First Industrial Realty Trust, Inc. (FR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.43	$0.58	+34.9%	—	$194.9M	—
Q1 26	$0.33	$1.08	+227.3%	—	$194.8M	—
Q4 25	$0.42	$0.59	+40.5%	—	$188.4M	—
Q3 25	$0.39	$0.49	+25.6%	—	$181.4M	—
Q2 25	$0.39	$0.42	+7.7%	—	$180.2M	—
Q1 25	$0.37	$0.36	-2.7%	—	$177.1M	—
Q4 24	$0.36	$0.52	+44.4%	—	$175.6M	—
Q3 24	$0.52	$0.75	+44.2%	—	$167.6M	—
Q2 24	$0.41	$0.39	-4.9%	—	$164.1M	—
Q1 24	$0.31	$0.52	+67.7%	—	$162.3M	—
Q4 23	$0.31	$0.31	0.0%	—	$157.3M	—
Q3 23	$0.3	$0.57	+90.0%	—	$155.1M	—
Q2 23	$0.28	$0.41	+46.4%	—	$152.2M	—
Q1 23	$0.28	$0.42	+50.0%	—	$149.4M	—
Q4 22	$0.26	$0.62	+138.5%	—	$144.6M	—
Q3 22	$0.27	$0.94	+248.1%	—	$139.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.87	—	—	$727.1M	—
FY24	—	$2.17	—	—	$669.6M	—
FY23	—	$2.08	—	—	$614M	—
FY22	—	$2.72	—	—	$539.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$378M	$396.4M	$404M	$426M	$448M	$476.3M	$539.9M	$614M	$669.6M	$727.1M
YoY change	+3.33%	+4.86%	+1.91%	+5.45%	+5.17%	+6.31%	+13.4%	+13.7%	+9.06%	+8.58%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	378M	396.4M	404M	426M	448M	476.3M	539.9M	614M	669.6M	727.1M
Cost of revenue	112.3M	113.5M	116.9M	116.6M	119.2M	131.3M	143.7M	165.7M	182.8M	191.5M
Gross profit	265.7M	282.9M	287.1M	309.4M	328.8M	345M	396.3M	448.4M	486.8M	535.6M
Gross margin	70.3%	71.4%	71.1%	72.6%	73.4%	72.4%	73.4%	73%	72.7%	73.7%
Research & development	—	—	—	—	—	0	909K	3.7M	1.5M	629K
Selling, general & administrative	26.7M	28.1M	27.7M	28.6M	32.8M	34.6M	34M	37.1M	40.9M	41.9M
Operating expenses	26.7M	28.1M	27.7M	28.6M	32.8M	34.6M	34.9M	40.8M	42.5M	42.6M
Operating income	121.7M	138.5M	142.9M	159.6M	166.3M	179.4M	214M	244.6M	272.4M	307.7M
Operating margin	32.2%	34.9%	35.4%	37.5%	37.1%	37.7%	39.6%	39.8%	40.7%	42.3%
Non-operating income, net	67.7M	131.4M	78.8M	124.9M	86.8M	150.3M	128.3M	95.7M	112M	26.9M
Pretax income	126.8M	209.5M	167.5M	231.1M	198.4M	282.2M	290M	262.3M	297.8M	244.7M
Income tax	1.1M	1.2M	-92K	3.4M	2.4M	4.9M	23.4M	8.7M	6.1M	—
Net income	125.7M	208.3M	167.3M	243.9M	200.2M	277.2M	381.6M	285.8M	296M	264.1M
Net margin	33.2%	52.5%	41.4%	57.3%	44.7%	58.2%	70.7%	46.6%	44.2%	36.3%
EBITDA	242.4M	258.6M	261.1M	283.5M	300.7M	315.1M	363.1M	405.5M	445.1M	497.8M
EPS	1.05	1.7	1.31	1.89	1.53	2.09	2.72	2.08	2.17	1.87
Diluted EPS	1.05	1.69	1.31	1.88	1.53	2.09	2.72	2.07	2.17	1.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	155.1M	157.3M	162.3M	164.1M	167.6M	175.6M	177.1M	180.2M	181.4M	188.4M	194.8M	194.9M
Cost of revenue	42.6M	41.2M	47M	43.1M	44.9M	47.9M	48.3M	45.5M	46.2M	51.5M	53.6M	48M
Gross profit	112.5M	116.1M	115.3M	121.1M	122.8M	127.7M	128.8M	134.7M	135.2M	136.9M	141.2M	147M
Gross margin	72.6%	73.8%	71%	73.8%	73.2%	72.7%	72.7%	74.8%	74.5%	72.6%	72.5%	75.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.5M	9.8M	11.8M	9.6M	9.2M	10.3M	15.9M	8.4M	8.6M	9.1M	23M	8.9M
Operating expenses	8.5M	9.8M	11.8M	9.6M	9.2M	10.3M	15.9M	8.4M	8.6M	9.1M	23M	8.9M
Operating income	62.9M	61.2M	61.7M	68.4M	70M	72.3M	69.1M	79.1M	80.9M	78.6M	68.2M	87.9M
Operating margin	40.6%	38.9%	38%	41.7%	41.8%	41.2%	39%	43.9%	44.6%	41.7%	35%	45.1%
Non-operating income, net	33.8M	50.9M	30.4M	5.8M	56.6M	19.2M	6.6M	1M	9.3M	9.9M	109M	16.6M
Pretax income	75.9M	90.8M	70.3M	52.1M	104.9M	70.5M	55.3M	57M	67.2M	65.2M	151.8M	78.4M
Income tax	333K	733K	1.2M	426K	3.3M	1.2M	5.9M	79K	192K	9.1M	4M	-1.2M
Net income	77.1M	91.7M	70.5M	52.9M	102.2M	70.4M	52.9M	56.9M	67.4M	87M	147.9M	79.7M
Net margin	49.7%	58.3%	43.4%	32.2%	60.9%	40.1%	29.9%	31.6%	37.1%	46.2%	75.9%	40.9%
EBITDA	103M	105.6M	107.2M	111.4M	112.4M	117.2M	121.8M	124.9M	125.1M	126.4M	127.7M	136.5M
EPS	0.57	0.67	0.52	0.39	0.75	0.52	0.36	0.42	0.49	0.59	1.08	0.58
Diluted EPS	0.57	0.67	0.52	0.39	0.75	0.52	0.36	0.42	0.49	0.59	1.08	0.58

