In fiscal year 2025, Fluor Corporation reported a roughly 5% revenue decline to $15.5 billion, with operating income turning negative at a $378 million loss. Net income also swung to a $51 million loss amid project execution challenges including cancellations and scope changes. Despite these headwinds, Fluor's substantial contract backlog and strong liquidity position, supported by over $2 billion in cash equivalents, provide operational flexibility. The company notably increased share repurchases to $754 million in 2025, reflecting a capital allocation focus on buybacks amid earnings volatility. Future recovery will depend on stabilizing project delivery and sustaining contract awards.