T. Rowe Price Group (TROW) Financials

$102.95 +1.00 (+0.98%)

As of 12:54 PM Eastern

Annual Income Statements for T. Rowe Price Group

This table shows T. Rowe Price Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,223	1,215	1,498	1,838	2,131	2,373	3,083	1,558	1,789	2,100	2,087
Consolidated Net Income / (Loss)	1,223	1,254	1,581	1,769	2,249	2,523	3,099	1,450	1,836	2,136	2,208
Net Income / (Loss) Continuing Operations	1,223	1,254	1,581	1,769	2,249	2,523	3,099	1,450	1,836	2,136	2,208
Total Pre-Tax Income	2,002	1,961	2,505	2,385	2,927	3,242	3,995	1,948	2,490	2,820	2,876
Total Operating Income	1,899	1,733	2,109	2,361	2,387	2,746	3,710	2,374	1,986	2,333	2,189
Total Gross Profit	2,757	2,791	3,190	3,564	3,649	4,024	5,289	4,168	3,787	4,336	4,447
Total Revenue	4,201	4,285	4,855	5,373	5,618	6,207	7,672	6,488	6,461	7,094	7,315
Operating Revenue	4,201	4,285	4,855	5,373	5,618	6,207	7,672	6,488	6,461	7,094	7,315
Total Cost of Revenue	1,444	1,494	1,665	1,809	1,969	2,182	2,383	2,321	2,674	2,758	2,868
Operating Cost of Revenue	1,444	1,494	1,665	1,809	1,969	2,182	2,383	2,321	2,674	2,758	2,868
Total Operating Expenses	858	1,057	1,081	1,218	1,262	1,279	1,579	1,794	1,801	2,002	2,258
Selling, General & Admin Expense	341	218	280	296	322	316	384	412	421	434	442
Marketing Expense	80	80	92	100	97	84	100	97	114	130	107
Amortization Expense	-	-	-	-	-	-	0.00	284	134	157	111
Other Operating Expenses / (Income)	311	759	709	822	843	879	1,095	1,162	1,214	1,296	1,420
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	177
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-161	-82	-13	0.00
Total Other Income / (Expense), net	104	227	396	23	540	497	285	-426	504	486	687
Other Income / (Expense), net	104	227	396	23	540	497	285	-426	504	486	687
Income Tax Expense	779	707	924	616	678	719	896	499	655	684	667
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	39	83	-69	118	151	16	-108	47	36	121
Basic Earnings per Share	$4.74	$4.85	$6.07	$7.41	$8.82	$10.08	$13.25	$6.73	$7.78	$9.18	$9.26
Weighted Average Basic Shares Outstanding	248.18M	243.42M	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Diluted Earnings per Share	$4.63	$4.75	$5.97	$7.27	$8.70	$9.98	$13.12	$6.70	$7.76	$9.15	$9.24
Weighted Average Diluted Shares Outstanding	248.18M	243.42M	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Weighted Average Basic & Diluted Shares Outstanding	248.18M	243.42M	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Cash Dividends to Common per Share	-	$2.16	$2.28	$2.80	$3.04	$3.60	$4.32	$4.80	$4.88	$4.96	$5.08

This table shows T. Rowe Price Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	453	438	574	483	603	440	491	505	646	445	498
Consolidated Net Income / (Loss)	439	474	593	485	640	417	505	556	687	461	484
Net Income / (Loss) Continuing Operations	439	448	593	485	640	417	505	556	687	461	484
Total Pre-Tax Income	584	647	776	645	826	573	667	714	882	613	632
Total Operating Income	581	387	587	565	614	568	596	478	643	471	681
Total Gross Profit	1,034	907	1,041	1,072	1,107	1,115	1,099	996	1,179	1,173	1,197
Total Revenue	1,671	1,642	1,750	1,733	1,786	1,825	1,764	1,723	1,894	1,934	1,857
Operating Revenue	1,671	1,642	1,750	1,733	1,786	1,825	1,764	1,723	1,894	1,934	1,857
Total Cost of Revenue	636	735	709	661	678	710	665	728	714	762	660
Operating Cost of Revenue	636	735	709	661	678	710	665	728	714	762	660
Total Operating Expenses	453	545	455	508	494	547	503	517	536	702	517
Selling, General & Admin Expense	86	128	93	109	104	128	90	110	102	127	92
Marketing Expense	21	44	25	33	21	50	26	30	21	30	18
Amortization Expense	39	67	30	44	52	31	29	31	27	25	18
Other Operating Expenses / (Income)	308	315	307	322	331	337	359	347	358	371	378
Restructuring Charge	-	-	-	-	0.00	-	0.00	-	29	-	10
Total Other Income / (Expense), net	2.80	260	189	80	213	4.60	71	236	238	142	-48
Other Income / (Expense), net	2.80	260	189	80	213	4.60	71	236	238	142	-48
Income Tax Expense	145	173	182	160	186	156	162	158	195	153	148
Net Income / (Loss) Attributable to Noncontrolling Interest	-14	36	20	1.90	37	-23	15	51	40	15	-14
Basic Earnings per Share	$1.98	$1.90	$2.50	$2.11	$2.64	$1.93	$2.15	$2.24	$2.88	$1.99	$2.23
Weighted Average Basic Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Diluted Earnings per Share	$1.97	$1.90	$2.49	$2.11	$2.64	$1.91	$2.15	$2.24	$2.87	$1.98	$2.23
Weighted Average Diluted Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Weighted Average Basic & Diluted Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Cash Dividends to Common per Share	$1.22	-	$1.24	$1.24	$1.24	-	$1.27	$1.27	$1.27	-	$1.30

This table details how cash moves in and out of T. Rowe Price Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-334	98	735	-511	363	398	-632	251	269	569	704
Net Cash From Operating Activities	1,531	171	230	1,620	1,523	1,919	3,452	2,359	1,219	1,686	1,753
Net Cash From Continuing Operating Activities	1,531	171	230	1,620	1,523	1,919	3,452	2,359	1,219	1,686	1,753
Net Income / (Loss) Continuing Operations	1,223	1,254	1,581	1,769	2,249	2,523	3,099	1,450	1,836	2,136	2,208
Consolidated Net Income / (Loss)	1,223	1,254	1,581	1,769	2,249	2,523	3,099	1,450	1,836	2,136	2,208
Depreciation Expense	126	133	144	160	191	190	205	226	255	254	406
Amortization Expense	-	-	-	-	-	0.00	0.00	420	227	250	200
Non-Cash Adjustments To Reconcile Net Income	79	-1,220	1,583	555	-1,027	-885	81	584	-1,209	-947	-1,238
Changes in Operating Assets and Liabilities, net	102	3.40	-221	-112	110	91	67	-320	111	-7.90	178
Net Cash From Investing Activities	109	106	39	-876	-325	-36	-1,098	-42	128	-178	230
Net Cash From Continuing Investing Activities	109	106	39	-876	-325	-36	-1,098	-42	128	-178	230
Purchase of Property, Plant & Equipment	-151	-148	186	169	-205	-215	-239	-238	-308	-423	-274
Acquisitions	-	-	-	-	0.00	0.00	-2,451	-8.70	-57	-16	-63
Purchase of Investments	-165	-0.30	40	1,124	-240	-272	-48	-55	-85	-100	-113
Sale and/or Maturity of Investments	435	219	337	352	131	454	1,626	264	617	533	769
Other Investing Activities, net	-9.40	36	-57	-112	-12	-3.40	14	-3.70	-38	-172	-89
Net Cash From Financing Activities	-1,973	-176	462	-1,240	-833	-1,486	-2,989	-2,077	-1,079	-937	-1,277
Net Cash From Continuing Financing Activities	-1,973	-176	462	-1,240	-833	-1,486	-2,989	-2,077	-1,079	-937	-1,277
Repurchase of Common Equity	-988	-677	458	1,090	-706	-1,202	-1,139	-850	-254	-337	-621
Payment of Dividends	-1,059	374	563	694	-210	-846	-1,702	-1,107	-1,122	-1,136	-1,143
Issuance of Common Equity	-	-	1,483	545	83	3.90	-82	-36	-18	-33	-22
Other Financing Activities, net	74	126	-	-	-	558	-67	-84	316	570	509
Effect of Exchange Rate Changes	0.00	-2.10	-	-	-2.50	1.90	2.60	9.50	0.40	-2.40	-1.90

This table details how cash moves in and out of T. Rowe Price Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	344	-527	360	285	440	-516	175	243	553	-267	379
Net Cash From Operating Activities	470	-157	637	678	653	-282	633	530	609	-19	824
Net Cash From Continuing Operating Activities	470	-157	637	678	653	-282	633	530	609	-19	824
Net Income / (Loss) Continuing Operations	439	474	593	485	640	417	505	556	687	461	484
Consolidated Net Income / (Loss)	439	474	593	485	640	417	505	556	687	461	484
Depreciation Expense	64	73	63	64	62	66	64	69	71	202	69
Amortization Expense	68	61	51	73	72	54	49	67	49	34	34
Non-Cash Adjustments To Reconcile Net Income	-313	-456	-232	-72	-354	-195	-75	-340	-510	-314	-106
Changes in Operating Assets and Liabilities, net	212	-309	162	127	232	-623	90	177	312	-402	344
Net Cash From Investing Activities	174	90	-8.60	-85	-62	-23	-48	-9.00	38	249	60
Net Cash From Continuing Investing Activities	174	90	-8.60	-85	-62	-23	-48	-9.00	38	249	60
Purchase of Property, Plant & Equipment	-94	-82	-103	-103	-105	-113	-82	-62	-63	-67	-62
Acquisitions	-18	-21	-0.10	-13	-2.60	-0.10	3.70	-4.80	-35	-27	-0.50
Purchase of Investments	-8.50	-50	-4.50	-39	-46	-11	-74	-40	-21	22	-10
Sale and/or Maturity of Investments	297	246	96	115	92	230	120	104	250	296	83
Other Investing Activities, net	-3.00	-3.20	2.80	-45	-0.70	-129	-16	-5.30	-93	25	50
Net Cash From Financing Activities	-297	-461	-268	-308	-153	-208	-411	-276	-98	-492	-502
Net Cash From Continuing Financing Activities	-297	-461	-268	-308	-153	-208	-411	-276	-98	-492	-502
Repurchase of Common Equity	-91	-113	-83	-112	-74	-68	-215	-113	-154	-139	-334
Payment of Dividends	-280	-280	-287	-283	-281	-285	-290	-286	-283	-285	-289
Issuance of Common Equity	13	-44	14	2.10	12	-61	15	1.30	14	-53	0.10
Other Financing Activities, net	60	-25	88	86	190	206	78	122	325	-16	121
Effect of Exchange Rate Changes	-2.70	2.20	-0.80	-0.30	1.60	-2.90	0.90	-2.00	4.50	-5.30	-2.80

This table presents T. Rowe Price Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,107	6,225	7,535	7,689	9,330	10,659	12,509	11,643	12,279	13,472	14,342
Total Current Assets	1,618	1,660	2,468	1,975	2,428	3,015	2,581	2,504	2,875	3,527	4,309
Cash & Equivalents	1,172	1,205	1,903	1,425	1,782	2,152	1,523	1,756	2,067	2,650	3,378
Accounts Receivable	446	455	565	550	647	863	1,058	749	808	877	931
Plant, Property, & Equipment, net	607	615	652	661	674	695	736	756	807	977	845
Total Noncurrent Assets	2,882	3,950	4,415	5,053	6,228	6,949	9,191	8,383	8,598	8,968	9,187
Long-Term Investments	58	1,681	2,048	1,680	2,277	2,696	1,963	1,603	1,959	2,044	1,951
Goodwill	666	666	666	666	666	666	2,693	2,643	2,643	2,643	2,643
Intangible Assets	-	-	-	-	-	0.00	913	630	507	368	274
Other Noncurrent Operating Assets	2,158	1,604	1,701	2,707	3,285	3,588	3,622	3,507	3,488	3,913	4,319
Total Liabilities & Shareholders' Equity	5,107	6,225	7,535	7,689	9,330	10,659	12,509	11,643	12,279	13,472	14,342
Total Liabilities	345	529	718	825	1,107	1,390	2,255	1,956	1,988	2,022	2,289
Total Current Liabilities	192	220	285	283	246	273	509	453	489	441	408
Accounts Payable	171	181	216	229	215	188	431	407	423	354	353
Current Deferred & Payable Income Tax Liabilities	21	39	68	54	32	85	78	46	66	87	55
Total Noncurrent Liabilities	153	309	434	542	861	1,118	1,746	1,504	1,499	1,581	1,881
Noncurrent Employee Benefit Liabilities	153	93	109	123	112	134	257	228	241	1,241	1,413
Other Noncurrent Operating Liabilities	0.00	217	325	419	749	984	1,490	1,276	1,258	341	469
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	687	993	740	1,121	1,562	982	657	594	944	1,036
Total Equity & Noncontrolling Interests	4,762	5,009	5,824	6,124	7,102	7,707	9,271	9,030	9,697	10,506	11,017
Total Preferred & Common Equity	4,762	5,009	5,824	6,124	7,102	7,707	9,023	8,840	9,505	10,345	10,860
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,762	5,009	5,824	6,124	7,102	7,707	9,023	8,840	9,505	10,345	10,860
Common Stock	705	704	895	702	702	700	966	483	477	357	44
Retained Earnings	3,971	4,294	4,933	5,464	6,444	7,030	8,084	8,410	9,076	10,041	10,867
Accumulated Other Comprehensive Income / (Loss)	87	12	-3.60	-42	-43	-23	-27	-53	-48	-52	-51
Noncontrolling Interest	-	-	-	-	-	0.00	249	191	192	161	157

