financial statements

The full income statement, balance sheet, and cash-flow statement for T. Rowe Price Group Inc. (TROW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	7.31B YoY+3.1%	7.09B YoY+9.8%	6.46B YoY-0.4%	6.49B YoY-15.4%	7.67B YoY+23.6%
	5.13B YoY+7.7%	4.76B YoY+6.4%	4.47B YoY+8.7%	4.11B YoY+3.9%	3.96B YoY+14.5%
Restructuring	177M	0.00	0.00	—	—
Amortization of intangibles	—	—	—	—	0.00
Operating income	2.19B YoY-6.2%	2.33B YoY+17.5%	1.99B YoY-16.3%	2.37B YoY-36.0%	3.71B YoY+35.1%
Other non-operating income	1.90M YoY+126.4%	-7.20M YoY+54.1%	-15.7M YoY+9.2%	-17.3M YoY-193.2%	-5.90M YoY-195.0%
Pre-tax income	2.88B YoY+2.0%	2.82B YoY+13.2%	2.49B YoY+27.8%	1.95B YoY-51.2%	3.99B YoY+23.2%
Income tax	667M YoY-2.4%	684M YoY+4.5%	655M YoY+31.3%	499M YoY-44.4%	896M YoY+24.6%
	2.09B YoY-0.6%	2.10B YoY+17.4%	1.79B YoY+14.8%	1.56B YoY-49.5%	3.08B YoY+29.9%
Net income to common	2.04B YoY-0.4%	2.04B YoY+17.2%	1.74B YoY+14.6%	1.52B YoY-49.3%	3.00B YoY+30.1%
	$9.24 YoY+1.0%	$9.15 YoY+17.9%	$7.76 YoY+15.8%	$6.70 YoY-48.9%	$13.12 YoY+31.5%
EPS (basic)	$9.26 YoY+0.9%	$9.18 YoY+18.0%	$7.78 YoY+15.6%	$6.73 YoY-49.2%	$13.25 YoY+31.4%
Weighted-avg shares (basic)	220M YoY-1.3%	223M YoY-0.6%	224M YoY-0.8%	226M YoY-0.3%	227M YoY-1.0%
Weighted-avg shares (diluted)	220M YoY-1.3%	223M YoY-0.7%	225M YoY-1.0%	227M YoY-0.7%	229M YoY-1.0%
Dividends per share	$5.08 YoY+2.4%	$4.96 YoY+1.6%	$4.88 YoY+1.7%	$4.80 YoY+11.1%	$4.32 YoY+20.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	3.38B YoY+27.5%	2.65B YoY+28.2%	2.07B YoY+17.7%	1.76B YoY+15.3%	1.52B YoY-29.2%
	14.3B YoY+6.5%	13.5B YoY+9.7%	12.3B YoY+5.5%	11.6B YoY-6.9%	12.5B YoY+17.4%
Property, plant & equipment	845M YoY-13.5%	977M YoY+21.1%	807M YoY+6.7%	756M YoY+2.6%	736M YoY+5.9%
Operating lease right-of-use	383M YoY+68.8%	227M YoY-5.9%	241M YoY-13.7%	279M YoY+38.9%	201M YoY+71.1%
Goodwill	2.64B YoY+0.0%	2.64B YoY+0.0%	2.64B YoY+0.0%	2.64B YoY-1.9%	2.69B YoY+304.6%
Intangible assets	274M YoY-25.5%	368M YoY-27.4%	507M YoY-19.5%	630M YoY-31.0%	913M
Deferred tax assets	77.1M YoY+0.0%	77.1M YoY+0.0%	77.1M YoY+0.0%	77.1M YoY+0.0%	77.1M YoY+0.0%
Total liabilities	2.29B YoY+13.2%	2.02B YoY+1.7%	1.99B YoY+1.6%	1.96B YoY-13.3%	2.26B YoY+62.2%
	10.9B YoY+5.0%	10.3B YoY+8.8%	9.51B YoY+7.5%	8.84B YoY-2.0%	9.02B YoY+17.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	43.8M YoY-1.8%	44.6M YoY-0.4%	44.8M YoY-0.2%	44.9M YoY-2.0%	45.8M YoY+0.4%
Additional paid-in capital	0.00 YoY-100.0%	312M YoY-27.8%	432M YoY-1.4%	438M YoY-52.4%	920M YoY+40.5%
Accumulated other comprehensive income	-50.5M YoY+2.3%	-51.7M YoY-8.8%	-47.5M YoY+10.4%	-53.0M YoY-100.0%	-26.5M YoY-15.2%
Non-controlling interest	157M YoY-2.2%	161M YoY-16.3%	192M YoY+0.7%	191M YoY-23.3%	249M
Total equity incl. non-controlling	11.0B YoY+4.9%	10.5B YoY+8.3%	9.70B YoY+7.4%	9.03B YoY-2.6%	9.27B YoY+20.3%
