Federal Signal (FSS) Cash Flow: Operating & Free Cash Flow

Federal Signal (FSS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Federal Signal generated $254.70M of operating cash flow and spent $27.60M on capital expenditures. That left free cash flow of $227.10M, up 19.1% from $190.70M a year earlier, or 10.4% of revenue. It returned $87.40M to shareholders through $34.10M in dividends and $53.30M in share buybacks.

Federal Signal Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Federal Signal Corporation (FSS) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	246.60	216.30	157.40	120.40	100.60	96.20	108.40	94.00	61.60
Depreciation & Amortization	80.50	65.30	60.40	54.70	50.40	44.80	41.50	36.40	30.00
Deferred Income Tax	13.90	4.90	-0.30	-4.20	-6.50	5.80	3.30	-5.60	-14.90
Stock Based Compensation	15.00	15.60	13.10	10.20	0.00	8.40	0.00	7.60	4.60
Change in Working Capital	-108.20	-69.70	-30.40	-108.30	-53.60	-12.40	-56.70	-31.10	-6.90
Change in Accounts Receivable	-26.60	-9.00	-6.10	-38.00	2.50	8.60	-4.70	-7.90	-11.10
Change in Inventory	-28.10	-24.10	9.80	-61.00	-24.20	2.50	-10.40	-22.60	9.40
Change in Accounts Payable	3.40	12.60	-8.50	8.30	6.40	-13.90	-6.60	15.60	-5.20
Change in Other Working Capital	-51.60	-1.10	-4.00	-17.60	-38.30	-9.60	-35.00	-16.20	3.80
Other Operating Activities	20.80	-1.10	-4.00	-1.00	10.90	-6.60	6.60	-8.50	-1.60
Net Cash from Operating Activities	254.70	231.30	194.40	71.80	101.80	136.20	103.10	92.80	72.80
Investing Activities
Capital Expenditures	-27.60	-40.60	-30.30	-53.00	-37.40	-29.70	-35.40	-14.10	-8.00
Acquisitions	-501.00	-39.70	-55.00	-49.80	-131.80	-5.40	-49.60	3.00	-269.20
Other Investing Activities	0.70	1.40	1.60	3.10	0.50	0.70	0.60	0.10	-1.00
Net Cash from Investing Activities	-527.90	-78.90	-83.70	-99.70	-168.70	-34.40	-84.40	-11.00	-278.20
Financing Activities
Debt Repayment	-120.30	-3.90	-0.80	81.20	70.50	-11.80	6.40	-62.10	209.10
Common Stock Issued	3.70	2.00	3.90	0.00	4.20	0.00	1.70	0.00	0.00
Common Stock Repurchased	-53.30	-12.80	-12.50	-22.30	-15.40	-22.80	-3.10	-1.70	-2.90
Dividends Paid	-34.10	-29.30	-23.80	-21.80	-22.00	-19.40	-19.30	-18.70	-16.80
Other Financing Activities	-21.50	-0.50	-0.60	-1.60	-10.90	0.60	-10.30	1.30	1.30
Net Cash from Financing Activities	244.50	-121.00	-97.90	35.50	26.40	-53.40	-24.60	-81.20	190.70
Summary
Effect of Forex Changes on Cash	1.30	-1.30	0.70	-0.60	-0.70	1.70	0.10	-0.70	1.50
Net Change in Cash	-27.40	30.10	13.50	7.00	-41.20	50.10	-5.80	-0.10	-13.20
Cash at Beginning of Period	91.10	61.00	47.50	40.50	81.70	31.60	37.40	37.50	50.70
Cash at End of Period	63.70	91.10	61.00	47.50	40.50	81.70	31.60	37.40	37.50
Free Cash Flow	227.10	190.70	164.10	18.80	64.40	106.50	67.70	78.70	64.80
Supplemental Disclosures
Interest Paid	-	15.30	22.80	9.40	3.90	5.40	-	-	-
Income Taxes Paid	-	62.40	46.20	26.90	35.50	22.30	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Federal Signal Cash Flow

What is Federal Signal's free cash flow?

Federal Signal generated free cash flow of $227.10M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $254.70M minus $27.60M of capital expenditures. That was up 19.1% from $190.70M a year earlier. Free cash flow equaled 10.4% of revenue.

How much does Federal Signal spend on capital expenditures?

Federal Signal spent $27.60M on capital expenditures in fiscal 2025, compared with $40.60M a year earlier. That equals 10.8% of operating cash flow.

Does Federal Signal pay dividends or buy back shares?

Yes. In fiscal 2025 Federal Signal returned $34.10M in dividends and $53.30M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition