T. Rowe Price Group Inc. (TROW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.52	$2.57	+2.0%	—	—	—
Q4 26	$2.35	$2.52	+7.2%	—	—	—
Q3 26	$2.46	$2.44	-0.8%	—	—	—
Q2 26	$2.54	$2.81	+10.6%	—	—	—
Q1 26	$2.13	$2.24	+5.2%	—	—	—
Q4 25	$2.13	$2.23	+4.7%	—	—	—
Q3 25	$2.21	$2.12	-4.1%	—	—	—
Q2 25	$2.35	$2.57	+9.4%	—	—	—
Q1 25	$2.28	$2.26	-0.9%	—	—	—
Q4 24	$2.03	$2.38	+17.2%	—	—	—
Q3 24	$1.63	$1.72	+5.5%	—	—	—
Q2 24	$1.77	$2.17	+22.6%	—	—	—
Q1 24	$1.73	$2.02	+16.8%	—	—	—
Q4 23	$1.64	$1.69	+3.0%	—	—	—
Q3 23	$1.71	$1.74	+1.8%	—	—	—
Q2 23	$1.81	$1.86	+2.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.26	—	—	$7.3B	—
FY24	—	$9.18	—	—	$7.1B	—
FY23	—	$7.78	—	—	$6.5B	—
FY22	—	$6.73	—	—	$6.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$4.9B	$5.4B	$5.6B	$6.2B	$7.7B	$6.5B	$6.5B	$7.1B	$7.3B
YoY change	+2%	+13.3%	+10.7%	+4.57%	+10.5%	+23.6%	-15.4%	-0.43%	+9.8%	+3.12%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	4.9B	5.4B	5.6B	6.2B	7.7B	6.5B	6.5B	7.1B	7.3B
Cost of revenue	1.9B	2.1B	2.2B	2.4B	2.6B	3B	2.9B	3.3B	3.4B	3.6B
Gross profit	2.4B	2.8B	3.1B	3.2B	3.6B	4.7B	3.6B	3.2B	3.7B	3.8B
Gross margin	56.4%	57.3%	58.2%	57.5%	57.8%	61%	55%	49.6%	51.9%	51.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	618.1M	722.6M	779.5M	846M	844.6M	968.7M	1.1B	1.2B	1.2B	1.3B
Operating expenses	1B	1.2B	779.5M	846M	844.6M	968.7M	1.1B	1.2B	1.2B	1.3B
Operating income	1.8B	2.1B	2.3B	2.4B	2.7B	3.7B	2.5B	2B	2.5B	2.5B
Operating margin	42%	42.4%	43.7%	42.5%	44.2%	48.4%	38.5%	31.5%	34.9%	33.9%
Non-operating income, net	160.9M	446.3M	38.4M	540.3M	496.5M	284.6M	-547.8M	452.3M	343M	398.1M
Pretax income	2B	2.5B	2.4B	2.9B	3.2B	4B	1.9B	2.5B	2.8B	2.9B
Income tax	706.5M	923.9M	615.9M	678.4M	718.9M	896.1M	498.6M	654.6M	683.8M	667.2M
Net income	1.3B	1.6B	1.8B	2.2B	2.5B	3.1B	1.4B	1.8B	2.1B	2.2B
Net margin	29.3%	32.6%	32.9%	40%	40.7%	40.4%	22.3%	28.4%	30.1%	30.2%
EBITDA	1.8B	1.8B	2.5B	2B	2.4B	3.6B	3.7B	2.1B	2.6B	2.7B
EPS	4.85	6.07	7.41	8.82	10.1	13.3	6.73	7.78	9.18	9.26
Diluted EPS	4.75	5.97	7.27	8.7	9.98	13.1	6.7	7.76	9.15	9.24

