Fluor Corporation (FLR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'ingénierie et de la construction mondiales, Fluor Corporation (FLR) est une puissance de l'innovation et de la livraison de projets stratégiques. Avec une toile complète du modèle commercial qui couvre des paysages industriels complexes, Fluor transforme les défis d'ingénierie difficiles en solutions transparentes dans les secteurs de l'énergie, des infrastructures et de la technologie. Leur approche unique mélange l'expertise technologique de pointe avec un réseau mondial de partenariats stratégiques, les positionnant comme une force transformatrice dans la fourniture de projets d'ingénierie durables et sophistiqués dans le monde.

Fluor Corporation (FLR) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des clients majeurs d'énergie, d'infrastructure et de gouvernement

Fluor Corporation maintient des partenariats stratégiques avec des clients clés dans plusieurs secteurs:

Secteur des clients	Partenaires clés	Plage de valeurs de contrat
Énergie	ExxonMobil, Chevron, Shell	500 M $ - 2 milliards de dollars par projet
Gouvernement	Département américain de l'Énergie, ministère de la Défense	100 millions de dollars - 1 milliard de dollars par contrat
Infrastructure	Texas Department of Transportation, Californie Rail à grande vitesse	250 M $ - 750 M $ par projet

Coentreprises avec des entreprises mondiales d'ingénierie et de construction

Fluor collabore par le biais de coentreprises stratégiques:

• Bechtel Corporation - Projets d'infrastructure à grande échelle
• Jacobs Engineering Group - Installations industrielles complexes
• CH2M HILL - Développements environnementaux et d'infrastructures

Coentreprise	Type de projet	Durée du partenariat typique
Bechtel	Huile & Mégaprojects à gaz	3-5 ans
Jacobs	Installations de production d'électricité	2-4 ans

Partenariats avec les fournisseurs de technologies

Les partenariats technologiques se concentrent sur des solutions innovantes:

• Siemens - Automatisation industrielle avancée
• Groupe ABB - technologies de transformation numérique
• Microsoft Azure - Infrastructure de cloud computing

Relations collaboratives avec des équipements et des fournisseurs de matériaux

Les relations critiques des fournisseurs comprennent:

Catégorie des fournisseurs	Fournisseurs clés	Valeur d'achat annuelle
Fabricants d'acier	Arcelormittal, Nucor Corporation	350 M $ - 500 M $
Matériel lourd	Caterpillar, John Deere	250 M $ - 400 M $
Composants électriques	Schneider Electric, Rockwell Automation	150 M $ - 250 M $

Fluor Corporation (FLR) - Modèle d'entreprise: activités clés

Services d'ingénierie, d'approvisionnement, de construction et d'entretien

En 2023, Fluor Corporation a déclaré des revenus totaux de 14,57 milliards de dollars. La société exécutée Projets d'ingénierie et de construction majeurs sur plusieurs secteurs.

Catégorie de service	Volume de projet	Contribution des revenus
Construction industrielle	37 projets actifs	5,2 milliards de dollars
Infrastructure énergétique	22 projets majeurs	4,8 milliards de dollars
Services de maintenance	45 contrats en cours	2,3 milliards de dollars

Gestion de projet pour des projets industriels et infrastructures complexes

Fluor géré 59 projets mondiaux complexes en 2023, la valeur totale du projet dépassant 22,1 milliards de dollars.

• Durée moyenne du projet: 36-48 mois
• Travail de gestion de projet: 12 500 professionnels
• Treadage géographique: 6 continents

Conception et ingénierie des installations d'énergie, de produits chimiques et d'exploitation

En 2023, Fluor a terminé des travaux de conception pour:

Secteur	Nombre d'installations	Valeur de conception totale
Installations énergétiques	17 installations	3,6 milliards de dollars
Plantes chimiques	12 installations	2,9 milliards de dollars
Infrastructure minière	8 installations	1,7 milliard de dollars

Services de conseil en environnement et à la durabilité

Fluor a investi 124 millions de dollars dans le conseil en durabilité en 2023, soutenant 33 projets d'infrastructure verte.

Gestion des risques et optimisation du projet

Budget de gestion des risques pour 2023: 87 millions de dollars, couvrant 72 projets mondiaux.

