Short answer
FEDERAL SIGNAL CORP /DE/ (FSS) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $2.2B (+17.1% year over year) and net income of $247M.
- Top risk flagged: OECD Pillar Two global minimum tax effective 2024, no material impact yet due to absence of low-tax jurisdiction operations
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +17.1% YoY
- Net income
- $247M
- +14.0% YoY
- Operating margin
- 15.6%
- +0.5 pp YoY
- Gross margin
- 28.9%
- +0.3 pp YoY
- EPS (diluted)
- $4.01
- +14.6% YoY
- ROE
- 17.8%
- −0.4 pp YoY
- Operating cash flow
- $255M
- +10.1% YoY
Source: XBRL data from the FEDERAL SIGNAL CORP /DE/ (FSS) FY2025 10-K on SEC EDGAR. USD.
FEDERAL SIGNAL CORP /DE/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model not detailed; filing heavily references proxy statements for governance and executive compensation
- No new products, services, or segments introduced or emphasized in this filing section
- Strategic positioning and business operations not discussed, focus on governance and compliance documentation
- No quantitative business metrics provided in this section of the filing
- Unusually, business description replaced entirely by cross-references to proxy statement sections and website disclosures
Management Discussion & Analysis
- Revenue $2.18B, up $319M (17%) YoY; Environmental Solutions Group sales up $280.4M (18%), Safety and Security Systems up $38.6M (13%)
- Operating margin 15.6% vs 15.1% YoY; Environmental Solutions margin 17.7% vs 16.8%, Safety and Security margin 23.8% vs 21.2%
- Best segment Environmental Solutions: operating income $324.6M (+$63.4M, 24%); Worst segment Safety and Security: operating income $81.5M (+$17.1M, 27%)
- Net cash from ops $255M (+$23M, 10%); Capex $28M; Dividends $34.1M; Share repurchases $39.7M; Acquisitions cost $501M (Hog, New Way, Kinloch)
- Increased credit facility to $1.1B revolver, $400M term loan; management plans further growth investments, strategic acquisitions, and stockholder returns
Risk Factors
- OECD Pillar Two global minimum tax effective 2024, no material impact yet due to absence of low-tax jurisdiction operations
- 21% net sales international exposure vulnerable to tariffs, trade barriers, and geopolitical conflicts including Russia-Ukraine war
- Supply chain risk from geopolitical conflicts and sanctions, notably Russia sanctions and global chassis shortages critical to production
- Competition from larger companies with greater financial resources creating pricing pressure in municipal government contract bids
- Credit facility includes restrictive covenants risk defaulting and accelerating debt due to external factors and operating challenges
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