First Industrial LP earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 22, 2026
Q3 2026 Revenue up 9% year over year to $197M · 30¢ of every $1 of revenue kept as net profit · operating margin 44.2%
First Industrial LP made $197M in Q3 2026 (+9% Y/Y). Operating margin 44.2%, net earnings $58.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.
Revenue$197M
Year over year+9%
Operating margin44.2%
Net earnings$58.5M
Operating cash flow$116M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $197.1M in Q3 2026, up 9% year over year.
Operating profit was $87.1M, a 44.2% margin (down 0.3 points year over year). Of the extra revenue versus Q3 2025, 41% reached operating profit, below the 45% margin then. Total costs grew 9% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $58.5M, down 10% year over year. The effective tax rate was 0.5%.
Operating cash flow was $116.0M (down 7% year over year), 192% of net income including minority interests. Non-cash charges added back $51.0M of depreciation and amortization and $2.5M of share-based compensation.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 22, 2026
$197M
+9%
44.2%
$58.5M
$116M
Q2 2026
10-Q
Jul 23, 2026
$195M
+8%
45.1%
$77.1M
$114M
Q1 2026
10-Q
Apr 24, 2026
$195M
+10%
35.0%
$143M
$88.9M
Q4 2025
10-K
Feb 11, 2026
$188M
+7%
42.0%
$78.8M
$122M
Q3 2025
10-Q
Oct 17, 2025
$181M
+8%
44.5%
$65.3M
$125M
Q2 2025
10-Q
Jul 17, 2025
$180M
+10%
43.8%
$55.2M
$126M
Q1 2025
10-Q
Apr 17, 2025
$177M
+9%
38.9%
$48.1M
$88.6M
Charts
Latest (Q3 2026): Y/Y +9%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $58.5M, Operating cash flow —.+23.1% since FY2012: more shares outstanding (issuance, stock pay).Cash $21.1M, short-term investments —, long-term debt $1.3B at 2017-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 72.1 million square feet of industrial space concentrated in 15 target MSAs as of June 30, 2026. For more information, please visit us at www.firstindustrial.com.
In its own words, from its 8-K, filed Jul 22, 2026.
First Industrial LP against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +11%. Operating margin: 44.2% against the peers' median 20.6%.