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	3.7B	3.6B	5.2B	5.4B	8.6B	6.4B	7B	6.6B	7.6B	8.4B
Enterprise value	4.6B	5B	4.8B	6.7B	6.8B	10.2B	8.3B	9.2B	8.8B	10.1B	10.7B
Shares outstanding	115M	118.3M	123.8M	126.4M	127.7M	129.7M	132M	132.3M	132.4M	132.4M	132.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.7	17.9	21.4	21.5	26.9	31	16.7	24.4	22.4	28.7	22.2
P/S	8.54	9.39	8.85	12.3	12	18	11.8	11.3	9.91	10.4	11
P/B	2.51	2.52	2.13	2.92	2.76	3.82	2.52	2.64	2.42	2.75	2.91
EV/EBITDA	18.8	19.3	18.5	23.7	22.7	32.2	22.9	22.6	19.8	20.3	20.6
EV/Sales	12.1	12.6	12	15.8	15.3	21.3	15.4	14.9	13.2	13.9	14.1
Earnings yield	3.9%	5.6%	4.68%	4.65%	3.72%	3.23%	5.99%	4.1%	4.46%	3.48%	4.51%
FCF yield	5.4%	5.18%	5.89%	4.68%	4.48%	3.11%	6.45%	4.38%	5.31%	6.08%	3.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.58

