The strong new awards and backlog conversion support future revenue growth, but the second consecutive guidance cut on adjusted EBITDA signals margin pressure from project costs and the Mexico JV exit. Watch next quarter for backlog-to-revenue conversion and margin improvement; the stock may trade on the tension between top-line momentum and profit guidance.
Price Chart
Executive Summary
Fluor reported Q2 2026 revenue of $4.3B (+9% YoY) and adjusted EPS of $0.91, beating consensus estimates of $3.86B and $0.70 by 11% and 30% respectively. However, the company narrowed its 2026 adjusted EBITDA guidance from $525-$560M to $500-$525M, citing the removal of the Mexico JV contribution, creating a mixed signal of strong operational momentum tempered by lowered profit expectations.
Key Financial Metrics
Key Facts
- Revenue $4.3B, up 9% YoY vs $3.978B in Q2 2025
- Adjusted EPS $0.91 vs consensus $0.70 (beat by 30%)
- GAAP EPS $0.81 vs $14.81 in prior year (prior year included large equity method earnings)
- New awards $6.1B, up 239% YoY from $1.8B
- Backlog $26.9B, 85% reimbursable
- Adjusted EBITDA guidance narrowed from $525-$560M to $500-$525M
- Operating cash flow ($317M) includes $357M tax payment on NuScale monetization
- Completed $175M divestiture of Mexico JV
Financial Impact
Revenue beat consensus by ~$469M (11%); adjusted EPS beat by $0.21 (30%); guidance cut reduces midpoint EBITDA by $25M
Risk Factors
- Further cost overruns on large projects (e.g., Gordie Howe Bridge $44M cost growth)
- Geopolitical risks in Middle East impacting project execution
- Execution risk on converting $6.1B in new awards to profitable revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001124198-26-000074 |
| Document: flr-20260807.htm | 0001124198-26-000074 |
| Document: 0001124198-26-000074-index-headers.html | 0001124198-26-000074 |
| Document: 0001124198-26-000074-index.html | 0001124198-26-000074 |
| Document: 0001124198-26-000074.txt | 0001124198-26-000074 |
| 8-K Data (Synthetic) | 0001124198-26-000074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | GOVT-CONTRACT | $54.20 $54.90 | ▲ +1.29% | ▲ +1.51% | $49.38 (−8.90%) |
Aug 13, 2026 7w ago | Institutional Cluster | $52.33 $52.16 | ▼ −0.32% | ▲ +1.64% | $49.38 (−5.65%) |
Aug 7, 2026 8w ago | 8-K | $57.00 $52.37 | ▼ −8.12% | ▼ −8.52% | $49.38 (−13.38%) |
Aug 4, 2026 8w ago | 8-K | $50.42 $52.03 | ▲ +3.19% | ▲ +2.84% | $49.38 (−2.07%) |
May 8, 2026 21w ago | 8-K | $43.31 $45.49 | ▼ −5.03% | ▼ −3.57% | $49.38 (−14.00%) |
Apr 30, 2026 22w ago | 8-K | $53.00 $43.31 | ▼ −18.28% | ▼ −20.63% | $49.38 (−6.84%) |
Apr 23, 2026 23w ago | 8-K | $47.62 $51.76 | ▲ +8.69% | ▲ +7.22% | $49.38 (+3.69%) |
Apr 22, 2026 23w ago | Court Ruling | $47.87 $50.28 | ▼ −5.02% | ▼ −4.97% | $49.38 (−3.14%) |
Mar 12, 2026 29w ago | DEFA14A | $43.02 $44.92 | ▲ +4.42% | ▲ +6.53% | $49.38 (+14.77%) |
Feb 27, 2026 31w ago | Insider Cluster | $52.31 $45.08 | ▼ −13.82% | ▼ −11.84% | $49.38 (−5.61%) |
US Market Status
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