Fluor reported a sharp acceleration in new project awards during the second quarter of 2026, with $6.1 billion of new business that included a nuclear fuel enrichment project as the engineering and construction company’s backlog stood at $26.9 billion.
Quarterly new awards increased to $6.1 billion from $1.8 billion in the prior-year period, with 89% structured as reimbursable contracts. Fluor ended June with $26.9 billion of backlog, of which 85% was reimbursable, compared with 80% a year earlier.
Reimbursable contracts generally compensate Fluor based on project costs plus agreed fees rather than requiring the company to assume all execution costs under a fixed-price structure. The high reimbursable mix therefore changes the risk profile of the company’s current project portfolio.
Fluor has also substantially reduced its remaining exposure to older projects, with legacy project backlog declining to just $119 million.
Mission Solutions was one of the biggest contributors to the new award growth. The segment secured $2.2 billion of new awards compared with $363 million a year earlier. The awards included a reimbursable engineering, procurement and construction contract for the Centrus nuclear fuel enrichment facility.
Mission Solutions generated quarterly revenue of $716 million and segment profit of $44 million, up from $35 million in the prior-year period, with improved award-fee performance across Fluor’s U.S. Department of Energy portfolio.
Urban Solutions generated another $3.2 billion of new awards, compared with $856 million a year earlier. Awards included a Canadian fertilizer project, an incremental U.S. life sciences project and a European infrastructure project. Urban Solutions revenue increased to $2.9 billion from $2.1 billion.
Energy Solutions received $704 million of awards, including a gas compression project on the U.S. West Coast and limited notice to proceed on the second-phase expansion of LNG Canada.
Company-wide Q2 revenue increased 9% to $4.3 billion. Fluor generated $114 million in GAAP net earnings, $149 million of adjusted EBITDA and adjusted EPS of $0.91. Cash and marketable securities totaled $3 billion at quarter-end.
Fluor also returned $300 million to shareholders through Q2 repurchases and continues to target $1.4 billion of share repurchases during 2026.
KEY QUOTES:
“Our second quarter awards demonstrate the successful pull-through of our front-end work and the confidence clients have in Fluor to advance their most important investments.”
“These awards reflect conversion of our prospect pipeline, which we continue to replenish with additional opportunities.”
Jim Breuer, CEO of Fluor