This table presents T. Rowe Price Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	12,621	12,557	12,279	12,854	13,090	13,706	13,472	13,994	14,342	14,730	14,393
Total Current Assets	3,011	3,331	2,875	3,300	3,562	4,064	3,527	3,771	3,921	4,534	4,640
Cash & Equivalents	2,250	2,579	2,067	2,417	2,715	3,174	2,650	2,837	3,059	3,635	3,730
Accounts Receivable	761	752	808	883	847	890	877	935	862	899	910
Plant, Property, & Equipment, net	771	799	807	846	885	930	977	996	988	981	819
Total Noncurrent Assets	8,839	8,427	8,598	8,708	8,644	8,712	8,968	9,227	9,433	9,215	8,935
Long-Term Investments	1,946	1,778	1,959	2,117	1,930	1,857	2,044	1,794	1,989	1,778	1,955
Goodwill	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643	2,643
Intangible Assets	577	542	507	482	442	395	368	344	317	295	261
Other Noncurrent Operating Assets	3,673	3,464	3,488	3,466	3,629	3,817	3,913	4,446	4,485	4,500	4,077
Total Liabilities & Shareholders' Equity	12,621	12,557	12,279	12,854	13,090	13,706	13,472	13,994	14,342	14,730	14,393
Total Liabilities	2,170	2,375	1,988	2,188	2,267	2,490	2,022	2,461	2,529	2,761	2,518
Total Current Liabilities	424	438	489	543	381	372	441	642	358	396	502
Accounts Payable	381	395	423	366	367	359	354	347	336	350	370
Current Deferred & Payable Income Tax Liabilities	42	42	66	177	14	13	87	295	22	47	132
Total Noncurrent Liabilities	1,747	1,938	1,499	1,645	1,886	2,117	1,581	1,819	2,171	2,365	2,016
Noncurrent Employee Benefit Liabilities	511	735	241	331	567	802	220	328	563	794	1,464
Other Noncurrent Operating Liabilities	1,235	1,203	1,258	1,314	1,320	1,316	1,362	1,491	1,608	1,571	552
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	985	560	594	677	689	763	944	977	1,099	985	940
Total Equity & Noncontrolling Interests	9,466	9,621	9,697	9,990	10,134	10,453	10,506	10,555	10,714	10,985	10,935
Total Preferred & Common Equity	9,264	9,400	9,505	9,784	9,929	10,249	10,345	10,395	10,561	10,815	10,778
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9,264	9,400	9,505	9,784	9,929	10,249	10,345	10,395	10,561	10,815	10,778
Common Stock	565	527	477	469	413	404	357	204	144	44	43
Retained Earnings	8,746	8,919	9,076	9,365	9,565	9,885	10,041	10,242	10,461	10,817	10,786
Accumulated Other Comprehensive Income / (Loss)	-48	-46	-48	-50	-49	-40	-52	-52	-45	-47	-52
Noncontrolling Interest	202	222	192	205	205	203	161	160	153	170	158

This table displays calculated financial ratios and metrics derived from T. Rowe Price Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.49%	2.00%	13.31%	10.66%	4.57%	10.48%	23.61%	-15.43%	-0.43%	9.80%	3.12%
EBITDA Growth	6.30%	-1.63%	26.50%	-3.95%	22.56%	10.06%	22.37%	-38.23%	14.57%	11.84%	4.73%
EBIT Growth	5.90%	-2.09%	27.78%	-4.81%	22.76%	10.76%	23.21%	-51.23%	27.83%	13.22%	1.98%
NOPAT Growth	-0.08%	-4.40%	20.05%	31.59%	4.70%	16.53%	34.67%	-38.63%	-17.10%	20.72%	-4.89%
Net Income Growth	-0.54%	2.53%	26.09%	11.86%	27.15%	12.20%	22.80%	-53.22%	26.63%	16.35%	3.39%
EPS Growth	1.76%	2.59%	25.68%	21.78%	19.67%	14.71%	31.46%	-48.93%	15.82%	17.91%	0.98%
Operating Cash Flow Growth	18.52%	-88.86%	34.60%	605.84%	-6.00%	26.02%	79.89%	-31.65%	-48.33%	38.27%	4.02%
Free Cash Flow Firm Growth	-173.25%	336.05%	-30.32%	-32.68%	66.37%	31.60%	-71.73%	315.12%	-30.80%	-16.39%	34.22%
Invested Capital Growth	121.19%	-20.43%	1.98%	31.15%	10.78%	6.17%	53.07%	-6.50%	-0.99%	7.84%	-0.48%
Revenue Q/Q Growth	-3.61%	4.62%	1.17%	0.14%	3.00%	4.45%	3.07%	-6.32%	1.86%	2.64%	1.52%
EBITDA Q/Q Growth	4.01%	2.93%	10.24%	-15.36%	13.65%	12.53%	-5.09%	-8.99%	2.45%	-2.61%	4.72%
EBIT Q/Q Growth	4.08%	3.05%	10.73%	-16.45%	14.02%	13.90%	-5.52%	-21.19%	11.56%	-2.55%	1.41%
NOPAT Q/Q Growth	-1.32%	7.94%	-3.94%	8.25%	4.01%	8.19%	2.49%	-22.71%	6.83%	8.37%	-3.68%
Net Income Q/Q Growth	-1.03%	5.34%	105.08%	-33.85%	16.70%	15.35%	-5.95%	-23.45%	11.14%	-2.60%	2.03%
EPS Q/Q Growth	0.43%	6.74%	95.10%	-29.07%	10.13%	11.88%	-0.83%	-23.08%	10.38%	0.11%	0.76%
Operating Cash Flow Q/Q Growth	4.20%	-57.91%	-10.04%	18.84%	-6.82%	-1.03%	11.62%	-17.39%	-1.79%	-6.88%	17.66%
Free Cash Flow Firm Q/Q Growth	-170.82%	2,481.45%	0.58%	2.75%	-10.37%	13.30%	-80.34%	1,432.95%	-4.01%	0.50%	24.72%
Invested Capital Q/Q Growth	169.91%	16.49%	13.27%	13.47%	19.59%	16.41%	73.38%	4.69%	7.57%	9.23%	2.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.63%	65.13%	65.71%	66.34%	64.95%	64.84%	68.94%	64.23%	58.62%	61.12%	60.79%
EBITDA Margin	50.68%	48.87%	54.56%	47.35%	55.50%	55.29%	54.74%	39.98%	46.00%	46.86%	47.59%
Operating Margin	45.21%	40.45%	43.44%	43.95%	42.49%	44.24%	48.36%	36.58%	30.74%	32.89%	29.92%
EBIT Margin	47.67%	45.75%	51.60%	44.38%	52.11%	52.24%	52.07%	30.03%	38.55%	39.75%	39.31%
Profit (Net Income) Margin	29.11%	29.27%	32.57%	32.92%	40.03%	40.65%	40.39%	22.34%	28.41%	30.11%	30.19%
Tax Burden Percent	61.08%	63.96%	63.12%	74.17%	76.83%	77.83%	77.57%	74.41%	73.71%	75.75%	76.80%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	38.92%	36.04%	36.88%	25.83%	23.17%	22.17%	22.43%	25.59%	26.29%	24.25%	23.20%
Return on Invested Capital (ROIC)	45.23%	34.96%	46.90%	52.87%	46.29%	49.78%	51.44%	26.97%	23.25%	27.15%	24.94%
ROIC Less NNEP Spread (ROIC-NNEP)	42.71%	27.90%	39.58%	52.39%	34.70%	41.10%	46.14%	36.22%	13.19%	18.70%	14.42%
Return on Net Nonoperating Assets (RNNOA)	-21.15%	-10.98%	-21.62%	-27.02%	-16.48%	-20.93%	-19.69%	-12.43%	-4.88%	-7.50%	-6.15%
Return on Equity (ROE)	24.08%	23.98%	25.27%	25.85%	29.81%	28.85%	31.74%	14.54%	18.38%	19.65%	18.79%
Cash Return on Invested Capital (CROIC)	-30.24%	57.72%	44.93%	25.92%	36.06%	43.79%	9.50%	33.69%	24.25%	19.60%	25.42%
Operating Return on Assets (OROA)	37.25%	34.60%	36.41%	31.33%	34.40%	32.44%	34.48%	16.13%	20.82%	21.90%	20.68%
Return on Assets (ROA)	22.75%	22.13%	22.98%	23.23%	26.43%	25.25%	26.75%	12.00%	15.35%	16.59%	15.88%
Return on Common Equity (ROCE)	24.08%	22.41%	21.88%	22.58%	26.13%	24.43%	27.20%	13.02%	16.87%	17.94%	16.95%
Return on Equity Simple (ROE_SIMPLE)	25.68%	25.04%	27.15%	28.88%	31.67%	32.74%	34.34%	16.40%	19.31%	20.64%	0.00%
Net Operating Profit after Tax (NOPAT)	1,160	1,109	1,331	1,751	1,834	2,137	2,878	1,766	1,464	1,767	1,681
NOPAT Margin	27.61%	25.88%	27.42%	32.60%	32.64%	34.43%	37.51%	27.22%	22.66%	24.92%	22.98%
Net Nonoperating Expense Percent (NNEP)	2.51%	7.06%	7.32%	0.49%	11.59%	8.68%	5.30%	-9.25%	10.06%	8.45%	10.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.56%	15.10%	16.82%	15.26%
Cost of Revenue to Revenue	34.37%	34.87%	34.29%	33.66%	35.05%	35.16%	31.06%	35.77%	41.38%	38.88%	39.21%
SG&A Expenses to Revenue	8.13%	5.09%	5.76%	5.51%	5.73%	5.09%	5.00%	6.35%	6.52%	6.12%	6.04%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.43%	24.68%	22.27%	22.67%	22.46%	20.60%	20.58%	27.65%	27.87%	28.23%	30.87%
Earnings before Interest and Taxes (EBIT)	2,002	1,961	2,505	2,385	2,927	3,242	3,995	1,948	2,490	2,820	2,876
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,129	2,094	2,649	2,544	3,118	3,432	4,199	2,594	2,972	3,324	3,481
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.86	2.86	3.51	2.99	3.40	3.89	4.45	2.52	2.42	2.43	2.06
Price to Tangible Book Value (P/TBV)	3.33	3.30	3.96	3.36	3.75	4.25	7.41	4.00	3.63	3.43	2.81
Price to Revenue (P/Rev)	3.24	3.34	4.21	3.41	4.30	4.83	5.23	3.44	3.57	3.54	3.05
Price to Earnings (P/E)	11.14	11.79	13.65	9.97	11.32	12.63	13.01	14.31	12.88	11.96	10.71
Dividend Yield	7.52%	3.67%	2.70%	3.68%	2.94%	2.72%	4.10%	4.81%	4.73%	4.39%	4.96%
Earnings Yield	8.98%	8.48%	7.33%	10.03%	8.83%	7.92%	7.68%	6.99%	7.76%	8.36%	9.34%
Enterprise Value to Invested Capital (EV/IC)	3.51	4.32	6.10	4.25	5.09	6.03	5.59	3.13	3.16	3.19	2.71
Enterprise Value to Revenue (EV/Rev)	2.95	2.83	3.60	2.97	3.77	4.30	4.94	3.05	3.07	3.04	2.49
Enterprise Value to EBITDA (EV/EBITDA)	5.82	5.79	6.60	6.27	6.80	7.77	9.02	7.63	6.66	6.48	5.23
Enterprise Value to EBIT (EV/EBIT)	6.19	6.19	6.98	6.69	7.24	8.23	9.48	10.15	7.95	7.64	6.33
Enterprise Value to NOPAT (EV/NOPAT)	10.69	10.94	13.14	9.11	11.56	12.48	13.16	11.20	13.52	12.18	10.83
Enterprise Value to Operating Cash Flow (EV/OCF)	8.10	71.14	76.21	9.85	13.92	13.90	10.97	8.38	16.24	12.78	10.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.63	13.71	18.59	14.84	14.19	71.25	8.97	12.97	16.87	10.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.50	-0.39	-0.55	-0.52	-0.47	-0.51	-0.43	-0.34	-0.37	-0.40	-0.43
Leverage Ratio	1.06	1.08	1.10	1.11	1.13	1.14	1.19	1.21	1.20	1.18	1.18
Compound Leverage Factor	1.06	1.08	1.10	1.11	1.13	1.14	1.19	1.21	1.20	1.18	1.18
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	12.07%	14.56%	10.78%	13.63%	16.85%	12.01%	8.75%	7.64%	9.65%	9.90%
Common Equity to Total Capital	100.00%	87.94%	85.44%	89.22%	86.37%	83.15%	87.99%	91.25%	92.36%	90.35%	90.10%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	27.24	19.21	20.09	16.32	15.96	15.75	13.44	9.17	9.42	9.99	8.42
Noncontrolling Interest Sharing Ratio	0.00%	6.57%	13.43%	12.67%	12.34%	15.34%	14.31%	10.42%	8.18%	8.70%	9.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.44	7.54	8.67	6.99	9.86	11.06	5.07	5.53	5.88	8.01	10.57
Quick Ratio	8.44	7.54	8.67	6.99	9.86	11.06	5.07	5.53	5.88	8.01	10.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-775	1,830	1,275	859	1,428	1,880	531	2,206	1,527	1,276	1,713
Operating Cash Flow to CapEx	1,011.57%	114.97%	0.00%	0.00%	744.23%	894.18%	1,443.75%	993.01%	395.94%	398.11%	639.46%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.76	0.71	0.71	0.66	0.62	0.66	0.54	0.54	0.55	0.53
Accounts Receivable Turnover	9.45	9.51	9.52	9.64	9.39	8.22	7.99	7.18	8.30	8.42	8.09
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.04	7.01	7.66	8.18	8.41	9.06	10.72	8.70	8.27	7.95	8.03
Accounts Payable Turnover	9.19	8.50	8.39	8.13	8.89	10.85	7.70	5.54	6.45	7.10	8.12
Days Sales Outstanding (DSO)	38.62	38.38	38.36	37.87	38.86	44.39	45.71	50.83	43.97	43.36	45.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.70	42.93	43.52	44.87	41.06	33.63	47.38	65.87	56.63	51.38	44.94
Cash Conversion Cycle (CCC)	-1.08	-4.55	-5.16	-7.00	-2.20	10.76	-1.68	-15.05	-12.66	-8.02	0.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,532	2,810	2,866	3,759	4,164	4,422	6,768	6,328	6,265	6,756	6,724
Invested Capital Turnover	1.64	1.35	1.71	1.62	1.42	1.45	1.37	0.99	1.03	1.09	1.09
Increase / (Decrease) in Invested Capital	1,935	-722	56	893	405	257	2,346	-440	-63	491	-32
Enterprise Value (EV)	12,394	12,129	17,489	15,963	21,196	26,674	37,863	19,782	19,801	21,535	18,207
Market Capitalization	13,624	14,327	20,448	18,328	24,134	29,960	40,118	22,293	23,041	25,124	22,343
Book Value per Share	$18.96	$20.57	$24.04	$25.45	$30.39	$34.04	$40.15	$39.56	$42.53	$46.57	$49.76
Tangible Book Value per Share	$16.31	$17.84	$21.29	$22.68	$27.54	$31.10	$24.10	$24.91	$28.44	$33.01	$36.40
Total Capital	4,762	5,696	6,817	6,865	8,223	9,269	10,254	9,687	10,291	11,450	12,053
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,230	-2,885	-3,951	-3,106	-4,059	-4,847	-3,486	-3,359	-4,026	-4,694	-5,329
Capital Expenditures (CapEx)	151	148	-186	-169	205	215	239	238	308	423	274
Debt-free, Cash-free Net Working Capital (DFCFNWC)	254	235	281	267	400	590	549	296	319	437	524
Debt-free Net Working Capital (DFNWC)	1,427	1,440	2,184	1,692	2,182	2,742	2,073	2,052	2,385	3,087	3,902
Net Working Capital (NWC)	1,427	1,440	2,184	1,692	2,182	2,742	2,073	2,052	2,385	3,087	3,902
Net Nonoperating Expense (NNE)	-63	-145	-250	-17	-415	-386	-221	317	-372	-368	-527
Net Nonoperating Obligations (NNO)	-1,230	-2,885	-3,951	-3,106	-4,059	-4,847	-3,486	-3,359	-4,026	-4,694	-5,329
Total Depreciation and Amortization (D&A)	126	133	144	160	191	190	205	646	482	504	606
Debt-free, Cash-free Net Working Capital to Revenue	6.05%	5.48%	5.78%	4.97%	7.13%	9.51%	7.16%	4.56%	4.93%	6.16%	7.16%
Debt-free Net Working Capital to Revenue	33.96%	33.60%	44.98%	31.50%	38.84%	44.18%	27.01%	31.62%	36.92%	43.51%	53.34%
Net Working Capital to Revenue	33.96%	33.60%	44.98%	31.50%	38.84%	44.18%	27.01%	31.62%	36.92%	43.51%	53.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.74	$0.00	$6.07	$7.41	$8.82	$10.08	$13.25	$6.73	$7.78	$9.18	$9.26
Adjusted Weighted Average Basic Shares Outstanding	248.18M	0.00	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Adjusted Diluted Earnings per Share	$4.63	$0.00	$5.97	$7.27	$8.70	$9.98	$13.12	$6.70	$7.76	$9.15	$9.24
Adjusted Weighted Average Diluted Shares Outstanding	248.18M	0.00	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	248.18M	0.00	244.44M	236.26M	236.04M	227.95M	228.09M	224.40M	223.66M	222.63M	218.07M
Normalized Net Operating Profit after Tax (NOPAT)	1,160	1,109	1,331	1,751	1,834	2,137	2,878	1,646	1,403	1,757	1,817
Normalized NOPAT Margin	27.61%	25.88%	27.42%	32.60%	32.64%	34.43%	37.51%	25.37%	21.72%	24.77%	24.84%
Pre Tax Income Margin	47.67%	45.75%	51.60%	44.38%	52.11%	52.24%	52.07%	30.03%	38.55%	39.75%	39.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.59%	-29.84%	-35.61%	-39.25%	9.35%	33.52%	54.93%	76.39%	61.10%	53.17%	51.76%
Augmented Payout Ratio	167.36%	24.14%	-64.58%	-100.90%	40.73%	81.15%	91.67%	135.02%	74.96%	68.96%	79.88%

This table displays calculated financial ratios and metrics derived from T. Rowe Price Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	218,072,901.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	218,072,901.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.19%	7.73%	13.83%	7.65%	6.88%	11.11%	0.78%	-0.58%	6.04%	6.01%	5.28%
EBITDA Growth	19.19%	10.01%	22.34%	4.48%	34.26%	-11.39%	-12.30%	8.76%	4.29%	22.65%	-5.73%
EBIT Growth	18.77%	66.38%	25.16%	0.83%	41.43%	-11.42%	-13.99%	10.67%	6.72%	7.00%	-5.22%
NOPAT Growth	4.56%	50.36%	30.04%	5.87%	8.83%	45.82%	0.60%	-12.30%	5.30%	-14.40%	15.40%
Net Income Growth	22.75%	63.54%	34.34%	0.85%	45.81%	-12.01%	-14.88%	14.59%	7.20%	10.54%	-4.16%
EPS Growth	18.67%	62.39%	36.07%	2.43%	34.01%	0.53%	-13.65%	6.16%	8.71%	3.66%	3.72%
Operating Cash Flow Growth	-38.77%	-16.42%	24.55%	71.66%	38.83%	-79.10%	-0.69%	-21.81%	-6.62%	93.37%	30.24%
Free Cash Flow Firm Growth	138.14%	-44.93%	-26.61%	8.96%	-82.52%	-122.44%	-166.73%	-142.63%	12.61%	597.32%	488.22%
Invested Capital Growth	-3.64%	-0.99%	-0.43%	-1.23%	6.19%	7.84%	12.53%	9.49%	6.01%	-0.48%	-10.29%
Revenue Q/Q Growth	3.76%	-1.72%	6.59%	-0.97%	3.02%	2.18%	-3.32%	-2.30%	9.88%	2.14%	-3.99%
EBITDA Q/Q Growth	-4.41%	9.20%	13.77%	-12.03%	22.84%	-27.93%	12.61%	9.09%	17.79%	-15.24%	-13.45%
EBIT Q/Q Growth	-8.69%	10.75%	19.88%	-16.83%	28.08%	-30.64%	16.40%	7.02%	23.51%	-30.46%	3.12%
NOPAT Q/Q Growth	8.92%	-35.15%	58.34%	-5.34%	11.95%	-13.10%	9.24%	-17.48%	34.41%	-29.35%	47.26%
Net Income Q/Q Growth	-8.73%	7.83%	25.30%	-18.22%	31.96%	-34.93%	21.21%	10.10%	23.45%	-32.91%	5.10%
EPS Q/Q Growth	-4.37%	-3.55%	31.05%	-15.26%	25.12%	-27.65%	12.57%	4.19%	28.13%	-31.01%	12.63%
Operating Cash Flow Q/Q Growth	19.05%	-133.49%	504.89%	6.34%	-3.72%	-143.20%	324.51%	-16.27%	14.98%	-103.07%	4,508.02%
Free Cash Flow Firm Q/Q Growth	42.74%	-47.34%	37.33%	5.56%	-77.10%	-167.60%	-308.45%	32.56%	160.48%	198.51%	218.84%
Invested Capital Q/Q Growth	-6.89%	7.57%	-2.12%	0.75%	0.11%	9.23%	2.14%	-1.97%	-3.08%	2.55%	-7.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.91%	55.21%	59.49%	61.86%	62.01%	61.11%	62.33%	57.77%	62.28%	60.62%	64.48%
EBITDA Margin	42.83%	47.58%	50.79%	45.12%	53.80%	37.94%	44.20%	49.35%	52.91%	43.90%	39.57%
Operating Margin	34.79%	23.58%	33.52%	32.58%	34.36%	31.15%	33.81%	27.75%	33.97%	24.35%	36.65%
EBIT Margin	34.96%	39.40%	44.31%	37.21%	46.26%	31.41%	37.81%	41.42%	46.56%	31.70%	34.04%
Profit (Net Income) Margin	26.29%	28.84%	33.90%	28.00%	35.86%	22.84%	28.64%	32.27%	36.26%	23.81%	26.07%
Tax Burden Percent	75.19%	73.21%	76.52%	75.24%	77.52%	72.72%	75.73%	77.91%	77.87%	75.13%	76.57%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.81%	26.79%	23.48%	24.76%	22.48%	27.28%	24.27%	22.09%	22.13%	24.87%	23.43%
Return on Invested Capital (ROIC)	27.96%	17.71%	27.85%	26.80%	30.66%	24.68%	27.92%	23.71%	29.91%	19.85%	31.75%
ROIC Less NNEP Spread (ROIC-NNEP)	27.91%	12.56%	24.43%	25.43%	27.15%	24.61%	26.75%	19.93%	26.36%	17.72%	32.47%
Return on Net Nonoperating Assets (RNNOA)	-11.24%	-4.64%	-9.95%	-10.57%	-11.91%	-9.87%	-11.04%	-8.53%	-11.87%	-7.56%	-14.31%
Return on Equity (ROE)	16.72%	13.07%	17.90%	16.23%	18.75%	14.81%	16.88%	15.18%	18.04%	12.30%	17.44%
Cash Return on Invested Capital (CROIC)	26.80%	24.25%	25.95%	26.85%	21.15%	19.60%	15.36%	17.51%	21.56%	25.42%	37.58%
Operating Return on Assets (OROA)	18.07%	21.28%	23.64%	19.67%	24.35%	17.30%	20.02%	21.43%	23.59%	16.67%	17.77%
Return on Assets (ROA)	13.58%	15.58%	18.09%	14.80%	18.88%	12.58%	15.16%	16.70%	18.37%	12.53%	13.61%
Return on Common Equity (ROCE)	15.40%	12.00%	16.25%	14.64%	17.22%	13.53%	15.34%	13.74%	16.39%	11.09%	15.78%
Return on Equity Simple (ROE_SIMPLE)	17.57%	0.00%	20.31%	20.06%	21.39%	0.00%	19.70%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	437	283	449	425	476	413	452	373	501	354	521
NOPAT Margin	26.16%	17.26%	25.65%	24.51%	26.64%	22.66%	25.60%	21.62%	26.45%	18.30%	28.06%
Net Nonoperating Expense Percent (NNEP)	0.05%	5.15%	3.42%	1.37%	3.51%	0.08%	1.17%	3.79%	3.56%	2.13%	-0.72%
Return On Investment Capital (ROIC_SIMPLE)	-	2.92%	-	-	-	3.93%	4.28%	3.48%	4.56%	3.21%	4.77%
Cost of Revenue to Revenue	38.09%	44.79%	40.51%	38.14%	37.99%	38.89%	37.67%	42.23%	37.72%	39.38%	35.53%
SG&A Expenses to Revenue	5.13%	7.80%	5.29%	6.27%	5.84%	7.03%	5.86%	6.35%	5.37%	6.59%	4.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.11%	33.22%	25.97%	29.28%	27.65%	29.96%	28.52%	30.02%	28.31%	36.27%	27.83%
Earnings before Interest and Taxes (EBIT)	584	647	776	645	826	573	667	714	882	613	632
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	716	781	889	782	961	692	780	851	1,002	849	735
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.39	2.42	2.78	2.59	2.37	2.43	1.97	2.01	2.09	2.06	1.82
Price to Tangible Book Value (P/TBV)	3.62	3.63	4.09	3.76	3.36	3.43	2.76	2.80	2.86	2.81	2.50
Price to Revenue (P/Rev)	3.55	3.57	4.08	3.79	3.51	3.54	2.88	3.00	3.13	3.05	2.65
Price to Earnings (P/E)	13.90	12.88	14.04	13.22	11.56	11.96	10.14	10.43	10.83	10.71	9.38
Dividend Yield	4.85%	4.73%	4.02%	4.27%	4.54%	4.39%	5.43%	5.20%	4.92%	4.96%	5.67%
Earnings Yield	7.19%	7.76%	7.12%	7.57%	8.65%	8.36%	9.86%	9.59%	9.23%	9.34%	10.66%
Enterprise Value to Invested Capital (EV/IC)	3.25	3.16	3.85	3.56	3.26	3.19	2.46	2.58	2.79	2.71	2.43
Enterprise Value to Revenue (EV/Rev)	2.98	3.07	3.54	3.24	2.92	3.04	2.39	2.46	2.54	2.49	2.03
Enterprise Value to EBITDA (EV/EBITDA)	6.52	6.66	7.53	6.94	5.91	6.48	5.28	5.32	5.50	5.23	4.39
Enterprise Value to EBIT (EV/EBIT)	8.47	7.95	8.92	8.30	6.98	7.64	6.26	6.28	6.45	6.33	5.31
Enterprise Value to NOPAT (EV/NOPAT)	13.80	13.52	15.04	13.82	12.38	12.18	9.58	10.16	10.48	10.83	8.61
Enterprise Value to Operating Cash Flow (EV/OCF)	15.23	16.24	17.55	13.52	11.15	12.78	10.09	11.39	12.28	10.38	7.75
Enterprise Value to Free Cash Flow (EV/FCFF)	11.89	12.97	14.79	13.18	15.89	16.87	16.95	15.41	13.32	10.63	6.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.40	-0.37	-0.41	-0.42	-0.44	-0.40	-0.41	-0.43	-0.45	-0.43	-0.44
Leverage Ratio	1.24	1.20	1.21	1.21	1.23	1.18	1.21	1.21	1.23	1.18	1.21
Compound Leverage Factor	1.24	1.20	1.21	1.21	1.23	1.18	1.21	1.21	1.23	1.18	1.21
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.68%	7.64%	8.27%	8.26%	8.62%	9.65%	9.86%	10.60%	9.65%	9.90%	9.24%
Common Equity to Total Capital	92.32%	92.36%	91.73%	91.74%	91.38%	90.35%	90.14%	89.40%	90.35%	90.10%	90.76%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.61	8.92	9.47	8.81	7.88	9.44	6.94	7.02	6.95	7.90	6.74
Noncontrolling Interest Sharing Ratio	7.90%	8.18%	9.21%	9.78%	8.17%	8.70%	9.10%	9.48%	9.15%	9.78%	9.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.61	5.88	6.07	9.35	10.91	8.01	5.87	10.95	11.44	10.57	9.24
Quick Ratio	7.61	5.88	6.07	9.35	10.91	8.01	5.87	10.95	11.44	10.57	9.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	657	346	475	502	115	-78	-317	-214	129	386	1,231
Operating Cash Flow to CapEx	502.14%	-192.19%	621.76%	656.05%	623.81%	-249.47%	771.83%	851.93%	962.56%	-28.04%	1,329.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.54	0.53	0.53	0.53	0.55	0.53	0.52	0.51	0.53	0.52
Accounts Receivable Turnover	8.49	8.30	8.27	8.45	8.42	8.42	7.82	8.31	8.05	8.09	8.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.17	8.27	8.30	8.21	7.99	7.95	7.72	7.58	7.54	8.03	8.17
Accounts Payable Turnover	6.75	6.45	7.51	7.33	7.38	7.10	7.61	7.91	7.95	8.12	7.99
Days Sales Outstanding (DSO)	42.97	43.97	44.12	43.19	43.36	43.36	46.67	43.94	45.32	45.12	45.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	54.07	56.63	48.57	49.82	49.45	51.38	47.99	46.13	45.92	44.94	45.67
Cash Conversion Cycle (CCC)	-11.10	-12.66	-4.45	-6.63	-6.09	-8.02	-1.32	-2.19	-0.60	0.19	-0.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,825	6,265	6,133	6,179	6,185	6,756	6,901	6,765	6,557	6,724	6,191
Invested Capital Turnover	1.07	1.03	1.09	1.09	1.15	1.09	1.09	1.10	1.13	1.09	1.13
Increase / (Decrease) in Invested Capital	-220	-63	-26	-77	361	491	769	587	372	-32	-710
Enterprise Value (EV)	18,910	19,801	23,594	21,999	20,184	21,535	16,960	17,465	18,294	18,207	15,071
Market Capitalization	22,485	23,041	27,246	25,749	24,248	25,124	20,453	21,261	22,552	22,343	19,657
Book Value per Share	$41.91	$42.53	$43.82	$44.46	$46.04	$46.57	$46.69	$47.93	$49.22	$49.76	$49.42
Tangible Book Value per Share	$27.71	$28.44	$29.82	$30.65	$32.40	$33.01	$33.28	$34.50	$35.85	$36.40	$36.11
Total Capital	10,182	10,291	10,666	10,823	11,216	11,450	11,532	11,813	11,969	12,053	11,875
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-4,357	-4,026	-4,534	-4,645	-5,031	-4,694	-4,631	-5,048	-5,413	-5,329	-5,684
Capital Expenditures (CapEx)	94	82	103	103	105	113	82	62	63	67	62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	314	319	340	466	518	437	292	504	503	524	408
Debt-free Net Working Capital (DFNWC)	2,893	2,385	2,756	3,181	3,691	3,087	3,129	3,563	4,138	3,902	4,138
Net Working Capital (NWC)	2,893	2,385	2,756	3,181	3,691	3,087	3,129	3,563	4,138	3,902	4,138
Net Nonoperating Expense (NNE)	-2.11	-190	-145	-60	-165	-3.35	-54	-183	-186	-107	37
Net Nonoperating Obligations (NNO)	-4,357	-4,026	-4,534	-4,645	-5,031	-4,694	-4,631	-5,048	-5,413	-5,329	-5,684
Total Depreciation and Amortization (D&A)	131	134	113	137	135	119	113	137	120	236	103
Debt-free, Cash-free Net Working Capital to Revenue	4.96%	4.93%	5.09%	6.86%	7.49%	6.16%	4.11%	7.10%	6.98%	7.16%	5.51%
Debt-free Net Working Capital to Revenue	45.61%	36.92%	41.30%	46.81%	53.41%	43.51%	44.03%	50.20%	57.43%	53.34%	55.86%
Net Working Capital to Revenue	45.61%	36.92%	41.30%	46.81%	53.41%	43.51%	44.03%	50.20%	57.43%	53.34%	55.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.98	$1.90	$2.50	$2.11	$2.64	$1.93	$2.15	$2.24	$2.88	$1.99	$2.23
Adjusted Weighted Average Basic Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Adjusted Diluted Earnings per Share	$1.97	$1.90	$2.49	$2.11	$2.64	$1.91	$2.15	$2.24	$2.87	$1.98	$2.23
Adjusted Weighted Average Diluted Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	223.47M	223.66M	223.30M	222.60M	222.16M	222.63M	220.32M	219.72M	218.24M	218.07M	214.27M
Normalized Net Operating Profit after Tax (NOPAT)	437	276	449	425	465	413	452	373	523	354	529
Normalized NOPAT Margin	26.16%	16.84%	25.65%	24.51%	26.06%	22.66%	25.60%	21.62%	27.62%	18.30%	28.47%
Pre Tax Income Margin	34.96%	39.40%	44.31%	37.21%	46.26%	31.41%	37.81%	41.42%	46.56%	31.70%	34.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.63%	61.10%	56.66%	56.69%	51.57%	53.17%	55.61%	53.86%	52.81%	51.76%	52.24%
Augmented Payout Ratio	83.56%	74.96%	73.23%	76.75%	69.00%	68.96%	78.53%	76.05%	78.22%	79.88%	86.03%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Price T Rowe Group Inc (TROW) based on the last four years of quarterly statements. The items are grouped with positive first, then neutral, then negative.

Revenue trend upward: Operating revenue rose to about $1.93B in Q4 2025 from about $1.52B in Q4 2022 (roughly a 27% four-year increase).
Gross margin remains healthy: Gross profit was roughly $1.17B on $1.93B revenue in Q4 2025, indicating a gross margin near 60% across recent periods.
Strong cash flow from operations in key quarters: Notable cash generation in recent quarters, e.g., around $609M in Q3 2025 and about $633M in Q1 2025 (plus solid results in Q2 2025).
Very solid liquidity: For example, in Q3 2025 total current assets were about $4.53B vs. total current liabilities about $0.40B, suggesting a current ratio well above 10x.
Seasonality and quarterly cash-flow variability: Q4 2025 showed a negative net cash from continuing operating activities (roughly -$18.7M) driven by working capital movements and large non-cash adjustments, illustrating typical quarterly volatility.
Other income/expense items vary by quarter: Net other income/expense fluctuates (roughly $238M in some recent quarters), contributing to earnings variability.
Quarterly operating cash flow weakness in Q4 2025: Despite four-year strength, Q4 2025 showed negative net cash from continuing operating activities, signaling a temporary cash conversion dip.
Net cash impact from financing activities in Q4 2025: Financing activities posted a sizeable net outflow (about -$491.8M), reflecting dividends and share repurchases that reduced cash reserves in the quarter.
Non-cash adjustments dampening cash flow: Large negative non-cash adjustments in Q4 2025 (around -$313.5M) reduced reported cash flow from net income.
Seasonal capex and investing activity: Capital expenditures and investing activity in some quarters (e.g., purchases of PPE) modestly compress free cash flow, contributing to quarterly variability.

05/22/26 12:54 PM ETAI Generated. May Contain Errors.

T. Rowe Price Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, T. Rowe Price Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

T. Rowe Price Group's net income appears to be on an upward trend, with a most recent value of $2.21 billion in 2025, rising from $1.22 billion in 2015. The previous period was $2.14 billion in 2024. Find out what analysts predict for T. Rowe Price Group in the coming months.

T. Rowe Price Group's total operating income in 2025 was $2.19 billion, based on the following breakdown:

Total Gross Profit: $4.45 billion
Total Operating Expenses: $2.26 billion

Over the last 10 years, T. Rowe Price Group's total revenue changed from $4.20 billion in 2015 to $7.31 billion in 2025, a change of 74.1%.

T. Rowe Price Group's total liabilities were at $2.29 billion at the end of 2025, a 13.2% increase from 2024, and a 563.6% increase since 2015.

In the past 10 years, T. Rowe Price Group's cash and equivalents has ranged from $1.17 billion in 2015 to $3.38 billion in 2025, and is currently $3.38 billion as of their latest financial filing in 2025.

Over the last 10 years, T. Rowe Price Group's book value per share changed from 18.96 in 2015 to 49.76 in 2025, a change of 162.4%.

Related Companies

Financial statements for NASDAQ:TROW last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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T. Rowe Price Group (TROW) Financials

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T. Rowe Price Group (TROW) Financials

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