• Taux de réussite sur l'atténuation des risques: 94%
• Économies d'optimisation du projet: 312 millions de dollars
• Outils de gestion des risques numériques déployés: 14

Fluor Corporation (FLR) - Modèle d'entreprise: Ressources clés

Ingénierie hautement qualifiée et main-d'œuvre technique

En 2023, Fluor Corporation a employé 41 000 professionnels dans le monde. Répartition des effectifs:

Catégorie professionnelle	Nombre d'employés
Ingénieurs	22,600
Chefs de projet	6,500
Spécialistes techniques	8,900
Personnel de soutien	3,000

Technologies de conception et de gestion de projet avancées

Investissements technologiques en 2023:

• 87,3 millions de dollars dépensés pour la transformation numérique
• Mis en œuvre 12 plateformes de logiciels de gestion de projet avancés
• Outils d'optimisation de conception alimentés par AI déployés

Réseau mondial de bureaux et de sites de projet

Région	Nombre de bureaux	Sites de projet actifs
Amérique du Nord	42	87
Europe	18	35
Moyen-Orient	12	29
Asie-Pacifique	25	53

Capacités financières solides et expertise en financement de projets

Mesures financières pour 2023:

• Revenu total: 14,2 milliards de dollars
• Equivalents en espèces et en espèces: 1,67 milliard de dollars
• Capacité totale de financement du projet: 3,5 milliards de dollars
• Note de crédit: BBB- (Standard & Pauvre)

Portfolio vaste de projets complexes terminés

Industrie	Projets terminés en 2023	Valeur totale du projet
Énergie	37	6,8 milliards de dollars
Infrastructure	22	3,4 milliards de dollars
Exploitation minière	15	2,1 milliards de dollars
Fabrication	28	4,5 milliards de dollars

Fluor Corporation (FLR) - Modèle d'entreprise: propositions de valeur

Solutions de bout en bout pour des projets industriels et infrastructures complexes

Fluor Corporation a généré 14,2 milliards de dollars de revenus totaux en 2022, le portefeuille de projets couvrant plusieurs secteurs, notamment l'énergie, les infrastructures et les technologies avancées.

Type de projet	Contribution annuelle des revenus
Projets énergétiques	6,3 milliards de dollars
Projets d'infrastructure	4,5 milliards de dollars
Technologies avancées	3,4 milliards de dollars

Expertise en conception d'ingénierie durable et innovante

Fluor a investi 42 millions de dollars dans la recherche et le développement pour les solutions d'ingénierie durable en 2022.

• Technologies de réduction du carbone
• Conception d'infrastructures d'énergie renouvelable
• Solutions industrielles à faible teneur en carbone

Atténuation des risques et livraison de projet rentable

Fluor maintient un taux de réussite du projet de 92% avec des économies de coûts moyens de 15% pour les clients dans des projets d'ingénierie complexes.

Métrique de gestion des risques	Performance
Taux d'achèvement du projet	92%
Économies de coûts moyens du client	15%
Réduction du retard du projet	18%

Capacités mondiales avec compréhension du marché local

Fluor opère dans 36 pays avec 41 000 employés en 2022.

• Marché nord-américain: 8,7 milliards de dollars de revenus
• Marchés internationaux: revenus de 5,5 milliards de dollars

Innovation technique et solutions technologiques avancées

Fluor a obtenu 12 brevets de nouvelles technologies en 2022, en se concentrant sur l'ingénierie numérique et les technologies durables.

Catégorie d'innovation	Nombre de brevets
Ingénierie numérique	7
Technologies durables	5

Fluor Corporation (FLR) - Modèle d'entreprise: relations clients

Partenariats stratégiques à long terme avec les clients clés

Fluor Corporation maintient des partenariats stratégiques avec les principaux clients dans plusieurs secteurs. En 2023, la société a déclaré 80% des revenus de clients réguliers dans les secteurs de l'énergie, des infrastructures et des technologies avancées.

Secteur de l'industrie	Durée du partenariat à long terme	Valeur du contrat annuel
Énergie	5-10 ans	1,2 milliard de dollars
Infrastructure	3-7 ans	850 millions de dollars
Technologies avancées	4-8 ans	650 millions de dollars

Équipes de gestion des comptes dédiés

Fluor emploie 275 professionnels de la gestion des comptes dédiés desservant des clients de haut niveau sur les marchés mondiaux.

• Tenure moyenne des relations avec le client: 7,3 ans
• Taux de rétention de la clientèle: 92%
• Engagement annuel moyen du client: 45 millions de dollars par compte

Soutien continu du projet et services post-projet

La société fournit un support post-projet complet avec une équipe dédiée de 185 spécialistes du support technique.

Type de service	Heures de soutien annuelles	Temps de réponse moyen
Support technique	52 000 heures	4,2 heures
Conseil d'entretien	38 500 heures	6,1 heures

Conception et exécution du projet collaboratif

Fluor met en œuvre des méthodologies de conception collaborative avec 65% des grands projets utilisant des approches intégrées de livraison de projets.

• Plates-formes de collaboration numérique utilisées: 3 systèmes propriétaires
• Durée de collaboration du projet moyen: 18 mois
• Évaluation de satisfaction du client: 4.7 / 5

Revues de performance et mécanismes de rétroaction des clients

La société effectue des revues de performances trimestrielles avec 95% des principaux clients, en utilisant des cadres de rétroaction structurés.

Mécanisme de rétroaction	Fréquence	Taux de réponse
Revues de performance trimestrielles	4 fois par an	98%
Enquête annuelle sur la satisfaction des clients	Une fois par an	87%

Fluor Corporation (FLR) - Modèle d'entreprise: canaux

Équipes de vente directes et professionnels du développement commercial

Fluor Corporation maintient 5 900 employés dédiés au développement des entreprises et aux ventes à partir de 2023. La force de vente mondiale de l'entreprise opère dans 6 segments commerciaux primaires.

Segment de l'équipe de vente	Nombre de professionnels	Couverture géographique
Solutions énergétiques	1,200	Amérique du Nord, Moyen-Orient
Infrastructure	900	Mondial
Technologie de pointe	600	États-Unis, Europe

Conférences et salons commerciaux de l'industrie

Fluor participe à 42 grandes conférences de l'industrie par an, avec un investissement marketing estimé à 3,2 millions de dollars en 2023.

• Conférence de la semaine de l'énergie
• Sommet international des infrastructures
• Exposition mondiale d'ingénierie

Site Web d'entreprise et plateformes de marketing numérique

Les canaux numériques de Fluor génèrent environ 65% de l'engagement initial des clients. Le trafic du site Web a atteint 1,2 million de visiteurs uniques en 2023.

Plate-forme numérique	Visiteurs mensuels	Taux de génération de leads
Site Web de l'entreprise	350,000	4.5%
Liendin	250,000	3.2%

Réponses de demande de proposition (DP)

Fluor répond à 178 RFP par an, avec un taux d'offre réussi de 42%. Les coûts totaux de préparation des propositions liés aux DP étaient de 7,6 millions de dollars en 2023.

Réseaux de référence et recommandations de l'industrie

Les canaux de référence contribuent à 35% des nouvelles acquisitions commerciales de Fluor. La société entretient des relations avec 1 200 partenaires de l'industrie et les réseaux de conseil.

Source de référence	Références annuelles	Taux de conversion
Consultants en ingénierie	450	28%
Partenaires de l'industrie	350	22%

Fluor Corporation (FLR) - Modèle d'entreprise: segments de clientèle

Entreprises de l'industrie de l'énergie et des produits chimiques

Fluor dessert les principaux clients de l'énergie et des produits chimiques avec 15,6 milliards de dollars sur les revenus du projet 2022. Les clients clés comprennent:

Type de client	Pourcentage de segment	Valeur annuelle du projet
Exxonmobil	22%	3,4 milliards de dollars
Chevron	18%	2,8 milliards de dollars
Coquille	15%	2,3 milliards de dollars

Organisations gouvernementales et d'infrastructures

Les contrats gouvernementaux ont représenté 4,2 milliards de dollars sur les revenus de 2022.

• Département américain de l'énergie
• Ministère de la Défense
• Projets d'infrastructure fédéraux

Sociétés d'exploitation et de métaux

Le segment minier a généré 2,7 milliards de dollars de revenus de projet.

Clients majeurs	Type de projet	Valeur du contrat annuel
Rio Tinto	Infrastructure minière	850 millions de dollars
BHP	Traitement des minéraux	650 millions de dollars

Clients de production d'électricité et d'énergie renouvelable

Le segment des énergies renouvelables a atteint 3,5 milliards de dollars en 2022.

• Projets d'énergie éolienne: 1,2 milliard de dollars
• Infrastructure solaire: 1,1 milliard de dollars
• Facilités d'énergie nucléaire: 1,2 milliard de dollars

Entreprises de fabrication et de secteur industriel

Le segment de fabrication a généré 2,8 milliards de dollars de revenus de projet.

