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Friday 6 November 2026 Export FR’s income statement to Excel — free account

First Industrial Realty Trust, Inc.

FR Real Estate Reit Industrial

First Industrial Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $727.1 million, up 8.58% from fiscal 2024.

Revenue
+8.65%
EPS
−10.2%
Free cash flow
−240.7%
Total debt
+9.93%

Quarter to September 2026, against a year earlier

54.08 1.43 −2.58%
Market cap
$7.4B
P/E
20.1×
Fwd P/E
21.7×
Dividend yield
3.60%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

First Industrial Realty Trust, Inc. (FR) Operating margin

Alert me on Operating margin

First Industrial Realty Trust, Inc.'s operating margin over the twelve months to 30 September 2026 was 41.6%, down 0.8 percentage points from fiscal 2025 (42.3%). Over the past ten years it has ranged from 29.4% (fiscal 2015) to 42.3% (fiscal 2025) — the current reading is the highest in ten years. That is in line with the Reit Industrial industry median of 40.6% and above the Real Estate sector median of 17.8%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 42.3% 1.64
FY2024 40.7% 0.84
FY2023 39.8% 0.21
FY2022 39.6% 1.96
FY2021 37.7% 0.54
FY2020 37.1% (0.34)
FY2019 37.5% 2.78
FY2018 34.7% (0.24)
FY2017 34.9% 3.71
FY2016 31.2% 1.85

Quarterly newest first

Period Operating margin Change (points)
Sep 2026 44.2% (0.87)
Jun 2026 45.1% 10.10
Mar 2026 35.0% (7.01)
Dec 2025 42.0% (2.52)
43 more quarters

Against its own ten years

Low 29.4% High 42.3%
Ten-year median 37.5%
Current reading's percentile 93

Operating margin against peers

Company Operating margin
TRNO Terreno Realty Corporation compare 41.6%
FR First Industrial Realty Trust, Inc. 41.6%
CUBE CubeSmart compare 40.8%
EGP EastGroup Properties, Inc. compare 40.8%
REXR Rexford Industrial Realty, Inc. compare 39.9%
STAG Stag Industrial, Inc. compare 37.7%
SMA Smartstop Self Storage REIT Inc compare 21.4%
COLD Americold Realty Trust Inc. compare 15.1%
LINE Lineage, Inc. compare 3.57%
Reit Industrial industry median 40.6%
Real Estate sector median 17.8%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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