Fluor Books $25.5B Backlog with 81% Reimbursable Work, $12B Awards
Fluor ended 2025 with a $25.5 billion backlog, driven by stable demand in LNG, mining, advanced technologies, life sciences, nuclear fuels and national security. Eighty-one percent of backlog is reimbursable, and Fluor added $12 billion of new awards (87% reimbursable) plus $1 billion of backlog adjustments, enhancing project visibility and risk balance.
1. Fluor's Year-End 2025 Backlog
Fluor closed 2025 with a backlog totalling $25.5 billion, reflecting stable demand for engineering, procurement and construction services across multiple sectors.
2. Reimbursable Work Ratio and Risk Management
Approximately 81% of Fluor's backlog is structured as reimbursable work, offering enhanced cost visibility and balanced risk profiles compared to lump-sum contracts.
3. New Awards and Backlog Adjustments
During 2025, Fluor secured $12 billion in new project awards, of which 87% were reimbursable contracts, and recorded roughly $1 billion in positive backlog adjustments from ongoing developments.
4. Sector Diversification in Project Pipeline
The company's project portfolio spans LNG, mining and metals, advanced technologies, life sciences, nuclear fuels and national security programs, underpinning its diversified revenue visibility.