Detailed financial statements for T. Rowe Price Group, Inc. (TROW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
T. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management. The firm extends its financial expertise to a diverse range of clients, including individual investors, institutional organizations, retirement benefit plans, and financial intermediaries. It is responsible for the establishment and ongoing management of both equity and fixed income mutual funds.
Analysis Summary
T. Rowe Price Group, Inc. reported revenue of $7.31B in the most recent fiscal year, growing at a 5-year CAGR of 3.3%. Net income reached $2.09B, with a -2.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 79.9%, operating margin 31.5%, net margin 28.4%. Free cash flow grew at -2.8% CAGR over 5 years.
At $103.90 (closing price, October 30, 2026), TROW trades at a P/E of 10.51 and an ROE of 19.88%. Market capitalisation stands at $22.2B, placing it among large-cap names.
Balance sheet quality for TROW: debt-to-equity ratio of 0.04, current ratio of 2.07 over the last 12 months, net cash position of $2.52B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.48B represents 71% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.28B | $4.85B | $5.37B | $5.62B | $6.21B | $7.67B | $6.49B | $6.46B | $7.09B | $7.31B |
| Cost of Revenue | $1.87B | $2.07B | $2.25B | $2.38B | $2.62B | $2.99B | $2.92B | $3.25B | $3.41B | $2.73B |
| Gross Profit | $2.42B | $2.78B | $3.13B | $3.23B | $3.59B | $4.68B | $3.57B | $3.21B | $3.68B | $4.58B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $618.1M | $722.6M | $779.5M | $846.0M | $844.6M | $968.7M | $1.07B | $1.17B | $1.21B | $2.28B |
| Operating Expenses | $684.3M | $672.6M | $764.3M | $846.0M | $844.6M | $968.7M | $1.19B | $1.22B | $1.35B | $2.40B |
| Operating Income | $1.73B | $2.11B | $2.36B | $2.39B | $2.75B | $3.71B | $2.37B | $1.99B | $2.33B | $2.19B |
| EBITDA | $1.93B | $2.20B | $2.51B | $2.58B | $2.94B | $3.95B | $3.14B | $2.52B | $2.98B | $3.05B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $1.96B | $2.51B | $2.38B | $2.93B | $3.24B | $3.99B | $1.95B | $2.49B | $2.82B | $2.88B |
| Income Tax | $706.5M | $923.9M | $615.9M | $678.4M | $718.9M | $896.1M | $498.6M | $654.6M | $683.8M | $667.2M |
| Net Income | $1.22B | $1.50B | $1.84B | $2.13B | $2.37B | $3.08B | $1.56B | $1.79B | $2.10B | $2.09B |
| EPS | $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 | $9.25 |
| Shares Outstanding (Diluted) | 250.3 M | 245.1 M | 246.9 M | 238.6 M | 231.2 M | 228.8 M | 227.1 M | 224.8 M | 223.3 M | 223.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.93B | $1.86B | $1.91B | $2.00B |
| Gross Profit | $1.83B | $1.45B | $1.08B | $1.79B |
| Operating Income | $471.0M | $643.4M | $540.5M | $769.8M |
| EBITDA | $1.01B | $701.0M | $617.7M | $787.4M |
| Net Income | $445.3M | $498.2M | $632.0M | $612.3M |
| EPS | $1.99 | $2.23 | $2.88 | $2.79 |
