T Rowe Price Grp Financials

TROW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows T Rowe Price Grp (TROW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 71/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

T Rowe Price Grp has an operating margin of 29.9%, meaning the company retains $30 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is down from 32.9% the prior year.

Growth

T Rowe Price Grp's revenue grew a modest 3.1% year-over-year to $7.3B. This slow but positive growth earns a score of 39/100.

Leverage

T Rowe Price Grp carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

T Rowe Price Grp converts 20.2% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 76/100.

Returns

T Rowe Price Grp's ROE of 19.2% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 20.3% the prior year.

Piotroski F-Score Weak

3/9

T Rowe Price Grp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

0.84x

For every $1 of reported earnings, T Rowe Price Grp generates $0.84 in operating cash flow ($1.8B OCF vs $2.1B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.3B

YoY+3.1%

5Y CAGR+3.3%

10Y CAGR+5.7%

T Rowe Price Grp generated $7.3B in revenue in fiscal year 2025. This represents an increase of 3.1% from the prior year.

EBITDA

N/A

Net Income

$2.1B

YoY-0.6%

5Y CAGR-2.5%

10Y CAGR+5.5%

T Rowe Price Grp reported $2.1B in net income in fiscal year 2025. This represents a decrease of 0.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.5B

YoY+17.2%

5Y CAGR-2.8%

10Y CAGR+0.7%

T Rowe Price Grp generated $1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.2% from the prior year.

Cash & Debt

$3.4B

YoY+27.5%

5Y CAGR+9.4%

10Y CAGR+11.2%

T Rowe Price Grp held $3.4B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

218M

YoY-2.0%

5Y CAGR-0.9%

10Y CAGR-1.3%

T Rowe Price Grp had 218M shares outstanding in fiscal year 2025. This represents a decrease of 2.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

29.9%

YoY-3.0pp

5Y CAGR-14.3pp

10Y CAGR-15.3pp

T Rowe Price Grp's operating margin was 29.9% in fiscal year 2025, reflecting core business profitability. This is down 3.0 percentage points from the prior year.

Net Margin

28.5%

YoY-1.1pp

5Y CAGR-9.7pp

10Y CAGR-0.6pp

T Rowe Price Grp's net profit margin was 28.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.

Return on Equity

19.2%

YoY-1.1pp

5Y CAGR-11.6pp

10Y CAGR-6.5pp

T Rowe Price Grp's ROE was 19.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$620.9M

YoY+84.1%

5Y CAGR-12.4%

10Y CAGR-4.5%

T Rowe Price Grp spent $620.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 84.1% from the prior year.

Capital Expenditures

$274.2M

YoY-35.2%

5Y CAGR+5.0%

10Y CAGR+6.1%

T Rowe Price Grp invested $274.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 35.2% from the prior year.

