FLR

Fluor is a global engineering, procurement and construction (EPC) contractor whose FY2025 results were distorted by a one-time legal hit. The company posted a net loss of -$51M (EPS -$0.31) on revenue of $15.5B (-5.0%), but the MD&A is explicit that 'revenue, profit and operating cash flow in 2025 was significantly impacted by a judgment on the long completed Santos project in Australia,' including a $643M reversal of revenue recognized in the fourth quarter. The Energy Solutions segment swung to a -$414M loss while Urban Solutions stayed profitable ($205M) and backlog there grew to $18.7B. Stripping out Santos, the underlying business is operating, not collapsing — though EPC economics are inherently thin and lumpy.

The more important story is balance-sheet transformation through the monetization of Fluor's large stake in NuScale. The company sold 15 million NuScale shares for $605M, completed the sale of 71 million more for $1.35B in February 2026, and expects to sell its remaining ~40 million shares by Q2 2026. This is converting a volatile equity-method holding (which the filing flags as a source of earnings volatility) into substantial cash. Management is already returning capital aggressively — $754M of buybacks in FY2025 (up 503%), reducing shares 13.2% — and the company holds $2.13B of cash against just $1.07B of long-term debt.