T. Rowe Price Group, Inc.

TROW · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$22,343	$25,124	$24,066	$24,371	$45,070	$34,698	$27,926	$21,160	$24,050	$17,249	$16,385	$22,289	$21,638	$16,501	$14,556	$16,600	$13,627	$9,190	$16,121	$11,547	$9,384	$7,925	$5,850	$3,350	$4,280	$5,121	$4,444	$4,086	$3,661	$2,492	$1,431	$866	$861	$678	$657	$348	$447	$250	$146	$217	$171
Enterprise value	$18,031	$20,870	$22,499	$23,136	$44,044	$32,701	$27,411	$20,475	$23,444	$17,089	$15,213	$20,783	$20,240	$15,486	$13,460	$15,787	$12,883	$8,570	$15,336	$10,814	$8,202	$7,096	$5,614	$3,078	$4,181	$5,162	$4,288	–	–	–	–	$774	$789	$667	$654	$357	$435	$253	$148	$219	$173
P/E (TTM) at period end	10.97×	12.29×	13.80×	16.01×	15.01×	15.04×	13.45×	11.80×	16.43×	14.50×	13.58×	18.34×	20.84×	18.79×	18.91×	24.80×	31.54×	18.77×	24.07×	21.80×	21.77×	23.50×	25.77×	17.27×	21.84×	19.04×	18.56×	23.47×	25.35×	25.30×	18.95×	14.15×	17.71×	18.93×	21.62×	16.67×	15.04×	9.39×	7.35×	14.66×	20.12×
P/S (TTM) at period end	3.05×	3.54×	3.73×	3.76×	5.87×	5.59×	4.97×	3.94×	4.95×	4.03×	3.90×	5.60×	6.21×	5.46×	5.30×	7.02×	7.30×	4.34×	7.23×	6.36×	6.21×	6.21×	5.86×	3.63×	4.30×	4.44×	4.29×	4.61×	4.85×	4.25×	3.26×	2.26×	2.78×	2.77×	3.20×	2.05×	2.80×	1.76×	1.11×	1.95×	2.01×
P/B at period end	2.06×	2.43×	2.53×	2.76×	5.00×	4.50×	3.93×	3.46×	4.13×	3.44×	3.44×	4.13×	4.49×	4.29×	4.26×	5.04×	4.73×	3.69×	5.80×	4.76×	4.61×	4.67×	4.40×	2.95×	3.97×	5.17×	5.77×	6.65×	7.52×	7.21×	5.22×	4.01×	4.39×	4.40×	4.96×	3.11×	4.41×	3.15×	2.53×	5.29×	6.48×
EV / EBITDA (TTM)	6.95×	8.07×	10.04×	7.66×	11.25×	11.14×	10.63×	8.12×	10.41×	9.15×	7.51×	10.38×	11.71×	10.72×	10.36×	14.36×	16.79×	9.41×	14.60×	12.98×	11.76×	12.55×	13.68×	8.28×	10.68×	11.16×	9.56×	–	–	–	–	1.57×	1.76×	1.83×	2.22×	1.43×	1.92×	–	–	–	–
EV / Sales (TTM)	2.47×	2.94×	3.48×	3.57×	5.74×	5.27×	4.88×	3.81×	4.83×	3.99×	3.62×	5.22×	5.81×	5.12×	4.90×	6.68×	6.90×	4.05×	6.88×	5.96×	5.42×	5.56×	5.62×	3.33×	4.20×	4.47×	4.14×	–	–	–	–	2.02×	2.55×	2.72×	3.19×	2.10×	2.72×	1.78×	1.12×	1.97×	2.03×
Returns
Return on equity	18.8%	19.8%	18.4%	17.2%	33.3%	29.9%	29.2%	29.3%	25.1%	23.7%	25.3%	22.5%	21.6%	22.8%	22.5%	20.3%	15.0%	19.7%	24.1%	21.8%	21.2%	19.9%	17.1%	17.1%	18.2%	27.1%	31.1%	28.3%	29.7%	28.5%	27.5%	28.3%	24.8%	23.2%	22.9%	18.7%	29.3%	33.5%	34.4%	36.1%	32.2%
Return on invested capital	19.8%	21.7%	18.4%	23.2%	36.0%	37.4%	33.5%	37.3%	31.5%	26.6%	32.3%	29.8%	29.5%	28.3%	30.1%	26.2%	20.6%	28.0%	31.2%	28.7%	33.7%	27.7%	20.8%	18.7%	16.7%	20.7%	30.6%	29.1%	101.3%	112.0%	110.1%	111.5%	115.5%	122.6%	112.6%	104.8%	130.5%	174.6%	206.7%	221.9%	271.6%
Dividend yield	5.1%	4.5%	4.7%	4.5%	3.8%	2.4%	2.6%	3.3%	2.3%	3.1%	6.5%	2.1%	1.8%	3.7%	2.2%	1.7%	1.9%	3.4%	1.1%	1.3%	1.3%	1.2%	1.4%	2.3%	1.7%	1.2%	1.1%	1.0%	0.8%	1.0%	1.3%	1.7%	1.4%	1.5%	1.4%	2.5%	1.5%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	5.93×	4.61×	3.67×	4.45×	7.96×	7.53×	2.95×	9.66×	3.09×	7.07×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.04×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.05×	0.10×	0.32×	0.02×	–	–	–	–	0.06×	0.09×	0.09×	0.12×	0.20×	0.03×	0.04×	0.03×	0.04×	0.07×
Effective tax rate	23.2%	24.3%	26.3%	25.6%	22.4%	22.2%	23.2%	25.8%	36.9%	36.0%	38.9%	38.6%	38.4%	38.4%	38.2%	37.2%	37.1%	38.4%	37.7%	38.3%	36.6%	36.8%	37.8%	37.3%	40.9%	38.2%	37.4%	37.9%	41.2%	42.4%	41.5%	43.2%	41.9%	39.9%	39.8%	40.6%	37.3%	39.8%	45.8%	50.5%	49.7%
Share count
Diluted shares outstanding	220	223	225	227	229	231	239	247	245	250	261	267	266	261	263	265	262	270	279	279	273	268	258	255	258	259	259	260	256	246	248	245	249	239	234	232	238	231	234	228	212

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$7,592	$7,315	$7,094	$6,460	$6,488	$7,672	$6,207	$5,618	$5,373	$4,855	$4,285	$4,201	$3,982	$3,484	$3,022	$2,745	$2,364	$1,867	$2,116	$2,228	$1,815	$1,512	$1,277	$999	$924	$995	$1,154	$1,036	$886	$755	$586	$439	$382	$310	$245	$205	$170	$160	$142	$132	$111	$85
Cost of revenue	($2,221)	($2,731)	($3,410)	($3,254)	($2,922)	($2,993)	($2,616)	($2,385)	($2,247)	($2,074)	($1,867)	($1,595)	($1,473)	($1,274)	($1,144)	($1,044)	($904)	($102)	($102)	($92)	($190)	($174)	($153)	($143)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$5,371	$4,584	$3,684	$3,206	$3,566	$4,679	$3,590	$3,233	$3,126	$2,781	$2,418	$2,606	$2,509	$2,210	$1,879	$1,713	$1,464	$1,765	$2,014	$2,136	$1,625	$1,338	$1,124	$856	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	($787)	($724)	($644)	($633)	($560)	($485)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,550)	($3,417)	($3,321)	($3,209)	($3,432)	($3,241)	($3,461)	($3,231)	($3,026)	($2,796)	($2,485)	($1,834)	($1,693)	($1,497)	($1,357)	($1,250)	($1,100)	($847)	($920)	($905)	($97)	($86)	($74)	($59)	($59)	($65)	($88)	($74)	($73)	($321)	($238)	($178)	($161)	($88)	($70)	($69)	($58)	($50)	–	–	–	–
Total operating expenses	($3,036)	($2,395)	($1,351)	($1,220)	($1,192)	($969)	($845)	($846)	($764)	($673)	($684)	($707)	($618)	($573)	($514)	($486)	($427)	($1,063)	($1,166)	($1,140)	($838)	($683)	($599)	($491)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($5,257)	($5,126)	($4,760)	($4,474)	($4,115)	($3,962)	($3,461)	($3,231)	($3,011)	($2,746)	($2,551)	($2,302)	($2,091)	($1,847)	($1,658)	($1,518)	($1,328)	($1,166)	($1,268)	($1,232)	($1,028)	($857)	($752)	($634)	($603)	($684)	($745)	($621)	($573)	$170	$161	$117	$101	$131	$111	$82	$74	$61	$97	$94	$80	$68
Operating income	$2,335	$2,189	$2,333	$1,986	$2,374	$3,710	$2,746	$2,387	$2,361	$2,109	$1,733	$1,899	$1,891	$1,637	$1,364	$1,227	$1,036	$702	$848	$996	$787	$655	$525	$365	$321	$311	$409	$415	$313	$924	$747	$557	$483	$441	$356	$288	$244	$220	$239	$227	$191	$153
Earnings
EBITDA	$2,631	$2,595	$2,587	$2,241	$3,020	$3,915	$2,935	$2,578	$2,521	$2,252	$1,867	$2,025	$2,003	$1,728	$1,445	$1,299	$1,100	$767	$911	$1,050	$833	$697	$565	$410	$372	$391	$463	$448	$346	$954	$765	$571	$493	$449	$364	$295	$250	$226	–	–	–	–
Interest income	–	$497	$59	$46	$15	$134	$252	$273	($93)	$194	$108	$105	$115	$63	$71	$0	$0	$2	$18	$38	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	$1	$2	$2	$3	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,036	$2,876	$2,820	$2,490	$1,948	$3,995	$3,242	$2,927	$2,385	$2,505	$1,960	$2,002	$2,003	$1,700	$1,435	$1,251	$1,070	$689	$796	$1,077	$858	$679	$534	$366	$310	$331	$458	$415	$313	$246	$171	$131	$108	$84	$60	$50	$35	$47	$44	$37	$30	$17
Income tax expense	($710)	($667)	($684)	($655)	($499)	($896)	($719)	($678)	($616)	($924)	($706)	($779)	($774)	($653)	($552)	($477)	($398)	($255)	($305)	($406)	($329)	($248)	($197)	($138)	($115)	($135)	($175)	($155)	($119)	($101)	($73)	($54)	($47)	($35)	($24)	($20)	($14)	($18)	($18)	($17)	($15)	($8)
Net income	$2,222	$2,087	$2,100	$1,789	$1,558	$3,083	$2,373	$2,131	$1,838	$1,498	$1,215	$1,223	$1,230	$1,048	$884	$773	$672	$434	$491	$671	$530	$431	$337	$227	$194	$196	$269	$239	$174	$144	$98	$76	$61	$49	$36	$30	$21	$30	$27	$20	$15	$8
Per share
Diluted EPS (GAAP)	$9.97	$9.24	$9.15	$7.76	$6.70	$13.12	$9.98	$8.70	$7.27	$5.97	$4.75	$4.63	$4.55	$3.90	$3.36	$2.92	$2.53	$1.65	$1.81	$2.40	$1.90	$1.58	$1.25	$0.88	$0.76	$0.76	$1.04	$0.93	$0.67	$0.56	$0.40	$0.31	$0.25	$0.20	$0.15	$0.13	$0.09	$0.13	$0.12	$0.085	$0.065	$0.04
Basic EPS (GAAP)	$9.98	$9.26	$9.18	$7.78	$6.73	$13.25	$10.08	$8.82	$7.41	$6.07	$4.85	$4.74	$4.68	$4.02	$3.47	$3.01	$2.60	$1.69	$1.89	$2.53	$2.01	$1.65	$1.33	$0.92	$0.79	$0.80	$1.11	$1.00	$0.73	$0.62	$0.43	$0.33	$0.27	$0.21	$0.15	$0.13	$0.09	$0.13	$0.12	$0.085	$0.065	$0.04
Basic shares outstanding	219	220	223	224	226	227	229	235	242	241	246	255	260	258	253	256	257	256	259	265	264	261	255	247	246	247	242	241	239	233	229	232	231	237	239	234	232	238	231	234	228	212
Margins
Gross margin	70.7%	62.7%	51.9%	49.6%	55.0%	61.0%	57.8%	57.5%	58.2%	57.3%	56.4%	62.0%	63.0%	63.4%	62.2%	62.4%	61.9%	94.5%	95.2%	95.9%	89.5%	88.5%	88.0%	85.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	30.8%	29.9%	32.9%	30.7%	36.6%	48.4%	44.2%	42.5%	44.0%	43.4%	40.5%	45.2%	47.5%	47.0%	45.1%	44.7%	43.8%	37.6%	40.1%	44.7%	43.4%	43.3%	41.1%	36.5%	34.7%	31.3%	35.4%	40.0%	35.3%	122.5%	127.5%	126.7%	126.3%	142.4%	145.3%	140.2%	143.6%	138.1%	168.1%	171.3%	172.3%	179.3%
Net margin	29.3%	28.5%	29.6%	27.7%	24.0%	40.2%	38.2%	37.9%	34.2%	30.9%	28.4%	29.1%	30.9%	30.1%	29.2%	28.2%	28.4%	23.2%	23.2%	30.1%	29.2%	28.5%	26.4%	22.7%	21.0%	19.7%	23.3%	23.1%	19.7%	19.1%	16.8%	17.2%	16.0%	15.7%	14.6%	14.8%	12.3%	18.6%	18.7%	15.0%	13.3%	10.0%

Analyst consensus

Hold38 analysts

Bearish · 6 · Hold · 24 · Bullish · 8

Earnings history

	EPS	Estimate
Q3 2024	$2.57	$2.33	Beat
Q4 2024	$2.12	$2.20	Miss
Q1 2025	$2.23	$2.13	Beat
Q2 2025	$2.24	$2.15	Beat
Q3 2025	$2.81	$2.54	Beat
Q4 2025	$2.44	$2.46	Miss
Q1 2026	$2.52	$2.33	Beat
Q2 2026	$2.57	$2.51	Beat

Peers

Company overview

IPO dateApr 2, 1986

CEORobert W. Sharps

Employees7,544

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNASDAQ Global Select

Websitewww.troweprice.com

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. The company's investment activities encompass public stock and bond markets worldwide. Employing a bottom-up methodology, the firm integrates both fundamental and quantitative analysis, leveraging insights from both internal research capabilities and external sources for its investment decisions. A core tenet of its investment philosophy is socially responsible investing, with a significant emphasis on environmental, social, and governance (ESG) factors. Furthermore, T. Rowe Price engages in late-stage venture capital transactions, typically committing between $3 million and $5 million per investment. Historically, the firm was known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. Established in 1937, its global headquarters are situated in Baltimore, Maryland. The firm maintains a substantial international presence, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Germany; Madrid, Spain; Milan, Italy; Stockholm, Sweden; Melbourne, Australia; and Amsterdam, Netherlands.

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