The Q1 miss and guidance cut confirm that project execution issues and litigation are weighing on near-term earnings. With adjusted EBITDA guidance now $525-$560M, the stock may reprice lower as the market digests the magnitude of the miss. Watch for the conference call at 8:30 AM ET for color on the mining project cost growth and the LOGCAP qui tam ruling — if management signals further downside risk, the stock could see additional pressure.
Price Chart
Executive Summary
Fluor reported Q1 2026 adjusted EPS of $0.14, a 77.3% miss vs the $0.62 consensus, and revenue of $3.66B, 6% below the $3.89B estimate. The miss was driven by a $96M adverse court ruling in Mission Solutions and $37M of cost growth on a mining project in Urban Solutions, which together crushed segment profit to just $8M. The company narrowed its 2026 adjusted EBITDA guidance range from $525-$585M to $525-$560M, lowering the top end by $25M, confirming the operational headwinds are persisting into the year.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted EPS of $0.14 missed consensus of $0.62 by 77.3%
- Revenue of $3.66B declined 8% YoY and missed consensus of $3.89B
- Consolidated segment profit collapsed to $8M from $131M a year ago, a 94% decline
- Mission Solutions swung to a $71M loss from a $5M profit, hit by a $96M adverse court ruling
- Urban Solutions segment profit fell to $6M from $70M, reflecting $37M in mining project cost growth
- Adjusted EBITDA guidance for 2026 narrowed to $525-$560M from $525-$585M, lowering the top end
- Operating cash flow improved to $110M from -$286M YoY, strongest Q1 in nine years
- Share repurchases totaled $516M in Q1, targeting $1.4B for 2026
- New awards of $2.7B were down 54% YoY, though 98% were reimbursable
Financial Impact
Adjusted EPS miss of $0.48 vs consensus; segment profit down $123M YoY; guidance top end lowered by $25M
Risk Factors
- Further adverse developments in the LOGCAP qui tam litigation
- Additional cost overruns on the mining project in the Americas
- Geopolitical disruption to Middle East projects causing further slowdowns
- Inability to convert the $25.7B backlog into 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) | 0001124198-26-000063 |
| Document: flr-20260506.htm | 0001124198-26-000063 |
| Document: 0001124198-26-000063-index-headers.html | 0001124198-26-000063 |
| Document: 0001124198-26-000063-index.html | 0001124198-26-000063 |
| Document: 0001124198-26-000063.txt | 0001124198-26-000063 |
| 8-K Data (Synthetic) | 0001124198-26-000063 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | GOVT-CONTRACT | $54.20 $54.90 | ▲ +1.29% | ▲ +1.51% | $49.39 (−8.87%) |
Aug 13, 2026 7w ago | Institutional Cluster | $52.33 $52.16 | ▼ −0.32% | ▲ +1.64% | $49.39 (−5.62%) |
Aug 7, 2026 8w ago | 8-K | $57.00 $52.37 | ▼ −8.12% | ▼ −8.52% | $49.39 (−13.35%) |
Aug 4, 2026 8w ago | 8-K | $50.42 $52.03 | ▲ +3.19% | ▲ +2.84% | $49.39 (−2.04%) |
May 8, 2026 21w ago | 8-K | $43.31 $45.49 | ▼ −5.03% | ▼ −3.57% | $49.39 (−14.04%) |
Apr 30, 2026 22w ago | 8-K | $53.00 $43.31 | ▼ −18.28% | ▼ −20.63% | $49.39 (−6.81%) |
Apr 23, 2026 23w ago | 8-K | $47.62 $51.76 | ▲ +8.69% | ▲ +7.22% | $49.39 (+3.72%) |
Apr 22, 2026 23w ago | Court Ruling | $47.87 $50.28 | ▼ −5.02% | ▼ −4.97% | $49.39 (−3.18%) |
Mar 12, 2026 29w ago | DEFA14A | $43.02 $44.92 | ▲ +4.42% | ▲ +6.53% | $49.39 (+14.81%) |
Feb 27, 2026 31w ago | Insider Cluster | $52.31 $45.08 | ▼ −13.82% | ▼ −11.84% | $49.39 (−5.58%) |
US Market Status
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