On this page of StockholderLetter.com we present the latest annual shareholder letter from FLUOR CORP — ticker symbol FLR. Reading current and past FLR letters to shareholders can bring important insights into the investment thesis.

 •  3/12/2026 Letter Continued (Full PDF)
 •  3/15/2023 FLR Stockholder Letter
 •  3/13/2024 FLR Stockholder Letter
 •  3/13/2025 FLR Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  FLR Benford's Law Stock Score = 92

FLR Shareholder/Stockholder Letter Transcript:

DRIVEN TO
DELIVER
REPORT ON FORM 10-K
2025

WE ARE DRIVEN TO
DELIVER EXCELLENCE
TO OUR STAKEHOLDERS
CONTENTS
Section A
Executive Chairman   s Reflections
Chief Executive Officer   s Review
2025 Highlights
2
6
12
Section B
Form 10-K
1
Forward-Looking Statements
This report contains statements that may constitute forward-looking statements involving risks 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.

At Fluor, we envision a world where progress is powered by
excellence and delivered with certainty.
Driven to deliver reflects our unwavering commitment
to clients and stakeholders. It speaks to the expertise,
accountability, and agility that define Fluor and drive us to
transform our clients    business needs into successful projects.
With more than a century of experience, Fluor is known for delivering projects in
some of the most demanding environments across the globe. Today, we leverage
that legacy to shape the future by executing with discipline, certainty,
and innovation.
As a leading engineering, procurement, and construction (EPC) company with
a global reach and rapid resource mobilization strength, we provide
high-demand services in multiple industries and geographies. These include
project execution leadership, complex engineering expertise, and a robust
supply chain and construction skillset. Through our talented people, we enable
full life cycle delivery from initial concept through ongoing maintenance for
projects worldwide. In translating strategy into results, we ensure our projects
create lasting value for our clients and for society.
This year, we sharpened our focus on the sectors where growth potential is
greatest, while maintaining excellence in our foundational markets. By aligning
our strategy with market dynamics and empowering an employee base defined
by experience and flexibility, we accelerate progress and unlock new possibilities.
Our purpose remains unchanged: to build a better world. Guided by our core
values of safety, integrity, teamwork, and excellence, we deliver projects that
matter. Through our nearly 23,000 employees in more than 40 countries, we
continue to create impact that will endure for generations.
Discover more at
www.fluor.com
Cover
LNG Canada Export Facility //
Kitimat, British Columbia, Canada
From left to right, row 1: MP Materials Metal and Magnet Production Facility // Fort Worth, Texas,
United States; LNG Canada Export Facility // Kitimat, British Columbia, Canada. Row 2: Quellaveco
Open Pit Copper Mine // Moquegua, Peru; LNG Canada Export Facility // Kitimat, British Columbia,
Canada. Row 3: Air Force Contract Augmentation Program IV // Ascension Island; Data Center
Conceptual Image; U.S. Department of Energy Portsmouth Decontamination and Decommissioning //
Pike County, Ohio, United States. Row 4: BASF Zhanjiang Verbund Project // South China; Gordie Howe
International Bridge // Windsor, Ontario, Canada, and Detroit, Michigan, United States.
2025 REPORT ON FORM 10-K
1

Executive Chairman   s Reflections
DELIVERING
LASTING VALUE
Dear stakeholders,
2025 brought important progress
and transitions at Fluor. In May,
the Board appointed Jim Breuer as
Chief Executive Officer while I moved
to the role of Executive Chairman.
This leadership change corresponded
with the introduction of the    grow
and execute    phase of our    building
a better future    strategy, sharpening
our focus on sustained growth and
project delivery. During this phase,
we are aligning our portfolio with
growth markets that fit our strengths
and, together with excellence in
execution, converting that focus
into quality backlog and
predictable returns.
DAVID E. CONSTABLE
EXECUTIVE CHAIRMAN
2
FLUOR CORPORATION

DELIVERING PERFORMANCE
Last year, our teams completed transformational projects across the globe
while continuing to win significant new work in each of our three business
segments. In tandem, we are fulfilling our commitment to return value to
our shareholders through share repurchases and the monetization of
non-core investments. Underscoring the durability of our global footprint,
we celebrated major anniversaries in long-standing markets, including
30 years in India, 75 years in Australia, and 80 years in Poland.
Despite shifts in trade policy, geopolitical dynamics, and supply chain
challenges, Fluor remains resilient and well positioned to help clients execute
their capital programs. Our strength resides in our experienced teams and
a consistent record of delivering complex projects around the world. That
expertise is essential for Fluor to support our clients as they navigate their
business opportunities. We are encouraged by the diversity of our backlog
and prospect pipeline and are confident that this foundation positions Fluor
for continued growth and strong, reliable performance in the years ahead.
Refer to Jim Breuer   s Chief Executive Officer   s Review beginning on page
6 as well as the 2025 highlights infographic on pages 12 to 13 for details on
Fluor   s financial and non-financial performance in 2025.
To sum up the year, in 2025, we reaffirmed our
industry leadership by completing major energy
and chemical projects and securing transformative
opportunities in life sciences and mining. Amid a
rapidly evolving landscape, our people   s expertise,
agility, and commitment to client success remain
our greatest strength as we capitalize on exciting
markets and shape the future.
COMMITMENT TO OUR
STAKEHOLDERS
Driven to deliver emphasizes our
commitment to provide value to our
broader stakeholder base. Namely:
Our clients, by executing consistent,
quality projects in the most
challenging environments.
Our partners and suppliers, by
creating shared value through
competitive and sustainable sourcing
and community engagement in the
regions where we operate.
Our employees, by providing
safe workplaces, investing in
their development, and providing
opportunities for growth through
meaningful projects.
Our shareholders, by focusing on
value creation, practicing disciplined
capital allocation, and returning
capital to them.
2025 REPORT ON FORM 10-K
3

3/12/2026 Letter Continued (Full PDF)

 

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