T. Rowe Price (TROW) financial statements
T. Rowe Price reported revenue of $7.3B in fiscal 2025, up 6.1% a year over 9 years.
Net income was $2.1B and the operating margin 29.9%, against 40.5% in 2016.
Free cash flow was $1.5B, and the company returned $1.1B in dividends and $621M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from T. Rowe Price's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.9B | $5.4B | $5.6B | $6.2B | $7.7B | $6.5B | $6.5B | $7.1B | $7.3B |
| Operating income | $1.7B | $2.1B | $2.4B | $2.4B | $2.7B | $3.7B | $2.4B | $2.0B | $2.3B | $2.2B |
| Pre-tax income | $2.0B | $2.5B | $2.4B | $2.9B | $3.2B | $4.0B | $1.9B | $2.5B | $2.8B | $2.9B |
| Income tax | $706M | $924M | $616M | $678M | $719M | $896M | $499M | $655M | $684M | $667M |
| Net income | $1.2B | $1.5B | $1.8B | $2.1B | $2.4B | $3.1B | $1.6B | $1.8B | $2.1B | $2.1B |
| EPS (diluted) | $4.75 | $5.97 | $7.27 | $8.70 | $9.98 | $13.12 | $6.70 | $7.76 | $9.15 | $9.24 |
| Diluted shares | 250M | 245M | 247M | 239M | 231M | 229M | 227M | 225M | 223M | 220M |
| 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% |
Balance sheet
Fiscal years, from T. Rowe Price's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.9B | $1.4B | $1.8B | $2.2B | $1.5B | $1.8B | $2.1B | $2.6B | $3.4B |
| Property, plant and equipment | $615M | $652M | $661M | $674M | $695M | $736M | $756M | $807M | $977M | $845M |
| Goodwill | $666M | $666M | $666M | $666M | $666M | $2.7B | $2.6B | $2.6B | $2.6B | $2.6B |
| Total assets | $6.2B | $7.5B | $7.7B | $9.3B | $10.7B | $12.5B | $11.6B | $12.3B | $13.5B | $14.3B |
| Total liabilities | $529M | $718M | $825M | $1.1B | $1.4B | $2.3B | $2.0B | $2.0B | $2.0B | $2.3B |
| Shareholders' equity | $5.0B | $5.8B | $6.1B | $7.1B | $7.7B | $9.0B | $8.8B | $9.5B | $10.3B | $10.9B |
| Net debt | -$1.2B | -$1.9B | -$1.4B | -$1.8B | -$2.2B | -$1.5B | -$1.8B | -$2.1B | -$2.6B | -$3.4B |
Cash flow
Fiscal years, from T. Rowe Price's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $170M | $230M | $1.6B | $1.5B | $1.9B | $3.5B | $2.4B | $1.2B | $1.7B | $1.8B |
| Capital spending | $148M | $186M | $168M | $205M | $215M | $239M | $238M | $308M | $423M | $274M |
| Free cash flow | $22M | $43M | $1.5B | $1.3B | $1.7B | $3.2B | $2.1B | $911M | $1.3B | $1.5B |
| Stock-based compensation | $162M | $152M | $197M | $207M | $246M | $275M | $285M | $266M | $247M | $217M |
| Dividends paid | $541M | $563M | $694M | $734M | $846M | $1.7B | $1.1B | $1.1B | $1.1B | $1.1B |
| Share buybacks (net) | -$677M | -$458M | -$1.1B | -$706M | -$1.2B | -$1.1B | -$850M | -$254M | -$337M | -$621M |
| Free cash flow margin | 0.5% | 0.9% | 27.0% | 23.5% | 27.5% | 41.9% | 32.7% | 14.1% | 17.8% | 20.2% |
| Dividends per share | $2.16 | $2.30 | $2.81 | $3.08 | $3.66 | $7.44 | $4.88 | $4.99 | $5.09 | $5.19 |
Questions
What was T. Rowe Price's revenue in 2025?
$7.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does T. Rowe Price generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From T. Rowe Price's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.