Federal Signal Corporation is a diversified industrial manufacturer that designs and supplies specialized vehicles, equipment, and safety systems for municipal, governmental, industrial, and commercial customers. Headquartered in Downers Grove, Illinois, the company is best known for its street sweepers, sewer cleaners, and emergency vehicle lighting and sirens.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,180,500
1,861,500
1,722,700
1,434,800
Cost of Sales
1,549,300
1,328,500
1,272,500
1,089,900
Gross Profit
631,200
533,000
450,200
344,900
Selling, General & Administrative Expenses
255,900
234,000
210,100
171,700
Depreciation & Amortization Expenses
18,400
15,000
15,200
12,900
Other Operating Expenses
16,000
2,600
400
(500)
Operating Profit
340,900
281,400
224,500
160,800
Non-Operating Income
(16,400)
(17,500)
(21,500)
(9,900)
Total Non-Operating Income
(16,400)
(17,500)
(21,500)
(9,900)
Income Before Provision for Income Taxes
324,500
263,900
203,000
150,900
Provision for Income Taxes
77,900
47,600
45,600
30,500
Consolidated Net Income
246,600
216,300
157,400
120,400
Net Income Attributable to Common Shareholders
246,600
216,300
157,400
120,400
Basic EPS
4.06
3.55
2.59
1.99
Diluted EPS
4.01
3.50
2.56
1.97
Basic Weighted Average Shares Outstanding
60,800
60,900
60,700
60,500
Diluted Weighted Average Shares Outstanding
61,500
61,700
61,500
61,200
Shares Outstanding
60,900
61,100
61,000
60,700
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
63,700
91,100
61,000
47,500
Total Cash and Cash Equivalents
63,700
91,100
61,000
47,500
Accounts Receivable
292,200
196,400
186,200
173,800
Total Trade Receivables
292,200
196,400
186,200
173,800
Inventories
471,600
331,000
303,400
292,700
Other Current Assets
26,300
24,000
19,600
17,400
Total Current Assets
853,800
642,500
570,200
531,400
Net Property, Plant & Equipment
505,700
419,900
346,600
313,100
Net Intangible Assets
382,900
199,700
207,500
208,200
Goodwill
619,800
477,700
472,700
453,400
Other Long-Term Assets
10,100
9,400
12,000
8,800
Total Assets
2,392,600
1,765,200
1,620,500
1,524,300
Accounts Payable
98,000
79,000
66,700
72,400
Accrued Expenses
67,300
49,800
42,300
31,100
Current Portion of Long-Term Debt
500
19,400
4,700
1,500
Current Portion of Leases
7,900
6,800
6,800
6,900
Unearned Revenue
47,700
35,000
27,100
25,400
Other Current Liabilities
61,000
51,800
48,200
43,200
Total Current Liabilities
282,400
241,800
195,800
180,500
Long-Term Debt
564,600
204,400
294,300
361,500
Leases
21,600
21,800
14,900
18,500
Other Long-Term Liabilities
142,000
111,100
113,600
102,900
Total Long-Term Liabilities
728,200
337,300
422,800
482,900
Total Liabilities
1,010,600
579,100
618,600
663,400
Common Stock
70,800
70,300
70,000
69,500
Treasury Stock
(263,500)
(207,800)
(193,700)
(178,600)
Additional Paid-in Capital
330,400
309,800
291,100
271,800
Accumulated Other Comprehensive Income
(71,000)
(89,000)
(81,300)
(84,000)
Retained Earnings
1,315,300
1,102,800
915,800
782,200
Total Common Shareholders' Equity
1,382,000
1,186,100
1,001,900
860,900
Total Shareholders' Equity
1,382,000
1,186,100
1,001,900
860,900
Total Liabilities and Shareholders' Equity
2,392,600
1,765,200
1,620,500
1,524,300
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
246,600
216,300
157,400
120,400
Depreciation & Amortization
80,500
65,300
60,400
54,700
Share-Based Compensation Expense
15,000
15,600
13,100
10,200
Other Adjustments
20,800
3,800
(6,100)
(5,200)
Changes in Trade Receivables
(26,600)
(9,000)
(6,100)
(38,000)
Changes in Inventories
(28,100)
(24,100)
9,800
(61,000)
Changes in Accounts Payable
3,400
12,600
(8,500)
8,300
Changes in Accrued Expenses
4,000
6,800
15,800
1,100
Changes in Income Taxes Payable
(600)
(5,400)
(500)
8,000
Changes in Unearned Revenue
(8,700)
7,200
1,100
1,300
Changes in Other Operating Activities
(51,600)
(57,800)
(42,000)
(28,000)
Cash from Operating Activities
254,700
231,300
194,400
71,800
Capital Expenditure
(27,600)
(40,600)
(30,300)
(53,000)
Payments for Business Acquisitions
(501,000)
(39,700)
(55,000)
(49,800)
Other Investing Activities
700
1,400
1,600
3,100
Cash from Investing Activities
(527,900)
(78,900)
(83,700)
(99,700)
Issuance of Short-Term Debt
70,000
(76,500)
(64,100)
81,200
Net Issuance / (Repayments) of Short-Term Debt
70,000
(76,500)
(64,100)
81,200
Issuance of Long-Term Debt
400,000
—
—
—
Repayments of Long-Term Debt
(120,300)
(3,900)
(800)
—
Net Issuance / (Repayments) of Long-Term Debt
279,700
(3,900)
(800)
—
Issuance of Common Shares
3,700
2,000
3,900
200
Repurchases of Common Shares
(53,300)
(12,800)
(12,500)
(22,300)
Net Issuance / (Repurchases) of Common Shares
(49,600)
(10,800)
(8,600)
(22,100)
Common Share Dividends Paid
(34,100)
(29,300)
(23,800)
(21,800)
Other Financing Activities
(21,500)
(500)
(600)
(1,800)
Cash from Financing Activities
244,500
(121,000)
(97,900)
35,500
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,300
(1,300)
700
(600)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash