The following discussion and analysis should be read in conjunction with our financial statements and our 2025 10-K. Except as the context otherwise requires, the terms Fluor or the Registrant, as used herein, are references to Fluor and references to the company, we, us, or our, as used herein, shall include Fluor, its consolidated subsidiaries and joint ventures. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements made herein, including statements regarding our projected operating results, liquidity, capital allocation plans, backlog levels and the implementation of strategic initiatives are forward-looking in nature. Under the Private Securities Litigation Reform Act of 1995, a “safe harbor” may be provided to us for certain of these forward-looking statements. We caution readers that forward-looking statements, including disclosures which use words such as we “believe,” “anticipate,” “expect,” “estimate,” "aspire," "commit," "will," "may" and similar statements, are subject to risks and uncertainties which could cause actual results to differ materially from stated expectations. Significant factors potentially contributing to such differences include: •The cyclical nature of many of the markets we serve and our clients' vulnerability to poor economic conditions, such as inflation, slow growth or recessions, which may result in decreased capital investment and reduced demand for our services; •Our failure to receive anticipated new contract awards and the related impact on our operations; •Failure to accurately estimate the cost and schedule on our projects, potentially resulting in cost overruns or obligations, including those related to project delays and those caused by the performance of our clients, subcontractors, suppliers and partners; •Intense competition in the global EPC industry, which can place downward pressure on our contract prices and profit margins and may increase our contractual risks; •The inability to hire and retain qualified personnel; •Failure of our joint venture partners to perform their venture obligations, which could impact the success of those ventures and impose additional financial and performance obligations on us; •Failure of our suppliers or subcontractors to provide supplies or services at the agreed-upon levels or times; •Cybersecurity breaches of our systems and information technology; •Exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events and conflicts, civil unrest, security issues, labor conditions and other unforeseeable events in the countries in which we do business; •The impact of government shutdowns and spending cuts, in particular with respect to our contracts with the U.S. government; •Project cancellations, scope adjustments or deferrals, or foreign currency fluctuations, that could reduce the amount of our backlog and the revenue and profits that we earn; •Repercussions of events beyond our control, such as severe weather conditions, natural disasters, pandemics, political crises or other catastrophic events, that may significantly affect operations, result in higher cost or subject the company to contract claims by our clients; •Differences between our actual results and the assumptions and estimates used to prepare our financial statements; •Client delays or defaults in making payments; •The potential impact of changes in tax laws and other tax matters including, but not limited to, those from foreign operations, the realizability of our deferred tax assets and the ongoing audits by tax authorities; •Our ability to secure appropriate insurance; •The loss of business from one or more significant clients; •The inability to adequately protect our intellectual property rights; •The availability of credit and financial assurances plus restrictions imposed by credit facilities, both for us and our clients, suppliers, subcontractors or other partners; •Adverse results in existing or future litigation, regulatory proceedings or dispute resolution proceedings (including claims for indemnification), or claims against project owners, subcontractors or suppliers; •Failure of our employees, agents or partners to comply with laws, which could result in harm to our reputation and reduced profits or losses; •The impact of new or changing legal requirements, as well as past and future environmental, health and safety regulations including climate change regulations; and •The risks associated with our strategic initiatives, including dispositions. Any forward-looking statements that we may make are based on our current expectations and beliefs concerning future developments