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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Federal Signal
Federal Signal (FSS) investor relations material
Federal Signal Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved record Q4 and full-year net sales of $2.18 billion, up 17% year-over-year, with organic growth of 11%.
Q4 net sales reached $597 million, up 27% year-over-year; both ESG and SSG delivered robust performance, supported by organic growth and acquisitions.
Q4 adjusted EPS was $1.16, up 33% year-over-year; full-year adjusted EPS was $4.23, up 27%.
Orders and backlog reached record levels, with Q4 orders up 45% to $647 million and year-end backlog at $1.04 billion.
Strong operating cash flow and new credit facility provide financial flexibility for growth and shareholder returns.
Financial highlights
Full-year adjusted EBITDA was $438.9 million, up 25% year-over-year, with a margin of 20.1%; Q4 adjusted EBITDA was $119.4 million, up 34%, margin 20%.
Full-year operating income rose 21% to $340.9 million; Q4 operating income grew 19% to $83.5 million.
Q4 net income was $60.8 million, up 22%; full-year net income was $246.6 million, up 14%.
Q4 gross margin improved to 28.4%; Q4 SG&A expenses were 11.3% of net sales, down from 12.4% YoY.
Full-year operating cash flow was $255 million, up 10% year-over-year.
Outlook and guidance
2026 net sales expected between $2.55 billion and $2.65 billion; adjusted EPS guidance of $4.50–$4.80, representing continued double-digit growth.
Organic growth for 2026 projected at 5%-9%, with ESG outpacing SSG.
Capital expenditures projected at $45 million to $55 million; effective tax rate expected at ~25%.
Guidance incorporates a $0.16 per share headwind from higher amortization and tax normalization.
Q1 2026 expected to be seasonally lower in sales and earnings.
Quantify 2026 tax rate normalization impact?
Projected 2026 acquisition integration costs?
Drivers of SSS margin improvement?
New Way revenue synergy realization timeline?
Backlog relevance to enterprise-wide sales?
Max revenue capacity with current infrastructure?
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Next Federal Signal earnings date
Q1 202629 Apr, 2026
Federal Signal
Next Federal Signal earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Federal Signal Corporation designs, manufactures, and markets equipment and solutions for safety, security, and environmental applications. The company operates through two primary segments: Environmental Solutions and Safety and Security Systems. Its products include street sweepers, sewer cleaners, hydro-excavators, and waterblasting systems, as well as safety and signaling equipment such as sirens, alarms, and emergency lighting. These offerings serve municipalities, industrial facilities, and commercial customers globally. Federal Signal also provides aftermarket services, including parts and maintenance support. The company is headquartered in Oak Brook, Illinois, and its shares are listed on the NYSE.
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