Thursday 15 October 2026 Export FR’s income statement to Excel — free account

First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $727.1 million, up 8.58% from fiscal 2024. In the quarter to June 2026, revenue grew 8.20%, EPS grew 38.1%, free cash flow grew 183.1% and total debt rose 7.19%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten.

58.17 0.63 −1.07%

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Market cap: $8.2B
P/E: 21.5×
Fwd P/E: 26.9×
Dividend yield: 3.31%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.98%

Capital & Financial Ratios $m

Market Cap 8,200.00

Revenue 759.61

Net Income 381.93

Free Cash Flow 103.55

Net Debt 2,451.01

Current Ratio 1.44

Debt/Equity 0.89

P/E ratio 21.46

Fwd P/E 26.90

P/S ratio 10.26

P/B ratio 2.72

Past 5Y EPS Growth 4.10%

This Y EPS Growth 36.10%

Next Y EPS Growth (23.98%)

Next Y revenue growth 8.15%

Next 5Y EPS Growth 2.15%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 25.08%

10-year low 10-year high

P/S against its own 10 years 39.03%

10-year low 10-year high

P/B against its own 10 years 58.54%

10-year low 10-year high

EV/Sales against its own 10 years 38.10%

10-year low 10-year high

EV/FCF against its own 10 years 50.07%

10-year low 10-year high

Dividends

Payout Ratio 0.71

Annual Dividend Rate 1.95

Annual Dividend Yield 3.31%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.98	0.50 0.50 0.50
2025	1.78	0.45 0.45 0.45 0.45
2024	1.48	0.37 0.37 0.37 0.37
2023	1.28	0.32 0.32 0.32 0.32
2022	1.18	0.30 0.30 0.30 0.30
2021	1.08	0.27 0.27 0.27 0.27
2020	1.00	0.25 0.25 0.25 0.25
2019	0.92	0.23 0.23 0.23 0.23
2018	0.87	0.22 0.22 0.22 0.22
2017	0.84	0.21 0.21 0.21 0.21
2016	0.76	0.19 0.19 0.19 0.19

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	44	52	78	114
Receivables	155	170	193	196
Inventory	—	—	—	—
Other	—	—	—	—
	199	222	271	310

	2023	2024	2025	Q'26
Payables	143	133	179	146
ST’ Debt	—	—	—	—
Other	—	—	—	—
	188	184	242	216

Compound Annual Growth %

	10y	5y	3y
Sales	7.11%	10.17%	10.43%
Cash Flow	11.02%	13.92%	3.93%
Earnings	12.85%	4.76%	(11.67%)
Book Value	9.48%	7.22%	2.93%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	195	195	—	—	—
’25	177	180	181	188	727
’24	162	164	168	176	670
’23	149	152	155	157	614
’22	126	130	140	145	540
’21	116	117	121	122	476
’20	110	109	116	112	448

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	89	114	—	—	—
’25	89	126	125	122	461
’24	62	108	105	77	352
’23	70	86	84	64	305
’22	60	199	87	65	411
’21	41	77	78	70	267
’20	40	77	73	50	240

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	18	144	—	—	—
’25	(122)	51	53	(111)	(129)
’24	42	56	110	14	222
’23	(30)	(60)	14	7	(68)
’22	(139)	(34)	(15)	(53)	(241)
’21	21	(81)	(52)	(54)	(165)
’20	(132)	16	80	61	26

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.08	0.58	—	—	—
’25	0.36	0.42	0.49	0.59	1.87
’24	0.52	0.39	0.75	0.52	2.17
’23	0.42	0.41	0.57	0.67	2.07
’22	0.27	0.88	0.94	0.62	2.72
’21	0.48	0.40	0.33	0.87	2.09
’20	0.32	0.28	0.28	0.65	1.53

