Fluor Corporation (FLR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da engenharia e construção global, a Fluor Corporation (FLR) é uma potência de inovação e entrega estratégica de projetos. Com uma tela abrangente de modelo de negócios que abrange paisagens industriais complexas, a Fluor transforma desafios desafiadores de engenharia em soluções perfeitas entre os setores de energia, infraestrutura e tecnologia. Sua abordagem única combina experiência tecnológica de ponta com uma rede global de parcerias estratégicas, posicionando-as como uma força transformadora no fornecimento de projetos de engenharia sustentáveis ​​e sofisticados em todo o mundo.

Fluor Corporation (FLR) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com grandes clientes de energia, infraestrutura e governo

A Fluor Corporation mantém parcerias estratégicas com os principais clientes em vários setores:

Setor de clientes	Parceiros -chave	Intervalo de valor do contrato
Energia	ExxonMobil, Chevron, Shell	US $ 500 milhões - US $ 2B por projeto
Governo	Departamento de Energia dos EUA, Departamento de Defesa	US $ 100 milhões - US $ 1B por contrato
Infraestrutura	Departamento de Transportes do Texas, Califórnia em alta velocidade Rail	US $ 250M - US $ 750M por projeto

Joint ventures com empresas de engenharia e construção globais

A Fluor colabora através de joint ventures estratégicas:

• Bechtel Corporation - Projetos de infraestrutura em larga escala
• Jacobs Engineering Group - Instalações industriais complexas
• CH2M HILL - Desenvolvimentos ambientais e de infraestrutura

Parceiro de joint venture	Tipo de projeto	Duração da parceria típica
Bechtel	Óleo & Megaprojetos a gás	3-5 anos
Jacobs	Instalações de geração de energia	2-4 anos

Parcerias com provedores de tecnologia

As parcerias de tecnologia se concentram em soluções inovadoras:

• Siemens - Automação Industrial Avançada
• Grupo ABB - Tecnologias de Transformação Digital
• Microsoft Azure - Infraestrutura de computação em nuvem

Relações colaborativas com equipamentos e fornecedores de materiais

Relacionamentos críticos de fornecedores incluem:

Categoria de fornecedores	Principais fornecedores	Valor anual de compras
Fabricantes de aço	ArcelorMittal, Nucor Corporation	$ 350M - US $ 500M
Equipamento pesado	Caterpillar, John Deere	US $ 250M - US $ 400M
Componentes elétricos	Schneider Electric, Rockwell Automation	$ 150M - $ 250M

Fluor Corporation (FLR) - Modelo de negócios: Atividades -chave

Serviços de engenharia, compras, construção e manutenção

Em 2023, a Fluor Corporation registrou receitas totais de US $ 14,57 bilhões. A empresa executou Principais projetos de engenharia e construção em vários setores.

Categoria de serviço	Volume do projeto	Contribuição da receita
Construção Industrial	37 projetos ativos	US $ 5,2 bilhões
Infraestrutura energética	22 projetos principais	US $ 4,8 bilhões
Serviços de manutenção	45 contratos em andamento	US $ 2,3 bilhões

Gerenciamento de projetos para projetos complexos de industrial e infraestrutura

Fluor gerenciado 59 projetos globais complexos Em 2023, com o valor total do projeto superior a US $ 22,1 bilhões.

• Duração média do projeto: 36-48 meses
• Força de trabalho de gerenciamento de projetos: 12.500 profissionais
• Espalhamento geográfico: 6 continentes

Projeto e engenharia de instalações de energia, produtos químicos e de mineração

Em 2023, o Fluor concluiu o trabalho de design para:

Setor	Número de instalações	Valor total do projeto
Instalações de energia	17 instalações	US $ 3,6 bilhões
Plantas químicas	12 instalações	US $ 2,9 bilhões
Infraestrutura de mineração	8 instalações	US $ 1,7 bilhão

Serviços de consultoria ambiental e de sustentabilidade

A Fluor investiu US $ 124 milhões em consultoria de sustentabilidade em 2023, apoiando 33 projetos de infraestrutura verde.

Gerenciamento de riscos e otimização de projetos

Orçamento de gerenciamento de riscos para 2023: US $ 87 milhões, cobrindo 72 projetos globais.

• Taxa de sucesso da mitigação de risco: 94%
• Economia de otimização de projetos: US $ 312 milhões
• Ferramentas de gerenciamento de risco digital implantado: 14

Fluor Corporation (FLR) - Modelo de negócios: Recursos -chave

Engenharia altamente qualificada e força de trabalho técnica

A partir de 2023, a Fluor Corporation empregava 41.000 profissionais globalmente. Aparelhamento da força de trabalho:

Categoria profissional	Número de funcionários
Engenheiros	22,600
Gerentes de projeto	6,500
Especialistas técnicos	8,900
Equipe de apoio	3,000

Tecnologias avançadas de design e gerenciamento de projetos

Investimentos de tecnologia em 2023:

• US $ 87,3 milhões gastos em transformação digital
• Implementou 12 plataformas avançadas de software de gerenciamento de projetos
• Ferramentas de otimização de design de IA implantadas

Rede global de escritórios e sites de projeto

Região	Número de escritórios	Sites de projeto ativos
América do Norte	42	87
Europa	18	35
Médio Oriente	12	29
Ásia -Pacífico	25	53

Fortes capacidades financeiras e experiência em financiamento de projetos

Métricas financeiras para 2023:

• Receita total: US $ 14,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 1,67 bilhão
• Capacidade total de financiamento do projeto: US $ 3,5 bilhões
• Classificação de crédito: bbb- (padrão & Poor's)

Portfólio extenso de projetos complexos concluídos

Indústria	Projetos concluídos em 2023	Valor total do projeto
Energia	37	US $ 6,8 bilhões
Infraestrutura	22	US $ 3,4 bilhões
Mineração	15	US $ 2,1 bilhões
Fabricação	28	US $ 4,5 bilhões

Fluor Corporation (FLR) - Modelo de negócios: proposições de valor

Soluções de ponta a ponta para projetos complexos de infraestrutura e de infraestrutura

A Fluor Corporation entregou US $ 14,2 bilhões em receita total em 2022, com o portfólio de projetos abrangendo vários setores, incluindo energia, infraestrutura e tecnologias avançadas.

Tipo de projeto	Contribuição anual da receita
Projetos de energia	US $ 6,3 bilhões
Projetos de infraestrutura	US $ 4,5 bilhões
Tecnologias avançadas	US $ 3,4 bilhões

Especialização em design de engenharia sustentável e inovador

A Fluor investiu US $ 42 milhões em pesquisa e desenvolvimento para soluções de engenharia sustentável em 2022.

• Tecnologias de redução de carbono
• Design de infraestrutura de energia renovável
• Soluções industriais de baixo carbono

Mitigação de risco e entrega de projeto econômico

A Fluor mantém uma taxa de sucesso do projeto de 92%, com economia de custos médios de 15% para clientes em projetos complexos de engenharia.

Métrica de gerenciamento de riscos	Desempenho
Taxa de conclusão do projeto	92%
Economia média de custos do cliente	15%
Redução de atraso do projeto	18%

Capacidades globais com entendimento do mercado local

A Fluor opera em 36 países com 41.000 funcionários a partir de 2022.

• Mercado norte -americano: receita de US $ 8,7 bilhões
• Mercados internacionais: receita de US $ 5,5 bilhões

Inovação técnica e soluções tecnológicas avançadas

A Fluor garantiu 12 novas patentes de tecnologia em 2022, com foco em engenharia digital e tecnologias sustentáveis.

Categoria de inovação	Número de patentes
Engenharia Digital	7
Tecnologias sustentáveis	5

Fluor Corporation (FLR) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de longo prazo com clientes-chave

A Fluor Corporation mantém parcerias estratégicas com os principais clientes em vários setores. A partir de 2023, a empresa registrou 80% da receita de clientes recorrentes em setores de energia, infraestrutura e tecnologias avançadas.

Setor da indústria	Duração da parceria de longo prazo	Valor anual do contrato
Energia	5-10 anos	US $ 1,2 bilhão
Infraestrutura	3-7 anos	US $ 850 milhões
Tecnologias avançadas	4-8 anos	US $ 650 milhões

Equipes de gerenciamento de contas dedicadas

A Fluor emprega 275 profissionais de gerenciamento de contas dedicados que atendem a clientes de primeira linha nos mercados globais.

