Fluor Corporation 1Q26 Results - Worley Read Through

Goldman Sachs provides a read-through for Worley Ltd based on Fluor Corporation's 1Q26 results, noting mixed performance with growth in Urban Solutions offset by declines in Energy Solutions.

Key Takeaways

• 1.Fluor's 1Q26 total revenue declined 8% yoy, though its Urban Solutions segment (overlapping Worley's resources business) saw 13% growth.
• 2.New award bookings for Fluor were significantly down (-54% yoy), but management reports higher margins (+200bps) on those new awards compared to the existing backlog.
• 3.The report maintains a Buy rating on Worley (WOR.AX) with a A$16.00 target price, using Fluor's performance in similar end-markets as a sentiment read-through.

Table of Contents

• Why is this relevant?
• Bottom line
• Key takeaways
• Price Target Risks and Methodology - Worley Ltd.
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures
• Ratings, coverage universe and related definitions

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