Fluor Adjusted EPS Misses Q3 Estimates as Revenue Rises 10%

Fluor Corporation’s third-quarter adjusted earnings per share missed analyst estimates even as revenue climbed 10% year over year, while the engineering and construction company kept its 2026 adjusted EBITDA outlook unchanged.

Revenue for the quarter ended Sept. 30 was $3.72 billion, up from $3.368 billion a year earlier but below analyst estimates. Adjusted EPS was $0.77, compared with $0.68 in the year-earlier quarter, and also fell short of estimates.

Fluor recorded $158 million in GAAP net earnings attributable to the company, or $1.16 per share. That total included a $73 million pretax gain from selling its interest in ICA-Fluor. Adjusted EBITDA declined to $142 million from $161 million a year earlier.

The company’s adjusted EPS and adjusted EBITDA are non-GAAP measures, which use calculations that differ from standard accounting rules. Fluor’s adjusted EPS calculation excludes certain items, including equity-method earnings and foreign-exchange effects.

New awards totaled $10.872 billion, the highest quarterly amount in Fluor’s history. They included $7.5 billion for LNG Canada Phase 2 and two mining projects. Backlog stood at $34.305 billion as of Sept. 30, up 21% year over year, with reimbursable work making up 69%.

“Our third quarter results reflect strong demand across our key markets,” CEO Jim Breuer said.

Fluor reaffirmed its 2026 adjusted EBITDA guidance of $500 million to $525 million. Fluor gave no GAAP earnings or per-share forecast and no numerical reconciliation of its adjusted outlook, saying it could not reasonably estimate every required component.