Price T Rowe
TROW · NasdaqInvestment Advice · Fiscal year ends Dec 31
Price T Rowe reported revenue of $7.3B in the fiscal year ended Dec 2025, up 3.1% from the year before. Operating income was $2.2B, an operating margin of 29.9%, and net income was $2.1B. Operating cash flow of $1.8B less capital expenditure of $274M left free cash flow of $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.7B | $6.5B | $6.5B | $7.1B | $7.3B |
| Operating income | $3.7B | $2.4B | $2B | $2.3B | $2.2B |
| Pre-tax income | $4B | $1.9B | $2.5B | $2.8B | $2.9B |
| Income tax | $896M | $499M | $655M | $684M | $667M |
| Net income | $3.1B | $1.6B | $1.8B | $2.1B | $2.1B |
| Diluted EPS | 13.12 | 6.70 | 7.76 | 9.15 | 9.24 |
| Diluted shares | 229M | 227M | 225M | 223M | 220M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.8B | $2.1B | $2.6B | $3.4B |
| Net PP&E | $736M | $756M | $807M | $977M | $845M |
| Goodwill | $2.7B | $2.6B | $2.6B | $2.6B | $2.6B |
| Total assets | $12.5B | $11.6B | $12.3B | $13.5B | $14.3B |
| Total liabilities | $2.3B | $2B | $2B | $2B | $2.3B |
| Shareholders' equity | $9B | $8.8B | $9.5B | $10.3B | $10.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.5B | $2.4B | $1.2B | $1.7B | $1.8B |
| Capital expenditure | $239M | $238M | $308M | $423M | $274M |
| Free cash flow | $3.2B | $2.1B | $911M | $1.3B | $1.5B |
| Stock-based compensation | $275M | $285M | $266M | $247M | $217M |
| Acquisitions | $2.5B | $0 | $0 | – | – |
| Share buybacks | $1.1B | $850M | $254M | $337M | $621M |
| Dividends paid | $1.7B | $1.1B | $1.1B | $1.1B | $1.1B |
| Dividend per share | 4.32 | 4.80 | 4.88 | 4.96 | 5.08 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −15.4% | −0.4% | 9.8% | 3.1% |
| Operating income growth (YoY) | – | −36.0% | −16.3% | 17.5% | −6.2% |
| EPS growth (YoY) | – | −48.9% | 15.8% | 17.9% | 1.0% |
| Operating margin | 48.4% | 36.6% | 30.7% | 32.9% | 29.9% |
| Net margin | 40.2% | 24.0% | 27.7% | 29.6% | 28.5% |
| Return on equityBlank when equity is negative | 34.2% | 17.6% | 18.8% | 20.3% | 19.2% |
| Free cash flow margin | 41.9% | 32.7% | 14.1% | 17.8% | 20.2% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.51x | 0.68x | 0.80x | 0.84x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.