FEDERAL SIGNAL CORP /DE/ (FSS) Company Report

Federal Signal reported record full-year 2025 net sales of $2.18 billion, an increase of 17%, and adjusted EPS of $4.23 per share, up 27%.
For Q4 2025, consolidated net sales increased 27% to $597 million, with GAAP diluted EPS at $0.99 per share and adjusted EPS reported as $0.01 per share, an increase of $0.29 per share or 33% compared to last year. Orders for the quarter were $647 million, a 45% increase, and year-end backlog stood at $1.04 billion.
The company provided a 2026 outlook, anticipating net sales between $2.55 billion and $2.65 billion and adjusted EPS between $4.50 and $4.80 per share. Organic net sales growth for 2026 is projected to be between 5% and 9%.
Strategic initiatives include the integration of New Way, expected to be adjusted EPS neutral in 2026 with $15 million-$20 million in annual synergies by 2028, and the acquisition of Mega Equipment, expected to be modestly accretive to cash flow and EPS in 2026.

2 days ago

Transcript

Federal Signal Corporation Announces Record Q4 and Full-Year 2025 Results and Provides Strong 2026 Outlook

FSS

Earnings

Guidance Update

M&A

Federal Signal Corporation reported record full-year 2025 net sales of $2.18 billion (up 17%) and record Adjusted EPS of $4.23 per share (up 27%). For Q4 2025, the company achieved record net sales of $597 million (up 27% year-over-year) and record Adjusted EBITDA of $119.4 million (up 34% year-over-year), with Adjusted EPS reported at $0.01 per share. Orders for the full year were $2.22 billion (up 20%), and Q4 orders were $647 million (up 45%), with a year-end backlog of $1.04 billion.
The company provided a 2026 outlook anticipating record net sales between $2.55 billion and $2.65 billion and Adjusted EPS between $4.50 and $4.80 per share.
Strategic growth initiatives include the integration of the New Way acquisition, expected to be Adjusted EPS neutral in 2026, and the recent Mega Equipment acquisition, projected to be modestly accretive to cash flow and EPS in 2026. The company also transitioned its Canadian refuse truck distribution to New Way, expecting margin tailwinds in 2027 and 2028.

2 days ago

Transcript

Federal Signal Reports Record Q4 and Full-Year 2025 Results, Issues 2026 Guidance

FSS

Earnings

Guidance Update

M&A

Federal Signal reported record full-year 2025 net sales of $2.18 billion, an increase of 17%, and record adjusted EPS of $4.23, up 27%.
For Q4 2025, net sales grew by 27% to $597 million, with adjusted EPS increasing by 33% to $1.16 and orders rising 45% to $647 million.
The company provided a 2026 full-year adjusted EPS outlook of $4.50 to $4.80 and net sales guidance of $2.55 billion to $2.65 billion.
Federal Signal generated ~$255 million in operating cash for the full year 2025, representing a 103% cash conversion, and completed the New Way acquisition in December 2025 and the Mega Corp. acquisition in January 2026.

2 days ago

Presentation

Federal Signal Corporation Announces Record Q4 and Full-Year 2025 Results, Details Acquisitions

FSS

Earnings

M&A

Guidance Update

Federal Signal Corporation reported record full-year 2025 net sales of $2.18 billion, a 17% increase year-over-year, and record adjusted earnings of $4.23 per share, up 27%. For Q4 2025, consolidated net sales rose 27% to $597 million, with adjusted EPS increasing 33% to $1.16 per share.
Full-year 2025 orders grew 20% to $2.22 billion, and Q4 orders increased 45% to $647 million, including $132 million of acquired backlog. The year-end backlog reached $1.04 billion, up 5%.
The company completed the acquisition of Neway in Q4 2025 for approximately $413 million and Mega in early January for about $45 million. Neway is projected to be adjusted EPS neutral in 2026 and deliver $15 million-$20 million in annual synergies by the end of 2028, while Mega is expected to be modestly accretive to cash flow and EPS in 2026.
Federal Signal generated $255 million in operating cash flow for the full year 2025, a 10% increase, and ended Q4 2025 with $501 million of net debt and $925 million in credit facility availability, providing substantial financial flexibility.

2 days ago

Transcript

Federal Signal Reports Record Q4 and Full-Year 2025 Results, Issues 2026 Outlook

FSS

Earnings

Guidance Update

M&A

Federal Signal Corporation reported record fourth quarter 2025 net sales of $597 million, a 27% increase from the prior year, and Adjusted EPS of $1.16, up 33%.
For the full year ended December 31, 2025, the company achieved record net sales of $2.18 billion, a 17% increase, and record Adjusted EPS of $4.23, up 27%.
The company provided a 2026 outlook with anticipated net sales of $2.55 billion to $2.65 billion and Adjusted EPS of $4.50 to $4.80.
Federal Signal completed the acquisition of Mega Equipment LLC in January 2026 and secured a new five-year credit facility with $925 million of availability at December 31, 2025, enhancing financial flexibility.

3 days ago

Press Release

Federal Signal Completes Mega Corp. Acquisition

FSS

M&A

New Projects/Investments

Federal Signal Corporation (FSS) completed the acquisition of Mega Corp. on January 16, 2026.
Mega Corp. is a leading manufacturer of specialty vehicles and equipment for use in global metal extraction and construction markets.
The acquisition is expected to be accretive to earnings and cash flow in 2026.
This acquisition enhances Federal Signal's depth in the global metal extraction support equipment market and strengthens its specialty vehicle platform.

Jan 16, 2026, 8:01 PM

8-K

Federal Signal Completes Mega Corp. Acquisition

FSS

M&A

New Projects/Investments

Federal Signal Corporation completed the acquisition of Mega Corp. on January 16, 2026.
Mega Corp. is a leading manufacturer of specialty vehicles and equipment for global metal extraction and construction markets.
The acquisition is expected to be accretive to earnings and cash flow in 2026.
This strategic move strengthens Federal Signal's specialty vehicle platform and enhances its depth in the global metal extraction support equipment market.

Jan 16, 2026, 6:35 PM

Press Release

Federal Signal Corporation Updates Financial Outlook and Highlights Strategic Acquisitions

FSS

Guidance Update

M&A

Federal Signal Corporation raised its full-year 2025 Adjusted EPS outlook to a new range of $4.12 to $4.20 and its Net Sales outlook to a new range of $2.12 billion to $2.16 billion, as of November 26, 2025.
The company reported LTM (Q3 2025) Net Sales of $2,055 million and Adjusted EBITDA of $409 million, achieving an Adjusted EBITDA Margin of 19.9%.
Recent strategic acquisitions include Hog Technologies (February 2025) and New Way Trucks (November 2025), with New Way Trucks anticipated to be EPS accretive by $0.40 to $0.45 in 2028.
Federal Signal maintains a 5-year average cash conversion of 106% (2020-2024) and a Q3 2025 LTM Net Debt Leverage of 0.4x.

Jan 14, 2026, 5:28 PM

8-K

Federal Signal to Acquire Mega Corp.

FSS

M&A

New Projects/Investments

Federal Signal Corporation (FSS) announced the signing of a definitive agreement to acquire Mega Corp., a manufacturer of specialty vehicles and equipment for global metal extraction and construction markets.
The acquisition is for $45.5 million in cash consideration, subject to post-closing adjustments, and is anticipated to close during the first quarter of 2026.
Mega Corp. generated net sales of approximately $40 million for the year ended December 31, 2024, with 30% of those sales from aftermarket parts.
The transaction is expected to be accretive to earnings and cash flow in 2026.

Dec 18, 2025, 7:19 PM

8-K

Federal Signal to Acquire Mega Corp.

FSS

M&A

New Projects/Investments

Federal Signal Corporation (FSS) has signed a definitive agreement to acquire Mega Corp. for $45.5 million in cash, subject to post-closing adjustments.
Mega Corp., a manufacturer of specialty vehicles and equipment for global metal extraction and construction markets, generated approximately $40 million in net sales for the year ended December 31, 2024, with aftermarket parts representing approximately 30% of net sales.
The acquisition is expected to enhance Federal Signal's depth in the global metal extraction support equipment market and is anticipated to be accretive to earnings and cash flow in 2026.
The transaction is expected to close during the first quarter of 2026.