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TROWT. Rowe Price

Financials · Asset Management · Nasdaq

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FY2025 at a glance

Sales up 3.1%, free cash flow up to $1.5B

XBRL, from each 10-K

RevenueStatements ↓

$7.3B

from $7.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$2.1B

from $2.1B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$1.5B

from $1.3B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$9.24

from $9.15 in FY2024

FY2016FY2025

Operating marginStatements ↓

29.9%

from 32.9% in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	9.88	Sales (ttm)	7.7B	Net income (ttm)	2.2B	Sales growth	+3.1%	EPS growth	+1.0%	Sales Q/Q	+5.9%
Free cash flow	1.6B	Gross margin	-	Oper. margin	32.0%	Net margin	28.4%	FCF margin	20.7%	ROE	19.2%
ROA	13.5%	R&D / sales	-	Dividend	5.08	Debt/Eq	-	Curr. ratio	-	Cash	3.8B
Op. cash flow (ttm)	1.9B	ROIC	14.8%	Payout ratio	55.0%	Tax rate	23.2%	Stock pay / sales	3.0%	Shares out.	213.3M
Shares Y/Y	-1.3%	Book / share	53.30	Cash / share	17.69	Sales / share	36.11	Asset turnover	0.48	Sales 3Y CAGR	+4.1%
Sales 5Y CAGR	+3.3%	EPS 3Y CAGR	+11.3%	EPS 5Y CAGR	-1.5%	Employees	7,773	Sales / employee	991K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth slowed to +3.1%+9.8% → +3.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to 29.9%32.9% → 29.9% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

TROW against Financials peers

Ten years, side by side → · All 76 →

TROWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+3.1%62nd of 76 · median +7.2%

Net margin

28.4%17th of 76 · median 20.4%

Return on equity

19.2%26th of 74 · median 16.7%

Free cash flow margin

20.7%27th of 49 · median 21.5%

TROW and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
TROW T. Rowe Price	$7.7B	+3.1%	-	28.4%	19.2%	20.7%	-
MCO Moody's Corporation	$8.2B	+8.9%	74.6%	35.3%	88.2%	36.4%	2.11
KEY KeyCorp	$8.0B	+62.7%	-	26.6%	11.9%	19.0%	0.64
RF Regions Financial Corporation	$7.7B	+6.3%	-	29.9%	12.9%	-	0.59
IVZ Invesco	$7.1B	+5.1%	-	-4.4%	-2.5%	24.9%	0.10
IBKR Interactive Brokers	$7.1B	+19.7%	-	16.5%	18.9%	-	-

Profitability

3 of 3

✓
Net margin above the peer median28.4% vs 20.4%
✓
Return on equity above 15%19.2%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 28.4% → 28.5%

Cash and shareholders

2 of 2

✓
Share count down over 5 years−4.7%
✓
Dividend per share up over 5 years$3.60 → $5.08

Free cash flow, FY2016 to FY2025: 22.2M → 1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 7.3B Net income 2.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $7.3B of revenue came from

by product, year to Dec 31, 2025

Investment advisory fees $6.6B · 90%
Administrative, distribution, services, and other fees $593.9M · 8%
Capital allocation-based income $81.2M · 1%
Performance-based advisory fees $37.4M · 1%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

TROW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue7.3B

Net income2.1B

Free cash flow1.5B

EPS (diluted)9.24

Dividend per share5.08

Diluted shares220.3M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Investment advisory fees	6.6B	90.3%	+3.2%
Administrative, distribution, services, and other fees	593.9M	8.1%	+1.0%
Capital allocation-based income	81.2M	1.1%	+74.2%
Performance-based advisory fees	37.4M	0.5%	-36.9%

10-K 0001628280-26-008002, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
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
Pretax income	2.0B	2.5B	2.4B	2.9B	3.2B	4.0B	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	1.2B	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	250.3M	245.1M	246.9M	238.6M	231.2M	228.8M	227.1M	224.8M	223.3M	220.3M
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%
Revenue growth	-	+13.3%	+10.7%	+4.6%	+10.5%	+23.6%	-15.4%	-0.4%	+9.8%	+3.1%
EPS growth	-	+25.7%	+21.8%	+19.7%	+14.7%	+31.5%	-48.9%	+15.8%	+17.9%	+1.0%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.2B	1.9B	1.4B	1.8B	2.2B	1.5B	1.8B	2.1B	2.6B	3.4B
Property & equipment	615.1M	652.0M	661.3M	674.4M	695.4M	736.2M	755.7M	806.6M	977.0M	845.3M
Goodwill	665.7M	665.7M	665.7M	665.7M	665.7M	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	529.2M	718.2M	824.7M	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

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	170.5M	229.5M	1.6B	1.5B	1.9B	3.5B	2.4B	1.2B	1.7B	1.8B
Capital spending	148.3M	186.1M	168.5M	204.6M	214.6M	239.1M	237.6M	307.9M	423.4M	274.2M
Free cash flow	22.2M	43.4M	1.5B	1.3B	1.7B	3.2B	2.1B	911.2M	1.3B	1.5B
Stock-based pay (added back)	161.6M	152.0M	197.1M	206.6M	246.2M	274.6M	285.4M	265.6M	247.3M	216.9M
Dividends paid	540.8M	563.1M	694.3M	733.9M	845.8M	1.7B	1.1B	1.1B	1.1B	1.1B
Buybacks	676.9M	458.1M	1.1B	705.8M	1.2B	1.1B	849.8M	254.4M	337.2M	620.9M
Acquisitions	-	-	-	0	0	2.5B	0	0	-	-
Investing cash flow	106.2M	39.0M	-875.5M	-324.5M	-36.3M	-1.1B	-41.5M	128.2M	-177.5M	230.3M
Financing cash flow	-176.4M	461.5M	-1.2B	-832.7M	-1.5B	-3.0B	-2.1B	-1.1B	-936.6M	-1.3B
Dividend per share	2.16	2.28	2.80	3.04	3.60	4.32	4.80	4.88	4.96	5.08

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	161.6M	152.0M	197.1M	206.6M	246.2M	274.6M	285.4M	265.6M	247.3M	216.9M
Stock-based pay / revenue	3.8%	3.1%	3.7%	3.7%	4.0%	3.6%	4.4%	4.1%	3.5%	3.0%
Operating lease cost	-	-	-	-	-	32.5M	50.0M	52.4M	42.2M	56.0M
Operating lease cash paid	-	-	-	29.5M	31.2M	36.6M	44.8M	42.4M	59.6M	53.0M
Right-of-use assets	-	-	0	110.8M	117.6M	201.2M	279.4M	241.1M	226.8M	382.9M
Operating lease liabilities	-	-	0	146.3M	154.1M	249.2M	329.6M	308.5M	278.7M	447.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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