and their potential effects on us. There is no assurance that future developments affecting us will be those presently anticipated by us. Additional information concerning these and other factors can be found in our press releases and periodic filings with the SEC, including the 2025 10-K. These filings are available publicly on the SEC’s website at http://www.sec.gov, on our website at http://investor.fluor.com or upon request from our Investor Relations Department at (469) 398-7222. We cannot control such risk factors and other uncertainties, and in many cases, cannot predict the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. These risks and uncertainties should be considered when evaluating Fluor and deciding whether to invest in our securities. Except as otherwise required by law, we undertake no obligation to publicly update or revise our forward-looking statements, whether as a result of new information, future events or otherwise. Developments in Our Business We continue to see strong client engagement across many of our end markets. We recently won several significant awards including a limited notice to proceed on LNG Canada Phase 2, a feasibility study for the Woodsmith mining project in England and a multi-year contract for EPC services for a uranium enrichment facility in the U.S. Additionally, we entered into a long-term agreement with Aramco to support its global capital projects portfolio. The pipeline of opportunities continues to show strength, particularly where demand in energy, commodities and advanced technologies are driving investment. We are closely monitoring Middle East events, other geopolitical factors and escalation pressures and their potential impact on business opportunities and risks. We completed the sale of 71 million shares of NuScale in February 2026 for proceeds of $1.35 billion and the sale of the final 40 million shares of NuScale in April 2026 for proceeds of $473 million. Since September 2025, sales of our NuScale shares have generated $2.43 billion in cash, or $2.1 billion after tax. During 2026, we sold our ownership interest in CFHI for proceeds of $124 million. We recognized a gain of $124 million upon the sale as the investment had previously been fully impaired. In July 2026, we sold our ownership interest in our joint venture in Mexico for $175 million, resulting in an estimated third quarter pre-tax book gain of $90 million and an estimated tax liability of $33 million, which we funded during August 2026. We had forecasted approximately $20 million of pre-tax earnings for the second half of 2026 prior to the sale. This divestiture does not meet the criteria for discontinued operations treatment. Results of Operations 3ME June 30, 6ME June 30, (in millions) 2026 2025 2026 2025 Revenue(1) Urban Solutions $ 2,904 $ 2,070 $ 5,341 $ 4,227 Energy Solutions 709 1,143 1,412 2,349 Mission Solutions 716 762 1,238 1,358 Other — 3 — 25 Total revenue $ 4,329 $ 3,978 $ 7,991 $ 7,959 Segment profit (loss) $ and margin % Urban Solutions $ 38 1.3% $ 29 1.4% $ 44 0.8% $ 99 2.3% Energy Solutions 88 12.4% 15 1.3% 161 11.4% 63 2.7% Mission Solutions 44 6.1% 35 4.6% (26) (2.1)% 40 2.9% Other — NM (1) (33.3)% (1) NM 8 32.0% Total segment profit $ and margin %(2) $ 170 3.9% $ 78 2.0% $ 178 2.2% $ 210 2.6% G&A (41) (52) (103) (88) Gain on sale of CFHI — — 124 — Foreign currency gain (loss) (3) (30) 12 (44) Interest income, net 21 17 36 34 Earnings (loss) attributable to NCI 9 (22) 15 (13) Earnings (loss) before taxes 156 (9) 262 99 Income tax expense(3) (25) (765) (17) (712) Net earnings (loss) before equity method earnings 131 (774) 245 (613) Equity method earnings (loss) (8) 3,212 44 2,819 Net earnings 123 2,438 289 2,206 Less: Net earnings (loss) attributable to NCI 9 (22) 15 (13) Net earnings attributable to Fluor $ 114 $ 2,460 $ 274 $ 2,219 New awards Urban Solutions $ 3,172 $ 856 $ 5,316 $ 6,186 Energy Solutions 704 549 916 864 Mission Solutions 2,227 363 2,560 527 Other — — — — Total new awards $ 6,103 $ 1,768 $ 8,792 $ 7,577 New awards related to projects located outside of the U.S. 37% 50% 42% 19% (in millions) June 30, 2026 December 31, 2025 Backlog (4)(5) Urban Solutions $ 19,439 $ 18,746 Energy Solutions 3,461 4,601 Mission Solutions 3,991 2,189 Other — — Total backlog $ 26,891 $ 25,536 Backlog related to projects located outside of the U.S. 42% 40% Backlog related to reimbursable projects 85% 81% (1)In addition to the measurements under GAAP, we measure our performance by analyzing trends in adjusted net revenue (and related margin), which we determine by reducing GAAP revenue to exclude