Sous-secteur de l'industrie	Volume de projet	Pourcentage de segment
Fabrication automobile	950 millions de dollars	34%
Fabrication de technologies	750 millions de dollars	27%
Fabrication pharmaceutique	650 millions de dollars	23%

Fluor Corporation (FLR) - Modèle d'entreprise: Structure des coûts

Frais de main-d'œuvre et de personnel

Depuis 2023 Exercice, Fluor Corporation a déclaré des dépenses totales de main-d'œuvre et de personnel de 3,56 milliards de dollars. La ventilation comprend:

Catégorie	Montant des dépenses
Coûts de main-d'œuvre directes	2,41 milliards de dollars
Avantages sociaux	687 millions de dollars
Compensation et frais généraux	472 millions de dollars

Technologie et investissements logiciels

L'investissement technologique de Fluor pour 2023 a totalisé 124 millions de dollars, avec des allocations spécifiques:

• Technologies de transformation numérique: 45 millions de dollars
• Systèmes logiciels d'entreprise: 38 millions de dollars
• Infrastructure de cybersécurité: 21 millions de dollars
• Plates-formes de cloud computing: 20 millions de dollars

Coûts de recherche et de développement

Les dépenses de R&D pour 2023 étaient de 62 millions de dollars, axées sur:

Zone de focus R&D	Investissement
Solutions d'ingénierie durable	27 millions de dollars
Technologies de gestion de projet avancées	22 millions de dollars
Recherche de transition énergétique	13 millions de dollars

Approvisionnement en matière et équipement spécifiques au projet

Les coûts totaux d'approvisionnement pour 2023 ont atteint 1,87 milliard de dollars, distribué à travers:

• Matériaux du projet d'infrastructure: 642 millions de dollars
• Équipement du secteur de l'énergie: 589 millions de dollars
• Procurements de fabrication industrielle: 412 millions de dollars
• Équipement mondial spécifique au projet: 227 millions de dollars

Opération et frais généraux mondiaux et administratifs

Les frais généraux opérationnels pour 2023 s'élevaient à 521 millions de dollars, notamment:

Catégorie aérienne	Frais
Opérations de bureaux mondiaux	203 millions de dollars
Frais administratifs d'entreprise	178 millions de dollars
Voyage et logistique	89 millions de dollars
Contacments de conformité et de réglementation	51 millions de dollars

Fluor Corporation (FLR) - Modèle d'entreprise: Strots de revenus

Contrats d'ingénierie et de construction à prix fixe

En ce qui concerne le rapport annuel de Fluor Corporation en 2022, les contrats d'ingénierie et de construction à prix fixe ont généré 15,3 milliards de dollars de revenus. Ces contrats représentaient environ 62% du portefeuille total des projets de la société.

Type de contrat	Revenus ($ b)	Pourcentage du total
Projets d'infrastructure	5.7	37%
Contractes du secteur de l'énergie	6.2	40%
Contrats d'installation industrielle	3.4	22%

Contrats de projet à coût et à coût

Les contrats de projet à coût et plus ont représenté 6,8 milliards de dollars de revenus pour Fluor Corporation en 2022, ce qui représente environ 28% du total des revenus du projet.

• Secteur du gouvernement et de la défense: 3,2 milliards de dollars
• Projets industriels complexes: 2,4 milliards de dollars
• Contrats de restauration environnementale: 1,2 milliard de dollars

Accord de maintenance et de services en cours

Les accords de maintenance et de service ont généré 1,5 milliard de dollars de revenus récurrents au cours de l'exercice 2022.

Catégorie de service	Revenus ($ m)
Entretien des usines industrielles	650
Maintenance des infrastructures énergétiques	450
Contrats de service à long terme	400

Frais de service de technologie et de conseil

Les services de technologie et de conseil ont produit 750 millions de dollars de revenus pour Fluor Corporation en 2022.

• Conseil de transformation numérique: 250 millions de dollars
• Services technologiques d'ingénierie: 300 millions de dollars
• Services de conseil stratégique: 200 millions de dollars

Incitations du projet basées sur la performance

Les incitations basées sur le rendement ont contribué 400 millions de dollars aux revenus de Fluor Corporation en 2022.

Type d'incitation	Revenus ($ m)
Bonus d'achèvement précoce	180
Récompenses de rentabilité	140
Incitations aux performances de qualité	80

Fluor Corporation (FLR) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Fluor Corporation (FLR) for their massive capital projects. It's not just about building; it's about de-risking the entire process from start to finish.

End-to-end project lifecycle solutions for complex, capital-intensive assets.

Fluor provides services across the full project spectrum, from initial design through construction and operations support. This capability is reflected in the size and quality of the work they secure.

• Total Backlog as of September 30, 2025: $28.2 billion.
• Consolidated New Awards in Q3 2025: $3.3 billion.
• New awards in the first half of 2025 totaled $7.58 billion.

The types of projects won show a clear focus on future-facing sectors.

Market/Project Type	Recent Activity/Example
Advanced Technologies/Manufacturing	Awarded FEED services contract for MP Materials' new rare earth magnet manufacturing facility in Texas (Q3 2025).
Mining & Metals	Incremental bookings for a copper mining project in Canada (Q3 2025).
Life Sciences	Ramp up of execution activities on recently awarded life sciences projects (Q3 2025).

Risk mitigation via a predominantly reimbursable contract model.

This contract structure is key to managing exposure to cost overruns and inflation, which is a major concern in this industry. Fluor consistently emphasizes securing work under terms that protect their margin.

The focus on reimbursable work is evident in their new business intake:

• New Awards in Q3 2025 were 99% reimbursable.
• New Awards in Q1 2025 were 87% reimbursable.

This strategy directly impacts the overall risk profile of the committed work:

The percentage of the total backlog classified as reimbursable has been consistently high:

Reporting Period	Backlog Reimbursable Percentage
Q3 2025	82%
Q2 2025	80%
Q1 2025	79%

Also, projects in a loss position represented $642 million of the total backlog as of Q3 2025, which was a reduction of $200 million from the prior quarter, showing progress toward completion of legacy issues.

Expertise in high-growth markets like advanced technologies and energy transition.

Fluor positions itself to support the global shift in energy and technology infrastructure. The Energy Solutions segment remains anchored by global LNG and nuclear projects, and the LNG Canada project achieved Ready for Start-Up (RFSU) in Q2 2025.

Global supply chain and advanced sourcing for cost-effective project delivery.

The company's scale allows for efficient sourcing, a critical factor when managing costs on capital-intensive projects globally. As of Q2 2025, 42% of Fluor's total backlog was tied to international projects, particularly in mining and manufacturing.

Fluor's global footprint is supported by its workforce, which stood at nearly 27,000 employees as of Q1 2025.

Commitment to safety, integrity, and quality in execution.

Safety performance metrics demonstrate a commitment to operational excellence that is measurably better than industry peers. This commitment is a core value that underpins execution quality.

Safety performance data from 2024 shows a clear advantage:

Safety Metric (2024)	Fluor Rate	Industry Average (Construction)
Total Case Incident Rate (TCIR)	0.31	0.90
Days Away, Restricted or Transferred (DART) Rate	0.17	0.60

The company also conducted 75 corporate HSE audits in 2024, with general worksite audits achieving an average score of 93.24%.

Fluor Corporation (FLR) - Canvas Business Model: Customer Relationships

You're looking at how Fluor Corporation (FLR) keeps its massive project pipeline moving, which really boils down to deep, long-term client trust. For a company with a trailing twelve-month (TTM) revenue of approximately $15.59 billion as of November 2025, the relationship structure is everything. It's not transactional; it's about embedding their expertise into the client's long-term capital plan.

Dedicated account management for long-term strategic clients.

Fluor Corporation structures its engagement to ensure continuity, especially with its largest partners in key growth areas. The focus on segments like Urban Solutions, which held a backlog of $20.2 billion as of Q1 2025, representing about 70% of the total backlog, suggests intense account focus there. This dedicated approach is necessary to manage the complexity that results in a total backlog of $28.2 billion at the end of Q3 2025.

• Dedicated teams support clients in life sciences, where Fluor has executed over 1,500 projects in the last 50 years.
• This management style supports the strategic pivot toward new awards, like the $5.8 billion in new awards in Q1 2025.
• It helps maintain the high percentage of risk-sharing contracts, with 99% of Q3 2025 new awards being reimbursable.

Relationship-driven model, with a high percentage of repeat clients.

The entire model leans heavily on clients returning for the next phase or project. While the most recent specific figure is from 2023, Fluor reported that 80% of revenue came from repeat clients in energy, infrastructure, and advanced technologies sectors. This historical reliance on repeat business is what underpins the current financial stability, even with near-term revenue fluctuations, such as the Q3 2025 revenue of $3.4 billion.

Here's a quick look at the current state of the project pipeline that these relationships feed:

Metric	Value (Late 2025)	Reference Period
Total Backlog	$28.2 billion	Q3 2025
Backlog Reimbursable Percentage	82%	Q3 2025
2024 Total Revenue	$16.3 billion	Full Year 2024
Projected 2025 Revenue Growth	Approximately 15%	2025 Guidance

Customized, consultative engagement for complex, bespoke projects.

Fluor Corporation doesn't just bid on standard jobs; they consult on the most challenging capital projects. This is evident in their work for over 200 life sciences clients across 30 countries. For these bespoke needs, the engagement is consultative, moving beyond basic EPCM (Engineering, Procurement, Construction, and Maintenance) to provide full project lifecycle service. This consultative depth is what allows them to secure high-value work, like the contract to update the FEED (Front-End Engineering Design) package for the proposed phase 2 expansion of the LNG Canada project.

High-touch, expert-led sales process for large government and industrial contracts.

Securing large government and industrial contracts requires a high degree of assurance regarding execution and risk management, which is where the high percentage of reimbursable work comes into play. The Mission Solutions segment, for example, is built on these types of relationships. The fact that 82% of the total backlog is reimbursable as of Q3 2025 shows clients are willing to enter into cost-plus-style arrangements, which is a direct result of a high-touch sales process led by experts who can clearly articulate risk mitigation strategies.

• The company increased its 2025 adjusted EPS guidance to a range of $1.95 to $2.15 per share following Q3 results, signaling confidence in the current contract portfolio quality.
• The focus on securing new awards in pharmaceuticals, advanced manufacturing, and data centers shows where the expert-led sales efforts are concentrated for 2025 and beyond.
• Fluor's debt-to-equity ratio of 0.18, as of Q3 2025 reporting, provides a strong balance sheet foundation that reassures large governmental and industrial clients about long-term stability.

Finance: draft 13-week cash view by Friday.

Fluor Corporation (FLR) - Canvas Business Model: Channels

You're looking at how Fluor Corporation, FLR, gets its massive engineering and construction projects in front of clients and executes them across the globe. It's all about a physical and strategic footprint.

The direct sales force and business development teams are the engine for securing work in their targeted growth areas. This team is focused on driving organic growth in specific sectors, which, as of their Q1 2025 presentation, included pharmaceuticals, advanced manufacturing, semiconductors, and data centers. They are actively pushing for the 'Grow & Execute' phase of their strategy, emphasizing financial discipline and balanced contract terms to win work.

Fluor maintains a vast physical presence to support its global execution platform. This network is essential for managing complex, multi-year Engineering, Procurement, and Construction (EPC) contracts.

Metric	Value/Scope (As of Late 2025 Data)
Global Execution Platform Reach	Serving clients in over 60 countries
Number of Countries with Offices	Offices in 25 countries
Global Workforce Size	Approximately 27,000 employees executing projects globally
2024 Revenue	$16.3 billion
Q1 2025 New Awards	$5.8 billion

The company uses joint venture structures extensively to access local markets and leverage specialized expertise, which is a key risk-mitigation and capability-enhancement channel. A prime example is the JGC Fluor JV, which secured the Front End Engineering and Design (FEED) contract for the proposed Phase 2 expansion of the LNG Canada facility, a contract recognized in Fluor's Q2 2025 financials.

This JV structure is not new; the JGC-Fluor JV was instrumental in delivering Phase 1 of the LNG Canada project, which has an annual capacity of up to 14 million tonnes of LNG. Fluor's own presence in Canada spans over 75 years. The LNG Canada project itself is a JV involving Shell, Petronas, PetroChina, Mitsubishi Corporation, and KOGAS.

Thought leadership and industry conferences serve as a channel to shape the market narrative and position Fluor for future awards. This is evidenced by their active communication around strategic shifts and project successes:

• Presenting on the transition to the 2025-2028 'Grow & Execute' strategic phase.

• Highlighting focus areas like Carbon Capture, Hydrogen, and Small Modular Reactors (SMRs) within their business groups (Energy Solutions, Urban Solutions, Mission Solutions).

• Emphasizing a contract mix where 79% of the total backlog of $28.7 billion (Q1 2025) consists of reimbursable work, signaling thought leadership in risk-balanced contracting.

The company's headquarters is located at 6700 Las Colinas Blvd, Irving, Texas, U.S.. Finance: review the Q3 2025 backlog breakdown against the 2026 revenue projections by end of Q4.

Fluor Corporation (FLR) - Canvas Business Model: Customer Segments

You're looking at the core client base for Fluor Corporation (FLR) as of late 2025, and it's clearly segmented across government services and major industrial/infrastructure sectors. This structure helps manage the cyclical nature of the engineering, procurement, and construction (EPC) world.

The overall revenue picture for the twelve months ending September 30, 2025, was approximately $15.59 billion, showing a slight dip from the $16.32 billion recorded for the full year 2024. What matters more for segment analysis is the mix of work, which is increasingly leaning toward lower-risk, reimbursable contracts. For instance, new awards in the third quarter of 2025 totaled $3.3 billion, with 99% being reimbursable.

US and select international governments (Mission Solutions)

This group falls under Fluor's Mission Solutions segment, which focuses on high-security and complex government support. This segment remains a steady source of revenue, even with project-specific headwinds. In the third quarter of 2025, Mission Solutions reported a profit of $34 million.

• Secured a three-year Logistics Support Services contract with the U.S. Army Europe in September 2025.
• Eligible to compete for task orders up to $3.5 billion on the Defense Threat Reduction Agency (DTRA) CTRIC IV contract.
• Eligible for task orders up to $2 billion on the Global Contingency Services Multiple Award Contract III.
• Mission Solutions revenue for the trailing twelve months ending September 2025 was $2.77 billion.

Global energy companies (Oil & Gas, LNG, Chemicals, Power)

These clients drive the Energy Solutions segment, which covers traditional oil and gas, LNG, chemicals, and power markets. This segment has faced significant volatility, including a major financial impact from the Santos project ruling. For the third quarter of 2025, this segment recorded a substantial loss of $533 million, largely due to a $653 million ruling reversal recorded as a reduction to revenue.

Metric	Q3 2025 Result (Millions USD)	TTM Revenue (Millions USD)
Segment Profit (Loss)	(533)	N/A
Revenue	262	4,130
Ending Backlog	5,100	N/A

Still, the segment saw a major operational milestone with the LNG Canada project achieving Ready for Start-Up (RFSU) in Q2 2025, and Fluor received an award to update the FEED package for a proposed phase 2 expansion.

Industrial clients in Life Sciences, Mining & Metals, and Advanced Technologies

These growth markets are primarily captured within the Urban Solutions segment. This area is showing positive momentum, with management highlighting a ramp-up of recently awarded projects here. Urban Solutions reported a profit of $61 million in the third quarter of 2025.

• New awards in Q3 2025 included incremental bookings for a copper mining project in Canada and a life sciences project in the United States.
• Urban Solutions segment revenue for the trailing twelve months ending September 2025 was $8.57 billion.
• The segment secured $1.8 billion in new awards during the third quarter of 2025.

The shift to these sectors is strategic, as evidenced by the high percentage of reimbursable work in new bookings.

Public and private infrastructure owners (e.g., state transportation departments)

Infrastructure work, including transportation projects, is also reported within the Urban Solutions segment, though it has also been a source of legacy project risk. You're seeing the tail end of some of these challenges now. For example, construction activities on the LAX people mover are expected to be largely complete and positioned for operation in early 2026.

The total backlog, which stood at $28.2 billion at the end of Q3 2025, includes approximately $642 million in projects currently in a loss position, which is down $200 million from the prior quarter as Fluor marches toward completion on these items. Finance: draft 13-week cash view by Friday.

Fluor Corporation (FLR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Fluor Corporation's operations as of late 2025, which is heavily influenced by project execution challenges and strategic capital allocation. The numbers we have are primarily from the third quarter ending September 30, 2025, giving us a very current snapshot.

Cost of Revenue (CoR) Drivers

The largest drivers within the Cost of Revenue-materials, labor, and subcontractors-are often where the most significant project risks materialize. While the precise breakdown isn't itemized in the latest public filings, we know that cost overruns and execution issues are a persistent factor. Specifically, issues related to subcontractor errors and inflationary pressures on the supply chain have been cited as causes for profit drag in the Urban Solutions segment, which includes infrastructure work. For instance, in Q2 2025, cost growth on three major infrastructure projects resulted in a $54 million net impact.

Legacy project issues continue to hit the cost base. In Q3 2025, the Urban Solutions segment recorded a $25 million adjustment for delay-related effects on an infrastructure project. To be fair, the company is actively managing these risks, as seen by a favorable resolution on a longstanding claim on a completed weapons project in Mission Solutions, which partially offset reserves for questioned and disputed costs in Q3 2025.

General and Administrative (G&A) Expenses

General and Administrative expenses for Fluor Corporation in Q3 2025 were reported at $43 million, representing a 16% year-over-year increase. This figure included $12 million specifically for restructuring costs. It's important to note that if you exclude those restructuring costs, the underlying G&A was actually lower compared to the prior year's reported figure.

Funding for Legacy Project Cost Overruns and Working Capital Needs

Managing working capital and funding potential overruns is key, especially given the project challenges. Fluor ended Q3 2025 with $2.8 billion in cash and marketable securities. The company generated strong operating cash flow of $286 million in Q3 2025. Based on this performance, Fluor increased its full-year 2025 guidance for operating cash flow to the range of $250 million to $300 million. The Energy Solutions segment took a significant hit from the $653 million Santos ruling charge, which was recorded as a revenue reversal, but the company anticipates sending payment in the fourth quarter related to the appeal process.

Investment in Digital Tools and Proprietary Technology Development

While direct R&D spending on digital tools isn't itemized, commercialization efforts related to the NuScale investment show significant associated costs factored into G&A. For the three months ended September 30, 2025, G&A included a $495.0 million Milestone Contribution 1 under NuScale's Partnership Milestones Agreement with ENTRA1, alongside $3.6 million in higher strategic business development costs, both tied to increased commercialization efforts. Fluor is planning the full monetization of its NuScale stake by the end of Q2 2026.

Costs Associated with Maintaining Global Offices and Fabrication Yards

The costs for physical assets like global offices and fabrication yards are embedded within segment operating costs and G&A. Fluor's operational footprint is reflected in its segment backlog as of September 30, 2025:

Segment	Backlog (as of 9/30/2025)	Relevant Cost Event Example
Urban Solutions	$20.5 billion	$25 million delay-related adjustment in Q3 2025
Energy Solutions	$5.1 billion	$31 million arbitration ruling on a 2021 Mexico fabrication job impacted Q2 2025 results
Mission Solutions	$2.6 billion	Reserves recognized for questioned costs on a defense support project in Q3 2025

The company relies on a predominantly reimbursable portfolio, with 82% of the total $28.2 billion backlog being reimbursable as of Q3 2025, which helps mitigate direct exposure to certain material and labor cost escalations.

Here's a quick look at key Q3 2025 financial metrics that inform the cost structure:

• GAAP Net Loss attributable to Fluor: $697 million
• Adjusted EBITDA: $161 million
• Adjusted EPS: $0.68
• Restructuring Costs included in G&A: $12 million

Finance: draft 13-week cash view by Friday.

Fluor Corporation (FLR) - Canvas Business Model: Revenue Streams

The revenue streams for Fluor Corporation (FLR) are fundamentally derived from its Engineering, Procurement, and Construction (EPC) services across its three primary operating segments. A significant portion of this revenue is secured through a predominantly reimbursable backlog, which helps mitigate margin risk.

The core revenue generation is broken down by segment performance for the third quarter ending September 30, 2025. You can see the segment revenue contribution below:

Revenue Stream Segment	Q3 2025 Revenue Amount
Urban Solutions	$2.3 billion
Mission Solutions	$761 million
Energy Solutions	$262 million

Total reported revenue for Fluor Corporation in the third quarter of 2025 was $3.4 billion. This figure reflects a significant $653 million reversal related to the Santos ruling within the Energy Solutions segment. The company secured new awards totaling $3.3 billion in the same quarter, with 99% of these new awards being reimbursable.

The overall financial outlook for the year is captured by the guidance provided for profitability metrics. Fluor Corporation guides its full-year 2025 Adjusted EBITDA to be between $510 million and $540 million. This updated guidance reflects confidence following the Q3 performance, despite short-term market uncertainties.

The stability of future revenue is supported by the backlog, which stood at $28.2 billion at the end of Q3 2025. Key characteristics of the revenue base include:

• Backlog is 82% reimbursable.
• Urban Solutions backlog increased 8% to $20.5 billion.
• Mission Solutions backlog was $2.6 billion.
• Energy Solutions backlog was $5.1 billion.

The fees from Engineering, Procurement, and Construction (EPC) services are directly tied to the execution of this substantial backlog, which is further bolstered by new awards in key areas like life sciences, mining, and defense contracts, such as the six-year extension at the Portsmouth project for Mission Solutions.