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	70.3%	71.4%	71.1%	72.6%	73.4%	72.4%	73.4%	73%	72.7%	73.7%	75.4%
Operating margin	32.2%	34.9%	35.4%	37.5%	37.1%	37.7%	39.6%	39.8%	40.7%	42.3%	45.1%
Net margin	33.2%	52.5%	41.4%	57.3%	44.7%	58.2%	70.7%	46.6%	44.2%	36.3%	47.9%
ROE	9.78%	14.1%	9.96%	13.6%	10.3%	12.3%	15.1%	10.8%	10.8%	9.57%	13.6%
ROA	4.5%	7.08%	5.32%	6.93%	5.28%	6.63%	7.7%	5.52%	5.63%	4.64%	3.52%
ROIC	4.6%	5%	4.87%	4.79%	4.83%	4.61%	4.39%	4.89%	5.41%	—	5.64%
Return on tangible assets	4.5%	7.08%	5.32%	6.93%	5.28%	6.63%	7.7%	5.52%	5.63%	4.64%	6.61%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.28	0.4	0.81	0.66	1.41	0.44	0.58	0.34	0.4	0.5	1.5
Quick ratio	0.27	0.4	0.81	0.66	1.34	0.44	0.58	0.34	0.39	0.5	0.95
Debt / equity	1.05	0.88	0.77	0.84	0.83	0.73	0.83	0.85	0.81	0.93	0.9
Debt / assets	0.48	0.44	0.41	0.43	0.43	0.39	0.42	0.43	0.42	0.45	0.45
Net debt / EBITDA	5.52	4.93	4.81	5.24	4.84	5	5.39	5.43	4.9	5.01	4.92
Interest coverage	3.13	4.66	4.3	5.6	4.87	7.4	6.92	4.53	4.59	3.88	4.94
Effective tax rate	0.86%	0.57%	0%	1.47%	1.21%	1.73%	8.06%	3.31%	2.04%	—	3.35%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.29	3.35	3.26	3.37	3.51	3.67	4.09	4.64	5.06	5.49	5.74
EPS (basic)	1.05	1.7	1.31	1.89	1.53	2.09	2.72	2.08	2.17	1.87	1.87
EPS (diluted)	1.05	1.69	1.31	1.88	1.53	2.09	2.72	2.07	2.17	1.87	2.75
Book value per share	11.2	12.5	13.6	14.2	15.2	17.3	19.2	19.9	20.7	20.8	20.9
FCF per share	1.51	1.63	1.7	1.94	1.89	2.06	3.11	2.3	2.66	3.48	3.39
Cash per share	0.09	0.18	0.35	0.17	1.27	0.45	1.01	0.33	0.34	0.59	0.35

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	65.8%	48.3%	65.5%	48.1%	63.6%	50.4%	40.7%	59.3%	65.4%	87.6%	68.7%
Dividend yield	2.56%	2.7%	3.07%	2.23%	2.37%	1.63%	2.44%	2.43%	2.92%	3.05%	3.26%

Yield

3.26%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Jun 30, 2026

Payout ratio

69%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.50
Mar 31, 2026	$0.50
Dec 31, 2025	$0.445