at-cost revenue associated with reimbursable contracts for the following elements, where applicable: •amounts associated with unaffiliated subcontractor project costs that are billed to clients without meaningful markup; •amounts associated with costs of material that are billed to clients without meaningful markup; and •costs of CFM that are procured by our clients and which do not give rise to meaningful markup to our billings to clients. Such at-cost revenue is generally reflected in our project estimates at equivalent amounts within the revenue and cost elements. Therefore, we believe our adjusted net revenue represents the basis for which we earn fees for our professional services. Others in our industry may have similar terms that they use to similarly measure the earnings power of their services. Even though our involvement with at-cost revenue elements as a principal gives rise to their inclusion in our consolidated revenue, the absence of meaningful markup to them elevates the importance of this non-GAAP analysis. During the 2026 and 2025 Quarters, at-cost revenue was approximately $2.6 billion and $2.0 billion, respectively (or approximately 60% and 51% of consolidated revenue). During 2026 and 2025 Periods, at-cost revenue was approximately $4.7 billion and $3.9 billion, respectively (or approximately 59% and 49% of consolidated revenue). Excluding the amounts of at-cost revenue from both GAAP revenue and from project cost yields an amount that we call adjusted net margin. (2)Total segment profit and margin are non-GAAP financial measures. We believe that total segment profit provides a meaningful perspective on our results as it is the aggregation of individual segment profit measures that we use to evaluate and manage our performance. (3)Income tax expense includes tax benefits attributable to equity method earnings of $18 million in the 2026 Period. There was no tax benefit or expense attributable to equity method earnings in the 2026 Quarter. Income tax expense included tax expense attributable to equity method earnings of $757 million and $684 million in the 2025 Quarter and 2025 Period, respectively. (4)Backlog at June 30, 2026 increased compared to backlog at December 31, 2025 due to several large awards booked during the 2026 Period including a multi-year, EPC contract for a uranium enrichment facility and incremental awards in life sciences and mining. Backlog may include significant estimated amounts of third-party, subcontracted, CFM and pass-through costs. We do not report new awards or backlog for projects related to our equity method investments even though these awards may be significant contributors to earnings in future periods. Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. (5)Includes backlog of $119 million and $255 million for legacy projects in a loss position as of June 30, 2026 and December 31, 2025, respectively. Revenue increased in the 2026 Quarter primarily due to a ramp up of execution activities on several large projects in our Urban Solutions segment partially offset by a decline in execution activity for recently completed projects and projects nearing completion. Revenue in the 2026 Period was consistent with revenue in the 2025 Period. Earnings before taxes increased during the 2026 Quarter and 2026 Period due to a ramp up of execution activities and the recognition of favorable close out items on certain projects partially offset by cost growth on a legacy infrastructure project. Earnings before taxes in the 2026 Period also included the impact of an unfavorable court ruling on a DOD project and cost growth on a large mining project as well as the gain on the sale of CFHI. Net earnings excluding amounts attributable to equity method earnings were as follows: 3ME June 30, 6ME June 30, (in millions) 2026 2025 2026 2025 Earnings (loss) before taxes $ 156 $ (9) $ 262 $ 99 Income tax expense (25) (765) (17) (712) Less: Income tax benefit (expense) attributable to equity method earnings (loss) — (757) 18 (684) Income tax expense and effective tax rate, excluding amounts attributable to equity method earnings (loss) (25) 16% (8) (89)% (35) 13% $ (28) 28% Net earnings (loss) excluding amount attributable to equity method earnings (loss) $ 131 $ (17) $ 227 $ 71 Equity method earnings (loss) $ (8) $ 3,212 $ 44 $ 2,819 Income tax benefit (expense) and effective tax rate attributable to equity method earnings (loss) — NM (757) 24% 18 (41)% (684) 24% Equity method earnings (loss), net of related income tax benefit (expense) $ (8) $ 2,455 $ 62 $ 2,135 Net earnings $ 123 $ 2,438 $ 289 $ 2,206 The effective tax rate on earnings, including equity method earnings, was 17% and 6% for the 2026 Quarter and the 2026 Period, respectively, compared to 24% for both the 2025 Quarter and the 2025 Period. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME June 30, 6ME June 30, (In millions) 2026 2025 2026 2025 U.S statutory federal income tax (benefit) expense $ 31 $ 672 $ 64 $ 613 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects — 93 (5) 85 Valuation allowance, net 21 6 (48) 8 Foreign tax impacts (33) (14) (14) (7) Noncontrolling interest (2) 5 (3) 3 Reserve for uncertain tax positions (2) 1 (4) (2) Other adjustments 10 2 27 12 Total income tax expense (benefit) $ 25 $ 765 $ 17 $ 712 18 Table of Contents Segment Operations Urban Solutions Revenue increased during the 2026 Quarter and 2026 Period due to the ramp up of execution activities on life sciences and mining and metal projects. The increase in revenue during the 2026 Period was partially offset by a decline in execution activity for a recently completed project. During the 2026 and 2025 Quarters, at-cost revenue for Urban Solutions was approximately $1.9 billion and $1.2 billion, respectively (or approximately 66% and 57% of their segment revenue). During the 2026 and 2025 Periods, at-cost revenue for Urban Solutions was approximately $3.4 billion and $2.4 billion, respectively (or approximately 65% and 57% of their segment revenue). Segment profit and profit margin increased during the 2026 Quarter due to the ramp up of execution activities on mining and metals projects. The increase in segment profit was partially offset by $44 million attributable to the effects of foreign currency fluctuation, a subcontractor bankruptcy and client-driven changes on an infrastructure project. This project has reached substantial completion. Comparatively, segment profit in the 2025 Quarter included forecast adjustments totaling $54 million for cost growth on 3 infrastructure projects related to subcontractor design errors, price escalation and schedule impacts partially offset by a refinement of our expected recovery from claims against our subcontractors on these same projects. Segment profit and profit margin decreased in the 2026 Period due to cost growth of $37 million on a large mining joint venture project in the first quarter of 2026 and a decline in execution activity for a recently completed project. New awards increased during the 2026 Quarter compared to the 2025 Quarter. New awards in the 2026 Quarter included an EPCM award for a fertilizer project in Canada and an incremental life sciences award in the U.S. Backlog as of June 30, 2026 increased compared to backlog at December 31, 2025 due to the new award activity in the 2026 Period. Our staffing business does not report new awards or backlog. Energy Solutions Revenue decreased during the 2026 Quarter and 2026 Period primarily due to a decline in execution activity for several projects nearing completion. During the 2026 and 2025 Quarters, at-cost revenue for Energy Solutions was approximately $322 million and $522 million, respectively (or approximately 45% and 46% of their segment revenue). During the 2026 and 2025 Periods, at-cost revenue for Energy Solutions was approximately $636 million and $994 million, respectively (or approximately 45% and 42% of their segment revenue). Segment profit and profit margin increased during the 2026 Quarter and 2026 Period primarily due to the recognition of favorable close out items on certain multi-year projects. Segment profit in the 2025 Quarter and 2025 Period was adversely affected by the recognition of $31 million for an arbitration ruling on a fabrication project at our joint venture in Mexico that was completed in 2021. New awards in the 2026 Quarter increased compared to the 2025 Quarter. New awards in the 2026 Quarter included a limited notice to proceed on the Phase 2 expansion of the LNG Canada export facility. Backlog declined in the 2026 Period due to the execution pace exceeding new award activity. Mission Solutions Revenue declined during the 2026 Quarter and 2026 Period largely due to a reduction in overall services volume within our portfolio of DOE projects as well as for hurricane support and emergency relief services. During the 2026 and 2025 Quarters, at-cost revenue for Mission Solutions was approximately $358 million and $314 million, respectively (or approximately 50% and 41% of their segment revenue). During the 2026 and 2025 Periods, at-cost revenue for Mission Solutions was approximately $638 million and $525 million, respectively (or