Fluor is a professional services and engineering, procurement, and construction (EPC) firm. Its core business is managing large, complex capital projects for industrial clients and governments — designing facilities, procuring equipment and materials, and building the physical infrastructure. Customers hire Fluor to build major facilities such as oil refineries, chemical plants, pharmaceutical facilities, copper mines, and data centers. Fluor operates through three segments: Urban Solutions (~65% of expected 2026 revenue), covering advanced technologies, life sciences, semiconductors, mining and metals, infrastructure, and staffing; Energy Solutions (~20%), covering oil and gas, LNG, power, and emerging energy; and Mission Solutions (~15%), serving U.S. government agencies including the DOE, DoD, and FEMA. Fluor earns revenue by managing projects on two contract types: reimbursable contracts (81% of backlog), where Fluor is reimbursed for all costs plus a fee and bears little cost risk, and lump-sum fixed-price contracts (19% of backlog), where Fluor absorbs cost overruns. After suffering significant losses on prior fixed-price projects, Fluor has been actively reducing lump-sum exposure. Fluor's growth strategy targets power generation, LNG, mining and metals, data centers, nuclear fuels, and life sciences. Fluor frequently executes large projects through joint ventures and often gets involved early in a project through front-end engineering work, positioning Fluor to win the subsequent full EPC contract.