This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Fluor Corporation is a major U.S. government contractor specializing in military services. According to SIPRI data, the company consistently ranks among the world's top 100 arms-producing and military services firms. In 2023, Fluor generated approximately $1.11 billion in arms revenues, representing 7.2% of its total revenue. This military contracting activity is material and specialized, focused on providing logistics, base operations, and infrastructure support directly to the U.S. Department of Defense and Army.
Recent litigation underscores the company's direct involvement in military operations. In October 2024, the U.S. Court of Appeals for the Fourth Circuit ruled on a case where a Fluor subcontractor was implicated in a bombing in Afghanistan, with the Army finding Fluor “did not comply” with its contractual obligations regarding labor supervision. Separately, a federal jury recently found Fluor Corporation committed fraud against the U.S. Army in a whistleblower case. These incidents demonstrate a pattern of conducting material business with the military and a failure to meet the associated contractual and supervisory responsibilities.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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