Federal Signal (FSS) financial statements
Federal Signal reported revenue of $2.2B in fiscal 2025, up 13.3% a year over 9 years.
Net income was $247M and the operating margin 15.6%, against 8.6% in 2016.
Free cash flow was $227M, and the company returned $34M in dividends and $40M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Federal Signal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $708M | $898M | $1.1B | $1.2B | $1.1B | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Cost of revenue | $524M | $677M | $807M | $898M | $837M | $924M | $1.1B | $1.3B | $1.3B | $1.5B |
| Gross profit | $183M | $221M | $282M | $323M | $294M | $289M | $345M | $450M | $533M | $631M |
| Selling, general and admin | $120M | $144M | $159M | $164M | $149M | $149M | $172M | $210M | $234M | $256M |
| Operating income | $61M | $74M | $122M | $147M | $131M | $131M | $161M | $224M | $281M | $341M |
| Interest expense | $2M | $7M | $9M | $8M | $6M | $4M | $10M | $20M | $12M | $14M |
| Pre-tax income | $57M | $61M | $112M | $139M | $125M | $118M | $151M | $203M | $264M | $324M |
| Income tax | $17M | $500,000 | $18M | $30M | $28M | $17M | $30M | $46M | $48M | $78M |
| Net income | $44M | $62M | $94M | $108M | $96M | $101M | $120M | $157M | $216M | $247M |
| EPS (diluted) | $0.71 | $1.02 | $1.54 | $1.76 | $1.56 | $1.63 | $1.97 | $2.56 | $3.50 | $4.01 |
| Diluted shares | 61M | 60M | 61M | 62M | 62M | 62M | 61M | 62M | 62M | 62M |
| Gross margin | 25.9% | 24.6% | 25.9% | 26.4% | 26.0% | 23.8% | 24.0% | 26.1% | 28.6% | 28.9% |
| Operating margin | 8.6% | 8.2% | 11.2% | 12.0% | 11.6% | 10.8% | 11.2% | 13.0% | 15.1% | 15.6% |
| Net margin | 6.2% | 6.9% | 8.6% | 8.9% | 8.5% | 8.3% | 8.4% | 9.1% | 11.6% | 11.3% |
Balance sheet
Fiscal years, from Federal Signal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $51M | $38M | $37M | $32M | $82M | $40M | $48M | $61M | $91M | $64M |
| Receivables | $81M | $118M | $124M | $134M | $127M | $136M | $174M | $186M | $196M | $292M |
| Inventory | $120M | $137M | $157M | $183M | $185M | $229M | $293M | $303M | $331M | $472M |
| Total current assets | $260M | $304M | $328M | $361M | $406M | $431M | $531M | $570M | $642M | $854M |
| Property, plant and equipment | $43M | $60M | $62M | $92M | $107M | $142M | $179M | $191M | $219M | $275M |
| Goodwill | $236M | $377M | $375M | $389M | $394M | $432M | $453M | $473M | $478M | $620M |
| Total assets | $643M | $992M | $1.0B | $1.2B | $1.2B | $1.4B | $1.5B | $1.6B | $1.8B | $2.4B |
| Total current liabilities | $85M | $117M | $159M | $160M | $148M | $170M | $180M | $196M | $242M | $282M |
| Long-term debt | $64M | $277M | $210M | $220M | $210M | $282M | $362M | $294M | $204M | $565M |
| Total liabilities | $249M | $535M | $494M | $524M | $507M | $582M | $663M | $619M | $579M | $1.0B |
| Shareholders' equity | $394M | $457M | $530M | $642M | $702M | $784M | $861M | $1.0B | $1.2B | $1.4B |
| Net debt | $13M | $240M | $172M | $189M | $128M | $242M | $315M | $237M | $120M | $501M |
Cash flow
Fiscal years, from Federal Signal's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $73M | $93M | $103M | $136M | $102M | $72M | $194M | $231M | $255M |
| Capital spending | $6M | $8M | $14M | $35M | $30M | $37M | $53M | $30M | $41M | $28M |
| Free cash flow | $19M | $65M | $79M | $68M | $106M | $64M | $19M | $164M | $191M | $227M |
| Stock-based compensation | $5M | $5M | $8M | $9M | $8M | $8M | $10M | $13M | $16M | $15M |
| Dividends paid | $17M | $17M | $19M | $19M | $19M | $22M | $22M | $24M | $29M | $34M |
| Share buybacks (net) | -$38M | $0 | -$1M | -$1M | -$14M | -$15M | -$16M | -$6M | -$7M | -$40M |
| Net borrowing | -$43M | $0 | $0 | — | — | — | — | $0 | $0 | $400M |
| Free cash flow margin | 2.6% | 7.2% | 7.2% | 5.5% | 9.4% | 5.3% | 1.3% | 9.5% | 10.2% | 10.4% |
| Dividends per share | $0.28 | $0.28 | $0.31 | $0.31 | $0.31 | $0.36 | $0.36 | $0.39 | $0.47 | $0.55 |
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Open FSS in InvestinglyQuestions
What was Federal Signal's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Federal Signal generate?
$227M in fiscal 2025 (operating cash flow minus capital spending).
From Federal Signal's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.