FLR FLUOR CORP

Overview and Growth

FLUOR CORP generated $15.50B of revenue in fiscal 2025, with net loss of $51.00M and an operating cash outflow of $387.00M. Revenue of $15.50B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 5.0% below fiscal 2024 revenue of $16.32B, marking a top-line contraction. Diluted earnings per share were -$0.31, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $12.30 in fiscal 2024, the current result was 102.5% lower. Total assets stood at $8.24B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 1.88x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

A gross loss of $120.00M left no positive gross-profit layer to absorb operating expenses. Gross margin was -0.8%, reflecting direct costs that exceeded revenue by 0.8%. Operations produced a $378.00M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 2.4%, showing the shortfall after operating costs. The bottom-line result was a net loss of $51.00M after operating, financing, tax, and other recognized items. Net margin was -0.3%, reflecting a loss equal to 0.3% of reported revenue. The company reported a pretax loss of $101.00M, before the effect of income taxes. Pretax margin was -0.7%, reflecting a pre-tax loss equal to 0.7% of revenue. The company recognized an income-tax benefit of $39.00M, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 1.6%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 0.6%, placing the bottom-line deficit against the company’s resource base. The company moved from fiscal 2024 net income of $2.15B to a current net loss of $51.00M.

Liquidity and Capital Structure

At period end, the $8.24B asset base was financed through $4.96B of liabilities and $3.28B of equity. At period end, current assets of $6.44B compared with current liabilities of $3.38B, defining the company’s short-term resource position. Current assets covered current liabilities by 1.91x, leaving a positive buffer for near-term obligations. The company held $2.13B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 63.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $1.07B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.33x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 13.0% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 60.2%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 25.9%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 9.9% lower than fiscal 2024 assets of $9.14B, measuring the company’s own balance-sheet change. Against $3.99B of equity in fiscal 2024, the current book-equity balance moved 17.9% and ended lower. Compared with $2.83B in fiscal 2024, the current cash balance moved 24.5% and finished lower.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $387.00M, rather than cash generation from operations. Capital spending of $50.00M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $437.00M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 2.8%. The free-cash-flow deficit equaled 5.3% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.