NYSE · Financial Statements

First Industrial Realty Trust, Inc. (FR) Financial Statements

$65.01 NYSE: FR Market Cap $8.62B

First Industrial Realty Trust, Inc. most recently reported annual revenue of $727.0M, net profit of $247.0M. Revenue grew at an average annual rate of 10.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

First Industrial Realty Trust, Inc.: Revenue rose from $378.0M in 2016 to $727.0M in 2025, a change of +92.3% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 63.1% to 42.3%, a shift of -20.8 percentage points; the most recent year shows net profit of $247.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$378.0M$396.0M$404.0M$426.0M$448.0M$476.0M$540.0M$614.0M$670.0M$727.0M
Operating Expenses$140.0M$142.0M$145.0M$194.0M$249.0M$297.0M$326.0M$369.0M$397.0M$419.0M
Operating Profit$239.0M$255.0M$259.0M$231.0M$198.0M$179.0M$214.0M$245.0M$272.0M$308.0M
Operating Margin63.1%64.3%64.2%54.3%44.3%37.7%39.6%39.8%40.7%42.3%
Other Income$-112.0M$-45.0M$-92.0M$16.0M$4.0M$103.0M$191.0M$50.0M$30.0M$-28.0M
Interest$59.0M$57.0M$51.0M$50.0M$55.0M$48.0M$49.0M$74.0M$83.0M$90.0M
Depreciation$124.0M$123.0M$122.0M$127.0M$138.0M$139.0M$152.0M$165.0M$176.0M$185.0M
Profit Before Tax$127.0M$209.0M$167.0M$247.0M$203.0M$282.0M$405.0M$295.0M$302.0M$279.0M
Tax$860,000$570,000$-60,000$1.4M$1.2M$1.7M$5.8M$3.0M$2.0M$5.5M
Net Profit$121.0M$201.0M$163.0M$239.0M$202.0M$271.0M$359.0M$275.0M$287.0M$247.0M
EPS$1.05$1.69$1.31$1.88$1.53$2.09$2.72$2.07$2.17$1.87
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$154.0M$156.0M$159.0M$164.0M$165.0M$168.0M$175.0M$177.0M$180.0M$181.0M$188.0M$195.0M
Operating Expenses$98.0M$81.0M$68.0M$93.0M$113.0M$63.0M$105.0M$122.0M$123.0M$101.0M$109.0M$127.0M
Operating Profit$55.0M$76.0M$91.0M$70.0M$52.0M$105.0M$70.0M$55.0M$57.0M$81.0M$79.0M$68.0M
Operating Margin36.0%48.5%57.2%43.0%31.6%62.4%40.2%31.2%31.7%44.5%42.0%35.0%
Interest$19.0M$21.0M$21.0M$22.0M$22.0M$21.0M$20.0M$20.0M$23.0M$22.0M$23.0M$25.0M
Profit Before Tax$57.0M$77.0M$92.0M$72.0M$53.0M$105.0M$72.0M$59.0M$57.0M$68.0M$96.0M$152.0M
Tax$810,000$430,000$790,000$1.6M$800,000$3.1M$1.6M$10.0M$140,000$280,000$9.5M$2.6M
Net Profit$55.0M$75.0M$89.0M$68.0M$51.0M$99.0M$68.0M$48.0M$55.0M$65.0M$79.0M$143.0M
EPS$0.41$0.57$0.67$0.52$0.39$0.75$0.52$0.36$0.42$0.49$0.59$1.08

Over the 10 years reported for First Industrial Realty Trust, Inc., borrowings increased from $1.3B in 2016 to $2.6B in 2025, cash stood at $78.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 1.14 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.8B$2.9B$3.1B$3.5B$3.8B$4.2B$5.0B$5.2B$5.3B$5.7B
Current Assets$172.0M$200.0M$127.0M$239.0M$440.0M$314.0M$312.0M$225.0M$249.0M$277.0M
Cash$10.0M$21.0M$43.0M$21.0M$162.0M$59.0M$133.0M$44.0M$45.0M$78.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$72.0M$75.0M$76.0M$86.0M$90.0M$104.0M$130.0M$155.0M$170.0M$193.0M
Fixed Assets$2.6B$2.7B$2.9B$3.0B$3.3B$3.8B$4.4B$4.7B$4.8B$20.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$23.0M$18.0M$46.0M$36.0M$9.0M$45.0M$51.0M$6.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$1.5B$1.5B$1.5B$1.7B$1.8B$1.9B$2.4B$2.5B$2.5B$2.9B
Current Liabilities$108.0M$114.0M$108.0M$142.0M$140.0M$190.0M$220.0M$176.0M$570.0M$242.0M
Borrowings$1.3B$1.3B$1.3B$1.5B$1.6B$1.6B$2.1B$2.2B$2.2B$2.6B
Other Liabilities$162.0M$168.0M$165.0M$211.0M$213.0M$295.0M$335.0M$294.0M$288.0M$356.0M
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$1.2B$1.4B$1.6B$1.8B$1.9B$2.2B$2.5B$2.6B$2.7B$2.7B

For First Industrial Realty Trust, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $115.0M; free cash flow was positive in 5 of 10 years; financing activities used $24.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$173.0M$191.0M$211.0M$246.0M$241.0M$267.0M$411.0M$302.0M$350.0M$461.0M
Investing Cash Flow$-578.0M$-577.0M$-579.0M$-460.0M$-413.0M$-650.0M$-1.2B$-740.0M$-347.0M$-871.0M
Financing Cash Flow$-6.0M$-12.0M$137.0M$-10.0M$-6.0M$-12.0M$-13.0M$-12.0M$0$-24.0M
Net Cash Flow$6.0M$11.0M$4.0M$102.0M$47.0M$-141.0M$86.0M$-101.0M$8.0M$26.0M
Free Cash Flow$-7.0M$45.0M$-145.0M$-9.0M$80.0M$34.0M$-111.0M$-60.0M$135.0M$115.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.89
EV / EBITDA17.01
FCF Yield5.60%
Quick Ratio0.69
Interest Coverage3.05
Return 1Y18.34%
Return 3Y40.07%
Return 5Y34.03%

First Industrial Realty Trust, Inc. (FR) financials — frequently asked questions

What is First Industrial Realty Trust, Inc.'s annual revenue?

First Industrial Realty Trust, Inc. (FR) reported annual revenue of $727.0M in its most recent fiscal year.

What is First Industrial Realty Trust, Inc.'s net profit?

First Industrial Realty Trust, Inc. (FR) reported net profit of $247.0M in its most recent fiscal year.

What is FR EV/EBITDA?

First Industrial Realty Trust, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 17.01.

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