First Industrial Realty Trust, Inc.
Real EstateNYSE:FR · New York Stock Exchange
+$0.78 today
Vol 0.72M · Avg 0.94M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$744.5M of revenue converted into $342.4M of net income for the selected period. Gross margin is 47.8% and net margin is 45.5%, showing how much revenue survives after costs and taxes. EPS is $2.58, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $727.1M +8.6% | $669.6M +9.1% | $614.0M +13.7% | $539.9M +13.4% | $476.3M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $562.7M +207.8% | $182.8M +10.4% | $165.7M +15.3% | $143.7M +9.4% | $131.3M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $164.3M -66.2% | $486.8M +8.6% | $448.4M +13.1% | $396.3M +14.9% | $345.0M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 22.6% -50.1pp | 72.7% -0.3pp | 73.0% -0.4pp | 73.4% +1.0pp | 72.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 -100.0% | $1.5M -58.3% | $3.7M +303.4% | $909.0K | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $41.9M +2.5% | $40.9M +10.3% | $37.1M +9.3% | $34.0M -1.8% | $34.6M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | -$143.4M -166.9% | $214.4M +5.2% | $203.7M +11.8% | $182.3M +10.1% | $165.6M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $185.3M +5.1% | $176.3M +7.2% | $164.5M +8.0% | $152.3M +9.5% | $139.1M | $374.2M | $1.2B | $631.8M |
| EBITDA | $568.8M +2.1% | $557.0M +11.1% | $501.2M +2.0% | $491.4M +5.6% | $465.4M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 78.2% -4.9pp | 83.2% +1.6pp | 81.6% -9.4pp | 91.0% -6.7pp | 97.7% | 5.6% | 46.3% | 42.0% |
| Operating Income | $307.7M +13.0% | $272.4M +11.4% | $244.6M +14.3% | $214.0M +19.2% | $179.4M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 42.3% +1.6pp | 40.7% +0.8pp | 39.8% +0.2pp | 39.6% +2.0pp | 37.7% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 +100.0% | -$3.6M -0.6% | -$3.6M | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $89.9M +8.4% | $83.0M +11.6% | $74.3M +51.7% | $49.0M +3.1% | $47.5M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$28.3M -195.6% | $29.6M -40.6% | $49.9M -73.9% | $191.0M +86.1% | $102.6M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $279.4M -7.5% | $302.1M +2.6% | $294.5M -27.3% | $405.0M +43.6% | $282.1M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 38.4% -6.7pp | 45.1% -2.9pp | 48.0% -27.0pp | 75.0% +15.8pp | 59.2% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $15.3M +151.6% | $6.1M -30.1% | $8.7M -62.8% | $23.4M +378.8% | $4.9M | $1.3B | -$1.6B | $745.2M |
| Net Income | $247.4M -13.9% | $287.3M +4.6% | $274.8M -23.5% | $359.1M +32.5% | $271.0M | $4.9B | $4.8B | $4.7B |
| Net Margin | 34.0% -8.9pp | 42.9% -1.8pp | 44.8% -21.8pp | 66.5% +9.6pp | 56.9% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $2 -13.8% | $2 +4.3% | $2 -23.5% | $3 +30.1% | $2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $2 -13.8% | $2 +4.8% | $2 -23.9% | $3 +30.1% | $2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $132.4M +0.1% | $132.4M +0.1% | $132.3M +0.2% | $132.0M +1.8% | $129.7M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $132.5M +0.1% | $132.4M +0.1% | $132.3M +0.2% | $132.1M +1.8% | $129.8M | $1.2B | $924.4M | $678.0M |
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How much revenue does FR generate?
First Industrial Realty Trust, Inc. (FR) reported $727.08M of revenue in fiscal 2025.
Is FR profitable?
First Industrial Realty Trust, Inc. (FR) reported $247.44M of net income, with a net margin of 34.0%.
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