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Federal Signal cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$80.0M in Q3 2026 · $365M over twelve months

Operating cash flow$91.4M
Capital spending−$11.4M
Free cash flow+$80.0M
Cash / net income1.1×
Cash conversion cycle113 days

Analysis

In Q3 2026, Federal Signal generated $91.4M of operating cash flow and spent $11.4M on capital projects, leaving free cash flow of $80.0M. That is $25.9M more than in Q3 2025 ($54.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $403M; the largest uses were acquisitions ($486M), net borrowing (+) / repaid (−) ($99.0M), capital spending ($37.7M); besides operations, cash came from other financing ($294M), other investing ($2.0M); the cash balance rose by $19.3M.

Operating cash flow was $91.4M against net income of $79.6M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$25.3M, stock-based pay +$3.9M, deferred taxes −$1.7M.

Its cash conversion cycle was 113 days (receivables 41 + inventory 94 − payables 22).

Free cash flow

Federal Signal: free cash flow by quarterFederal Signal: free cash flow by quarter$82.1MQ4 2024$31.1MQ1 2025$52.4MQ2 2025$54.1MQ3 2025$89.5MQ4 2025$94.6MQ1 2026$101MQ2 2026$80.0MQ3 2026
Operating cash flow less capital spending.
Federal Signal: operating cash flow against capital spendingFederal Signal: operating cash flow against capital spendingOperating cash flowCapital spending$90.6M$8.5MQ4 2024$36.7M$5.6MQ1 2025$59.7M$7.3MQ2 2025$61.1M$7.0MQ3 2025$97.2M$7.7MQ4 2025$101M$6.7MQ1 2026$113M$11.9MQ2 2026$91.4M$11.4MQ3 2026
Latest (Q3 2026): Operating cash flow $91.4M, Capital spending $11.4M.

Capital allocation, year by year

Federal Signal: where the cash came from (up) and went (down), by fiscal yearFederal Signal: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $102MFY2021: Net borrowing $70.5MFY2021: Shares issued $4.2MFY2021: Capital spending −$37.4MFY2021: Acquisitions −$132MFY2021: Buybacks −$15.4MFY2021: Dividends −$22.0M$176MFY2021FY2022: Operating cash flow $71.8MFY2022: Net borrowing $162MFY2022: Shares issued $200KFY2022: Capital spending −$53.0MFY2022: Acquisitions −$49.8MFY2022: Buybacks −$16.1MFY2022: Dividends −$21.8M$234MFY2022FY2023: Operating cash flow $194MFY2023: Net borrowing −$128MFY2023: Shares issued $3.9MFY2023: Capital spending −$30.3MFY2023: Acquisitions −$55.0MFY2023: Buybacks −$5.5MFY2023: Dividends −$23.8M$198MFY2023FY2024: Operating cash flow $231MFY2024: Net borrowing −$153MFY2024: Shares issued $2.0MFY2024: Capital spending −$40.6MFY2024: Acquisitions −$39.7MFY2024: Buybacks −$6.7MFY2024: Dividends −$29.3M$233MFY2024FY2025: Operating cash flow $255MFY2025: Net borrowing $540MFY2025: Shares issued $3.7MFY2025: Capital spending −$27.6MFY2025: Acquisitions −$501MFY2025: Buybacks −$39.7MFY2025: Dividends −$34.1M$798MFY2025
Over these 5 years operating cash flow totalled $854M; the largest uses were acquisitions ($777M) and net borrowing ($281M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$73.7M
Debt$422M
Net debt$348M
Due within a year$500K

Federal Signal funds itself: free cash flow was $365M over the last twelve months, and $73.7M of cash and investments stands against $422M of debt ($500K due within a year, 147.4× covered by cash).

Federal Signal: debt maturities by year (FY2025)Federal Signal: debt maturities by year (FY2025)$500KYear 1$10.4MYear 2$20.3MYear 3$20.3MYear 4$514MYear 5$900KAfter year 5
Principal due in each year as disclosed in the annual report, against $73.7M of cash and investments now.

Where the cash came from and went

Federal Signal: sources (+) and uses (−) of cash, Q3 2026Federal Signal: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$91.4MAcquisitions−$22.3MNet borrowing (+) / repaid (−)−$17.2MOther financing−$16.5MCapital spending−$11.4MCash drawn (+) / kept (−)−$10.9MDividends−$9.2MBuybacks−$5.0MShares issued$800KOther investing$600KTaxes on employees’ shares−$200KExchange rates−$100K
Federal Signal: sources (+) and uses (−) of cash, TTM to Q3 2026Federal Signal: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$486MOperating cash flow$403MOther financing$294MNet borrowing (+) / repaid (−)−$99.0MCapital spending−$37.7MDividends−$36.0MCash drawn (+) / kept (−)−$19.3MTaxes on employees’ shares−$15.1MBuybacks−$5.1MOther investing$2.0MExchange rates−$400K

From profit to cash

Federal Signal: net income to operating cash flow, Q3 2026Federal Signal: net income to operating cash flow, Q3 2026Net income$79.6MDepreciation & amortization$25.3MStock-based pay$3.9MDeferred taxes−$1.7MOperating cash flow$91.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026419422113
Q2 2026419322112
Q1 2026439622118
Q4 2025439022111
Q3 2025428524102
Q2 202537832496
Q1 2025419425110
Q4 2024419123108

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$91.4M−$11.4M−$22.3M−$5.0M−$9.2M−$17.2M$800K−$10.9M$80.0M
Q2 2026$113M−$11.9M—−$100K−$9.1M−$97.0M$400K$8.6M$101M
Q1 2026$101M−$6.7M−$44.9M—−$9.2M−$25.6M$100K−$7.7M$94.6M
Q4 2025$97.2M−$7.7M−$419M—−$8.5M$138M—−$9.3M$89.5M
Q3 2025$61.1M−$7.0M——−$8.5M−$108M$300K$10.3M$54.1M
Q2 2025$59.7M−$7.3M—−$21.2M−$8.5M−$18.4M$1.1M−$7.2M$52.4M
Q1 2025$36.7M−$5.6M−$82.1M−$18.5M−$8.6M$64.2M—$33.6M$31.1M
Q4 2024$90.6M−$8.5M−$39.7M−$2.2M−$7.3M−$24.2M—−$17.4M$82.1M

Federal Signal: income statement and cash flow

Federal Signal, Q3 2026: revenue $656M (+18% year over year), operating margin 17.0%. The chart follows the revenue to costs, profit and cash.

Federal Signal: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.