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$155.1M	$157.3M	$162.3M	$164.1M	$167.6M	$175.6M	$177.1M	$180.2M	$181.4M	$188.4M	$194.8M	$194.9M
YoY change	+11%	+8.76%	+8.6%	+7.83%	+8.08%	+11.6%	+9.12%	+9.76%	+8.22%	+7.3%	+10%	+8.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.9M	21.1M	43.1M	21.1M	162.1M	58.6M	133.2M	43.8M	44.5M	78M
Receivables	72.1M	75.1M	76.3M	86.2M	90.3M	103.8M	130.1M	155M	170.2M	192.9M
Inventory	2.4M	0	—	0	15.7M	0	—	—	4.6M	0
Total current assets	96M	121.6M	126.6M	238.9M	305.6M	162.6M	275.2M	198.9M	226.5M	271M
Property, plant & equipment	—	—	—	24.9M	25.2M	24.9M	24.6M	24.2M	19.9M	19.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.8B	2.9B	3.1B	3.5B	3.8B	4.2B	5B	5.2B	5.3B	5.7B
Accounts payable	84.4M	86.5M	78.7M	114.6M	120.3M	153.1M	194M	143.4M	132.7M	178.9M
Short-term debt	189.5M	144.5M	—	158M	—	79M	143M	299M	282M	183M
Total current liabilities	340.6M	302.3M	155.4M	360.7M	216.1M	367.9M	478.5M	593.4M	570.5M	539.3M
Long-term debt	1.2B	1.2B	1.3B	1.3B	1.6B	1.6B	1.9B	1.9B	1.9B	2.4B
Total liabilities	1.5B	1.5B	1.5B	1.7B	1.8B	1.9B	2.4B	2.5B	2.5B	2.9B
Shareholders' equity	1.3B	1.5B	1.7B	1.8B	1.9B	2.2B	2.5B	2.6B	2.7B	2.8B
Total debt	1.3B	1.3B	1.3B	1.5B	1.6B	1.6B	2.1B	2.2B	2.2B	2.6B
Net debt	1.3B	1.3B	1.3B	1.5B	1.5B	1.6B	2B	2.2B	2.2B	2.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	54.3M	43.8M	48.9M	38.5M	47.1M	44.5M	35.7M	34.9M	33.5M	78M	37.1M	46.1M
Receivables	145.3M	155M	160M	157.4M	160M	170.2M	177.8M	180.4M	184.5M	192.9M	196.7M	196.1M
Inventory	—	—	—	—	4.4M	4.6M	—	—	—	0	—	—
Total current assets	199.6M	198.9M	208.9M	204M	219.6M	226.5M	215.3M	215.3M	221.3M	271M	233.9M	310.2M
Property, plant & equipment	24.2M	24.2M	24.1M	20.1M	19.9M	19.9M	19.5M	19.3M	19.9M	19.6M	19.3M	19M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	5.2B	5.2B	5.2B	5.2B	5.2B	5.3B	5.4B	5.5B	5.5B	5.7B	5.8B	5.8B
Accounts payable	177.3M	143.4M	116.2M	124.7M	142.9M	132.7M	143.5M	146.4M	181.3M	178.9M	154.7M	146.2M
Short-term debt	275M	299M	306M	299M	248M	282M	—	—	—	183M	—	—
Total current liabilities	598.1M	593.4M	579.4M	582.6M	544.3M	570.5M	307M	307.6M	344.4M	539.3M	336.7M	326.9M
Long-term debt	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	2.4B	2.4B	2.4B	2.4B	2.6B	2.6B
Total liabilities	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.7B	2.7B	2.8B	2.9B	2.9B	2.9B
Shareholders' equity	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B	2.8B	2.9B	2.9B
Total debt	2.2B	2.2B	2.3B	2.2B	2.2B	2.2B	2.4B	2.4B	2.4B	2.6B	2.6B	2.6B
Net debt	2.2B	2.2B	2.2B	2.2B	2.1B	2.2B	2.4B	2.4B	2.4B	2.5B	2.5B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	125.7M	208.3M	167.3M	243.9M	200.2M	277.2M	381.6M	285.8M	296M	264.1M
Depreciation & amortization	123.9M	123.3M	121.6M	127.1M	137.8M	139.1M	152.3M	164.5M	176.3M	195.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-11M	-6M	-1.1M	10.7M	1.8M	13.6M	26.4M	-6.8M	10.7M	17.7M
Operating cash flow	241.8M	322.2M	288.7M	370.8M	327.8M	417.2M	536.1M	425.3M	465.8M	461.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	1.6M	10.7M	-27.8M	-21.1M	-56.8M	-6M	-6.2M	-5.7M	-1.1M	-3.4M
Dividends paid	-82.7M	-100.5M	-109.6M	-117.2M	-127.3M	-139.7M	-155.3M	-169.4M	-193.5M	-231.2M
Share repurchases	-5.2M	-2.4M	-6M	—	—	—	—	—	—	—
Financing cash flow	-362.3M	-561.8M	-370.7M	-194.9M	-347.4M	87.9M	304.5M	-27.8M	-213M	89.2M
Net change in cash	-118.8M	-228.9M	-109.8M	154.8M	-76.5M	499.1M	834.4M	391.8M	251.7M	547.1M
Free cash flow	174.2M	192.9M	210.5M	245.6M	241.1M	267M	410.9M	304.8M	352.5M	461.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	77.1M	91.7M	70.5M	52.9M	102.2M	70.4M	52.9M	56.9M	67.4M	87M	147.9M	79.7M
Depreciation & amortization	41.5M	42.6M	46.8M	44.3M	40.3M	44.8M	53.9M	47.3M	45.7M	48.2M	61.1M	48.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	4.7M	-15.7M	-20.1M	21.3M	21.6M	-12.1M	-2.8M	2.6M	21.3M	-3.4M	-9.4M	4.2M
Operating cash flow	119.4M	113.4M	94M	114.3M	162.2M	95.4M	98.9M	104M	124.6M	122.1M	88.9M	114M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-1.6M	1.5M	1.6M	-1.5M	326K	-1.5M	-2.8M	-1.4M	952K	-109K	-1.2M	1M
Dividends paid	-43.2M	-43.2M	-43.2M	-50.1M	-50.1M	-50.1M	-50.1M	-60.4M	-60.4M	-60.4M	-60.4M	-68.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-91.4M	258.6M	-38.4M	-124.2M	-219.2M	-101.2M	110.5M	-410.3M	-166.4M	564.4M	-57.3M	-266.4M
Net change in cash	26.4M	373.6M	57.1M	-11.4M	-56.7M	-7.3M	206.6M	-307.7M	-40.9M	686.4M	30.4M	-151.4M
Free cash flow	84.3M	64.4M	62.5M	107.7M	105.5M	76.8M	88.6M	126.1M	124.6M	122.1M	88.9M	114M

First Industrial Realty Trust, Inc. Financials

EPS

Revenue

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EPS

Revenue

Results

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Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

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P/E

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Cash generation and uses

Condensed cash flow statement