FLUOR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FLUOR CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19,037	14,807	18,851	15,454	15,788	14,156	13,744	15,474	16,315	15,503
Cost of revenue	18,246	14,529	18,282	15,661	15,378	13,702	13,389	14,997	15,741	15,623
Gross profit	790	278	569	-206	410	454	355	477	574	-120
General and administrative	191	184	121	140	215	226	237	232	203	196
Operating income		213	510	-828	-232	-273	209	147	463	-378
Interest expense	69.7	67.5	77.1	64.9	72	90	59	60	46	42
Interest income	17	27.4	36.6	53.8	26	17	94	228	196	109
Pre-tax income	547	53.8	386	-839	-278	-346	244	315	2,718	-101
Income tax	219	16.4	173	482	23	20	171	236	634	-39
Income from continuing operations	281	-27.1	153	-1,283	-369	-405	145	139	2,145
Net income to minority interests	46	73.1	-59.4	39	68	39	-72	-60	-61	-11
Net income	281	154	173	-1,522	-435	-440	145	139	2,145	-51
EBITDA		419	708	-674	-127	-199	282	221	536	-310
EPS, basic	1.62	1.10	1.24	-10.87	-3.10		0.75	0.55	12.48	-0.31
EPS, diluted	1.60	1.09	1.23	-10.87	-3.10		0.73	0.54	12.30	-0.31
Shares, basic (weighted)	174	140	140	140	141	141	142	150	172	164
Shares, diluted (weighted)	176	141	141	140	141	141	145	153	174	164
Dividend per share	0.67	0.84	0.84	0.73	0.10	16.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,850	1,804	1,765	1,997	2,199	2,209	2,439	2,519	2,829	2,135
Short-term investments	111	161	215	7.26	23.3	127	185	69	130	59
Receivables	1,700	1,603	1,237	1,217	936	1,171	1,109	1,137	921	1,073
Other current assets	411	575	309	390	378	608	396	347	157	450
Total current assets	5,610	5,601	5,371	5,367	5,034	5,181	5,044	5,063	5,175	6,442
Property, plant and equipment	1,017	1,094	746	595	464	456	447	458	494	464
Goodwill	532	565	466	508	207	249	206	206	199
Intangible assets	190	188	158	107	77.6
Long-term investments	740	879	903	601	527	517	584	614	2,828	543
Other non-current assets	370	377	313	492	270	305	278	340	646	787
Total assets	9,216	9,328	8,883	7,967	7,310	7,089	6,827	6,973	9,143	8,236
Accounts payable	1,591	1,513	1,401	1,547	1,116	1,220	1,017	1,214	1,220	1,482
Accrued liabilities	735	707	587	609	579	629	626	653	640	621
Deferred revenue		874	903	1,158	1,094	945	742	639	684	633
Short-term debt	82.2	27.4	26.9	38.7	4.89	18	152	0
Total current liabilities	3,816	3,574	3,659	3,905	3,572	3,614	3,216	3,163	3,071	3,378
Long-term debt	1,518	1,592	1,662	1,652	1,701	1,174	978	1,158	1,104	1,070
Total liabilities	6,025	5,924	5,902	6,383	6,047	5,522	4,831	4,921	5,151	4,959
Total debt	1,518	1,592	1,662	1,652	1,701	1,174	978	1,158	1,104	1,070
Paid-in capital	38.3	88.2	82.1	165	196	967	1,254	1,228	1,174	443
Retained earnings	3,582	3,655	3,294	1,701	1,250	791	896	979	3,124	3,064
Other comprehensive income	-497	-402	-544	-380	-417	-366	-365	-269	-351	-265
Shareholders' equity	3,125	3,342	2,834	1,488	1,030	1,393	1,786	1,940	3,949	3,244
Minority interests	118	150	146	96.3	233	174	210	112	43	33
Total equity	3,192	3,403	2,980	1,584	1,263	1,567	1,996	2,052	3,992	3,277
Total liabilities and equity	9,216	9,328	8,883	7,967	7,310	7,089	6,827	6,973	9,143	8,236
Shares outstanding	174	140	140	140	141	141	142	170	169	152

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	327	227	233	-1,553	-367	-401	73	79	2,084	-62
Depreciation and amortization	211	206	198	155	105	74	73	74	73	68
Stock-based compensation	40.1	40.7	43	36.1	22	32	19	48	31	30
Deferred income tax	-7.91	59.3	64.9	354	-1	-23	17	-13	417	-602
Cash from operations	706	602	162	219	186	25	31	212	828	-387
Capital expenditures	-236	-283	-211	-181	-113	-75	-75	-106	-164	-50
Acquisitions	-241	0	0
Purchases of investments	-360	-237	-484	-31.2	-35	-149	-428	-426	-205	-146
Sales and maturities of investments	522	216	541	239	19	45	364	285	145	221
Cash from investing	-741	-484	1.38	80.5	-41	-122	-78	-277	-333	437
Debt issued	553	0	599	0	0
Debt repaid						-525	-41	-249	-57	-37
Stock issued	3.66	9.38	7.26	1.47	0
Share buybacks	-9.72	0	-50	0	0		0	0	-125	-754
Dividends paid	-118	-118	-119	-118	-28.7
Cash from financing	-10.4	-216	-140	-77.3	48	122	315	127	-116	-797
Exchange rate effect	-53.7	51.4	-62.4	10.3	9	-15	-38	18	-69	53
Net change in cash	-99.5	-46.4	-39.3	232	202	10	230	80	310	-694
Free cash flow	470	319	-48.8	38.2	73	-50	-44	106	664	-437
Interest paid	72.1	61.6	66.5	71.9	66	90	54	53	42	40
Income taxes paid	165	175	-28.4	204	65	75	99	169	13	213

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $50.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	-0.8%	Gross profit / revenue.
Operating margin	-1.4%	Operating income / revenue.
EBITDA margin	-1.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.4%	Pre-tax income / revenue.
Net margin	-12.8%	Net income / revenue.
FCF margin	-2.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.8%	Cash from operations / revenue.
Effective tax rate	-1,184.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-74.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-26.5%	Net income / average total assets.
Return on invested capital (ROIC)	-20.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-120.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-181.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-157.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-102.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-102.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-146.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-165.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-17.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.80x	Current assets / current liabilities.
Quick ratio	1.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.2%	Total debt / total assets.
Liabilities / assets	63.0%	Total liabilities / total assets.
Net debt	-$1.97B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-5.02x	Operating income / interest expense.
Working capital	$2.52B	Current assets - current liabilities.
Tangible book value	$2.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.06x	Revenue / average total assets.
Fixed asset turnover	34.8x	Revenue / average property, plant and equipment.
Receivables turnover	15.1x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$14.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$110.18	Revenue / diluted weighted shares.
FCF per share	-$2.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$2.04	Cash from operations / diluted weighted shares.
Book value per share	$19.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.81	Tangible book value / shares outstanding.
Cash per share	$22.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.74B	Share price x shares outstanding.
Enterprise value	$4.77B	Market cap + total debt - cash - short-term investments.
P/S	0.43x	Market cap / revenue.
P/B	2.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.51x	Market cap / tangible book value, when positive.
EV/Sales	0.31x	Enterprise value / revenue.
FCF yield	-4.9%	Free cash flow / market cap.
Earnings yield	-29.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	18.9%	(Dividends paid + share buybacks) / market cap.

What was FLUOR CORP's revenue in fiscal 2025?

FLUOR CORP reported revenue of $15.50B for fiscal 2025, 5% lower than the year before.

Was FLUOR CORP profitable in fiscal 2025?

No. It reported a net loss of $51.0M.

How much free cash flow did FLUOR CORP generate in fiscal 2025?

Cash from operations of $387.0M minus capital expenditures of $50.0M left free cash flow of -$437.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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