| EPS (Diluted) | $1.99 | $2.23 | $2.88 | $2.79 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.20B | $1.90B | $1.43B | $1.78B | $2.15B | $1.52B | $1.76B | $2.07B | $2.65B | $3.38B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $455.1M | $565.3M | $549.6M | $646.6M | $863.1M | $1.06B | $748.7M | $807.9M | $877.4M | $714.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.66B | $2.47B | $1.97B | $2.43B | $3.01B | $2.58B | $2.50B | $2.87B | $3.53B | $4.09B |
| Property, Plant & Equipment | $615.1M | $652.0M | $661.3M | $785.2M | $813.0M | $937.4M | $1.04B | $1.05B | $1.20B | $1.23B |
| Goodwill | $665.7M | $665.7M | $665.7M | $665.7M | $665.7M | $2.69B | $2.64B | $2.64B | $2.64B | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $913.4M | $629.8M | $507.3M | $368.1M | $2.92B |
| Total Assets | $6.22B | $7.54B | $7.69B | $9.33B | $10.66B | $12.51B | $11.64B | $12.28B | $13.47B | $14.61B |
| Accounts Payable | $180.8M | $216.2M | $228.5M | $214.5M | $100.2M | $431.0M | $406.7M | $422.9M | $353.5M | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $56.0M |
| Total Current Liabilities | $220.1M | $284.5M | $282.7M | $246.3M | $272.7M | $508.9M | $452.7M | $489.1M | $440.6M | $56.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $413.0M |
| Total Liabilities | $529.2M | $718.2M | $824.7M | $1.11B | $1.39B | $2.26B | $1.96B | $1.99B | $2.02B | $2.55B |
| Retained Earnings | $4.29B | $4.93B | $5.46B | $6.44B | $7.03B | $8.08B | $8.41B | $9.08B | $10.04B | $10.87B |
| Total Equity | $5.01B | $5.82B | $6.12B | $7.10B | $7.71B | $9.02B | $8.84B | $9.51B | $10.35B | $10.86B |
| Total Debt | $357.6M | $303.9M | 0 | $146.3M | $154.1M | $249.2M | $329.6M | $308.5M | $278.7M | $860.2M |
| Net Debt | -$847.3M | -$1.60B | -$1.43B | -$1.64B | -$2.00B | -$1.27B | -$1.43B | -$1.76B | -$2.37B | -$2.52B |
| Working Capital | $1.44B | $2.18B | $1.69B | $2.18B | $2.74B | $2.07B | $2.05B | $2.39B | $3.09B | $4.04B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $3.38B | $3.73B | $3.23B | $3.77B |
| Total Assets | $14.61B | $14.39B | $15.36B | $16.15B |
| Total Liabilities | $2.55B | $2.52B | $3.18B | $3.54B |
| Total Equity | $10.86B | $10.78B | $11.00B | $11.37B |
| Total Debt | $860.2M | $438.1M | $429.4M | $418.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.25B | $1.58B | $1.77B | $2.25B | $2.52B | $3.10B | $1.45B | $1.84B | $2.14B | $2.21B |
| Depreciation & Amortization | $133.4M | $143.6M | $159.5M | $190.8M | $189.6M | $204.8M | $645.8M | $481.6M | $504.2M | $605.5M |
| Stock-based Compensation | $161.6M | $152.0M | $197.1M | $206.6M | $246.2M | $274.6M | $285.4M | $265.6M | $247.3M | $216.9M |
| Change in Working Capital | $3.4M | $220.6M | $111.6M | $109.6M | $91.1M | $67.4M | -$139.9M | $193.6M | $5.5M | $169.8M |
| Operating Cash Flow | $170.5M | $229.5M | $1.62B | $1.52B | $1.92B | $3.45B | $2.36B | $1.22B | $1.69B | $1.75B |
| Capital Expenditure | -$148.3M | -$186.1M | -$168.5M | -$204.6M | -$214.6M | -$239.1M | -$237.6M | -$307.9M | -$423.4M | -$274.2M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$2.45B | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$676.9M | -$458.1M | -$1.09B | -$705.8M | -$1.20B | -$1.14B | -$849.8M | -$254.4M | -$337.2M | -$620.9M |
