Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide. It operates through four segments: Energy Solutions, Urban Solutions, Mission Solutions, and Other. The Energy Solutions provides solutions to the energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power, and other low-carbon energy sources. It also provides consulting services, including feasibility studies, process assessments, and project finance structuring; and a range of services for small modular reactor technologies, as well as operation support services for nuclear power facilities and managing waste. This segment serves the oil, gas, and petrochemical industries. The Urban Solutions segment offers EPC and project management services to the infrastructure, advanced technologies, life sciences, and mining and metals industries. This segment also provides staffing services to the company and third-party clients with technical, professional, and craft resources on a contract or permanent placement basis. The Mission Solutions offers technical solutions to the U.S. and other governments. It also delivers solutions for nuclear security and operation, nuclear waste management, and laboratory management; and operation and maintenance, logistics, EPC, and life support solutions for mission-critical facilities across U.S. military service organizations. This segment offers site management, environmental remediation, and decommissioning for nuclear remediation at governmental facilities, as well as services to commercial nuclear clients. The Other segment researches, develops, licenses, and commercializes small modular nuclear reactor technology. It also provides unionized management and construction services. The company was founded in 1912 and is headquartered in Irving, Texas.
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Here are 1-2 brief analogies for Fluor (FLR):
- The Lockheed Martin for industrial plants and large-scale infrastructure.
- The Accenture or IBM Global Services for massive physical energy and industrial facilities.
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- Engineering, Procurement, and Construction (EPC) Services: Comprehensive project delivery encompassing design, material acquisition, and facility construction for large-scale industrial projects.
- Project Management: Oversight and coordination of complex projects, ensuring on-time and on-budget delivery across various sectors.
- Program Management: Management of multiple related projects (a program) to achieve strategic business objectives for clients.
- Operations & Maintenance: Provision of ongoing services to ensure the efficient and safe operation and upkeep of industrial facilities after construction.
- Consulting: Strategic advice and technical expertise provided for project development, risk assessment, and process optimization across industries.
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Major Customers of Fluor (FLR)
Fluor Corporation primarily sells its services to other companies and government entities, not individuals. As a large engineering, procurement, construction (EPC), and project management firm, Fluor's client base is diverse, and no single customer consistently accounts for a substantial majority (e.g., 10% or more) of its consolidated revenues, as stated in their financial filings. This reflects their project-based business model across multiple sectors.
However, Fluor serves a variety of major clients within specific industries. Based on their historical project work and sector focus, their significant customer types and examples of companies they frequently work with include:
- Integrated Oil & Gas / Energy Companies: Fluor has long-standing relationships with major global energy companies for projects in oil & gas exploration and production, refining, petrochemicals, and liquefied natural gas (LNG). Examples include:
- ExxonMobil (XOM)
- Shell plc (SHEL)
- Chevron Corporation (CVX)
- Saudi Aramco (2222.SR - a publicly traded company in Saudi Arabia, not U.S.-listed, but a critical global client for Fluor)
- Chemical and Petrochemical Companies:
- Dow Inc. (DOW)
- Other global chemical manufacturers.
- Government Entities: Fluor provides services to various government agencies, particularly for complex and critical infrastructure or environmental projects.
- U.S. Department of Energy (DOE)
- U.S. Department of Defense (DOD)
- Other national and local government agencies for infrastructure development.
- Mining Companies: Clients in the mining and metals sector for processing facilities and infrastructure.
- Advanced Manufacturing Companies: Companies in semiconductors, electric vehicle batteries, and other high-tech manufacturing.
- Life Sciences Companies: Pharmaceutical and biotechnology firms for research and manufacturing facilities.
- Utility Companies: For power generation projects, including traditional and renewable energy sources.
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David E. Constable Chairman and Chief Executive Officer
David E. Constable was appointed Fluor Corporation's Chief Executive Officer in January 2021 and became Chairman of the Board in May 2022. He previously held various leadership roles at Fluor from 1982 to 2011, including group president positions for Project Operations, Power, and Operations & Maintenance. From 2011 to 2016, he served as CEO of Sasol Ltd, where he executed a comprehensive change program and implemented a new operating model. He has also served as a director on the board of ABB Ltd. since 2015 and was previously a member of the boards of Anadarko Petroleum Corporation and Rio Tinto Ltd. Mr. Constable also spent four years as a senior advisor at Cerberus Capital Management.
John Regan Chief Financial Officer
John Regan was appointed Chief Financial Officer of Fluor Corporation, effective March 2025, succeeding Joe Brennan, who will retire in July 2025. He currently serves as Fluor's Executive Vice President and Chief Accounting Officer. Before joining Fluor, Mr. Regan held the CFO position at Alta Mesa and Vine Oil & Gas LP. He is a certified public accountant with extensive experience in public company financial planning, reporting, and operations management.
Jim Breuer Group President, Energy Solutions
Jim Breuer serves as the Group President of Fluor's Energy Solutions business. In this role, he is responsible for the company's business development and global operations focused on energy, fuels, refining, chemicals, and nuclear project services. His expertise spans the engineering, procurement, and construction (EPC) industry, including downstream, upstream, mining, power, and petrochemicals sectors, and he has held progressive roles in project management, engineering, and operations across various industries.
John R. Reynolds Executive Vice President, Chief Legal Officer, and Secretary
John R. Reynolds has been with Fluor since 1985. He serves as the company's Executive Vice President, Chief Legal Officer, and Secretary. His previous responsibilities included overseeing Fluor's legal team and enterprise risk management.
Stacy Dillow Executive Vice President, Chief Human Resources Officer
Stacy Dillow is responsible for Human Resources at Fluor, overseeing the HR strategy and supporting over 41,000 employees. She directs global HR strategy and operations, focusing on attracting, developing, and retaining talent to foster a diverse and inclusive business. Ms. Dillow has more than two decades of experience with Fluor, having led global projects in various sectors, including healthcare, chemical, oil and gas, and mining. Prior to her current role at Fluor, she led supply chain transformation for Southeast Asia and Australasia at Unilever for two years.
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The key risks to Fluor (FLR) include challenges with project execution, cost overruns, and delays, macroeconomic uncertainty and geopolitical risks, and intense competition within the engineering and construction industry.
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Project Execution Challenges, Cost Overruns, and Delays: Fluor has experienced significant issues with project execution, including cost overruns and delays, particularly within its Energy Solutions segment. These challenges have led to financial adjustments, reduced segment profits, and a net loss of $697 million in a recent quarter. This has also resulted in a downward revision of the company's 2025 financial guidance and risks damaging Fluor's reputation and its ability to secure future projects.
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Economic and Geopolitical Risks: Fluor operates in a global market, exposing it to various economic and geopolitical risks. Macroeconomic uncertainty, including inflation and interest rate volatility, and trade policy ambiguity can delay decision-making for large capital projects. This environment can lead to a slowdown in new contract awards, lower utilization rates for Fluor's workforce and assets, and pressure on profit margins, contributing to project delays and client hesitancy.
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Intense Competition: The engineering and construction industry is highly competitive, with numerous companies vying for contracts. This intense competition, from both established firms and emerging players, can exert significant pressure on Fluor's profit margins and market share. To maintain its competitive edge, Fluor must continuously innovate and improve its offerings.
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Accelerated Decarbonization and Energy Transition
Fluor has historically maintained a significant presence in the engineering, procurement, and construction (EPC) of projects within the traditional oil, gas, and petrochemical sectors. A rapid acceleration of global decarbonization efforts and the broader energy transition, driven by stricter environmental regulations, increasing corporate sustainability commitments, and governmental incentives for green technologies, poses a clear emerging threat. While Fluor is actively diversifying into new energy markets such as renewables, hydrogen, carbon capture, and advanced nuclear, an abrupt or faster-than-anticipated decline in demand for their legacy fossil-fuel-related services could reduce a significant portion of their traditional revenue base. This shift could intensify competition in nascent green sectors, potentially leading to compressed margins or a challenge in scaling their new energy capabilities quickly enough to offset declines in their core business.
Disruptive Construction Technologies and Advanced Project Delivery Models
The engineering and construction industry is experiencing rapid innovation in project delivery methods and technologies. Emerging threats stem from the increasing adoption of advanced digitalization, artificial intelligence (AI) for design optimization, predictive analytics, robotics, comprehensive digital twin technology, and highly industrialized modular construction. Firms specializing purely in these advanced and often more efficient methods, or clients developing robust internal capabilities leveraging these technologies, could disrupt traditional large-scale, onsite EPC models. These advanced approaches promise significantly faster project execution, reduced costs, enhanced safety, and greater predictability, potentially commoditizing aspects of Fluor's traditional service offerings or creating a competitive disadvantage if competitors or specialized new entrants can deliver projects with superior efficiency and cost-effectiveness.
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Fluor Corporation (NYSE: FLR) is a global engineering, procurement, and construction (EPC) and maintenance company. Its main products and services fall into three core business segments: Energy Solutions, Urban Solutions, and Mission Solutions.
Here are the addressable market sizes for Fluor's main products and services:
Energy Solutions
- Overall Engineering, Procurement, and Construction (EPC) Market: The global EPC market is projected to reach approximately $974.4 billion in 2025, and is anticipated to grow to $1,131.8 billion by 2034, at a Compound Annual Growth Rate (CAGR) of 3.5%. North America holds the largest market share in the global EPC market.
- Oil and Gas EPC: The global oil and gas EPC market was valued at $52.9 billion in 2024 and is expected to reach $76.7 billion by 2033, demonstrating a CAGR of 4.2% from 2025-2033. In 2023, the global oil and gas EPC market was valued at $53.10 billion and is projected to reach $92.49 billion by 2032, with a CAGR of 6.3%. North America accounts for the largest share in the oil and gas EPC market, totaling $19.8 billion in 2023. The Middle East & Africa region held a dominant share of 68.72% in this market in 2023.