TROW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.3B+3.1%	$7.1B+9.8%	$6.5B-0.4%	$6.5B-15.4%	$7.7B+23.6%	$6.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$2.2B-6.2%	$2.3B+17.5%	$2.0B-16.3%	$2.4B-36.0%	$3.7B+35.1%	$2.7B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$667.2M-2.4%	$683.8M+4.5%	$654.6M+31.3%	$498.6M-44.4%	$896.1M+24.6%	$718.9M
Net Income	$2.1B-0.6%	$2.1B+17.4%	$1.8B+14.8%	$1.6B-49.5%	$3.1B+29.9%	$2.4B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.9B+2.1%	$1.9B+9.9%	$1.7B-2.3%	$1.8B-3.3%	$1.8B+2.2%	$1.8B+3.0%	$1.7B-1.0%	$1.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$471.0M-26.8%	$643.2M+34.5%	$478.3M-19.8%	$596.3M+4.9%	$568.4M-7.4%	$613.6M+8.7%	$564.7M-3.7%	$586.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$152.5M-21.8%	$195.1M+23.7%	$157.7M-2.6%	$161.9M+3.6%	$156.3M-15.8%	$185.7M+16.3%	$159.7M-12.3%	$182.1M
Net Income	$445.3M-31.1%	$646.1M+27.9%	$505.2M+3.0%	$490.5M+11.5%	$439.9M-27.0%	$603.0M+24.7%	$483.4M-15.8%	$573.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TROW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.3B+6.5%	$13.5B+9.7%	$12.3B+5.5%	$11.6B-6.9%	$12.5B+17.4%	$10.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.4B+27.5%	$2.6B+28.2%	$2.1B+17.7%	$1.8B+15.3%	$1.5B-29.2%	$2.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$931.2M+6.1%	$877.4M+8.6%	$807.9M+7.9%	$748.7M-29.3%	$1.1B+22.6%	$863.1M
Goodwill	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B-1.9%	$2.7B+304.6%	$665.7M
Total Liabilities	$2.3B+13.2%	$2.0B+1.7%	$2.0B+1.6%	$2.0B-13.3%	$2.3B+62.2%	$1.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.9B+5.0%	$10.3B+8.8%	$9.5B+7.5%	$8.8B-2.0%	$9.0B+17.1%	$7.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$14.3B-2.6%	$14.7B+2.7%	$14.3B+2.5%	$14.0B+3.9%	$13.5B-1.7%	$13.7B+4.7%	$13.1B+1.8%	$12.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.4B-7.1%	$3.6B+18.8%	$3.1B+7.8%	$2.8B+7.1%	$2.6B-16.5%	$3.2B+16.9%	$2.7B+12.3%	$2.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$931.2M+3.5%	$899.4M+4.4%	$861.8M-7.8%	$934.6M+6.5%	$877.4M-1.4%	$890.0M+5.1%	$846.9M-4.1%	$883.0M
Goodwill	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B
Total Liabilities	$2.3B-17.1%	$2.8B+9.2%	$2.5B+2.8%	$2.5B+21.7%	$2.0B-18.8%	$2.5B+9.8%	$2.3B+3.6%	$2.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.9B+0.4%	$10.8B+2.4%	$10.6B+1.6%	$10.4B+0.5%	$10.3B+0.9%	$10.2B+3.2%	$9.9B+1.5%	$9.8B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TROW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.8B+4.0%	$1.7B+38.3%	$1.2B-48.3%	$2.4B-31.7%	$3.5B+79.9%	$1.9B
Capital Expenditures	$274.2M-35.2%	$423.4M+37.5%	$307.9M+29.6%	$237.6M-0.6%	$239.1M+11.4%	$214.6M
Free Cash Flow	$1.5B+17.2%	$1.3B+38.5%	$911.2M-57.1%	$2.1B-34.0%	$3.2B+88.5%	$1.7B
Investing Cash Flow	$230.3M+229.7%	-$177.5M-238.5%	$128.2M+408.9%	-$41.5M+96.2%	-$1.1B-2925.1%	-$36.3M
Financing Cash Flow	-$1.3B-36.4%	-$936.6M+13.2%	-$1.1B+48.1%	-$2.1B+30.5%	-$3.0B-101.1%	-$1.5B
Dividends Paid	$1.1B+0.7%	$1.1B+1.2%	$1.1B+1.3%	$1.1B-34.9%	$1.7B+101.2%	$845.8M
Share Buybacks	$620.9M+84.1%	$337.2M+32.5%	$254.4M-70.1%	$849.8M-25.4%	$1.1B-5.3%	$1.2B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$18.7M-103.1%	$609.3M+15.0%	$529.9M-16.3%	$632.9M+324.5%	-$281.9M-143.2%	$652.5M-3.7%	$677.7M+6.3%	$637.3M
Capital Expenditures	$66.7M+5.4%	$63.3M+1.8%	$62.2M-24.1%	$82.0M-27.4%	$113.0M+8.0%	$104.6M+1.3%	$103.3M+0.8%	$102.5M
Free Cash Flow	-$85.4M-115.6%	$546.0M+16.7%	$467.7M-15.1%	$550.9M+239.5%	-$394.9M-172.1%	$547.9M-4.6%	$574.4M+7.4%	$534.8M
Investing Cash Flow	$249.2M+557.5%	$37.9M+521.1%	-$9.0M+81.2%	-$47.8M-112.4%	-$22.5M+63.5%	-$61.6M+27.4%	-$84.8M-886.0%	-$8.6M
Financing Cash Flow	-$491.8M-400.3%	-$98.3M+64.4%	-$275.9M+32.9%	-$411.4M-97.4%	-$208.4M-36.5%	-$152.7M+50.4%	-$307.7M-14.9%	-$267.8M
Dividends Paid	$284.5M+0.4%	$283.4M-0.8%	$285.6M-1.3%	$289.5M+1.7%	$284.6M+1.2%	$281.3M-0.7%	$283.2M-1.2%	$286.5M
Share Buybacks	$139.1M-9.4%	$153.5M+35.7%	$113.1M-47.4%	$215.2M+216.0%	$68.1M-7.5%	$73.6M-34.5%	$112.4M+35.3%	$83.1M

