The quarter beat the published bar, with adjusted EPS of $0.91 versus a published consensus of roughly $0.70 and revenue of $4.329 billion versus about $3.96 billion. The operating improvement was real but helped by favorable project close-out items, particularly in Energy Solutions. (Adjusted EPS reconciliation) (Energy Solutions)
| Metric | Q2 2026 | Q2 2025 / prior reference |
|---|---|---|
| Revenue | $4.329 billion | $3.978 billion (Financial Highlights) |
| Adjusted EPS | $0.91 | $0.43 (Adjusted EPS reconciliation) |
| Total segment profit | $170 million; 3.9% margin | $78 million; 2.0% margin (Financial Highlights) |
| New awards | $6.103 billion | $1.768 billion (Financial Highlights) |
| Total backlog | $26.891 billion | $28.205 billion at June 30, 2025 (Backlog) |
| Adjusted EBITDA | $149 million | $96 million (Adjusted EBITDA reconciliation) |
| Six-month operating cash flow | $(207) million | $(307) million (Cash Flow statement) |
The forward outlook is the key negative surprise, as 2026 adjusted EBITDA guidance was cut to $500–$525 million from $525–$560 million. Management attributes the reduction to removing the previously expected second-half contribution from the Mexico JV, making this a lower earnings base rather than simply a timing shift. (2026 adjusted EBITDA guidance)
Awards were exceptionally strong, but backlog quality is uneven, with quarterly awards rising to $6.1 billion, led by Mission Solutions and Urban Solutions, while total backlog still fell year over year to $26.9 billion. Energy Solutions backlog dropped to $3.5 billion from $5.6 billion, partly offset by Mission Solutions increasing to $4.0 billion from $2.0 billion. (New awards) (Backlog)
The earnings beat does not fully resolve cash-generation concerns, because six-month operating cash flow remained negative at $207 million. Ending cash rose to $2.923 billion primarily after $1.831 billion of NuScale-share sale proceeds, while Fluor repurchased $816 million of stock. (Cash Flow statement) The result is a genuine quarterly beat, but the guidance reset and reliance on asset-sale proceeds leave the net message mixed.
Read the original 8-K on SEC EDGAR ↗