Fluor(US:FLR)2025-11-07 00:00Financial Performance - Revenue for the third quarter of 2025 was $3,368 million, a decrease of 17.7% compared to $4,094 million in the same quarter of 2024[10] - Net loss for the third quarter of 2025 was $707 million, compared to a net income of $25 million in the same quarter of 2024[10] - Basic EPS for the third quarter of 2025 was $(4.30), compared to $0.32 in the same quarter of 2024[10] - The company reported a comprehensive loss of $711 million for the third quarter of 2025, compared to a comprehensive income of $56 million in the same quarter of 2024[13] - Urban Solutions revenue increased to $2,343 million in Q3 2025, up from $1,931 million in Q3 2024, representing a growth of 21.4%[35] - Energy Solutions segment profit declined by $653 million (or $3.99 per share) due to a court ruling on the Santos project in Australia[36] - Mission Solutions segment profit decreased by $28 million (or $0.16 per share) due to revenue reserves from a long-standing claim[38] - Gross profit for the third quarter of 2025 was a loss of $449 million, compared to a profit of $88 million in the same quarter of 2024[10] Assets and Equity - Total assets increased to $11,468 million as of September 30, 2025, from $9,143 million as of December 31, 2024[15] - Total shareholders' equity increased to $5,186 million as of September 30, 2025, from $3,949 million as of December 31, 2024[15] - The total shareholders' equity decreased to $5,227 million as of September 30, 2025, down from $2,341 million as of September 30, 2024[32] - The balance of retained earnings as of September 30, 2025, was $4,642 million, a decrease from $1,261 million as of September 30, 2024[32] Cash Flow and Debt - Operating cash flow for the nine months ended September 30, 2025, was $(21) million, a significant decrease from $501 million in the same period of 2024[18] - Total debt as of September 30, 2025, was $1,070 million, a decrease from $1,104 million as of December 31, 2024[58] - As of September 30, 2025, cash and cash equivalents totaled $2,776 million, compared to $2,829 million as of December 31, 2024[65] Tax and Other Income - The company recognized a tax benefit of $230 million in the third quarter of 2025, contributing to the net earnings before equity method earnings[10] - The effective tax rate for Q3 2025 was 20%, significantly lower than 71% in Q3 2024[42] - Other comprehensive income (OCI) for Q3 2025 was a loss of $4 million, compared to a gain of $31 million in Q3 2024[32] Stock and Shareholder Actions - The company repurchased $365 million of common stock during the nine months ended September 30, 2025[18] - The company repurchased common stock amounting to $70 million during Q2 2025[32] - Performance-based award units totaling 278,193 were granted to officers during the 2025 Period[67] Future Commitments and Obligations - The maximum potential future payments under outstanding performance guarantees were estimated at $13 billion as of September 30, 2025[47] - Future funding commitments for unconsolidated Variable Interest Entities (VIEs) were $48 million as of September 30, 2025[45] - Remaining Unsatisfied Performance Obligations (RUPO) totaled $26,900 million as of September 30, 2025, with $13,211 million expected to be satisfied within one year[57] Investments and Sales - The company recognized a gain of $7 million from the sale of Stork's operations in the U.K. during the 2025 Period[39] - The company completed the sale of 10 million NuScale shares for net proceeds of $414 million during the 2025 Quarter[44] - The fair value of the investment in NuScale was $4,186 million as of September 30, 2025, reflecting a pre-tax loss of $401 million for the quarter[62]