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.6B	1.8B	1.7B	1.8B	1.8B	1.8B	1.7B	1.9B	1.9B	1.9B	1.9B
Cost of revenue	784.4M	879.2M	865.9M	821.8M	844.9M	876.9M	841.9M	895M	888.8M	938.8M	833.3M	1B
Gross profit	886.3M	762.8M	884.3M	911.5M	940.7M	947.6M	922M	828.3M	1B	995.3M	1B	894.8M
Gross margin	53%	46.5%	50.5%	52.6%	52.7%	51.9%	52.3%	48.1%	53.1%	51.5%	55.1%	46.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	266.5M	344.1M	267.8M	302.9M	289M	347.8M	297M	318.8M	306.2M	350.9M	315.2M	125.2M
Operating expenses	266.5M	344.1M	267.8M	302.9M	289M	347.8M	297M	318.8M	306.2M	350.9M	315.2M	331.1M
Operating income	619.8M	418.7M	616.5M	608.6M	651.7M	599.8M	625M	509.5M	698.5M	644.4M	708.5M	563.7M
Operating margin	37.1%	25.5%	35.2%	35.1%	36.5%	32.9%	35.4%	29.6%	36.9%	33.3%	38.2%	29.6%
Non-operating income, net	-35.7M	228.2M	159M	36.4M	174.4M	-26.8M	42M	204.3M	183.1M	-31.3M	-76.3M	345.9M
Pretax income	584.1M	646.9M	775.5M	645M	826.1M	573M	667M	713.8M	881.6M	613.1M	632.2M	909.6M
Income tax	144.9M	173.3M	182.1M	159.7M	185.7M	156.3M	161.9M	157.7M	195.1M	152.5M	148.1M	214.2M
Net income	439.2M	473.6M	593.4M	485.3M	640.4M	416.7M	505.1M	556.1M	686.5M	460.6M	484.1M	695.4M
Net margin	26.3%	28.8%	33.9%	28%	35.9%	22.8%	28.6%	32.3%	36.3%	23.8%	26.1%	36.5%
EBITDA	652M	489.5M	515.2M	753.8M	484.9M	938.7M	653.5M	481.9M	520M	1.1B	852.8M	353.8M
EPS	1.98	1.91	2.5	2.11	2.64	1.93	2.15	2.24	2.88	1.99	2.23	2.88
Diluted EPS	1.97	1.9	2.49	2.11	2.64	1.92	2.15	2.24	2.87	1.99	2.23	2.88

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	18.5B	25.3B	22.4B	28.7B	34.6B	44.6B	24.6B	24.1B	25.2B	22.5B	22.1B
Enterprise value	17.3B	23.4B	20.9B	27B	32.6B	43.3B	23.2B	22.4B	22.8B	19.6B	20.9B
Shares outstanding	245.5M	241.2M	242.2M	235.4M	228.8M	226.6M	226M	224.1M	222.8M	220M	220M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.7	16	12.6	12.8	13.7	14.4	17	13.1	11.8	10.2	10.4
P/S	4.31	5.21	4.16	5.11	5.58	5.81	3.8	3.74	3.55	3.08	2.91
P/B	3.24	3.71	3.26	3.49	3.74	4.35	2.54	2.35	2.2	1.87	2.01
EV/EBITDA	9.76	13.3	8.5	13.2	13.4	11.9	6.32	10.9	8.68	7.29	7.05
EV/Sales	4.03	4.82	3.9	4.81	5.26	5.64	3.58	3.46	3.22	2.68	2.75
Earnings yield	6.79%	6.25%	7.91%	7.84%	7.28%	6.95%	5.88%	7.61%	8.48%	9.8%	9.62%
FCF yield	0.12%	0.17%	6.49%	4.6%	4.92%	7.21%	8.61%	3.78%	5.01%	6.57%	9.14%
PEG	—	—	—	—	—	—	—	—	—	—	0.36

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	56.4%	57.3%	58.2%	57.5%	57.8%	61%	55%	49.6%	51.9%	51.3%	46.9%
Operating margin	42%	42.4%	43.7%	42.5%	44.2%	48.4%	38.5%	31.5%	34.9%	33.9%	28.7%
Net margin	29.3%	32.6%	32.9%	40%	40.7%	40.4%	22.3%	28.4%	30.1%	30.2%	29.3%
ROE	22%	23.2%	25.8%	27.3%	27.2%	30.2%	15%	17.8%	18.7%	18.3%	19.4%
ROA	20.1%	21%	23%	24.1%	23.7%	24.8%	12.5%	15%	15.9%	15.4%	10.7%
ROIC	25.6%	26.4%	32%	27.8%	29.4%	32%	22.5%	17.6%	20.7%	20.9%	21.4%
Return on tangible assets	25.6%	25.5%	27.8%	28.1%	27.1%	58.5%	28.4%	30.7%	28.7%	26%	24.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	7.54	8.67	6.99	9.86	11.1	5.07	5.53	6.04	8.01	10.6	4.04
Quick ratio	7.54	8.67	6.99	9.86	11.1	5.07	5.53	6.04	8.01	10.6	9.63
Debt / equity	—	—	0	0.02	0.02	0.02	0.03	0.03	0.02	0.04	0.04
Debt / assets	—	—	0	0.02	0.01	0.02	0.03	0.03	0.02	0.03	0.03
Net debt / EBITDA	—	—	-0.58	-0.8	-0.82	-0.35	-0.39	-0.86	-0.9	-1.09	-1
Effective tax rate	36%	36.9%	25.8%	23.2%	22.2%	22.4%	25.6%	26.3%	24.3%	23.2%	23.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.5	20.1	22.2	23.9	27.1	33.9	28.7	28.8	31.8	33.2	35
EPS (basic)	4.85	6.07	7.41	8.82	10.1	13.3	6.73	7.78	9.18	9.26	9.26
EPS (diluted)	4.75	5.97	7.27	8.7	9.98	13.1	6.7	7.76	9.15	9.24	9.96
Book value per share	23.2	28.3	28.3	34.9	40.5	45.3	42.9	45.9	51.4	54.8	51.6
FCF per share	0.09	0.18	5.99	5.6	7.45	14.2	9.39	4.07	5.67	6.72	7.81
Cash per share	4.91	7.89	5.88	7.57	9.4	6.72	7.77	9.22	11.9	15.4	15.2
Capex per share	0.6	0.77	0.7	0.87	0.94	1.06	1.05	1.37	1.9	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.46%	3.83%	3.14%	3.64%	3.46%	3.12%	3.66%	4.77%	5.97%	—	—
Capex / operating cash flow	10.5%	10.5%	7.49%	7.42%	7.04%	6.72%	11.5%	11.2%	15.2%	—	—
Payout ratio	43.1%	35.6%	39.3%	32.6%	33.5%	54.9%	76.4%	61.1%	53.2%	51.8%	51.6%
Dividend yield	2.93%	2.22%	3.11%	2.56%	2.44%	3.82%	4.49%	4.65%	4.51%	5.07%	5.01%