Total liabilities & equity	14.3B YoY+6.5%	13.5B YoY+9.7%	12.3B YoY+5.5%	11.6B YoY-6.9%	12.5B YoY+17.4%
Common shares issued	219M YoY-2.0%	223M YoY-0.4%	224M YoY-0.2%	224M YoY-2.1%	229M YoY+0.5%
Common shares outstanding	219M YoY-2.0%	223M YoY-5.2%	235M YoY+0.0%	235M YoY+0.0%	235M YoY+0.0%
Shares outstanding (cover)	218M YoY-1.8%	222M YoY-0.6%	223M YoY+0.0%	223M YoY-0.6%	225M YoY-0.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.75B YoY+4.0%	1.69B YoY+38.3%	1.22B YoY-48.3%	2.36B YoY-31.7%	3.45B YoY+79.9%
Share-based compensation	217M YoY-12.3%	247M YoY-6.9%	266M YoY-6.9%	285M YoY+3.9%	275M YoY+11.5%
Deferred income taxes	96.8M YoY+210.0%	-88.0M YoY-1123.3%	8.60M YoY+104.2%	-207M YoY-267.7%	-56.3M YoY-510.9%
	230M YoY+229.7%	-178M YoY-238.5%	128M YoY+408.9%	-41.5M YoY+96.2%	-1.10B YoY-2925.1%
Capital expenditure	274M YoY-35.2%	423M YoY+37.5%	308M YoY+29.6%	238M YoY-0.6%	239M YoY+11.4%
Acquisitions	—	—	0.00	0.00 YoY-100.0%	2.45B
Purchases of investments	113M YoY+12.8%	100M YoY+17.4%	85.3M YoY+54.8%	55.1M YoY+14.8%	48.0M YoY-82.4%
Sales/maturities of investments	769M YoY+44.2%	533M YoY-13.5%	617M YoY+133.9%	264M YoY-83.8%	1.63B YoY+258.0%
Other investing activities	88.6M YoY-48.4%	172M YoY+346.9%	38.4M YoY+937.8%	3.70M YoY+112.0%	-30.9M YoY+38.8%
	-1.28B YoY-36.4%	-937M YoY+13.2%	-1.08B YoY+48.1%	-2.08B YoY+30.5%	-2.99B YoY-101.1%
Common stock repurchased	621M YoY+84.1%	337M YoY+32.5%	254M YoY-70.1%	850M YoY-25.4%	1.14B YoY-5.3%
Dividends paid	1.14B YoY+0.7%	1.14B YoY+1.2%	1.12B YoY+1.3%	1.11B YoY-34.9%	1.70B YoY+101.2%
FX effect on cash	-1.90M YoY+20.8%	-2.40M YoY-700.0%	400K YoY-95.8%	9.50M YoY+265.4%	2.60M YoY+36.8%
Net change in cash	704M YoY+23.8%	569M YoY+111.5%	269M YoY+7.4%	251M YoY+139.6%	-632M YoY-258.8%
Income taxes paid	595M YoY-17.7%	723M YoY+14.4%	632M YoY-20.4%	794M YoY-16.3%	949M YoY+47.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	22.3B YoY-11.1%	25.1B YoY+4.4%	24.1B YoY-1.3%	24.4B YoY-44.9%	44.2B YoY+28.9%
P/E	10.7× YoY-10.5%	12.0× YoY-19.9%	14.9× YoY+23.3%	12.1× YoY-15.5%	14.3× YoY-0.8%
P/S	3.1× YoY-13.8%	3.5× YoY-7.0%	3.8× YoY+7.2%	3.6× YoY-38.3%	5.8× YoY+4.3%
P/B	2.1× YoY-15.3%	2.4× YoY-5.5%	2.6× YoY-7.0%	2.8× YoY-43.6%	4.9× YoY+10.1%
P/FCF	15.1× YoY-24.1%	19.9× YoY-21.3%	25.3× YoY+169.1%	9.4× YoY-31.7%	13.8× YoY-31.6%
Earnings yield	9.3% YoY+11.8%	8.4% YoY+24.9%	6.7% YoY-18.9%	8.3% YoY+18.4%	7.0% YoY+0.8%
FCF yield	6.6% YoY+31.8%	5.0% YoY+27.1%	4.0% YoY-62.8%	10.6% YoY+46.3%	7.3% YoY+46.2%
Dividend yield	5.0% YoY+13.1%	4.4% YoY-3.2%	4.5% YoY+3.0%	4.4% YoY+100.3%	2.2% YoY-7.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TROW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TROW filings on SEC EDGAR → Not investment advice.

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About this data

financial statements