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Thursday 15 October 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. 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%
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 (above 10: high)
P/B ratio 2.72
Past 5Y EPS Growth 4.10%
This Y EPS Growth 36.10% (at or above 15%: strong)
Next Y EPS Growth (23.98%) (below 0%: weak)
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
EV/Sales is 13.5×, against a ten-year median of 14.0×; over the ten years it ranged from 10.1× in 2016 to 21.3× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

First Industrial Realty Trust, Inc. vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

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.

Source: company filings (standardised) and stockrow calculations.

First Industrial Realty Trust, Inc. (FR) Latest News

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stockrow.com/FR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com