- Chemicals EPC: The chemicals segment within the EPC market is projected to reach a valuation of $25.32 billion globally by 2024.
- Power (including Renewables) EPC: The power industry segment within the EPC market is anticipated to account for $20.2 billion globally in revenue in 2024.
Urban Solutions
- Infrastructure / Civil Engineering: The global civil engineering market was valued at $9,703.2 billion in 2024 and is expected to reach approximately $17,214 billion by 2034, growing at a CAGR of 5.9% from 2025 to 2034. Asia-Pacific dominates this market, holding over 33.7% of the market share in 2024. The U.S. Infrastructure Investment and Jobs Act allocated $1.2 trillion for infrastructure development.
- Advanced Technologies and Life Sciences (EPC-related services): The global life science market size was valued at $88.2 billion in 2024 and is estimated to grow significantly, reaching $998.63 billion in 2025. It is further projected to reach approximately $2,695.6 billion by 2034, expanding at a robust CAGR of 11.82% from 2025 to 2034. North America dominated the global life science market in 2024.
- Mining and Metals (Engineering Services): The global mining engineering services market was valued at $10.5 billion in 2023 and is projected to reach $15.2 billion by 2032, growing at a CAGR of 4.2% from 2024 to 2032. Asia Pacific is expected to dominate the mining engineering services market. Within the broader EPC market, the mining segment is projected to reach a market size of $15.4 billion globally by 2024.
Mission Solutions
- Government Services (Engineering and Construction-related to infrastructure): While a specific market size for "government services EPC" is not readily available, the government sector is a significant driver of the civil engineering market, holding 67.4% of the total market share in 2024, globally. The U.S. government, for instance, allocated $1.2 trillion for infrastructure development through the Infrastructure Investment and Jobs Act.
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Fluor Corporation (FLR) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Robust Backlog and New Awards in Urban Solutions: Fluor anticipates significant revenue growth from its strong project backlog and new contract awards within the Urban Solutions segment. This segment has shown a substantial increase in its backlog over the past year and is benefiting from increased execution activities in advanced technologies, life sciences, mining, metals, and infrastructure projects. The company reported a 45.8% year-over-year growth in Urban Solutions sales and new awards of $1.8 billion in Q3 2025 for this segment.
- Growth in Energy Solutions, including LNG and Chemical Facilities: The Energy Solutions segment is poised for future revenue expansion through a focus on securing front-end engineering and design (FEED) packages to support subsequent engineering, procurement, and construction management (EPCM) work. This includes new opportunities in the liquefied natural gas (LNG) sector and chemical facilities, particularly in the Middle East.
- Expansion in Advanced Technologies, Life Sciences, and Mining & Metals: Fluor is strategically positioned to capitalize on growth opportunities in advanced technologies and life sciences. This is evidenced by ramp-up activities on multiple advanced technology and life sciences projects. The mining and metals sector is also a significant contributor, with recent incremental awards for rare earth minerals refineries and copper mining projects.
- Ongoing Government Contracts and Disaster Relief Efforts (Mission Solutions): The Mission Solutions segment is expected to continue contributing to revenue growth, driven by Department of Energy (DOE) construction projects and contracts related to FEMA hurricane relief efforts. New awards in this segment, such as a six-year contract extension for the Portsmouth decontamination and decommissioning program, underpin this growth.
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Share Repurchases
- In Q3 2025, Fluor repurchased $70 million in shares and announced plans to repurchase an additional $800 million through February 2026.
- Fluor initiated its capital allocation program in 2024 with $125 million in stock repurchases, acquiring 2.3 million shares, during Q4.
- The company completed a multi-year share buyback program in Q2 2025, which had resulted in the retirement of nearly 46.2 million shares for a total of $2.56 billion since 2011.
Share Issuance
- No significant share issuances by Fluor were identified over the last 3-5 years.
Inbound Investments
- No large strategic inbound investments by third-parties were identified in the last 3-5 years.
Outbound Investments
- Fluor is actively monetizing its investment in NuScale Power, having sold 15 million Class A shares for $605 million in October 2025, and expects to complete the full monetization of its remaining 39% equity by the end of Q2 2026.
- The deconsolidation of NuScale in Q4 2024 resulted in a $1.6 billion gain for Fluor.
- As part of its strategy to transition to an "asset-light model," Fluor completed the sale of its Stork operations in continental Europe in Q1 2024 and its U.K. operations in Q1 2025.
Capital Expenditures
- Fluor's capital expenditures were $164 million in 2024, $106 million in 2023, $75 million in 2022, and $75 million in 2021.
- Anticipated capital expenditures for 2026 are approximately $140 million.
- These expenditures are focused on supporting the existing scale of the business and accommodating future growth in key markets such as mining and metals, life sciences, semiconductors & data centers, chemicals & power, and selective LNG.
