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PLATFORM FOR GROWTH 2024 Report on Form 10-K
WE DESIGN AND BUILD IMPACTFUL PROJECTS AROUND THE WORLD CONTENTS Section A Chairman and CEO Reflections 2 7 Our Year in Review 8 9 Section B Form 10-K Albemarle Lithium Conversion Facility // Meishan City, Sichuan Province, China Fluor Corporation 1 84 Savannah River Plutonium Processing Facility // Aiken, South Carolina, United States
Our 2024 reporting theme, Platform for Growth, reflects the outcomes of the first phase of our building a better future strategy. The fix and build focus, spanning 2021 through 2024, served to repair the capital structure and build quality backlog. Now, with a strengthened foundation and proven strategic priorities, we are poised to drive sustainable growth through the next chapter of our journey, grow and execute . During this phase, we will focus on growing the business and delivering projects with certainty over the next four years. Building a better world remains our purpose. We care deeply about safety and seek to drive quality and efficiency in all that we do. We behave ethically and responsibly for a brighter future. Our clients seek our project expertise in some of the world s most challenging and complex environments because we know how to deliver collaboratively and with the best-in-class talent. We operate throughout the project lifecycle, from conceptual design, engineering, procurement and construction to the operations and maintenance of facilities. Our talented people are at the core of Fluor s more than a century-long legacy, enabling us to deliver impactful projects of scale and significance. Our nearly 27,000 colleagues in more than 40 countries worldwide provide professional and technical solutions from the earliest concept to ongoing facility support. Together, we continue to create stronger partnerships and deliver smarter, more efficient solutions for our clients. This is Fluor we are building a better world. Discover more at www.fluor.com Gordie Howe International Bridge Project // Windsor, Ontario, Canada, and Detroit, Michigan, United States Forward-Looking Statements This report contains statements that may constitute forward-looking statements involving risk and uncertainties, including statements about market outlook, new awards, backlog levels, competition and the implementation of strategic initiatives. These forward-looking statements reflect Fluor Corporation s current analysis of existing information as of the date of this report and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, Fluor s actual results may differ materially from our expectations or projections. Additional information concerning factors that may influence Fluor s results can be found in this Report. 2024 Report on Form 10-K 1
Chairman and CEO Reflections PLATFORM FOR GROWTH David E. Constable Chairman and Chief Executive Officer Dear stakeholder, 2024 represented a strong year for Fluor in terms of operational performance, high-quality backlog and cash flow generation. We continued to diversify our business across sectors while positioning for future projects through high-value, front-end work. More importantly, we closed out the first phase of our building a better future strategy by meeting and in most cases, exceeding our targets. 2 Fluor Corporation
Our strategy delivered strong results over the past four years; we are now moving from a fix and build to a grow and execute phase. By maintaining a laser focus on project delivery, we will strengthen our platform for growth. CREATING A PLATFORM FOR GROWTH When we introduced our building a better future strategy in January 2021, Fluor was at a turning point. Facing uncertainty, we were determined to rebuild a stronger company by reinforcing financial discipline, lowering our risk profile, being selective with our project pursuits and rebuilding trust with our clients, shareholders and employees. The first phase of our strategy, fix and build , spanned 2021 through 2024, and has served our stakeholders well. I am proud of the tremendous progress we made in strengthening the company s capital structure and building quality backlog. We also continue to deliver complex projects for our clients by utilizing our technical expertise, leveraging our global presence and fostering enduring and trusted relationships. Through our collective actions, we have established a leadership position in professional and technical solutions and maintained our global position in engineering and construction. The infographic below highlights our strategic priorities and how we have met or exceeded the goals we set four years ago. BUILDING A BETTER FUTURE: FIX AND BUILD 2021 TO 2024 Strategic Priority How We Achieved It Metrics Drive growth across the portfolio Diversified revenue into key growth markets, such as energy transition, advanced manufacturing and mining. Non-traditional oil and gas revenue Pursue fair and balanced contract terms De-risked backlog by increasing percentage of reimbursable work and reducing exposure to high-risk projects. Reinforce financial discipline Improved capital structure by rebuilding the balance sheet and developing a strong cash position. Foster a highperformance culture with purpose Achieved goal to derive 70% of revenue outside of traditional oil and gas markets. Surpassed 75% reimbursable backlog goal in 2023, a year ahead of schedule. Achieved debt-to-capitalization ratio* under 40% in 2022, two years ahead of schedule, and further improved to 22% in 2024. Fostered a high-performance culture with purpose through safety, employee experience and sustainability. Increased employee training investment levels consistently since 2021. 2021 2022 2023 2024 72% 56% 65% 78% Reimbursable backlog 2021 2022 2023 2024 41% 63% 76% 79% Debt-to-capitalization ratio* 2021 2022 2023 2024 22% 46% 39% 37% Learning and development training hours 2021 2022 2023 2024 55,000 73,000 130,000 213,000 Reached carbon neutrality goal in 2023 across our offices and permanent facilities. *Debt-to-capitalization ratio is a non-GAAP financial measure calculated by dividing (i) long-term debt by (ii) total capitalization (the sum of long-term debt and total shareholders equity). 2024 Report on Form 10-K 3
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FLR Shareholder/Stockholder Letter Transcript:

PLATFORM
FOR GROWTH
2024 Report on Form 10-K

WE DESIGN AND BUILD
IMPACTFUL PROJECTS
AROUND THE WORLD
CONTENTS
Section A
Chairman and CEO Reflections
2   7
Our Year in Review
8   9
Section B
Form 10-K
Albemarle Lithium Conversion Facility // Meishan City,
Sichuan Province, China
Fluor Corporation
1     84
Savannah River Plutonium Processing Facility // Aiken,
South Carolina, United States

Our 2024 reporting theme, Platform for Growth, reflects the outcomes of the
first phase of our    building a better future    strategy. The    fix and build    focus,
spanning 2021 through 2024, served to repair the capital structure and build quality
backlog. Now, with a strengthened foundation and proven strategic priorities,
we are poised to drive sustainable growth through the next chapter of our journey,
   grow and execute   . During this phase, we will focus on growing the business and
delivering projects with certainty over the next four years.
Building a better world remains our purpose. We
care deeply about safety and seek to drive quality
and efficiency in all that we do. We behave ethically
and responsibly for a brighter future.
Our clients seek our project expertise in some of the
world   s most challenging and complex environments
because we know how to deliver collaboratively and
with the best-in-class talent. We operate throughout
the project lifecycle, from conceptual design,
engineering, procurement and construction to
the operations and maintenance of facilities.
Our talented people are at the core of Fluor   s more
than a century-long legacy, enabling us to deliver
impactful projects of scale and significance. Our
nearly 27,000 colleagues in more than 40 countries
worldwide provide professional and technical
solutions from the earliest concept to ongoing
facility support. Together, we continue to create
stronger partnerships and deliver smarter, more
efficient solutions for our clients.
This is Fluor    we are
building a better world.
Discover more at
www.fluor.com
Gordie Howe International Bridge Project // Windsor, Ontario,
Canada, and Detroit, Michigan, United States
Forward-Looking Statements
This report contains statements that may constitute forward-looking
statements involving risk and uncertainties, including statements
about market outlook, new awards, backlog levels, competition and
the implementation of strategic initiatives. These forward-looking
statements reflect Fluor Corporation   s current analysis of existing
information as of the date of this report and are subject to various
risks and uncertainties. As a result, caution must be exercised in
relying on forward-looking statements. Due to known and unknown
risks, Fluor   s actual results may differ materially from our expectations
or projections. Additional information concerning factors that may
influence Fluor   s results can be found in this Report.
2024 Report on Form 10-K
1

Chairman and CEO Reflections
PLATFORM
FOR GROWTH
David E. Constable
Chairman and Chief Executive Officer
Dear stakeholder,
2024 represented a strong year
for Fluor in terms of operational
performance, high-quality backlog
and cash flow generation. We
continued to diversify our business
across sectors while positioning for
future projects through high-value,
front-end work. More importantly,
we closed out the first phase of our
   building a better future    strategy
by meeting     and in most cases,
exceeding     our targets.
2
Fluor Corporation

Our strategy delivered strong results over the
past four years; we are now moving from a    fix
and build    to a    grow and execute    phase. By
maintaining a laser focus on project delivery,
we will strengthen our platform for growth.
CREATING A PLATFORM
FOR GROWTH
When we introduced our    building a better
future    strategy in January 2021, Fluor was at
a turning point. Facing uncertainty, we were
determined to rebuild a stronger company
by reinforcing financial discipline, lowering
our risk profile, being selective with our
project pursuits and rebuilding trust with
our clients, shareholders and employees.
The first phase of our strategy,    fix and
build   , spanned 2021 through 2024, and has
served our stakeholders well. I am proud
of the tremendous progress we made
in strengthening the company  s capital
structure and building quality backlog.
We also continue to deliver complex
projects for our clients by utilizing our
technical expertise, leveraging our global
presence and fostering enduring and trusted
relationships. Through our collective actions,
we have established a leadership position
in professional and technical solutions
and maintained our global position in
engineering and construction.
The infographic below highlights our
strategic priorities and how we have met
or exceeded the goals we set four years ago.
BUILDING A BETTER FUTURE: FIX AND BUILD 2021 TO 2024
Strategic Priority
How We Achieved It
Metrics
Drive growth
across the
portfolio
    Diversified revenue into key growth markets,
such as energy transition, advanced
manufacturing and mining.
Non-traditional oil and gas revenue
Pursue fair
and balanced
contract terms
    De-risked backlog by increasing percentage of
reimbursable work and reducing exposure to
high-risk projects.
Reinforce
financial
discipline
    Improved capital structure by rebuilding
the balance sheet and developing a strong
cash position.
Foster a highperformance
culture with
purpose
    Achieved goal to derive 70% of revenue
outside of traditional oil and gas markets.
    Surpassed 75% reimbursable backlog goal
in 2023, a year ahead of schedule.
    Achieved debt-to-capitalization ratio* under
40% in 2022, two years ahead of schedule,
and further improved to 22% in 2024.
    Fostered a high-performance culture with
purpose through safety, employee experience
and sustainability.
    Increased employee training investment levels
consistently since 2021.
2021
2022
2023
2024
72%
56%
65%
78%
Reimbursable backlog
2021
2022
2023
2024
41%
63%
76%
79%
Debt-to-capitalization ratio*
2021
2022
2023
2024
22%
46%
39%
37%
Learning and development
training hours
2021
2022
2023
2024
55,000
73,000
130,000
213,000
    Reached carbon neutrality goal in 2023
across our offices and permanent facilities.
*Debt-to-capitalization ratio is a non-GAAP financial measure calculated by dividing (i) long-term debt by (ii) total capitalization (the sum of long-term debt and
total shareholders    equity).
2024 Report on Form 10-K
3



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