Fluor eyes 25 megaprojects averaging $4.5 billion as backlog hits a decade high

The prospects are mostly copper, power, life sciences and manufacturing work, in the US and abroad. On most of them Fluor is already doing front-end work or is in sole-source talks, CEO Jim Breuer said, so winning depends mainly on the client's board approving the project and its financing. Breuer said Fluor is close to signing an EPC deal for a gas-fired power plant that may be the first in a series, Construction Dive reported.

LNG Canada Phase 2 made up $7.5 billion of the quarter's awards. Copper projects in Chile and an extension at Savannah River accounted for much of the rest, according to a Baird research note cited by Construction Dive. Revenue rose 10% to $3.72 billion, and Fluor reported a $158 million profit, compared with a $697 million loss in the third quarter of 2025. The company also said a client's scope change on a reimbursable job could take about $2 billion out of backlog as early as the fourth quarter.

CFO John Regan said large projects need about two years before their earnings near the top, so recent awards start contributing next year and peak activity begins in 2028. Fluor's latest supply chain summit drew 230 vendors and contractors, and the company expects roughly $50 billion in procurement and contracts over four years, according to a TipRanks summary of the call.