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	18.89	25.31	27.30	27.77	25.89	40.08	42.91	40.44	45.10	40.31	Analyst estimates 2026–2028 Powerpack
	High	29.75	32.91	34.04	43.24	46.12	66.74	66.32	55.51	57.35	59.43
People
People	Employees	161	160	145	155	153	162	157	156	151	152
	Revenue/emp, $m	2.35	2.48	2.79	2.75	2.93	2.94	3.44	3.94	4.43	4.78
Income, $m
Income, $m	Revenue	378	396	404	426	448	476	540	614	670	727
	Gross margin, %	70.29	71.37	71.07	72.63	73.40	72.43	73.39	73.02	72.70	73.66
	EBT	127	209	168	231	198	282	290	262	298	245
	EBT margin, %	33.54	52.85	41.47	54.24	44.28	59.25	53.72	42.72	44.47	33.65
	Net income	126	208	167	244	200	277	382	286	296	264
	Depreciation	127	126	125	130	141	142	156	168	180	200
Per share, $
Per share, $	Revenue	3.29	3.35	3.26	3.37	3.51	3.67	4.09	4.64	5.06	5.49
	Earnings	1.05	1.70	1.31	1.89	1.53	2.09	2.72	2.08	2.17	1.87
	Cash flow	1.51	1.63	1.70	1.94	1.88	2.06	3.11	2.30	2.66	3.48
	Capex	(1.08)	(0.79)	(1.59)	(1.53)	(1.68)	(3.33)	(4.94)	(2.82)	(0.99)	(4.46)
	Free cash flow	0.43	0.84	0.11	0.42	0.20	(1.28)	(1.83)	(0.51)	1.68	(0.97)
	Book value	11.17	12.48	13.57	14.23	15.25	17.34	19.17	19.92	20.75	20.83
	Shares, m	115	118	124	126	128	130	132	132	132	132
Valuation, ×
Valuation, ×	P/E	26.99	18.44	22.20	21.96	27.54	31.83	17.65	25.59	23.00	30.79
	P/S	8.54	9.30	8.85	12.32	12.01	18.03	11.74	11.41	9.91	10.43
	P/B	2.51	2.50	2.13	2.92	2.76	3.82	2.50	2.66	2.42	2.75
	EV/Sales	12.05	12.45	11.93	15.44	15.12	21.28	15.30	14.96	13.13	13.84
	EV/FCF	91.37	49.69	370.09	125.11	264.92	(61.29)	(34.22)	(135.58)	39.61	(78.00)
Cash, $m
Cash, $m	Operating cash flow	174	193	210	246	240	267	411	305	352	461
	Capex	(124)	(93)	(197)	(193)	(215)	(432)	(652)	(373)	(131)	(590)
	Free cash flow	50	99	13	53	26	(165)	(241)	(68)	222	(129)
Balance, $m
Balance, $m	Working capital	(14)	8	19	94	136	(28)	40	11	38	29
	Total debt	1,347	1,297	1,298	1,484	1,595	1,610	2,066	2,224	2,209	2,553
	Net debt	1,326	1,251	1,247	1,331	1,395	1,551	1,921	2,180	2,158	2,475
	Shareholders’ equity	1,285	1,476	1,680	1,798	1,947	2,248	2,530	2,635	2,746	2,759
Returns, %
Returns, %	ROA	4.41	7.03	5.35	7.15	5.36	6.79	7.86	5.42	5.51	4.52
	ROIC	2.83	3.17	2.99	3.19	3.11	2.95	3.00	3.18	3.47	3.67
	ROE	10.10	14.60	10.31	13.70	10.47	12.90	15.02	10.63	10.68	8.98

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EGP EastGroup Properties, Inc.	$10.6B	33.9×	34.0×	+9.05% (above 0%: growing)	+16.53% (above 0%: growing)	+447.46% (above 0%: growing)	73.78%	40.76%	Compare
CUBE CubeSmart	$8.6B	25.8×	28.0×	+1.48% (above 0%: growing)	+11.11% (above 0%: growing)	−5.25% (below 0%: shrinking)	66.48%	40.97%	Compare
REXR Rexford Industrial Realty, Inc.	$8.4B	— (loss-making)	27.3×	−1.60% (below 0%: shrinking)	n/m	+30.62% (above 0%: growing)	77.10%	41.60%	Compare
FR First Industrial Realty Trust, Inc.	$8.2B	21.5×	26.9×	+8.20% (above 0%: growing)	+38.10% (above 0%: growing)	+183.07% (above 0%: growing)	75.40%	45.08%
LINE Lineage, Inc.	$7.9B	— (loss-making)	— (loss-making)	+0.81% (above 0%: growing)	n/m	+91.92% (above 0%: growing)	31.23%	3.97%	Compare
TRNO Terreno Realty Corporation	$7.1B	17.4×	32.9×	+11.12% (above 0%: growing)	−40.00% (below 0%: shrinking)	−173.91% (below 0%: shrinking)	76.25%	41.77%	Compare
STAG Stag Industrial, Inc.	$7.0B	27.6×	33.3×	+8.08% (above 0%: growing)	+3.70% (above 0%: growing)	−536.34% (below 0%: shrinking)	79.93%	37.04%	Compare
COLD Americold Realty Trust Inc.	$4.0B	— (loss-making)	— (loss-making)	+1.87% (above 0%: growing)	n/m	+63.81% (above 0%: growing)	32.08%	(43.42%)	Compare
LXP LXP Industrial Trust	$3.6B	61.0×	614×	+0.45% (above 0%: growing)	n/m	−175.97% (below 0%: shrinking)	81.64%	16.08%	Compare
Median of peers	$7.5B	27.6×	33.1×	+1.68%	+7.41%	+12.69%	75.02%	38.90%

All 15 Reit Industrial stocks →

First Industrial Realty Trust, Inc. (FR) key facts

Concern: Net income was $264.1 million, or $1.87 per share (basic), a net margin of 34.0%.
Strength: First Industrial Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $727.1 million, up 8.58% from fiscal 2024.
First Industrial Realty Trust, Inc. (FR) is a Reit Industrial company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 15, 2026, FR traded at $58.41, a market capitalization of $8.2 billion.
At that price the stock trades at 21.5× trailing-twelve-month earnings and 10.3× sales; its P/E is higher than 25% of its own readings over the past ten years.
First Industrial Realty Trust, Inc. pays an annual dividend of $1.95 per share, a yield of 3.31%, with a payout ratio of 71.0%.
Return on equity was 8.98% and debt-to-equity 0.89.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.