• Possui de relacionamento médio do cliente: 7,3 anos
• Taxa de retenção de clientes: 92%
• Engajamento médio anual do cliente: US $ 45 milhões por conta

Suporte contínuo ao projeto e serviços pós-projeto

A empresa fornece suporte abrangente pós-projeto com uma equipe dedicada de 185 especialistas em suporte técnico.

Tipo de serviço	Horário de apoio anual	Tempo médio de resposta
Suporte técnico	52.000 horas	4,2 horas
Consultoria de manutenção	38.500 horas	6,1 horas

Design e execução do projeto colaborativo

A Fluor implementa metodologias de design colaborativo, com 65% dos principais projetos utilizando abordagens integradas de entrega de projetos.

• Plataformas de colaboração digital utilizadas: 3 sistemas proprietários
• Duração média da colaboração do projeto: 18 meses
• Classificação de satisfação do cliente: 4.7/5

Revisões de desempenho e mecanismos de feedback do cliente

A empresa realiza revisões trimestrais de desempenho com 95% dos principais clientes, utilizando estruturas de feedback estruturadas.

Mecanismo de feedback	Freqüência	Taxa de resposta
Revisões trimestrais de desempenho	4 vezes por ano	98%
Pesquisa anual de satisfação do cliente	Uma vez por ano	87%

Fluor Corporation (FLR) - Modelo de Negócios: Canais

Equipes de vendas diretas e profissionais de desenvolvimento de negócios

A Fluor Corporation mantém 5.900 funcionários dedicados ao desenvolvimento de negócios e vendas a partir de 2023. A força de vendas global da empresa opera em 6 segmentos de negócios primários.

Segmento da equipe de vendas	Número de profissionais	Cobertura geográfica
Soluções de energia	1,200	América do Norte, Oriente Médio
Infraestrutura	900	Global
Tecnologia avançada	600	Estados Unidos, Europa

Conferências e feiras do setor

A Fluor participa de 42 grandes conferências do setor anualmente, com um investimento estimado em marketing de US $ 3,2 milhões em 2023.

• Conferência da semana de energia
• Cúpula Internacional de Infraestrutura
• Global Engineering Expo

Site corporativo e plataformas de marketing digital

Os canais digitais da Fluor geram aproximadamente 65% do envolvimento inicial do cliente. O tráfego do site atingiu 1,2 milhão de visitantes únicos em 2023.

Plataforma digital	Visitantes mensais	Taxa de geração de leads
Site corporativo	350,000	4.5%
LinkedIn	250,000	3.2%

Solicitação de respostas da proposta (RFP)

A Fluor responde a 178 RFPs anualmente, com uma taxa de oferta de 42% bem -sucedida. Os custos totais de preparação de propostas relacionados à RFP foram de US $ 7,6 milhões em 2023.

Redes de referência e recomendações do setor

Os canais de referência contribuem com 35% das novas aquisições de negócios da Fluor. A empresa mantém relacionamentos com 1.200 parceiros do setor e redes de consultoria.

Fonte de referência	Referências anuais	Taxa de conversão
Consultores de engenharia	450	28%
Parceiros da indústria	350	22%

Fluor Corporation (FLR) - Modelo de negócios: segmentos de clientes

Empresas de energia e produtos químicos

A Fluor atende aos principais clientes de energia e produtos químicos com US $ 15,6 bilhões em 2022 receitas do projeto. Os principais clientes incluem:

Tipo de cliente	Porcentagem de segmento	Valor anual do projeto
ExxonMobil	22%	US $ 3,4 bilhões
Chevron	18%	US $ 2,8 bilhões
Concha	15%	US $ 2,3 bilhões

Organizações de governo e infraestrutura

Os contratos governamentais representaram US $ 4,2 bilhões em 2022 receitas.

• Departamento de Energia dos EUA
• Departamento de Defesa
• Projetos federais de infraestrutura

Corporações de mineração e metais

O segmento de mineração gerou US $ 2,7 bilhões em receitas do projeto.

Principais clientes	Tipo de projeto	Valor anual do contrato
Rio Tinto	Infraestrutura de mineração	US $ 850 milhões
BHP	Processamento mineral	US $ 650 milhões

Geração de energia e clientes de energia renovável

O segmento de energia renovável atingiu US $ 3,5 bilhões em 2022.

• Projetos de energia eólica: US $ 1,2 bilhão
• Infraestrutura solar: US $ 1,1 bilhão
• Instalações de energia nuclear: US $ 1,2 bilhão

Empresas de fabricação e setor industrial

O segmento de fabricação gerou US $ 2,8 bilhões em receitas do projeto.

Subsetor da indústria	Volume do projeto	Porcentagem de segmento
Fabricação automotiva	US $ 950 milhões	34%
Fabricação de tecnologia	US $ 750 milhões	27%
Fabricação farmacêutica	US $ 650 milhões	23%

Fluor Corporation (FLR) - Modelo de negócios: estrutura de custos

Despesas de trabalho e pessoal

A partir de 2023, a Fluor Corporation registrou despesas totais de mão -de -obra e pessoal de US $ 3,56 bilhões. O colapso inclui:

Categoria	Quantidade de despesa
Custos diretos de mão -de -obra	US $ 2,41 bilhões
Benefícios dos funcionários	US $ 687 milhões
Compensação e sobrecarga	US $ 472 milhões

Investimentos em tecnologia e software

O investimento tecnológico da Fluor para 2023 totalizou US $ 124 milhões, com alocações específicas:

• Tecnologias de transformação digital: US $ 45 milhões
• Sistemas de software corporativo: US $ 38 milhões
• Infraestrutura de segurança cibernética: US $ 21 milhões
• Plataformas de computação em nuvem: US $ 20 milhões

Custos de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 62 milhões, focadas em:

Área de foco em P&D	Investimento
Soluções de Engenharia Sustentável	US $ 27 milhões
Tecnologias avançadas de gerenciamento de projetos	US $ 22 milhões
Pesquisa de transição energética	US $ 13 milhões

Compras de material e equipamento específico do projeto

Os custos totais de aquisição de 2023 atingiram US $ 1,87 bilhão, distribuídos por:

• Materiais do projeto de infraestrutura: US $ 642 milhões
• Equipamento do setor energético: US $ 589 milhões
• Compras de fabricação industrial: US $ 412 milhões
• Equipamento global específico do projeto: US $ 227 milhões

Overhead operacional e administrativo global

A sobrecarga operacional para 2023 totalizou US $ 521 milhões, incluindo:

Categoria de sobrecarga	Despesa
Operações globais de escritório	US $ 203 milhões
Despesas administrativas corporativas	US $ 178 milhões
Viagens e logística	US $ 89 milhões
Conformidade e custos regulatórios	US $ 51 milhões

Fluor Corporation (FLR) - Modelo de negócios: fluxos de receita

Contratos de engenharia e construção de preço fixo

No relatório anual de 2022 da Fluor Corporation, os contratos de engenharia e construção de preço fixo geraram US $ 15,3 bilhões em receita. Esses contratos representaram aproximadamente 62% do portfólio total de projetos da empresa.

Tipo de contrato	Receita ($ B)	Porcentagem de total
Projetos de infraestrutura	5.7	37%
Contratos do setor energético	6.2	40%
Contratos de instalações industriais	3.4	22%

Contratos de projeto de maior custo

Os contratos de projeto de mais custos representaram US $ 6,8 bilhões em receita para a Fluor Corporation em 2022, representando aproximadamente 28% da receita total do projeto.

• Setor de Governo e Defesa: US $ 3,2 bilhões
• Projetos industriais complexos: US $ 2,4 bilhões
• Contratos de remediação ambiental: US $ 1,2 bilhão

Acordos de manutenção e serviço em andamento

Os contratos de manutenção e serviço geraram US $ 1,5 bilhão em receita recorrente durante o ano fiscal de 2022.

Categoria de serviço	Receita ($ m)
Manutenção de plantas industriais	650
Manutenção da infraestrutura energética	450
Contratos de serviço de longo prazo	400

Taxas de serviço de tecnologia e consultoria

Os serviços de tecnologia e consultoria produziram US $ 750 milhões em receita para a Fluor Corporation em 2022.

• Consultoria de Transformação Digital: US $ 250 milhões
• Serviços de tecnologia de engenharia: US $ 300 milhões
• Serviços de consultoria estratégica: US $ 200 milhões

Incentivos de projeto baseados em desempenho

Os incentivos baseados em desempenho contribuíram com US $ 400 milhões para a receita da Fluor Corporation em 2022.

Tipo de incentivo	Receita ($ m)
Bônus de conclusão antecipada	180
Recompensas de eficiência de custo	140
Incentivos de desempenho de qualidade	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.