FSS — what changed in the latest 10-Q
A section-by-section comparison of FSS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-04-29 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −66 | ~12 | 4 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | −9 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-04-29
Net sales for the three months ended March 31, 2026 increased by $161.8 million, or 35%, compared to the prior-year quarter, primarily due to higher sales volumes, inclusive of the effects of acquisitions, and pricing actions. Our Environmental Solutions Group reported a net sales increase of $145.3…
Operating income for the three months ended March 31, 2026 increased by $34.0 million, or 52%, compared to the prior-year quarter, primarily driven by a $48.6 million improvement in gross profit, partially offset by a $11.8 million increase in Selling, Engineering, General and Administrative (“SEG&A…
Income before income taxes for the three months ended March 31, 2026 increased by $30.2 million, or 49%, compared to the prior-year quarter. The increase resulted from the higher operating income and a $0.1 million reduction in other expense, partially offset by a $3.9 million increase in interest e…
Net income for the three months ended March 31, 2026 increased by $24.1 million compared to the prior-year quarter, largely due to the aforementioned increase in income before taxes, partially offset by a $6.1 million increase in income tax expense.
Total orders for the three months ended March 31, 2026 were $623 million, an increase of $55 million, or 10%, compared to the prior-year quarter. Our Environmental Solutions Group reported total orders of $534 million in the three months ended March 31, 2026, an increase of $54 million, or 11%, in c…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
A substantial majority of the Company’s manufacturing operations are located within the U.S., and the substantial majority of the raw materials and component parts used to support the Company’s domestic production processes are sourced from within the U.S. Similarly, in the locations where the Compa…
While the tariffs implemented did not have a significant impact on the Company’s year-to-date results, the long-term effects of those implemented then, or those that may be implemented in the future, remain uncertain. Although the Company believes that many of its products are included in the curren…
Net sales for the three months ended September 30, 2025 increased by $80.8 million, or 17%, compared to the prior-year quarter, primarily due to higher sales volumes, inclusive of the effects of acquisitions, and pricing actions. Our Environmental Solutions Group reported a net sales increase of $67…
Net sales for the nine months ended September 30, 2025 increased by $193.9 million, or 14%, compared to the prior-year period, primarily due to higher sales volumes, inclusive of the effects of acquisitions, and pricing actions. Our Environmental Solutions Group reported a net sales increase of $172…
Operating income for the three months ended September 30, 2025 increased by $18.1 million, or 24%, compared to the prior-year quarter, primarily driven by a $21.1 million improvement in gross profit, partially offset by a $1.3 million increase in Selling, Engineering, General and Administrative (“SE…
Other information
Text removed vs the prior filing · source: 10-Q · 2025-10-30
On October 29, 2025, the Company entered into the 2025 Credit Agreement, by and among the Company and certain of its foreign subsidiaries (collectively, the “Borrowers”), Wells Fargo Bank, National Association, as administrative agent, swingline lender, and an issuing lender, BofA Securities, Inc., …
The 2025 Credit Agreement is a senior secured credit facility that provides the Borrowers access to an aggregate principal amount of up to $1.5 billion, consisting of (i) a revolving credit facility in an amount up to $1.1 billion (the “2025 Revolver”) and (ii) a delayed draw term loan facility in a…
Net Leverage Ratio for the applicable four-quarter period preceding such expansion, on a pro forma basis, to exceed 2.75 to 1.00, subject to the approval of the applicable lenders providing such additional borrowings. Such expansion may be in the form of increases to the revolving facility commitmen…
The obligations of the Borrowers under the 2025 Credit Agreement are guaranteed by the Company’s material domestic subsidiaries and secured by a first priority security interest in (i) substantially all existing and hereafter acquired domestic property and assets of the Company and material domestic…
Borrowings under the 2025 Credit Agreement bear interest, at the Company’s option, at a base rate or an Adjusted Eurocurrency Rate (as defined in the 2025 Credit Agreement) in the case of borrowings in euros or an adjusted RFR (as defined in the 2025 Credit Agreement) in the case of borrowings in U.…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice