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REITs · Real Estate · Fiscal year ends Dec 31
First Industrial Realty Trust reported revenue of $727M in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $308M, an operating margin of 42.3%, and net income was $247M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 476 | 540 | 614 | 670 | 727 |
| Operating incomederived: revenue − total costs | 179 | 214 | 245 | 272 | 308 |
| Pre-tax income | 282 | 290 | 262 | 298 | 245 |
| Income tax | 4.9 | 23.4 | 8.7 | 6.1 | 15.3 |
| Net income | 271 | 359 | 275 | 288 | 247 |
| Diluted EPS | 2.09 | 2.72 | 2.07 | 2.17 | 1.87 |
| Diluted shares | 130 | 132 | 132 | 132 | 133 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 58.6 | 133 | 43.8 | 44.5 | 78.0 |
| Total assets | 4,179 | 4,954 | 5,176 | 5,261 | 5,688 |
| Total liabilities | 1,931 | 2,424 | 2,541 | 2,515 | 2,929 |
| Shareholders' equity | 2,195 | 2,459 | 2,563 | 2,666 | 2,671 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 267 | 411 | 305 | 352 | 461 |
| Depreciation & amortisation | 131 | 147 | 163 | 172 | 185 |
| Stock-based compensation | 13.7 | 15.7 | 16.7 | 20.1 | 20.3 |
| Dividends paid | 140 | 155 | 169 | 193 | 231 |
| Dividend per share | 1.08 | 1.18 | 1.28 | 1.48 | 1.78 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.4% | 13.7% | 9.1% | 8.6% |
| Operating income growth (YoY) | – | 19.2% | 14.3% | 11.4% | 13.0% |
| EPS growth (YoY) | – | 30.1% | −23.9% | 4.8% | −13.8% |
| Operating margin | 37.7% | 39.6% | 39.8% | 40.7% | 42.3% |
| Net margin | 56.9% | 66.5% | 44.8% | 42.9% | 34.0% |
| Return on equityBlank when equity is negative | 12.3% | 14.6% | 10.7% | 10.8% | 9.3% |
| Cash conversion (CFO ÷ net income) | 0.98x | 1.14x | 1.11x | 1.23x | 1.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.