First Industrial Realty Trust Inc filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $775.3 million, which rose 8.5% on the year before. That growth rate was up 0.1 percentage points on the rate a quarter earlier.

What stands out

Net income rose 50.9% over the year while free cash flow rose 2.2%. Reported profit and cash are moving at different speeds.

Growth and profit

The trailing net margin was 46.1%. Net income over the twelve months was $357.6 million, which rose 50.9% on the year before.

Cash flow

Operating cash flow over the twelve months was $440.9 million, up 6.0% on the year before. Capital spending was $199.9 million, or 25.8% of revenue. Free cash flow, operating cash flow less capital spending, was $241.0 million, up 2.2% on the year before. Free cash flow was 31.1% of revenue (the free-cash-flow margin), down 1.9 percentage points from a year earlier. The average diluted share count rose 0.1% over the year.

In context

Today’s free-cash-flow margin of 31.1% is higher than 71% of the company’s own past quarterly readings, which have ranged from 18.4% to 54.3%. Today’s twelve-month revenue growth rate of 8.5% is higher than 55% of the company’s own past quarterly readings, which have ranged from 1.9% to 17.6%.

Guidance

The company gave its 2026 guidance for Net Income Available to Common Stockholders and Unitholders: $2.51 to $2.55. The company raised its 2026 guidance for NAREIT Funds From Operations (adjusted): $3.11 to $3.15. The company gave its year-end fourth quarter guidance for In service occupancy at year-end fourth quarter: 94.5% to 96.5%. The company raised its full-year guidance for Full-year quarter-end average in service occupancy: 94.5% to 95%.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 46.4%, and 5 percentage points higher would raise it by 60.3%. A free-cash-flow margin 1 percentage point lower would lower it by 6.0%.

What to watch

The next filing will show whether the divergence between net income growth and free cash flow growth continues. It will also reveal if capital spending remains a large portion of revenue. Finally, it will detail how occupancy rates align with the company’s raised guidance.