Fluor Posts $1.574B Q4 Loss, $525M–$585M EBITDA Guidance, $1.4B Buyback
Fluor took a $2B NuScale write-down in Q4, posting a $1.574B net loss and −$387M operating cash flow, but secured $1.35B from NuScale monetization and a $1.4B buyback. The company targets $525M–$585M adjusted EBITDA in 2026 and will replace Chairman David Constable with Jim Hackett, adding Robert Card.
1. Q4 Financial Results
Fluor recorded a $1.574 billion net loss in Q4 2025 primarily due to a $2 billion write-down of its NuScale investment, resulting in negative operating cash flow of $387 million for the full year. Despite these challenges, commissionable contract structures and ongoing project work shield future revenue streams from similar write-downs.
2. Strategic Capital Moves
In Q1 2026, Fluor monetized NuScale assets for $1.35 billion and launched a $1.4 billion share repurchase program to bolster shareholder returns. The company reaffirmed its 2026 adjusted EBITDA guidance of $525 million to $585 million, reflecting confidence in reimbursable contracts and infrastructure demand.
3. Leadership Changes
Executive Chairman David Constable will retire after the May 6 annual meeting, with Lead Independent Director Jim Hackett assuming the chairmanship. Additionally, former DOE Deputy Secretary Robert G. Card has been appointed to Fluor’s board to strengthen governance amid its strategic transition.