Fluor Corporation Q3 2026 Earnings Recap

Fluor shares rose 3.2% after earnings, as record quarterly awards and a decade-high backlog pointed to a larger future project base. The pipeline is encouraging, but much of the expected growth depends on projects ramping up over the next two years and awards not yet finalized.

Key Takeaways

• New awards reached a record $10.9 billion, lifting backlog to $34.3 billion, its highest level this decade.
• LNG Canada contributed $7.5 billion in booked awards; Fluor said the project is in full execution, with an execution plan incorporating lessons from phase one.
• Urban Solutions recorded $2 billion in awards, including two Chilean copper projects. A multibillion-dollar South American copper award is anticipated, but has not yet been released.
• Fluor expects to recognize the first two buildings of its TeraWulf data center contract as an award in the fourth quarter, subject to finalizing pricing.
• Management said the new projects are expected to ramp to full execution over the next two years; several potential power EPC contracts are expected next year.