| Dividends Paid | -$540.8M | -$563.1M | -$694.3M | -$733.9M | -$845.8M | -$1.70B | -$1.11B | -$1.12B | -$1.14B | -$1.14B |
| Free Cash Flow | $22.2M | $43.4M | $1.45B | $1.32B | $1.70B | $3.21B | $2.12B | $911.2M | $1.26B | $1.48B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$18.7M | $954.0M | $387.6M | $543.3M |
| Capital Expenditure | -$66.7M | -$62.0M | $62.0M | -$201.1M |
| Free Cash Flow | -$85.4M | $892.0M | $449.6M | $342.2M |
| Dividends Paid | -$284.5M | -$289.1M | -$289.1M | -$285.3M |
| Stock-based Compensation | $82.7M | $49.1M | $40.7M | $45.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.3% | +10.7% | +4.6% | +10.5% | +23.6% | -15.4% | -0.4% | +9.8% | +3.1% | |
| Net Income Growth (YoY) | +23.3% | +22.7% | +16.0% | +11.3% | +29.9% | -49.5% | +14.8% | +17.4% | -0.6% | |
| EPS Growth (YoY) | +25.2% | +22.1% | +19.0% | +14.3% | +31.4% | -49.2% | +15.6% | +18.0% | +0.9% | |
| Shares Change (YoY) | -2.1% | +0.7% | -3.4% | -3.1% | -1.0% | -0.7% | -1.0% | -0.7% | +0.2% | |
| FCF Growth (YoY) | +95.5% | +3,244.2% | -9.2% | +29.3% | +88.5% | -34.0% | -57.1% | +38.5% | +17.2% | |
| Gross Margin | 56.4% | 57.3% | 58.2% | 57.5% | 57.8% | 61.0% | 55.0% | 49.6% | 51.9% | 62.7% |
| Operating Margin | 40.5% | 43.4% | 44.0% | 42.5% | 44.2% | 48.4% | 36.6% | 30.7% | 32.9% | 29.9% |
| EBITDA Margin | 45.1% | 45.4% | 46.6% | 45.9% | 47.3% | 51.4% | 48.4% | 39.0% | 42.0% | 41.7% |
| Net Margin | 28.4% | 30.9% | 34.2% | 37.9% | 38.2% | 40.2% | 24.0% | 27.7% | 29.6% | 28.5% |
| FCF Margin | 0.5% | 0.9% | 27.0% | 23.5% | 27.5% | 41.9% | 32.7% | 14.1% | 17.8% | 20.2% |
| Effective Tax Rate | 36.0% | 36.9% | 25.8% | 23.2% | 22.2% | 22.4% | 25.6% | 26.3% | 24.3% | 23.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.09 | $0.18 | $5.88 | $5.52 | $7.37 | $14.04 | $9.34 | $4.05 | $5.65 | $6.61 |
| Dividends Per Share | $2.16 | $2.30 | $2.81 | $3.08 | $3.66 | $7.44 | $4.88 | $4.99 | $5.09 | $5.11 |
| Shares Outstanding (Basic) | 245.5 M | 241.2 M | 242.2 M | 235.4 M | 228.8 M | 226.6 M | 226.0 M | 224.1 M | 222.8 M | 223.8 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 19.88% |
| Return on Invested Capital | 12.90% |
| Return on Assets | 13.55% |
| Gross Margin | 79.94% |
| Operating Margin | 31.48% |
| Net Margin | 28.40% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 2.07 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 7.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.52 | 17.29 | 12.46 | 13.81 | 15.02 | 14.84 | 16.21 | 13.84 | 12.32 | 11.06 |
| P/B | 3.69 | 4.35 | 3.65 | 4.04 | 4.49 | 4.94 | 2.79 | 2.54 | 2.44 | 2.11 |
| P/S | 4.31 | 5.21 | 4.16 | 5.11 | 5.58 | 5.81 | 3.80 | 3.74 | 3.55 | 3.13 |
| Gross Margin | 56.4% | 57.3% | 58.2% | 57.5% | 57.8% | 61.0% | 55.0% | 49.6% | 51.9% | 62.7% |
| Operating Margin | 40.5% | 43.4% | 44.0% | 42.5% | 44.2% | 48.4% | 36.6% | 30.7% | 32.9% | 29.9% |
| Net Margin | 28.4% | 30.9% | 34.2% | 37.9% | 38.2% | 40.2% | 24.0% | 27.7% | 29.6% | 28.5% |
Related companies: PFG · SEIC · VCTR · BLK · BEN · IVZ · AMG · AB
Explore sector: Financial Services · Asset Management
More sections of TROW: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks