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Financial statementsPRICE T ROWE GROUP INC financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PRICE T ROWE GROUP INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,285 | 4,855 | 5,373 | 5,618 | 6,207 | 7,672 | 6,488 | 6,461 | 7,094 | 7,315 |
| Selling and marketing | 80.2 | 92.4 | 99.6 | 96.8 | 83.7 | 100 | 97.3 | 114 | 130 | 107 |
| Operating expenses | 2,551 | 2,746 | 3,011 | 3,231 | 3,461 | 3,962 | 4,115 | 4,474 | 4,760 | 5,126 |
| Operating income | 1,733 | 2,109 | 2,361 | 2,387 | 2,746 | 3,710 | 2,374 | 1,986 | 2,333 | 2,189 |
| Other non-operating income | 227 | 396 | 23.2 | 540 | 497 | 285 | -426 | 504 | 486 | 687 |
| Pre-tax income | 1,961 | 2,505 | 2,385 | 2,927 | 3,242 | 3,995 | 1,948 | 2,490 | 2,820 | 2,876 |
| Income tax | 707 | 924 | 616 | 678 | 719 | 896 | 499 | 655 | 684 | 667 |
| Net income | 1,215 | 1,498 | 1,838 | 2,131 | 2,373 | 3,083 | 1,558 | 1,789 | 2,100 | 2,087 |
| EPS, basic | 4.85 | 6.07 | 7.41 | 8.82 | 10.08 | 13.25 | 6.73 | 7.78 | 9.18 | 9.26 |
| EPS, diluted | 4.75 | 5.97 | 7.27 | 8.70 | 9.98 | 13.12 | 6.70 | 7.76 | 9.15 | 9.24 |
| Shares, basic (weighted) | 246 | 241 | 242 | 235 | 229 | 227 | 226 | 224 | 223 | 220 |
| Shares, diluted (weighted) | 250 | 245 | 247 | 239 | 231 | 229 | 227 | 225 | 223 | 220 |
| Dividend per share | 2.16 | 2.28 | 2.80 | 3.04 | 3.60 | 4.32 | 4.80 | 4.88 | 4.96 | 5.08 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,205 | 1,903 | 1,425 | 1,782 | 2,152 | 1,523 | 1,756 | 2,067 | 2,650 | 3,378 |
| Property, plant and equipment | 615 | 652 | 661 | 674 | 695 | 736 | 756 | 807 | 977 | 845 |
| Lease right-of-use assets | 0 | 111 | 118 | 201 | 279 | 241 | 227 | 383 | ||
| Goodwill | 666 | 666 | 666 | 666 | 666 | 2,693 | 2,643 | 2,643 | 2,643 | 2,643 |
| Intangible assets | 0 | 913 | 630 | 507 | 368 | 274 | ||||
| Total assets | 6,225 | 7,535 | 7,689 | 9,330 | 10,659 | 12,509 | 11,643 | 12,279 | 13,472 | 14,342 |
| Total liabilities | 529 | 718 | 825 | 1,107 | 1,390 | 2,255 | 1,956 | 1,988 | 2,022 | 2,289 |
| Paid-in capital | 655 | 846 | 655 | 655 | 655 | 920 | 438 | 432 | 312 | 0 |
| Other comprehensive income | 11.5 | -3.6 | -42 | -43 | -23 | -26.5 | -53 | -47.5 | -51.7 | -50.5 |
| Shareholders' equity | 5,009 | 5,824 | 6,124 | 7,102 | 7,707 | 9,023 | 8,840 | 9,505 | 10,345 | 10,860 |
| Minority interests | 0 | 249 | 191 | 192 | 161 | 157 | ||||
| Total equity | 5,009 | 5,824 | 6,124 | 7,102 | 7,707 | 9,271 | 9,030 | 9,697 | 10,506 | 11,017 |
| Total liabilities and equity | 6,225 | 7,535 | 7,689 | 9,330 | 10,659 | 12,509 | 11,643 | 12,279 | 13,472 | 14,342 |
| Shares outstanding | 245 | 245 | 238 | 235 | 223 | 219 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 1,254 | 1,581 | 1,769 | 2,249 | 2,523 | 3,099 | 1,450 | 1,836 | 2,136 | 2,208 |
| Stock-based compensation | 162 | 152 | 197 | 207 | 246 | 275 | 285 | 266 | 247 | 217 |
| Deferred income tax | 13.5 | 71.7 | -35.5 | 33.3 | 13.7 | -56.3 | -207 | 8.6 | -88 | 96.8 |
| Change in receivables | -10.5 | -102 | 12.7 | |||||||
| Change in payables | 139 | 323 | 111 | |||||||
| Cash from operations | 171 | 230 | 1,620 | 1,523 | 1,919 | 3,452 | 2,359 | 1,219 | 1,686 | 1,753 |
| Capital expenditures | -148 | -186 | -169 | -205 | -215 | -239 | -238 | -308 | -423 | -274 |
| Acquisitions | 0 | 0 | -2,451 | 0 | 0 | |||||
| Purchases of investments | -0.3 | -39.9 | -1,124 | -240 | -272 | -48 | -55.1 | -85.3 | -100 | -113 |
| Sales and maturities of investments | 219 | 337 | 352 | 131 | 454 | 1,626 | 264 | 617 | 533 | 769 |
| Cash from investing | 106 | 39 | -876 | -325 | -36.3 | -1,098 | -41.5 | 128 | -178 | 230 |
| Share buybacks | -677 | -458 | -1,090 | -706 | -1,202 | -1,139 | -850 | -254 | -337 | -621 |
| Dividends paid | -541 | -563 | -694 | -734 | -846 | -1,702 | -1,107 | -1,122 | -1,136 | -1,143 |
| Cash from financing | -176 | 462 | -1,240 | -833 | -1,486 | -2,989 | -2,077 | -1,079 | -937 | -1,277 |
| Exchange rate effect | -2.1 | 5.3 | -15.4 | -2.5 | 1.9 | 2.6 | 9.5 | 0.4 | -2.4 | -1.9 |
| Net change in cash | 98.2 | 735 | -511 | 363 | 398 | -632 | 251 | 269 | 569 | 704 |
| Free cash flow | 22.2 | 43.4 | 1,451 | 1,318 | 1,704 | 3,213 | 2,122 | 911 | 1,262 | 1,479 |
| Income taxes paid | 681 | 858 | 644 | 677 | 643 | 949 | 794 | 632 | 723 | 595 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 30.8% | Operating income / revenue. |
| Pre-tax margin | 40.0% | Pre-tax income / revenue. |
| Net margin | 29.3% | Net income / revenue. |
| FCF margin | 22.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 25.5% | Cash from operations / revenue. |
| Effective tax rate | 23.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 20.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 14.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 23.0% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 2.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.4% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 4.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 3.3% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -6.2% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -2.7% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | -4.4% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -0.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 10.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -2.5% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 1.0% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 11.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -1.5% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 4.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -9.4% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -1.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 17.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -11.3% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -2.8% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 2.4% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 1.9% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 7.1% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 5.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 7.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 7.1% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 6.5% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 7.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 6.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -1.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -1.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.0% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 20.7% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 18.8% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $8.11B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.49x | Revenue / average total assets. |
| Fixed asset turnover | 9.33x | Revenue / average property, plant and equipment. |
| FCF conversion | 75.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 13.4% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $10.37 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $35.44 | Revenue / diluted weighted shares. |
| FCF per share | $7.81 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $9.02 | Cash from operations / diluted weighted shares. |
| Book value per share | $51.37 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $37.88 | Tangible book value / shares outstanding. |
| Cash per share | $15.10 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 51.3% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 68.1% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 47.4% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $22.51B | Share price x shares outstanding. |
| Enterprise value | $19.27B | Market cap + total debt - cash - short-term investments. |
| P/E | 10.1x | Market cap / net income. Only when net income is positive. |
| P/S | 2.96x | Market cap / revenue. |
| P/B | 2.05x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.77x | Market cap / tangible book value, when positive. |
| P/FCF | 13.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.54x | Enterprise value / revenue. |
| EV/EBIT | 8.25x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 11.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 7.4% | Free cash flow / market cap. |
| Earnings yield | 9.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 5.1% | Dividends paid over the period / market cap. |
| Shareholder yield | 8.6% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.90x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was PRICE T ROWE GROUP INC's revenue in fiscal 2025?
PRICE T ROWE GROUP INC reported revenue of $7.31B for fiscal 2025, 3.1% higher than the year before.
Was PRICE T ROWE GROUP INC profitable in fiscal 2025?
Yes. Net income was $2.09B, a net margin of 28.5%.
How much free cash flow did PRICE T ROWE GROUP INC generate in fiscal 2025?
Cash from operations of $1.75B minus capital expenditures of $274.2M left free cash flow of $1.48B.