Fluor Raises Backlog to $18.7B, Unlocks $2B for Share Buybacks
Fluor’s backlog grew to $18.7 billion with a project pipeline exceeding $25.5 billion, underpinning strong revenue visibility. The company unlocked nearly $2 billion by selling 71 million NuScale shares for $1.35 billion, funded a share buyback of 17 million shares with approval for 30 million more, and secured new gas and nuclear awards.
1. Backlog Expansion
Fluor reported its backlog expanded to $18.7 billion, supported by project awards spanning infrastructure, energy, and industrial sectors. A total project pipeline exceeding $25.5 billion provides multi-year revenue visibility and underpins management’s confidence in sustained contract bookings.
2. NuScale Share Sale and Balance Sheet Strengthening
In February 2026, Fluor sold 71 million shares of NuScale for $1.35 billion, unlocking almost $2 billion in proceeds. The sale bolsters liquidity and strengthens the balance sheet, positioning the company to fund growth initiatives and capital returns.
3. Capital Return Program
Fluor repurchased 17 million shares in the latest buyback tranche and secured board approval to repurchase an additional 30 million shares. The aggressive capital return program underscores management’s commitment to enhancing shareholder value.
4. New Market Entries and Award Wins
Fluor re-entered the U.S. gas-fired power market with a limited notice to proceed from a major utility and won an early engineering award for a domestic uranium enrichment facility. These wins expand Fluor’s presence in energy infrastructure and nuclear markets.