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Fluor is similar to **Bechtel**, a global leader in engineering, procurement, and construction (EPC) services, specializing in massive, complex industrial and government infrastructure projects, with a strong emphasis on energy transition, nuclear, and critical government facilities.

Alternatively, imagine Fluor as akin to a **Lockheed Martin** or **Raytheon**, but instead of building advanced defense systems, they engineer and construct the world's most challenging industrial and government facilities, such as nuclear power plants, complex energy infrastructure, and secure government sites.

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• Engineering, Procurement, and Construction (EPC) Services: Provides comprehensive project delivery, encompassing design, sourcing materials, and building infrastructure for various industries.
• Project Management Services: Offers oversight and management for complex projects from inception to completion across global markets.
• Operation and Maintenance Services: Delivers ongoing support and upkeep for client operational facilities and assets.
• Fabrication and Modularization: Manufactures components and assembles modules off-site for efficient and streamlined construction.
• Energy Transition Solutions: Provides services for asset decarbonization, carbon capture, renewable fuels, hydrogen, and other low-carbon energy sources.
• Nuclear Solutions: Offers expertise in small modular reactor (SMR) technology, nuclear waste management, security, and facility operations.
• Government Technical Solutions: Delivers technical solutions, mission support, and facility management for U.S. and other governments.
• Infrastructure & Advanced Technologies Solutions: Provides EPC and project management for infrastructure, advanced technology, life sciences, and mining industries.
• Consulting Services: Offers feasibility studies, process assessments, and project finance structuring.
• Staffing Services: Supplies technical, professional, and craft personnel on a contract or permanent basis to clients.
• Environmental Remediation & Decommissioning: Manages site clean-up, environmental remediation, and decommissioning of hazardous facilities.

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Fluor (FLR) primarily provides its engineering, procurement, and construction (EPC), project management, and other specialized services to other companies and governmental entities worldwide, rather than individuals.

Based on the provided company description, its major customers fall into the following categories:

• U.S. Government: Fluor is a significant contractor for the U.S. Government, particularly through its Mission Solutions segment. This includes providing technical solutions for nuclear security and operation, nuclear waste management, laboratory management, and operation/maintenance/logistics for mission-critical facilities across U.S. military service organizations. It also handles environmental remediation and decommissioning at governmental nuclear facilities.
• Other National Governments: Fluor also serves other national governments by providing similar technical solutions and services as offered to the U.S. Government.
• Energy Sector Companies: This category encompasses a wide range of corporate clients, including those in the oil, gas, and petrochemical industries. It also includes companies operating in or transitioning to new energy markets, such as asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, and nuclear power (including small modular reactor technologies and operation support for nuclear facilities). While specific company names are not provided in the background description, these are typically large corporations, many of which are publicly traded.
• Industrial and Infrastructure Companies: Fluor serves corporate clients in the infrastructure, advanced technologies, life sciences, and mining and metals industries, providing them with EPC and project management services. As with the energy sector, specific company names are not listed in the provided background, but these represent various public and private companies within these sectors.

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Jim Breuer, Chief Executive Officer

Jim Breuer became Chief Executive Officer of Fluor Corporation on May 1, 2025. He joined Fluor in 1993 and has over 30 years of experience with the company. Prior to his appointment as CEO, he served as Chief Operating Officer (from August 2024) and as Group President of Fluor's Energy Solutions business (2021–2024), where he was responsible for global operations and business development in the energy and chemicals markets. His engineering, procurement, and construction (EPC) experience spans four continents in the energy, chemicals, mining and metals, and power sectors. He has held various leadership and project-based roles, including President of the Downstream business line and General Manager for Mining & Metals in the South America region. Half of his career has involved international assignments. He began his career in Fluor's construction organization, working on mining and downstream projects, and subsequently held progressive roles in project engineering, project management, and operations.

John C. Regan, Executive Vice President, Chief Financial Officer

John C. Regan assumed the role of Executive Vice President and Chief Financial Officer of Fluor Corporation on March 1, 2025. He is responsible for all aspects of the company's finances, including accounting, treasury, risk management, and investor relations. A Certified Public Accountant with over 30 years of accounting and finance experience, he previously served as Fluor's Executive Vice President, Controller, and Chief Accounting Officer. Before joining Fluor in 2020, John was Executive Vice President and CFO at Alta Mesa Resources, Inc., an onshore oil and gas acquisition, exploration, and production company. He also held CFO positions at Vine Oil and Gas LP and Quicksilver Resources Inc., and various senior financial executive roles in public oil and gas companies. His prior experience also includes positions of increasing responsibility at Flowserve Corporation and as a Senior Manager at PricewaterhouseCoopers LLP.

Mike Alexander, Group President, Project Execution

Mike Alexander serves as Group President, Project Execution for Fluor Corporation, a role he assumed effective November 1, 2025. In this position, he is responsible for the oversight of major projects, project execution services, engineering and technology, construction and fabrication, health, safety and environment (HSE), quality, and security. He joined Fluor in 1991. Prior to his current role, Mike was Business Group President, Energy Solutions, and previously served as President of Fluor's Chemicals business line in the Americas. His experience includes various leadership roles in project and program management, engineering management, construction management, commissioning and start-up management, mechanical equipment design, estimating, scheduling, and job cost control across diverse industries such as energy and chemicals, life sciences, manufacturing, and government.

Pierre Bechelany, Business Group President, Energy Solutions

Pierre Bechelany serves as the Business Group President, Energy Solutions for Fluor Corporation, a role he assumed effective November 1, 2025. In this role, he is responsible for global operations and business development across the energy and chemicals markets, including energy production, refining, chemicals, liquefied natural gas (LNG), re-gasification, power, and energy transition. He joined Fluor in 2010 and has over 35 years of upstream oil & gas experience. Prior to this role, he served as President of Fluor's LNG & Power business line and as Senior Vice President, LNG & Pipelines. Before joining Fluor, Pierre was a Principal Vice President at Bechtel Corporation and General Manager of the Pipeline and Field Development business line, holding senior roles and serving as managing director for corporate entities in the U.S., France, and Algeria.

Al Collins, Business Group President, Mission Solutions

Al Collins is the Business Group President of Mission Solutions for Fluor Corporation, a role he assumed on March 1, 2025. He oversees the sale and delivery of high-value, technical solutions to government agencies, including the U.S. Departments of Defense, Energy, and Homeland Security, the National Nuclear Security Administration, and Canadian Nuclear Laboratories. Having joined Fluor in 1994, he has more than 30 years of experience in project execution, regional operations, business development, and corporate planning. Prior to his current assignment, he served as Group President, Corporate Development & Sustainability. He has held various leadership positions for Fluor's Energy & Chemicals business, including Senior Vice President of Global Operations and Senior Vice President of Global Business Development, as well as Vice President of Operations for Europe, Africa, and the Middle East. He also served as General Manager of Fluor Arabia Limited in Saudi Arabia and Director of Operations in Fluor's Office of the Chairman, contributing to corporate strategy. He has extensive domestic and international experience across diverse industries such as oil and gas production, refining, petrochemicals, chemicals, biofuels, polymers, life sciences, and power generation.

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The key risks to Fluor Corporation (FLR) are as follows:

1. Project Execution and Contractual Risks: Fluor's business model involves undertaking large, complex, and long-duration engineering, procurement, and construction (EPC) projects across its various segments. These projects inherently carry significant risks such as cost overruns, schedule delays, performance failures, and potential disputes with clients, subcontractors, or joint venture partners. Such issues can lead to substantial financial losses, reputational damage, and litigation, directly impacting the company's profitability and financial performance.
2. Dependence on Government Spending and Policy Shifts: A substantial portion of Fluor's business, particularly within its Mission Solutions segment, relies heavily on contracts with the U.S. and other governments for nuclear security, waste management, and critical infrastructure. Additionally, its Energy Solutions segment, focused on energy transition markets like decarbonization, carbon capture, renewable fuels, hydrogen, and nuclear power (including small modular reactors), is highly susceptible to changes in government policies, regulatory frameworks, and funding levels. Shifts in political priorities, budget cuts, or evolving environmental and energy regulations could significantly impact the demand for and profitability of Fluor's services in these areas.
3. Exposure to Cyclical End Markets and Commodity Price Volatility: Fluor serves industries that are highly sensitive to global economic conditions and commodity price fluctuations. Its Energy Solutions segment caters to the oil, gas, and petrochemical industries, which are directly impacted by volatile oil and gas prices and capital expenditure cycles. Similarly, the Urban Solutions segment, serving the mining and metals industries, is subject to the cyclical nature of commodity markets and global economic growth. Economic downturns or prolonged periods of low commodity prices can lead to reduced client investment in new projects, impacting Fluor's revenue and backlog.

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Fluor Corporation operates in several large addressable markets globally, providing engineering, procurement, and construction (EPC) and related services across diverse sectors.

Energy Solutions Segment

• Energy Transition Markets (overall): The global energy transition market size was estimated at USD 2.41 trillion in 2025 and is projected to reach approximately USD 7.72 trillion by 2035.
• Carbon Capture and Sequestration (CCS): The global carbon capture and sequestration market size was valued at USD 4.51 billion in 2025 and is projected to grow to USD 19.98 billion by 2034.
• Renewable Fuels: The global renewable fuel market size was approximately USD 1.03 trillion in 2024 and is anticipated to reach around USD 2.08 trillion by 2034.
• Hydrogen: The global hydrogen market size was valued at USD 229.53 billion in 2025 and is projected to grow to USD 406.95 billion by 2034.
• Small Modular Reactors (SMRs): The global small modular reactor market size was valued at USD 5.96 billion in 2025 and is projected to grow to USD 8.77 billion by 2034.

Urban Solutions Segment

• Engineering, Procurement, and Construction (EPC) Services (general): The global EPC market size was valued at USD 837.78 billion in 2024 and is expected to reach USD 1.14 trillion by 2034.
• Infrastructure Construction: The global infrastructure construction market size is expected to increase from USD 3.82 trillion in 2025 to USD 5.49 trillion by 2031.
• Advanced Technologies: Null
• Life Sciences: Null
• Mining and Metals: Null
• Staffing Services: Null

Mission Solutions Segment

• Government Services (Advisory/Technical Solutions): The global government advisory services market is projected to increase from USD 47.93 billion in 2025 to USD 75.57 billion by 2030. The United States public sector consulting and advisory services market size is estimated at USD 13.57 billion in 2025, and is expected to reach USD 18.03 billion by 2030.
• Nuclear Waste Management: The global nuclear waste management market size was valued at USD 8.25 billion in 2024 and is projected to grow to USD 11.44 billion by 2032.

Other Segment

• Small Modular Nuclear Reactor Technology: Covered under Energy Solutions.
• Unionized Management and Construction Services: Covered under general EPC Services.

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Fluor Corporation (FLR) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Robust Backlog with a Focus on Reimbursable Contracts: Fluor has consistently reported a strong and growing backlog, a significant portion of which consists of reimbursable contracts. This shift towards reimbursable agreements mitigates risk and provides greater revenue visibility. For example, Fluor's ending backlog improved to $14.8 billion in 2023, with 71% being reimbursable. This trend continued into Q1 2024, with new awards of $7 billion and an ending backlog of $32.7 billion, 80% of which was reimbursable. Similarly, in Q1 2025, the company maintained a robust backlog of $28.7 billion, with 79% reimbursable contracts. As of late 2025 and early 2026, the backlog remained substantial, offering stable revenue pipelines.
2. Growth in the Energy Transition Market: Fluor is strategically positioned to capitalize on the increasing global demand for energy transition solutions. This includes projects related to asset decarbonization, carbon capture, renewable fuels, green chemicals, hydrogen, and nuclear power, including small modular reactor (SMR) technologies and nuclear remediation. The company had over 200 active energy transition projects in 2023, many of which were front-end technical solutions scopes of work, positioning it for future engineering, procurement, and construction (EPC) conversions. Management commentary indicates a deliberate strategy around low-carbon power and new projects in this area.
3. Expansion in Advanced Technologies and Life Sciences: The Urban Solutions segment is a significant driver of revenue growth, particularly through projects in advanced technologies such as semiconductors and data centers, as well as the life sciences industry. In 2023, revenue for the Urban Solutions segment increased due to the ramp-up of execution activities on several recently awarded projects, including a large metals project, two life sciences projects, and a semiconductor project. Fluor was also named a top data center constructor in 2025, highlighting its role in addressing the growing power demand from AI data centers. This segment continued to secure significant awards in life sciences and infrastructure in Q1 2025.
4. Steady Demand in Mission Solutions and Mining & Metals: Fluor's Mission Solutions segment continues to provide technical solutions to governmental clients, encompassing nuclear security and operation, nuclear waste management, and national security programs. Opportunities in the civil agency market, national security business, and nuclear fuels work are expected to contribute to growth. Additionally, the company is experiencing strong demand and business prospects in the mining and metals sector, securing projects across various regions.

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Share Repurchases

• Fluor repurchased $754 million in shares during 2025.
• The company plans $1.4 billion in share repurchases for 2026, including an additional $335 million deployed in early 2026.
• In February 2026, the Board of Directors approved an increase in the share repurchase program by an additional 30 million shares, bringing the total available for repurchase to approximately 32.4 million shares.

Outbound Investments

• Fluor completed the monetization of its investment in NuScale Power, receiving $2 billion since September 2025.
• Specifically, Fluor received $605 million in 2025 and an additional $1.35 billion in the first quarter of 2026 from NuScale share sales.
• The company anticipates full monetization of its remaining NuScale stake by the end of the second quarter of 2026.
• Fluor completed the sale of Stork and signed an agreement for the sale of the CFHI yard, streamlining its business portfolio.

Capital Expenditures

• Fluor's capital expenditures were $75 million in 2021, $75 million in 2022, $106 million in 2023, $164 million in 2024, and $50 million in 2025.
• Expected capital expenditures for 2026 are $90 million.
• The company is focusing investments on capabilities and people, including building expertise and depth, and advancing artificial intelligence (AI) to enhance project planning, design, procurement, and execution.