Yield

5.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.30

ex-dividend Sep 15, 2026

Payout ratio

52%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.30
Jun 15, 2026	$1.30
Mar 16, 2026	$1.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.6B	$1.8B	$1.7B	$1.8B	$1.8B	$1.8B	$1.7B	$1.9B	$1.9B	$1.9B	$1.9B
YoY change	+5.19%	+7.73%	+13.8%	+7.65%	+6.88%	+11.1%	+0.78%	-0.58%	+6.04%	+6.01%	+5.28%	+10.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	1.9B	1.4B	1.8B	2.2B	1.5B	1.8B	2.1B	2.6B	3.4B
Receivables	455.1M	565.3M	549.6M	646.6M	863.1M	1.1B	748.7M	807.9M	877.4M	931.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.7B	2.5B	2B	2.4B	3B	2.6B	2.5B	2.9B	3.5B	4.3B
Property, plant & equipment	193.1M	209.5M	206.8M	319.1M	355.5M	465.4M	546.2M	557M	710.6M	762.1M
Goodwill & intangibles	1.3B	1.3B	1.3B	1.3B	1.3B	7.2B	6.5B	6.3B	6B	5.8B
Total assets	6.2B	7.5B	7.7B	9.3B	10.7B	12.5B	11.6B	12.3B	13.5B	14.3B
Accounts payable	180.8M	216.2M	228.5M	214.5M	187.7M	431M	406.7M	409.5M	353.5M	352.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	220.1M	284.5M	282.7M	246.3M	272.7M	508.9M	452.7M	475.7M	440.6M	407.6M
Long-term debt	—	—	0	146.3M	154.1M	249.2M	329.6M	308.5M	278.7M	447.2M
Total liabilities	529.2M	718.2M	824.7M	1.1B	1.4B	2.3B	2B	2B	2B	2.3B
Shareholders' equity	5.7B	6.8B	6.9B	8.2B	9.3B	10.3B	9.7B	10.3B	11.5B	12.1B
Total debt	—	—	0	146.3M	154.1M	249.2M	329.6M	308.5M	278.7M	447.2M
Net debt	—	—	-1.4B	-1.6B	-2B	-1.3B	-1.4B	-1.8B	-2.4B	-2.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.6B	2.1B	2.4B	2.7B	3.2B	2.6B	2.8B	3.1B	3.6B	3.4B	3.7B	3.2B
Receivables	752M	807.9M	883M	846.9M	890M	877.4M	934.6M	861.8M	899.4M	931.2M	909.9M	941.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.3B	2.9B	3.3B	3.6B	4.1B	3.5B	3.8B	3.9B	4.5B	4.3B	4.6B	4.2B
Property, plant & equipment	1B	557M	1.1B	1.1B	1.2B	710.6M	1.4B	1.4B	1.4B	762.1M	1.2B	1.2B
Goodwill & intangibles	6.4B	6.3B	6.2B	6.2B	6.1B	6B	6B	5.9B	5.9B	5.8B	5.8B	5.8B
Total assets	12.6B	12.3B	12.9B	13.1B	13.7B	13.5B	14B	14.3B	14.7B	14.3B	14.4B	15.4B
Accounts payable	395.2M	409.5M	366.4M	367.2M	359.1M	353.5M	347.1M	335.5M	349.5M	352.7M	369.5M	402.4M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	437.6M	475.7M	543.2M	380.8M	372.4M	440.6M	642.2M	357.9M	396.2M	407.6M	501.9M	433.6M
Long-term debt	309.4M	308.5M	302.1M	299.3M	288.4M	278.7M	472.1M	475.2M	455.1M	447.2M	438.1M	429.4M
Total liabilities	2.4B	2B	2.2B	2.3B	2.5B	2B	2.5B	2.5B	2.8B	2.3B	2.5B	3.2B
Shareholders' equity	10.2B	10.3B	10.7B	10.8B	11.2B	11.5B	11.5B	11.8B	12B	12.1B	11.9B	12.2B
