
Business segments
Fluor Corporation operates through three primary business segments: Energy Solutions, Urban Solutions, and Mission Solutions, which collectively enable the company to deliver engineering, procurement, and construction (EPC) services across diverse global markets.[17][8] The Energy Solutions segment focuses on providing comprehensive EPC services for clients in the oil, gas, chemicals, and renewables sectors, encompassing upstream exploration and production, midstream transportation and storage, and downstream refining and processing activities. This segment supports traditional energy demands while advancing sustainable solutions, such as carbon capture and renewable energy projects, to meet evolving global energy needs.[18][1] Urban Solutions addresses urbanization challenges by offering EPC and project management services to industries including infrastructure, mining, metals, life sciences, and advanced manufacturing. It specializes in developing transportation systems, water management facilities, and high-tech manufacturing environments, helping clients build resilient urban ecosystems that support economic growth and sustainability.[19][8] Mission Solutions delivers specialized technical and professional services primarily to U.S. government agencies and select international partners, with expertise in defense, nuclear operations, and federal infrastructure. This segment handles complex projects involving national security, environmental remediation, site management, and emergency response, ensuring compliance with stringent regulatory and security standards.[8] As a holding company, Fluor Corporation provides strategic oversight through a network of subsidiaries, including Fluor Constructors International, Inc., a wholly owned entity dedicated to executing construction on Fluor-led projects across the United States. Since 2022, the company has intensified its integration of artificial intelligence (AI) and digital tools across these segments to enhance project efficiency, with 60 AI-enabled systems deployed by the end of 2024 for predictive analytics, automation, and optimized execution.[20][21][22]Services and capabilities
Fluor offers comprehensive engineering services, encompassing design and feasibility studies that leverage modular construction techniques to enhance project efficiency and reduce on-site risks. Since the 1970s, the company has pioneered offsite fabrication and modular approaches, enabling faster assembly and improved quality control in complex projects across industries.[23][24] For 3D modeling, Fluor employs proprietary tools such as InVision, which integrates 3D models to monitor material delivery, project completion, quality control, and turnover processes.[25] In engineering, procurement, and construction (EPC), Fluor manages the full project lifecycle, from conceptual design through to commissioning, with a focus on integrated execution to optimize outcomes. The company emphasizes supply chain optimization through its proprietary Market Dynamics/Spend Analytics (MD/SA) system, which tracks trends to support informed procurement decisions and mitigate disruptions.[1][26] Fluor's fabrication and modularization capabilities include self-perform yards and preassembly options for process modules, pipe racks, and structures, delivering cost savings and enhanced safety in controlled environments.[23][27] For maintenance and operations, Fluor provides long-term asset management solutions, including plant betterment engineering and integrity services to extend facility performance and reliability. These efforts foster enduring client relationships by addressing operational enhancements and modifications over the asset's lifecycle.[28][29] In environmental services, Fluor develops in-house carbon capture and storage (CCS) technologies, such as the patented Econamine FG Plus process, which enables efficient CO2 removal from flue gases in power plants and industrial facilities, with over 30 licensed plants operational.[30][31] Fluor drives innovation through the adoption of digital twins and artificial intelligence (AI) to reduce project risks and improve decision-making. Digital twins simulate operational scenarios in sectors like mining, allowing for predictive maintenance and efficiency gains, while AI tools, including the EPC Project Health Diagnostics (EPHD) system developed since 2015 in partnership with IBM Watson, provide predictive analytics for cost control and performance monitoring.[32][26][33] Safety protocols are aligned with international standards, including ISO 14001 for environmental management and ISO 45001 for occupational health and safety, with numerous facilities certified to ensure rigorous compliance and risk mitigation.[34]Global presence and workforce
Fluor Corporation maintains a significant international footprint, operating in more than 40 countries across the Americas, Europe, the Middle East, and Asia-Pacific regions as of 2024.[35] The company supports its global operations through approximately 90 facilities located in 26 countries, enabling localized engineering, procurement, and construction services tailored to diverse markets.[35] Key operational hubs include its headquarters in Irving, Texas, near Houston; offices in London, United Kingdom; and a facility in Singapore, which serve as central points for regional coordination and project execution.[36][37][38] The company's workforce stood at 26,866 employees at the end of 2024, with projections indicating stability into 2025 amid ongoing strategic initiatives.[35] This global team comprises 71.8% salaried employees, supplemented by craft and agency personnel, reflecting a structure designed to support both office-based and field operations.[35] Fluor emphasizes diversity in its workforce, with 31% of salaried employees identifying as women in 2024, underscoring efforts to promote gender balance and inclusion across its international operations.[35] To align with regional requirements, Fluor implements local adaptations such as compliance with the European Union's Corporate Sustainability Reporting Directive (CSRD), for which it established data collection systems in 2024 across major European offices to prepare for 2026 reporting.[35] In the Middle East, the company engages in joint ventures to advance oil and gas projects, leveraging partnerships to navigate local regulations and foster technology transfer in energy infrastructure.[39] These adaptations ensure operational resilience and adherence to varying environmental and governance standards worldwide. Fluor's supply chain is anchored by a global vendor network, with local supplier commitments reaching $9.5 billion in 2024, accounting for 85% of its total spend and facilitating efficient support for over 100 active projects annually.[35] This network prioritizes regional sourcing to reduce logistical risks and enhance sustainability, integrating supplier screening for ethical and environmental criteria to sustain project delivery across its international portfolio.[35]Notable Projects
Energy and infrastructure projects
Fluor Corporation has played a pivotal role in major energy and infrastructure developments worldwide, delivering engineering, procurement, and construction (EPC) services for complex projects in challenging environments. These initiatives span oil and gas transportation, refining expansions, liquefied natural gas (LNG) facilities, civil infrastructure, and mining operations, often addressing logistical, environmental, and technical hurdles to enable large-scale resource extraction and distribution.[40] One of Fluor's landmark energy projects was the Trans-Alaska Pipeline System, completed in 1977, where the company provided EPC services for the 800-mile pipeline, including 12 pump stations and three refrigeration plants across arctic terrain. This project overcame severe environmental challenges, such as permafrost and seismic activity, through innovative design features like elevated supports and insulated sections to prevent thawing and ensure operational integrity.[41][40] In the refining sector, Fluor executed multiple EPC contracts for Saudi Aramco from the 1970s through the 2000s, focusing on refinery expansions, gas gathering, and processing facilities. Notable among these was a 1975 contract valued at $4 billion for a gas-gathering, treatment, and transmission program capable of handling 5 billion cubic feet of natural gas per day, alongside later awards such as a $6 billion pact in 1990 for additional infrastructure. These efforts, totaling more than $10 billion in contract value during the period, supported Aramco's production growth and integrated upstream and downstream operations in the Kingdom of Saudi Arabia.[40][42][43] Fluor has also advanced LNG infrastructure, with key projects in the 2010s and 2020s enhancing global energy export capabilities. In Australia, the company secured a $3.5 billion EPC contract in 2011 for Santos' Gladstone LNG project, which included upstream facilities to extract and liquefy 7.8 million tonnes per year of gas from coal seam deposits for export to Asia. In August 2025, a court ruled in favor of Santos in a long-running dispute, ordering Fluor to pay approximately A$692 million ($450 million) related to project costs.[44][45] On the U.S. Gulf Coast, Fluor served as EPC contractor for New Fortress Energy's Fast LNG facility in Louisiana, awarded in 2022, featuring modular mid-scale design to produce 2.8 million tonnes per year of LNG using offshore installation to minimize environmental footprint; the project remains under development as of November 2025.[46][47][48] In civil infrastructure, Fluor contributes to transformative transportation systems, including the ongoing California High-Speed Rail program. Through a joint venture with AECOM, awarded a four-year contract in 2022, Fluor provides program management and delivery services for the 500-mile Phase 1 network connecting San Francisco to Los Angeles, supporting construction across 119 miles in the Central Valley as of 2025 with emphasis on sustainable design and seismic resilience.[49][50] Fluor's mining portfolio includes significant operations in Australia and Canada, leveraging EPCM expertise for resource development. In Australia, the company acted as owner's representative for Newcrest Mining's Cadia East panel-cave gold-copper mine, delivering engineering and construction for underground facilities, and in 2025, a joint venture with Hatch secured an EPCM contract for BHP's Olympic Dam smelter and refinery expansion in South Australia to boost copper and uranium output. In Canada, Fluor provided engineering, procurement, fabrication, and construction services for the utilities area of Suncor's Fort Hills oil sands project in Alberta, integrating power, water treatment, and electrical systems for mining and extraction operations.[51][52][53] Since 2020, Fluor has expanded into renewable energy developments in the Middle East, aligning with regional decarbonization goals through engineering support for sustainable power initiatives, though specific solar and wind farm EPC details remain integrated within broader energy transition portfolios.[54]Government and defense initiatives
Fluor's involvement in government and defense initiatives traces back to the early atomic era, with significant contributions to nuclear infrastructure stemming from the Manhattan Project. Although the initial construction of the Hanford Site in the 1940s was managed by DuPont de Nemours under the Manhattan Project to produce plutonium for atomic bombs, Fluor began supporting U.S. nuclear programs shortly after World War II by designing and constructing facilities for atomic energy development starting in 1946.[12][55] This legacy evolved into long-term Department of Energy (DOE) contracts for nuclear cleanup at Hanford, where Fluor has managed environmental remediation since the 1990s. In 1992, Fluor initiated nuclear decommissioning and cleanup services for DOE sites, including Hanford, marking the start of its specialized role in hazardous waste management.[12] From 1996 to 2008, Fluor served as the prime contractor for a substantial portion of Hanford's remediation under a $9.5 billion DOE contract, overseeing seven technical directorates and advancing tank waste treatment and site stabilization efforts.[56] Subsequent awards have sustained this work, including a 2023 joint venture contract valued at up to $45 billion over 10 years for Hanford's Integrated Tank Disposition Program, focusing on waste treatment and facility operations through at least 2033, with recent modifications extending support into 2025 and beyond.[57][58] In the post-9/11 era, Fluor provided critical logistics and base construction support for U.S. military operations in Iraq and Afghanistan during the 2000s. As a key participant in the U.S. Army's Logistics Civil Augmentation Program (LOGCAP) IV, awarded in 2007 with a potential value of up to $5 billion annually across multiple providers, Fluor delivered troop support services including supply chain management, infrastructure development, and base operations in both theaters.[59][60] These efforts encompassed construction of forward operating bases and logistical hubs, contributing to over $5 billion in total contract value for Fluor's defense-related work in the region by the late 2000s, as part of broader DOE and Army Corps of Engineers awards for electrical grid restoration and facility rehabilitation.[61][62] Fluor also played a pivotal role in disaster recovery efforts, notably supporting FEMA's response to Hurricane Katrina from 2005 to 2010. Following the 2005 storms, Fluor mobilized to provide temporary housing for over 100,000 displaced residents along the Gulf Coast, constructing modular communities and delivering aid under FEMA directives, while achieving nine million safe work hours by 2007 in debris removal and infrastructure restoration.[63][64][65] This initiative extended through 2010, aiding long-term rebuilding of critical utilities and shelters in Louisiana and surrounding areas.[66] In the 2020s, Fluor has continued advancing defense initiatives through contracts with the U.S. Navy's Naval Nuclear Propulsion Program, supporting laboratory operations and propulsion technology development essential for naval infrastructure. A 2023 contract extension through 2028, valued at billions, underscores Fluor's role in maintaining nuclear propulsion capabilities at sites like those in Pittsburgh and Schenectady.[67] Recent developments include activist investor Starboard Value's acquisition of a nearly 5% stake in October 2025, which may position Fluor to benefit from policy shifts under the new administration favoring increased U.S. infrastructure investments.[68][69]Leadership and Governance
Executive leadership
Jim Breuer serves as Chief Executive Officer of Fluor Corporation, having assumed the role effective May 1, 2025. A 32-year veteran of the company since joining in 1993, Breuer previously held the position of Chief Operating Officer from August 2024, along with various executive leadership roles in energy solutions and project management, including international assignments comprising half of his career. Prior to these senior positions, he spent 16 years in project execution roles. Breuer also serves on the company's Board of Directors since 2025.[70][71][72] David E. Constable is Executive Chairman of Fluor Corporation, a position he has held since May 1, 2025, following his tenure as CEO from January 2021 to April 2025. Constable joined Fluor in 1982 as an engineer after earning a degree in chemical engineering and has over 40 years of industry experience, including as CEO of Sasol Limited from 2015 to 2020. He has been a member of Fluor's Board of Directors since 2019.[73][74] Key executive officers include John C. Regan, who has served as Executive Vice President and Chief Financial Officer since March 1, 2025, after acting as Executive Vice President and Chief Accounting Officer; he oversees all financial aspects of the company. Other senior leaders encompass Group Presidents such as Michael E. Alexander, who assumed responsibility for Project Execution in November 2025 following Mark E. Fields' transition to Group President, Strategic Projects ahead of his 2026 retirement. Fluor's Board of Directors consists of 11 members as of 2025, with 10 independent directors representing shareholder interests.[75][76][77][78] Fluor's leadership succession has evolved from its family-led origins, founded in 1912 by John Simon Fluor and managed by successive generations of the Fluor family until the mid-20th century, to a professional management structure by the 1980s, with the last family member, Peter J. Fluor, retiring from the board in 2021. Recent changes in 2025, including Breuer's appointment and executive transitions, occurred amid pressures from activist investor Starboard Value, which acquired a nearly 5% stake in October 2025, prompting discussions on governance reforms and strategic divestitures. In response, on November 6, 2025, Fluor announced an agreement with NuScale Power to monetize its remaining stake by converting Class B units to Class A common stock, expected to complete by the end of Q2 2026.[13][79][80][81]Corporate structure and responsibility
Fluor Corporation employs a decentralized organizational structure, organized into key business segments including Energy Solutions, Urban Solutions, and Mission Solutions, which operate through various subsidiaries such as Fluor Limited and Fluor Industrial Services Limited to deliver engineering, procurement, and construction services globally.[82][83] The company's governance is directed by a Board of Directors comprising independent members who provide strategic oversight, with five standing committees—Audit, Commercial Strategies and Operational Risk, Executive, Governance, and Organization and Compensation—responsible for areas like financial reporting, risk management, and executive compensation.[84] This framework ensures accountability and alignment with shareholder interests while supporting operational flexibility across its international operations.[85] Ethical practices form a core component of Fluor's operations, guided by the Code of Business Conduct and Ethics, which was enhanced in early 2023 with a dedicated online microsite for improved accessibility and training integration.[86] All employees undergo mandatory annual training on anti-corruption policies, covering topics such as bribery prevention, conflicts of interest, and compliance with applicable laws, with over 29,000 participants completing such sessions in 2019 alone as part of ongoing efforts.[87][88] These initiatives, supplemented by the Anti-Bribery and Corruption Policy effective February 2023, reinforce a culture of integrity and transparency throughout the organization.[87] In terms of corporate responsibility, Fluor established the Fluor Foundation in 1952 to manage philanthropic activities, contributing over $231 million to nonprofit organizations and community initiatives focused on education, health, and economic development since its inception.[89][90] The company issues annual ESG reports detailing progress on sustainability goals, including the achievement of Net Zero Scope 1 and Scope 2 greenhouse gas emissions from global offices and fleet operations by the end of 2023 through investments in energy efficiency and renewable sources.[91][92] Diversity efforts emphasize inclusive hiring and leadership development, with board representation reaching 36% female and 18% ethnically or racially diverse members as of April 2025.[35] Fluor demonstrates compliance with international standards as a signatory to the United Nations Global Compact since 2009, aligning its strategies with the Compact's principles on human rights, labor, environment, and anti-corruption.[93] Community engagement is integrated into project execution via programs like Fluor Cares, where employees volunteered over 33,700 hours in 2023 to support local causes in education, economic development, and environmental protection in operational areas worldwide.[90][94] These efforts underscore Fluor's commitment to responsible operations that benefit stakeholders and host communities.[95]Financial Performance
Revenue and profitability trends
Fluor Corporation's revenue reached $16.3 billion in 2024, marking a 5.4% increase from $15.5 billion in 2023, primarily driven by execution on a robust backlog and new awards across its core segments.[96][97] This growth reflected steady demand in urban infrastructure and energy transition projects, with the company's ending backlog standing at $28.5 billion, of which approximately 79% was reimbursable, providing visibility into future revenue streams.[96] Profitability saw significant improvement in 2024, with net income attributable to Fluor totaling $2.1 billion, a sharp rise from $139 million in 2023, bolstered by enhanced margins from cost control measures and a shift toward lower-risk reimbursable contracts implemented post-COVID-19.[98][99] These efforts, including portfolio de-risking and operational efficiencies, helped restore positive cash flow and segment profits, particularly in Urban Solutions, which contributed $304 million in profit for the year.[96] In Q3 2025 (as of November 7, 2025), Fluor reported revenue of $3.4 billion (down 18% YoY due to a $653 million reversal related to the Santos ruling) and a net loss attributable to Fluor of $697 million, primarily from that charge; full-year 2025 adjusted EPS guidance was raised to $2.10–$2.25. Ending backlog stood at $28.2 billion, 82% reimbursable.[100] Historically, Fluor experienced substantial losses in the 1980s amid a severe industry downturn, reporting a $633 million net loss in fiscal 1985 due to collapsing oil prices and project overruns that reduced its backlog from $16 billion in 1981 to $4 billion by 1984.[101] Recovery began in the late 1980s and continued into the 1990s through restructuring, divestitures, and a focus on engineering services, yielding a $26 million profit by fiscal 1987 and sustained growth thereafter.[102] A notable dip occurred in 2020, with a net loss of approximately $367 million driven by volatile oil prices and pandemic-related disruptions in the energy sector.[103] The company rebounded from 2022 onward, achieving profitability through diversified government contracts in its Mission Solutions segment, which saw increased awards and contributed to backlog growth amid rising defense and infrastructure spending.[100] The 2024 backlog breakdown highlighted segment contributions, with Urban Solutions accounting for $17.7 billion (62%), Energy Solutions $7.6 billion (27%), and Mission Solutions $2.7 billion (10%), underscoring a balanced portfolio tilted toward infrastructure and government work.[104] As of Q3 2025, backlog was $28.2 billion. Looking to 2025, Fluor anticipates positive momentum, projecting execution of about half its 2024 backlog while benefiting from activist investor Starboard Value's nearly 5% stake, which is expected to drive further efficiency and strategic reviews.[104][105]| Year | Revenue ($B) | Net Income ($M) | Key Driver |
|---|---|---|---|
| 1985 | ~4.2 | -633 | Oil downturn, asset writedowns[101] |
| 1987 | ~4.0 | 26 | Restructuring recovery[102] |
| 2020 | 15.7 | -367 | COVID-19 and oil price crash[103] |
| 2023 | 15.5 | 139 | Segment diversification[99] |
| 2024 | 16.3 | 2,100 | Cost controls, reimbursable contracts[96] |