Fluor Corporation is one of the world’s largest engineering and construction companies, reporting revenue of $15.5 billion in 2025 and closing the year with a backlog of $25.5 billion — 81% on reimbursable contract structures. Headquartered in Irving, Texas, and listed on the NYSE under ticker FLR, Fluor operates across four business segments serving energy, chemicals, advanced manufacturing, urban infrastructure, and government programmes, with European operations anchored from its hub in Hoofddorp, the Netherlands.
Fluor Corporation Overview
Founded in 1912 as a small plumbing and heating contractor in California, Fluor has grown into one of the defining names in global EPC contracting. The company employs approximately 30,000 people across more than 100 countries, executing projects from concept engineering and feasibility through to full EPC delivery and operations support. Its four reporting segments are Energy Solutions, Urban Solutions, Mission Solutions (US government), and Other.
The 2025 full-year results reflected the operational strength of the business alongside a one-time distortion: an adverse $643 million arbitration ruling related to the completed Santos LNG project in Australia required Fluor to reverse previously recognised revenue and pay $642 million net of insurance recoveries. Stripping that out, adjusted EBITDA of $504 million represented continued operational progress, and the company entered 2026 guiding for adjusted EBITDA of $525-$585 million on the strength of a $25.5 billion backlog where 87% of 2025 new awards were on reimbursable terms — a contract structure that limits lump-sum execution risk of the kind that has troubled other major EPC contractors.
Energy Solutions: The Oil, Gas & Transition Core
Fluor’s Energy Solutions segment covers the full range of oil and gas, LNG, chemicals, petrochemicals, carbon capture, and energy transition projects. It is the segment most relevant to Fluor’s European operations and to the energy infrastructure market. The segment competes directly with Bechtel, KBR, Technip Energies, and McDermott on large-scale EPC and EPCM contracts globally.
In Europe, Fluor’s most significant recent engagement has been engineering services for the Shell Energy and Chemicals Park Rotterdam — one of Europe’s most complex refinery conversion and sustainable fuels projects, involving the transformation of a conventional refinery into a facility producing renewable diesel, sustainable aviation fuel, and bio-based chemicals. The broader context of Shell’s Rotterdam investment decisions is examined in our analysis of Shell’s capital discipline decisions at Rotterdam.
Other notable European project work includes EPCM support for Neste’s renewable diesel expansion in Rotterdam, engineering design for the INEOS Project ONE petrochemical expansion in Belgium, and front-end engineering for multiple carbon capture projects in the UK and EU. Fluor’s European engineering centres in the Netherlands, UK, Germany, and Spain provide capacity for both regional projects and global project support roles. The competitive landscape for European energy transition EPC work is covered in our roundup of the top engineering and construction companies driving Europe’s energy transition.
Urban Solutions & Mission Solutions
Beyond energy, Fluor operates two other significant segments. Urban Solutions — which delivered $9.2 billion in revenue in 2025 — covers infrastructure including roads, bridges, rail, and advanced manufacturing facilities such as semiconductor fabrication plants. This segment has been a significant growth driver, with revenue up from $7.2 billion in 2024.
Mission Solutions serves the US government across defence, intelligence, and nuclear remediation programmes — a stable, long-term revenue base that provides earnings diversification from the more cyclical commercial energy market. The government segment’s reimbursable contract model aligns with Fluor’s broader strategic shift away from lump-sum fixed-price risk exposure.
NuScale Investment and Capital Returns
A distinctive feature of Fluor’s recent financial profile is its investment in NuScale Power — a small modular reactor (SMR) developer in which Fluor holds a significant stake. The NuScale position introduced significant mark-to-market volatility into Fluor’s GAAP earnings in 2024 and 2025. Fluor received $605 million from NuScale share sales in 2025 and a further $1.35 billion in Q1 2026, with full monetisation of its remaining stake expected by mid-2026. Combined with $754 million of share buybacks in 2025 and $1.4 billion planned for 2026, Fluor is in active capital return mode — a signal of management confidence in forward cash generation.
2026 Outlook and Commercial Position
Fluor’s CEO Jim Breuer cited growing confidence in capturing significant EPC awards in 2026 and 2027, supported by an improving capital spending environment and increasing client commitments. The 2025 new awards of $12.0 billion at 87% reimbursable, combined with a $25.5 billion backlog entering 2026, provide strong revenue coverage for the year. The company’s strategic pivot toward reimbursable contracting — now representing 81% of backlog — directly addresses the lump-sum project losses that generated significant impairments in the 2018-2022 period and underpins the credibility of the 2026 EBITDA guidance range.
For context on how Fluor’s North American EPC capabilities compare within the tank and terminal construction market, see our guide to the top tank and terminal EPC companies in North America making Fluor Corporation one of the few contractors with full-lifecycle EPC capability across all four segments.
Fluor Corporation Company Snapshot
| Founded | 1912 |
|---|---|
| Headquarters | Irving, Texas, USA |
| European Hub | Hoofddorp, Netherlands |
| Stock Exchange | NYSE (FLR) |
| 2025 Revenue | $15.5 billion |
| 2025 Adjusted EBITDA | $504 million |
| Backlog (Dec 2025) | $25.5 billion (81% reimbursable) |
| 2026 EBITDA Guidance | $525-$585 million |
| Employees | ~30,000 |
| Key Segments | Energy Solutions, Urban Solutions, Mission Solutions |
| Key European Projects | Shell Rotterdam, Neste Rotterdam, INEOS Belgium |
Full financial disclosures and project announcements are published via Fluor Corporation Investor Relations.
What does Fluor Corporation do?
Fluor Corporation is a global engineering, procurement, and construction company operating across energy, chemicals, advanced manufacturing, urban infrastructure, and US government programmes. It employs approximately 30,000 people in over 100 countries and reported $15.5 billion in revenue in 2025, with a backlog of $25.5 billion at year end.
What is Fluor’s backlog and financial position in 2026?
Fluor entered 2026 with a $25.5 billion backlog, 81% on reimbursable contract structures, and adjusted EBITDA guidance of $525-$585 million for the year. The company ended 2025 with $2.2 billion in cash and marketable securities, and received an additional $1.35 billion in Q1 2026 from NuScale share sales.
What are Fluor’s main European operations?
Fluor’s European operations are headquartered in Hoofddorp, Netherlands, with additional offices in the UK, Germany, and Spain. Key European projects include engineering services for the Shell Energy and Chemicals Park Rotterdam, EPCM support for Neste’s renewable diesel expansion in Rotterdam, engineering for the INEOS Project ONE petrochemical expansion in Belgium, and front-end engineering for multiple carbon capture projects in the UK and EU.
What is Fluor’s Energy Solutions segment?
Energy Solutions is Fluor’s oil and gas, LNG, chemicals, petrochemicals, and energy transition engineering segment. It handles large-scale EPC and EPCM contracts globally, competing with Bechtel, KBR, Technip Energies, and McDermott. The segment is the primary driver of Fluor’s European project activity and its energy transition engineering capability.
Why did Fluor report a GAAP loss in 2025?
Fluor reported a GAAP net loss of $51 million for 2025, primarily driven by a $643 million adverse arbitration ruling related to the completed Santos LNG project in Australia, which required reversal of previously recognised revenue and a $642 million payment net of insurance recoveries. Adjusted EBITDA of $504 million — which excludes this one-time item — reflects the underlying operational performance of the business.