Total debt	309.4M	308.5M	302.1M	299.3M	288.4M	278.7M	472.1M	475.2M	455.1M	447.2M	438.1M	429.4M
Net debt	-2.3B	-1.8B	-2.1B	-2.4B	-2.9B	-2.4B	-2.4B	-2.6B	-3.2B	-2.9B	-3.3B	-2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.3B	1.6B	1.8B	2.2B	2.5B	3.1B	1.4B	1.8B	2.1B	2.2B
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	152M	197.1M	206.6M	246.2M	274.6M	285.4M	265.6M	247.3M	216.9M
Change in working capital	-135.8M	-102.8M	124.3M	109.6M	91.1M	67.4M	-139.9M	193.6M	5.5M	169.8M
Operating cash flow	1.4B	1.8B	2.2B	2.8B	3.1B	3.6B	2.1B	2.8B	2.8B	1.8B
Capital expenditure	-148.3M	-186.1M	-168.5M	-204.6M	-214.6M	-239.1M	-237.6M	-307.9M	-423.4M	—
Investing cash flow	106.2M	39M	-875.5M	-324.5M	-36.3M	-1.1B	-41.5M	128.2M	-177.5M	504.5M
Dividends paid	-540.8M	-563.1M	-694.3M	-733.9M	-845.8M	-1.7B	-1.1B	-1.1B	-1.1B	-1.1B
Share repurchases	-676.9M	-458.1M	-1.1B	-705.8M	-1.2B	-1.1B	-849.8M	-254.4M	-337.2M	-620.9M
Financing cash flow	-302.7M	260.4M	-1.3B	-916M	-1.5B	-2.9B	-2B	-1.1B	-903.3M	-1.3B
Net change in cash	1.2B	2.1B	59.8M	1.5B	1.5B	-445.7M	-21.3M	1.8B	1.7B	1B
Free cash flow	22.2M	43.4M	1.5B	1.3B	1.7B	3.2B	2.1B	911.2M	1.3B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	439.2M	473.6M	593.4M	485.3M	640.4M	416.7M	505.1M	556.1M	686.5M	460.6M	484.1M	695.4M
Depreciation & amortization	-34.2M	300M	62.6M	187.8M	-62M	315.8M	63.6M	185.7M	-45.6M	401.8M	68.8M	136.9M
Stock-based compensation	54.3M	95.9M	58.4M	54.2M	49.6M	85.1M	50.3M	46.6M	37.3M	82.7M	49.1M	40.7M
Change in working capital	—	-355.7M	—	—	—	-529.4M	—	—	—	-409.8M	—	—
Operating cash flow	606.5M	394.7M	780.3M	676.5M	825.8M	-31.3M	713.9M	529.9M	609.3M	-18.7M	824.3M	517.3M
Capital expenditure	-93.6M	-81.9M	-102.5M	-103.3M	-104.6M	-113M	-82M	—	—	—	—	—
Investing cash flow	174M	90.1M	-8.6M	-84.8M	-61.6M	-22.5M	-47.8M	53.2M	101.2M	315.9M	121.6M	-710.6M
Dividends paid	-279.6M	-279.7M	-286.5M	-283.2M	-281.3M	-284.6M	-289.5M	-285.6M	-283.4M	-284.5M	-289.1M	-282.1M
Share repurchases	-90.8M	-113.2M	-83.1M	-112.4M	-73.6M	-68.1M	-215.2M	-113.1M	-153.5M	-139.1M	-333.5M	-167.3M
Financing cash flow	-310.6M	-417.9M	-282M	-309.8M	-164.5M	-147M	-426.6M	-277.2M	-112M	-439.3M	-502.1M	-446.2M
Net change in cash	469.9M	66.9M	489.7M	281.9M	599.7M	-200.8M	239.5M	305.9M	598.5M	-142.1M	443.8M	-639.5M
Free cash flow	376.4M	-239.3M	534.8M	574.4M	547.9M	-394.9M	550.9M	467.7M	546M	-85.4M	762.3M	450.9M

Date	Ratio
Jun 26, 2006	2:1
May 1, 1998	2:1
May 1, 1996	2:1
Dec 1, 1993	2:1
Jan 2, 1990	2:1

T. Rowe Price Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history