TROW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	29.9%-3.0pp	32.9%+2.2pp	30.7%-5.8pp	36.6%-11.8pp	48.4%+4.1pp	44.2%
Net Margin	28.5%-1.1pp	29.6%+1.9pp	27.7%+3.7pp	24.0%-16.2pp	40.2%+2.0pp	38.2%
Return on Equity	19.2%-1.1pp	20.3%+1.5pp	18.8%+1.2pp	17.6%-16.6pp	34.2%+3.4pp	30.8%
Return on Assets	14.5%-1.0pp	15.6%+1.0pp	14.6%+1.2pp	13.4%-11.3pp	24.6%+2.4pp	22.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.21+0.0	0.20-0.0	0.21-0.0	0.22-0.0	0.25+0.1	0.18
FCF Margin	20.2%+2.4pp	17.8%+3.7pp	14.1%-18.6pp	32.7%-9.2pp	41.9%+14.4pp	27.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	24.3%-9.6pp	34.0%+6.2pp	27.8%-6.1pp	33.8%+2.7pp	31.1%-3.2pp	34.4%+1.8pp	32.6%-0.9pp	33.5%
Net Margin	23.0%-11.1pp	34.1%+4.8pp	29.3%+1.5pp	27.8%+3.7pp	24.1%-9.7pp	33.8%+5.9pp	27.9%-4.9pp	32.8%
Return on Equity	4.1%-1.9pp	6.0%+1.2pp	4.8%+0.1pp	4.7%+0.5pp	4.3%-1.6pp	5.9%+1.0pp	4.9%-1.0pp	5.9%
Return on Assets	3.1%-1.3pp	4.4%+0.9pp	3.5%+0.0pp	3.5%+0.2pp	3.3%-1.1pp	4.4%+0.7pp	3.7%-0.8pp	4.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.21-0.0	0.26+0.0	0.240.0	0.24+0.0	0.20-0.0	0.24+0.0	0.230.0	0.22
FCF Margin	-4.4%-33.3pp	28.8%+1.7pp	27.1%-4.1pp	31.2%+52.9pp	-21.6%-52.3pp	30.7%-2.5pp	33.1%+2.6pp	30.6%

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Frequently Asked Questions

What is T Rowe Price Grp's annual revenue?

T Rowe Price Grp (TROW) reported $7.3B in total revenue for fiscal year 2025. This represents a 3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is T Rowe Price Grp's revenue growing?

T Rowe Price Grp (TROW) revenue grew by 3.1% year-over-year, from $7.1B to $7.3B in fiscal year 2025.

Is T Rowe Price Grp profitable?

Yes, T Rowe Price Grp (TROW) reported a net income of $2.1B in fiscal year 2025, with a net profit margin of 28.5%.

What is T Rowe Price Grp's operating margin?

T Rowe Price Grp (TROW) had an operating margin of 29.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is T Rowe Price Grp's net profit margin?

T Rowe Price Grp (TROW) had a net profit margin of 28.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is T Rowe Price Grp's return on equity (ROE)?

T Rowe Price Grp (TROW) has a return on equity of 19.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is T Rowe Price Grp's free cash flow?

T Rowe Price Grp (TROW) generated $1.5B in free cash flow during fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is T Rowe Price Grp's operating cash flow?

T Rowe Price Grp (TROW) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are T Rowe Price Grp's total assets?

T Rowe Price Grp (TROW) had $14.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are T Rowe Price Grp's capital expenditures?

T Rowe Price Grp (TROW) invested $274.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does T Rowe Price Grp buy back shares?

Yes, T Rowe Price Grp (TROW) spent $620.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does T Rowe Price Grp have outstanding?

T Rowe Price Grp (TROW) had 218M shares outstanding as of fiscal year 2025.

What is T Rowe Price Grp's debt-to-equity ratio?

T Rowe Price Grp (TROW) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is T Rowe Price Grp's return on assets (ROA)?

T Rowe Price Grp (TROW) had a return on assets of 14.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is T Rowe Price Grp's Piotroski F-Score?

T Rowe Price Grp (TROW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are T Rowe Price Grp's earnings high quality?

T Rowe Price Grp (TROW) has an earnings quality ratio of 0.84x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is T Rowe Price Grp?

T Rowe Price Grp (TROW) scores 71 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.