FR

MKT CAP:$8B

First Industrial Realty Trust, Inc.

Market Cap

$8B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$63.35+$5.45 (+9.41%)

Apr 22, 2026

Company Details

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regio...

CEO

Peter E. Baccile

IPO Date

Jun 24, 1994

Website

www.firstindustrial.com

Key Metrics TTM

Revenue

$712M

+27.3% YoY

Net Income

$354M

EPS (Diluted)

$1.50

Free Cash Flow

$146M

Revenue / Share

—

Gross Margin

58.8%

Operating Margin

44.9%

Net Margin

49.8%

FCF Margin

20.4%

P/S

11.5x

P/E

23.1x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$195MEPS $0.00

Q4 2025

Feb 11, 2026

$188MEPS $0.59

FY 2024

Feb 13, 2025

$670M+9.1%EPS $2.17

Q2 2024

Jul 18, 2024

$165MEPS $0.39

Q1 2024

Apr 19, 2024

$164M+9.4%EPS $0.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$98M	$71M	$64M
Q3 17	$99M	$71M	$64M
Q2 18	$99M	$70M	$47M
Q3 18	$100M	$72M	$31M
Q2 19	$104M	$76M	$28M
Q3 19	$107M	$78M	$71M
Q2 20	$109M	$81M	$37M
Q2 21	$117M	$86M	$55M
Q3 21	$121M	$88M	$44M
Q2 22	$130M	$95M	$40M
Q1 23	$149M	$106M	$40M
Q4 23	$159M	$117M	$91M
Q1 24	$164M	$116M	$70M
Q2 24	$165M	$122M	$52M
Q4 25	$188M	$40M	$79M
Q1 26	$195M	$141M	$118M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q3 17	9.5x	22.5x
Q2 18	10.7x	26.6x
Q3 18	9.9x	25.2x
Q2 19	11.6x	29.3x
Q3 19	12.2x	25.9x
Q2 20	11.5x	26.1x
Q2 21	15.6x	33.2x
Q3 21	15.0x	32.8x
Q2 22	13.5x	26.1x
Q1 23	13.4x	26.1x
Q4 23	12.5x	23.0x
Q1 24	11.4x	20.7x
Q2 24	9.8x	23.5x
Q4 25	11.4x	26.7x
Q1 26	10.7x	21.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$53M	$53M
Q2 17	$54M	$54M
Q3 17	$54M	$54M
Q2 18	$57M	$57M
Q3 18	$57M	$57M
Q2 19	$78M	$78M
Q3 19	$70M	$70M
Q2 20	$77M	$77M
Q2 21	$77M	$15M
Q3 21	$78M	$4M
Q2 22	$199M	$65M
Q1 23	$70M	-$24M
Q4 23	$64M	-$104M
Q1 24	$62M	$62M
Q2 24	$108M	$65M
Q4 25	$122M	$122M

Capital Expenditures

Quarter	CapEx
Q3 16	$0
Q2 17	$0
Q3 17	$0
Q2 18	$0
Q3 18	$0
Q2 19	$0
Q3 19	$0
Q2 20	$0
Q2 21	$62M
Q3 21	$74M
Q2 22	$134M
Q1 23	$94M
Q4 23	$168M
Q1 24	$0
Q2 24	$43M
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+6.3%	+56.3%
Q3 18	+6.9%	+104.0%
Q2 19	+6.4%	+124.8%
Q3 19	+7.3%	+1.1%
Q2 20	+10.4%	+38.5%
Q2 21	+17.3%	-8.9%
Q3 21	+16.6%	+1.5%
Q2 22	+22.1%	+155.7%
Q1 23	+36.9%	+50.6%
Q4 23	+35.2%	+8.5%
Q1 24	+35.1%	+21.3%
Q2 24	+27.0%	+25.1%
Q4 25	+26.1%	+0.2%
Q1 26	+22.8%	+12.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q2 17	$2M	1.9%
Q3 17	$0	0.0%
Q2 18	$2M	2.0%
Q3 18	$0	0.0%
Q2 19	$2M	2.0%
Q3 19	$0	0.0%
Q2 20	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q2 22	$4M	3.0%
Q1 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 17	$7M
Q3 17	$6M
Q2 18	$7M
Q3 18	$7M
Q2 19	$7M
Q3 19	$7M
Q2 20	$8M
Q2 21	$8M
Q3 21	$9M
Q2 22	$8M
Q1 23	$9M
Q4 23	$10M
Q1 24	$12M
Q2 24	$10M
Q4 25	$9M
Q1 26	$23M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$135M	$0	$135M
Q3 22	$147M	$0	$147M
Q4 22	$133M	$0	$133M
Q1 23	$66M	$0	$66M
Q2 23	$68M	$0	$68M
Q3 23	$54M	$0	$54M
Q4 23	$44M	$0	$44M
Q1 24	$49M	$0	$49M
Q2 24	$39M	$0	$39M
Q3 24	$47M	$0	$47M
Q4 24	$45M	$0	$45M
Q1 25	$36M	$0	$36M
Q2 25	$35M	$0	$35M
Q3 25	$34M	$0	$34M
Q4 25	$78M	$0	$78M
Q1 26	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	118M	+0.8%	—
Q3 17	120M	+1.9%	—
Q2 18	124M	+3.4%	+6.5%
Q3 18	126M	+1.6%	+7.9%
Q2 19	126M	+0.3%	+7.4%
Q3 19	127M	+0.2%	+5.7%
Q2 20	127M	+0.4%	+2.6%
Q2 21	129M	+1.5%	+2.4%
Q3 21	130M	+0.4%	+2.6%
Q2 22	132M	+1.8%	+4.2%
Q1 23	132M	+0.1%	+4.0%
Q4 23	132M	+0.0%	+2.5%
Q1 24	132M	+0.0%	+2.1%
Q2 24	132M	-0.0%	+0.2%
Q4 25	133M	+0.1%	+0.2%
Q1 26	0	-100.0%	-100.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$606.1K	161
Q3 17	$616.8K	161
Q2 18	$617.8K	160
Q3 18	$625.4K	160
Q2 19	$716.3K	145
Q3 19	$734.6K	145
Q2 20	$704.2K	155
Q2 21	$766.9K	153
Q3 21	$791.3K	153
Q2 22	$802.6K	162
Q1 23	$951.8K	157
Q4 23	$1M	156
Q1 24	$1M	156
Q2 24	$1M	156
Q4 25	$1M	152
Q1 26	$1M	152

Revenue / Employee