approximately 52% and 39% of their segment revenue). Segment profit and profit margin increased during the 2026 Quarter primarily due to improved award fee performance within our DOE portfolio. Segment profit and profit margin declined during the 2026 Period primarily due to the recognition of a $98 million charge during the first quarter of 2026, resulting from the outcome of a court ruling on a lawsuit filed against us in 2013. Segment profit during the 2025 Period reflected an additional reserve of $28 million resulting from an adverse ruling on a long-standing claim on a project completed in 2019. New awards increased during the 2026 Quarter compared to the 2025 Quarter. New awards in the 2026 Quarter included a multi-year contract for EPC services for a uranium enrichment facility in the U.S. Backlog included $973 million and $1.0 billion of unfunded government contracts as of June 30, 2026, and December 31, 2025, respectively. Unfunded backlog reflects our estimate of future revenue under awarded government contracts for which funding has not yet been appropriated. We do not report new awards or backlog for projects related to our equity method investments even though these awards may be significant contributors to earnings in future periods. G&A 3ME June 30, 6ME June 30, (in millions) 2026 2025 2026 2025 G&A Compensation $ 29 $ 27 $ 75 $ 50 Facilities 3 1 8 1 Legal & professional fees 3 7 5 9 Reserve for legacy legal claims 2 4 4 4 Severance and restructuring costs 1 10 3 13 Other 3 3 8 11 G&A $ 41 $ 52 $ 103 $ 88 The increase in compensation expense in the 2026 Period was primarily driven by higher stock price-driven compensation and performance-based compensation. We executed severance programs in several non-U.S. locations during 2025. Equity Method Earnings 3ME June 30, 6ME June 30, (in millions) 2026 2025 2026 2025 Equity method earnings Gain (loss) on the fair value of our investment in NuScale $ 1 $ 3,212 $ (123) $ 2,735 Gain on the fair value of the forward sale contracts of NuScale shares (9) — 167 — Other — — — 84 Equity method earnings $ (8) $ 3,212 $ 44 $ 2,819 Critical Accounting Policies and Estimates There have been no material changes in our critical accounting policies and estimates from those disclosed in our 2025 10-K. Recent Accounting Pronouncements Item is described more fully in the Notes to Financial Statements. LIQUIDITY AND CAPITAL RESOURCES Our liquidity arises from available cash and cash equivalents and marketable securities, cash generated from operations, capacity under our credit facility and, when necessary, access to capital markets. In 2026, liquidity was positively impacted by proceeds from the sales of NuScale shares and certain joint venture interests. We have committed and uncommitted lines of credit available for revolving loans and letters of credit. We believe that for at least the next 12 months, anticipated cash generated from operations, along with our unused credit capacity and cash position, is sufficient to support operating requirements and debt maturities. We regularly review our sources and uses of liquidity and may pursue opportunities to address our liquidity needs. Our credit facility contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, which is a one notch downgrade from both agencies' current ratings. If we were required to provide collateral, it would consist broadly of liens on our U.S. assets. 19 Table of Contents As of June 30, 2026, letters of credit totaling $335 million were outstanding under our $2.2 billion credit facility, which matures in February 2028. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, based upon total shareholders' equity excluding AOCI, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.1 billion, all as defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. Borrowings under the facility, which may be denominated in USD, EUR or GBP, bear interest at a base rate, plus an applicable borrowing margin. As of June 30, 2026 and through the issuance of this 10-Q, we had not made any borrowings under our credit facility. We have a sub-limit of up to $1.0 billion in aggregate cash advances and financial letters of credit available to us under our credit facility with a current borrowing capacity of $903 million. Cash and cash equivalents combined with marketable securities were $3.0 billion and $2.2 billion as of June 30, 2026 and December 31, 2025, respectively. Cash and cash equivalents are held in numerous accounts throughout the world to fund our global project execution activities. Non-U.S. cash and cash equivalents amounted to $806 