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FLR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Fluor Corporation (FLR) stock moving?
Fluor's Q3 2026 report (Nov 6) combined a clear miss with strong order intake. Adjusted EPS of $0.77 and sales of $3.72B fell short of estimates of $0.80 and $4.16B. Revenue still rose 10% to $3.7B, GAAP EPS was $1.16, and Energy Solutions revenue jumped 159%. New awards reached a record $10.9B, backlog grew 21% to $34.3B, 2026 guidance was affirmed, and $1.1B of buybacks were completed year to date. Management warned a client scope change could reset backlog by about $2B, which is the main risk. On Nov 9 analysts cut targets: Citigroup to $66 (Buy), Truist to $62 (Buy) and Baird to $56 (Neutral). Recent contract news includes the Sierra Gorda full notice to proceed, the X-Energy Cascade SMR selection and the TeraWulf Kentucky data center contract. The stock fell to $44.98 on Nov 5 on heavy volume of 5.2M, then recovered to $50.44 on Nov 10, about 16% above the Oct 22 close of $43.42. The Nov 9 rally came on 3.4M shares despite the target cuts, and the close sits below every current target, which leaves room for further analyst repricing.
News behind the analysis
- Fluor Corporation Reports Third Quarter 2026 Financial ResultsQ3 revenue rose 10% to $3.7B with record new awards of $10.9B and backlog up 21% to $34.3B. Management affirmed 2026 guidance.
- Fluor Q3 Adj. EPS $0.77 Misses $0.80 Estimate, Sales $3.720B Miss $4.164B EstimateAdjusted EPS and sales both came in below consensus estimates for the quarter.
- Fluor Falls After Earnings Miss, Management Warns Backlog Could ResetShares fell after the miss, and management flagged a possible $2 billion backlog reduction despite record new awards.
- These Analysts Slash Their Forecasts On Fluor After Weak Q3 ResultsSeveral analysts cut price targets after the quarter. A client scope change may reduce backlog by $2B.
- Citigroup Maintains Buy Rating on Fluor, Lowers Price Target to $66Citigroup kept its Buy rating and cut its price target from $68 to $66.
- Truist Securities Reiterates Buy on Fluor, Lowers Price Target to $62Truist kept its Buy rating and lowered its price target from $71 to $62.
- Baird Maintains Neutral on Fluor, Lowers Price Target to $56Baird kept a Neutral rating and set a $56 price target, the lowest among the updates.
- Fluor Selected By X-Energy To Provide Engineering, Design, And Project Management Services For The Cascade Small Modular Reactor Project In Washington; Undisclosed Contract Value To Be Booked In Q3Fluor was selected for engineering, design and project management on the Cascade SMR project. The contract value was not disclosed.
- Fluor Receives Full Notice To Proceed For Sierra Gorda Copper Mine Expansion Project In ChileFluor received full notice to proceed on the Sierra Gorda copper mine expansion in Chile.
- Fluor Announces Definitive Contract With TeraWulf For Three Kentucky Data Center Buildings; Value Not Disclosed, Expects To Book Award In Q4Fluor signed a definitive contract for three data center buildings in Kentucky. The value was not disclosed, and the award is expected to be booked in Q4.
About Fluor Corporation
Fluor is a Texas-based engineering, procurement and construction (EPC) company that has been designing and building large industrial and infrastructure projects for over a century, with about $15.5 billion in revenue in 2025. It is now shifting toward lower-risk reimbursable contracts: about 85% of its roughly $27 billion backlog is reimbursable. It has also sold its NuScale nuclear stake, raising about $2.4 billion, which is helping pay for large share buybacks.
How it makes money
Fluor earns fees and contract revenue by designing, buying materials for, building and maintaining large facilities for clients. Its Urban Solutions segment covers mining and metals, infrastructure, advanced manufacturing and data centers, and is now its largest segment, with about $2.9 billion of the roughly $4.3 billion in revenue in Q2 2026. Its Energy Solutions segment works on LNG, chemicals, petrochemicals and nuclear projects. Its Mission Solutions segment does work for the US government. Most new work is reimbursable, meaning clients pay costs plus a fee. Fixed-price projects can bring cost overruns.
What usually moves FLR
- New contract awards and backlog growth
- Cost overruns or claims on legacy fixed-price projects
- Energy, LNG and chemicals capital spending
- Data center, mining and advanced manufacturing investment
- Share buybacks and cash flow