Fluor cuts 2025 adjusted EBITDA guidance as Q2 adjusted EPS falls 49%
Fluor reported second-quarter 2025 revenue of $4.0 billion, down 6% from a year earlier, and adjusted EPS of $0.43, down 49%. The company lowered its 2025 adjusted EBITDA guidance to $475 million to $525 million from $575 million to $675 million, citing client hesitation around economic uncertainty, along with cost growth on three infrastructure projects. Reported GAAP net earnings of $2.5 billion were driven by a $3.2 billion pre-tax NuScale mark-to-market gain, so the adjusted figures and lower outlook are the more direct read on operating performance for shareholders.
Key points
- Q2 revenue of $4.0 billion, down 6% year over year; adjusted EBITDA of $96 million, down 42%.
- Adjusted EPS of $0.43 versus $0.85 a year earlier; GAAP EPS of $14.81 includes $3.2 billion in pre-tax NuScale mark-to-market gains.
- 2025 adjusted EBITDA guidance revised to $475 million to $525 million from $575 million to $675 million; adjusted EPS guidance to $1.95 to $2.15 from $2.25 to $2.75.
- Q2 operating cash flow was negative $21 million; backlog was $28.2 billion, down 13% from $32.3 billion a year ago.
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 01, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.