FIRST INDUSTRIAL REALTY TRUST INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST INDUSTRIAL REALTY TRUST INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	378	396	404	426	448	476	540	614	670	727
General and administrative	26.7	28.1	27.7	28.6	32.8	34.6	34	37.1	40.9	41.9
Operating expenses	257	258	264	266
Interest expense	59.4	57.2	50.8	50.3
Other non-operating income	5.55	71	27.4	71.5	32	103	76.1	17.7	25.4	-63
Pre-tax income	127	209	168	231	198	282	290	262	298	245
Income tax	1.09	1.19	-0.09	3.41	2.41	4.88	23.4	8.69	6.08	15.3
Income from continuing operations	121
Net income to minority interests	4.45	6.85	4.1	5.11	4.18	6.17	22.5	11	8.43	16.6
Net income	121	201	163	239	196	271	359	275	288	247
EPS, basic	1.05	1.70	1.31	1.89	1.53	2.09	2.72	2.08	2.17	1.87
EPS, diluted	1.05	1.69	1.31	1.88	1.53	2.09	2.72	2.07	2.17	1.87
Shares, basic (weighted)	115	118	124	126	128	130	132	132	132	132
Shares, diluted (weighted)	115	119	124	127	128	130	132	132	132	133
Dividend per share	0.76	0.84	0.87	0.92	1.00	1.08	1.18	1.28	1.48	1.78

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.86	21.1	43.1	21.1	162	58.6	133	43.8	44.5	78
Lease right-of-use assets			0	24.9	25.2	24.9	24.6	24.2	19.9	19.6
Intangible assets	29.5	30.5	29.7	28.5	25.2	21.3	24.1	21.5	19.3	32.1
Total assets	2,793	2,941	3,143	3,519	3,792	4,179	4,954	5,176	5,261	5,688
Total liabilities	1,509	1,465	1,463	1,721	1,845	1,931	2,424	2,541	2,515	2,929
Total debt	1,354	1,305
Paid-in capital	1,887	1,967	2,132	2,141	2,225	2,376	2,401	2,412	2,425	2,436
Retained earnings							23.1	128	219	231
Other comprehensive income	-4.64	1.34	3.5	-6.88	-17	-4.24	33.4	22.3	19.9	3.16
Shareholders' equity	1,241	1,428	1,646	1,764	1,903	2,195	2,459	2,563	2,666	2,671
Minority interests	43.2	48.1	34.4	33.9	44.6	53.6	71.1	72.1	80.4	87.5
Total equity	1,285	1,476	1,680	1,798	1,947	2,248	2,530	2,635	2,746	2,759
Total liabilities and equity	2,793	2,941	3,143	3,519	3,792	4,179	4,954	5,176	5,261	5,688
Shares outstanding	117	120	126	127	129	132	132	132	132	132

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	126	208	167	244	200	277	382	286	296	264
Depreciation and amortization	117	116	116	121	130	131	147	163	172	185
Stock-based compensation	7.37	8.61	7.59	8.38	12.9	13.7	15.7	16.7	20.1	20.3
Cash from operations	174	193	210	246	240	267	411	305	352	461
Cash from investing	-122	-82.5	-223	-205	-252	-417	-629	-378	-132	-524
Stock issued	125	74.9	146	0	78.7	146	12.8	0	0
Dividends paid	-82.7	-101	-110	-117	-127	-140	-155	-169	-193	-231
Cash from financing	-57	-85	16.8	62.2	58.2	9.05	305	-27.8	-213	89.3
Exchange rate effect	0	0
Net change in cash	-5.53	25	3.89	102	46.9	-141	86.3	-101	7.84	26.4
Interest paid	63.6	56.8	47.4	47.8	48.8	44.2	46.4	72.9	82.9	69
Income taxes paid	1.36	0.77	0.46	3.58	1.57	3.37	3.76	27.8	5.3	5.89

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $61.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	47.7%	Pre-tax income / revenue.
Net margin	48.0%	Net income / revenue.
Operating cash flow margin	59.2%	Cash from operations / revenue.
Effective tax rate	3.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	25.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	20.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	50.4%	Total liabilities / total assets.
Tangible book value	$2.78B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.73	Revenue / diluted weighted shares.
Operating cash flow per share	$3.39	Cash from operations / diluted weighted shares.
Book value per share	$20.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$20.94	Tangible book value / shares outstanding.
Cash per share	$0.35	(Cash + short-term investments) / shares outstanding.
Payout ratio	68.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.11B	Share price x shares outstanding.
Enterprise value	$8.06B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	10.7x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.92x	Market cap / tangible book value, when positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	10.6x	Enterprise value / revenue.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.

What was FIRST INDUSTRIAL REALTY TRUST INC's revenue in fiscal 2025?

FIRST INDUSTRIAL REALTY TRUST INC reported revenue of $727.1M for fiscal 2025, 8.6% higher than the year before.

Was FIRST INDUSTRIAL REALTY TRUST INC profitable in fiscal 2025?

Yes. Net income was $247.4M, a net margin of 34%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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