million as of June 30, 2026 and $820 million as of December 31, 2025. Non-U.S. cash and cash equivalents exclude deposits of U.S. legal entities that are invested in offshore, overnight accounts or short-term time deposits, to which there is unrestricted access. Cash and cash equivalents held by our consolidated variable interest entities (which totaled $320 million and $328 million as of June 30, 2026 and December 31, 2025, respectively) were not necessarily readily available for general purposes. We do not include our share of cash held by our proportionately consolidated joint ventures and partnerships in our consolidated cash balances even though these amounts may be significant. We also consider the extent to which client advances (which totaled $16 million and $14 million as of June 30, 2026 and December 31, 2025, respectively) are likely to be sustained or consumed over the near term for project execution activities and the cash flow requirements of our various foreign operations. In some cases, it may not be financially efficient to move cash and cash equivalents between countries due to statutory dividend limitations and/or adverse tax consequences. We did not consider any cash to be permanently reinvested outside the U.S. as of June 30, 2026 and December 31, 2025, other than unremitted earnings required to meet our working capital and long-term investment needs in non-U.S. foreign jurisdictions where we operate. In February 2026, we completed the sale of 71 million shares of NuScale via a variable price forward sale agreement, generating total proceeds of $1.35 billion. In April 2026, we completed the sale of the final 40 million shares of NuScale via variable price forward sale agreements, generating total proceeds of $473 million, and thereby completing the divestiture of our ownership interest in NuScale. Since September 2025, sales of our NuScale shares have generated $2.43 billion in cash. In July 2026, we sold our ownership interest in our joint venture in Mexico for $175 million, resulting in an estimated third quarter pre-tax book gain of $90 million and an estimated tax liability of $33 million, which we funded during August 2026. During 2026, we spent $816 million to repurchase and cancel 17 million shares of common stock under our repurchase program. In February 2026, our board authorized a 30 million share expansion to the repurchase program. Over 22 million shares could still be purchased under the program as of June 30, 2026. We are targeting approximately $1.4 billion in share repurchases in 2026. 20 Table of Contents Cash Flows 6ME June 30, (in millions) 2026 2025 OPERATING CASH FLOW $ (207) $ (307) INVESTING CASH FLOW Proceeds from the sale of NuScale shares 1,831 — Proceeds from sales and maturities (purchases) of marketable securities (59) 34 Capital expenditures (18) (25) Proceeds from sales of assets (including the sale of CFHI in 2026) 124 62 Investments in partnerships and joint ventures (101) (135) Other 6 3 Investing cash flow 1,783 (61) FINANCING CASH FLOW Repurchase of common stock (816) (295) Purchase and retirement of debt — (36) Distributions paid to NCI (31) — Capital contributions by NCI 82 — Other (1) (10) Financing cash flow (766) (341) Effect of exchange rate changes on cash (22) 52 Increase (decrease) in cash and cash equivalents 788 (657) Cash and cash equivalents at beginning of period 2,135 2,829 Cash and cash equivalents at end of period $ 2,923 $ 2,172 Cash paid during the period for: Interest $ 18 $ 19 Income taxes (net of refunds) 418 83 Operating Activities Cash flows from operating activities result primarily from our core EPC activities and are affected by our earnings level and changes in working capital associated with such activities. Working capital levels vary from period to period and are primarily affected by our volume of work and billing schedules on our projects. These levels are also impacted by the stage of completion and commercial terms of engineering and construction projects, as well as our execution of our projects compared to their budget. Working capital requirements also vary by project as well as the payment terms agreed to with our clients, vendors and subcontractors. Most contracts require payments as the projects progress. Additionally, certain projects receive advance payments from clients. A typical trend for our lump-sum projects is to have higher cash balances during the initial phases of execution due to deposits paid to us which then diminish toward the end of the construction phase. As a result, our cash position is reduced as customer advances are utilized, unless they are replaced by advances on other projects. We maintain cash reserves and borrowing facilities to provide additional working capital in the event that a project’s net operating cash outflows exceed its available cash balances. As of June 30, 2026, our backlog included $119 million for ongoing legacy projects in a loss position, including approximately $68 million of estimated unfunded losses associated therewith. The comparable amounts at December 31, 2025 were $255 million of backlog and $212 million of unfunded losses. We expect funding on legacy loss projects to be substantially complete by the end of 2026. Operating cash flow in the 2026 Period included federal and state tax payments totaling $357 million primarily related to the 2025 conversion our shares in NuScale. Operating cash flow for the 2026 Period also included distributions from a large Energy Solutions joint venture and several Mission Solutions joint ventures. During the 2026 Period, we funded $103 million on 2 consolidated infrastructure projects. Our operating cash flow for the 2025 Period was negatively impacted by increases in working capital on several large projects. 21 Table of Contents Investing Activities In February 2026, we completed the sale of 71 million shares of NuScale via a variable price forward sale agreement, generating total proceeds of $1.35 billion. We also completed the sale of the final 40 million shares of NuScale in April 2026 for total proceeds of $473 million. We hold cash in bank deposits and marketable securities which are governed by our investment policy. This policy focuses on, in order of priority, the preservation of capital, maintenance of liquidity and maximization of yield. These investments may include money market funds, bank deposits placed with highly-rated financial institutions, repurchase agreements that are fully collateralized by U.S. Government-related securities, high-grade commercial paper and high quality short-term and medium-term fixed income securities. Capital expenditures in 2026 primarily related to investments in construction equipment on infrastructure projects and in IT compared to primarily IT investments in 2025. Proceeds from sales of assets during the 2026 Period included $124 million from the sale of our ownership interest in CFHI compared to $61 million from the sale of Stork's U.K. operations during the 2025 Period. Investments in partnerships and joint ventures included funding to an infrastructure loss project of $64 million and $85 million during the 2026 Period and 2025 Period, respectively. During the 2025 Period, we also paid $33 million to a different infrastructure joint venture for a legal settlement. Financing Activities We have an ongoing stock repurchase program, authorized by our Board of Directors, to purchase shares in the open market or privately negotiated transactions at our discretion. During the 2026 Period, we repurchased 17 million shares of common stock under the repurchase program for total consideration of $816 million. Since we restarted the program in the fourth quarter of 2024, a total of 38 million shares have been purchased for $1.7 billion through June 2026. Capital contributions by NCI represent cash inflows from partners of consolidated partnership or joint ventures created primarily for the execution of single contracts or projects. Capital contributions by NCI during the 2026 Period related to an infrastructure joint venture. During the 2025 Quarter, we redeemed $36 million of the aggregate outstanding 2028 Notes. The impact on earnings was immaterial. Letters of Credit As of June 30, 2026, letters of credit totaling $335 million were outstanding under committed lines of credit. As of June 30, 2026, letters of credit totaling $762 million were outstanding under uncommitted lines of credit including letters of credit totaling $97 million for two lump-sum projects in Kuwait that are substantially complete except for the resolution of unapproved change orders and extension of time claims. Letters of credit are ordinarily provided to indemnify our clients if we fail to perform our obligations under our contracts. Surety bonds may be used as an alternative to letters of credit. Guarantees The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $12 billion as of June 30, 2026. Financial guarantees, made in the ordinary course of business in certain limited circumstances, are entered into with financial institutions and other credit grantors and generally obligate us to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower’s obligation.