FLR · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Fluor

27 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns from · 17% of our total revenuenamed as a risk

For 2025, revenue earned from agencies of the U.S. government accounted for 17% of our total revenue.Business (Item 1)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Single Urban Solutions customer

concentrated in · 15% of our revenuenamed as a risk

Additionally, revenue from a single Urban Solutions' customer spanning multiple projects amounted to 15% of our revenue in 2025.Business (Item 1)

U.S. Department of Energy (DOE)

earns fromnamed as a risk

We have a significant portfolio of U.S. federal government contracts, including those that we have in place with the DOE and DOD.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

U.S. Department of Defense (DOD)

earns fromnamed as a risk

We provide services to the Department of Defense and other defense-related entities that often require specialized professional qualifications and security clearances.Business (Item 1)

Also named by ACN, ALSN, AVAV, CLS, CRWD, HEI, JCI, LMT and 12 more

National Nuclear Security Administration

earns from

We believe the segment's nuclear and environmental business holds a tier 1 position with differentiated expertise in managing complex national security missions across the DOE and the National Nuclear Security Administration.Business (Item 1)

FEMA

earns from

In civil services, we are a partner to FEMA for disaster recovery and emergency response.Business (Item 1)

Other companies

NuScale Power

exposed to its price · $1.35 billionnamed as a risk

The fair value of our investment in NuScale is subject to the fluctuations of NuScale's stock price, which subjects our consolidated earnings to volatility.Risk factors (Item 1A)

Lump-sum contracts

$4,823 million, 19%named as a risk

In circumstances where the contract is lump-sum or the revenue is otherwise fixed, we bear significant risk for delays and cost overruns.Risk factors (Item 1A)

Stork

Other previously included the results of NuScale prior to its deconsolidation in October 2024, and the remaining operations of Stork which was fully divested in 2025.Business (Item 1)

Competitors

Bechtel Group, Inc.

competes with

A large number of companies compete against us, including U.S.-based companies such as AECOM, Amentum Services, Inc., Bechtel Group, Inc., Black & Veatch, Burns & McDonnell, BWXT Technologies, Inc., EMCOR Group, Inc., Jacobs Solutions, Inc., KBR, Inc., Kiewit Corporation, Parsons Corporation, Turner Construction Company, V2X, Inc. and Zachry Group, and international-based companies such as ACS Actividades de Construccion y Servicios, Balfour Beatty plc, Chiyoda Corporation, Exyte GmbH, Hatch Ltd., JGC Corporation, Petrofac Limited, AtkinsRéalis, Technip Energies N.V., Wood Group plc, and WorleyParsons Limited.Business (Item 1)

Places

North America

operates in · 58%

Continuing urbanization and the replacement and expansion of aging infrastructure in North America continues to drive project opportunities.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CLS, CPB and 19 more

Hazards

Russia-Ukraine conflict

named as a risk

international hostilities, such as the ongoing Russia-Ukraine conflict and political and economic instability and conflict in the Middle East; andRisk factors (Item 1A)

Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more

Commodities and inputs

Oil and gas prices

exposed to its pricenamed as a risk

During periods of economic slowdown, or decreases and/or instability in oil and gas prices, the risk of projects being suspended, delayed or canceled generally increases.Risk factors (Item 1A)

Also named by CSW, POWL

Structural steel

exposed to its pricenamed as a risk

The principal products we use in our business include structural steel, metal plate, concrete, cable and various electrical and mechanical components.Business (Item 1)

Also named by GRC

Aluminum, copper, nickel and iron ore

exposed to its pricenamed as a risk

These products and components are subject to raw material (aluminum, copper, nickel, iron ore, etc.) availability and pricing fluctuations, which we monitor on a regular basis.Business (Item 1)

Regulators

U.S. Nuclear Regulatory Commission

subject tonamed as a risk

We are subject to a number of regulations such as those from the U.S. Nuclear Regulatory Commission and non-U.S. regulatory bodies, such as the International Atomic Energy Commission and the European Union, which can have a substantial effect on our nuclear-related projects.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

U.S. Defense Contract Audit Agency (DCAA)

subject tonamed as a risk

Our U.S. government contracts are also subject to audits, cost reviews and investigations by U.S. government oversight agencies such as the U.S. Defense Contract Audit Agency (the "DCAA").Risk factors (Item 1A)

Also named by ACN, BA, CACI, CDRE, HII, KTOS, LDOS, LMT and 6 more

Defense Contract Management Agency (DCMA)

subject tonamed as a risk

Should the DCMA determine that we have not complied with the terms of our contract and applicable statutes and regulations, or if they believe that we have engaged in inappropriate accounting or other activities, payments to us may be disallowed or we could be required to refund previously collected payments.Risk factors (Item 1A)

Also named by CACI, HII, LDOS, OSK, TTEK, TXT

Laws and programs

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

The U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to officials or others for the purpose of obtaining or retaining business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

International Traffic in Arms Regulations

subject tonamed as a risk

To the extent we export technical services, data and products outside of the U.S., we are subject to regulations governing international trade and exports including but not limited to the International Traffic in Arms Regulations, the Export Administration Regulations and trade sanctions against embargoed countries, which are administered by the Office of Foreign Assets Control within the Department of Treasury.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

False Claims Act

subject tonamed as a risk

Additionally, we may be subject to criminal and civil penalties, suspension or debarment from future government contracts, and qui tam litigation brought by private individuals on behalf of the U.S. government under the False Claims Act, which could include claims for treble damages.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, GE and 13 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

In addition, U.S. government contracts are subject to specific regulations such as the Federal Acquisition Regulation ("FAR"), the Truth in Negotiations Act, the Cost Accounting Standards ("CAS"), the Service Contract Act and Department of Defense security regulations.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

U.S. tariffs and trade policy

subject tonamed as a risk

For example, changes to U.S. policies related to global trade and tariffs, and responsive changes in policy by foreign jurisdictions, have resulted in the past and may result in future uncertainty surrounding the global economy as well as retaliatory trade measures implemented by other countries.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, EXP, FDX, GWW, HPE, ITW and 8 more

Price-Anderson Act

subject tonamed as a risk

The Price-Anderson Act generally indemnifies parties performing services to nuclear power plants and DOE contractors; however, not all of our activities are covered.Risk factors (Item 1A)

Also named by BWXT, CDRE, CEG, CW, DUK, ETR, J, LEU and 5 more

Corporate Sustainability Reporting Directive

subject tonamed as a risk

For example, the Corporate Sustainability Reporting Directive in the European Union as well as new sustainability-related disclosure requirements in U.S. states and other jurisdictions require companies to provide significantly expanded sustainability and other climate-related disclosures.Risk factors (Item 1A)

Also named by ARCC, FLS, GTX, HSIC, JLL, NVT, SNA, SYY

U.K. Bribery Act of 2010

subject tonamed as a risk

We are subject to the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010, and similar anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business.Business (Item 1)

Also named by AGX, J

Environmental laws and regulations (remediation market)

earns fromnamed as a risk

A substantial portion of our business is generated either directly or indirectly as a result of federal, state, local and foreign laws and regulations related to environmental matters.Risk factors (Item 1A)