T. Rowe Price Group Inc (TROW) financial statements: income statement, balance sheet and cash flow
T. Rowe Price Group Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), T. Rowe Price Group Inc reported revenue of $7.3B (+3.1% year on year) and net income of $2.2B (+3.4% year on year).
Income statement
T. Rowe Price Group Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net revenues
$7.3B
$7.1B
$6.5B
$6.5B
Compensation and related costs
$2.9B
$2.8B
$2.7B
$2.3B
Distribution and servicing costs
$383.5M
$354.1M
$289.9M
$301.5M
Advertising and promotion costs
$107.4M
$129.6M
$114.2M
$97.3M
Product and recordkeeping related costs
$312.9M
$297.5M
$291.0M
$300.1M
Technology, occupancy, and facility costs
$723.6M
$644.1M
$632.6M
$560.5M
General, administrative, and other costs
$441.9M
$433.8M
$421.3M
$412.2M
Change in fair value of contingent consideration
$0
($13.4M)
($82.4M)
($161.2M)
Acquisition-related amortization and impairment costs
$111.3M
$156.7M
$134.2M
$283.5M
Restructuring charge
$177.3M
—
—
—
Total operating expenses
$5.1B
$4.8B
$4.5B
$4.1B
Net operating income
$2.2B
$2.3B
$2.0B
$2.4B
Net gains on investments
$464.9M
$363.2M
$355.2M
($204.7M)
Net gains on consolidated investment products
$219.9M
$130.3M
$164.6M
($203.5M)
Other gains (losses), including foreign currency gains (losses)
$1.9M
($7.2M)
($15.7M)
($17.3M)
Total non-operating income
$686.7M
$486.3M
$504.1M
($425.5M)
Income before income taxes
$2.9B
$2.8B
$2.5B
$1.9B
Provision for income taxes
$667.2M
$683.8M
$654.6M
$498.6M
Net income
$2.2B
$2.1B
$1.8B
$1.4B
Less: net income attributable to redeemable non-controlling interests
$121.2M
$35.7M
$47.0M
($108.3M)
Net income attributable to T. Rowe Price Group
$2.1B
$2.1B
$1.8B
$1.6B
Basic (in dollars per share)
$9.26
$9.18
$7.78
$6.73
Diluted (in dollars per share)
$9.24
$9.15
$7.76
$6.70
T. Rowe Price Group Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net revenues
$1.9B
$1.9B
$1.9B
$1.7B
Compensation and related costs
$823.4M
$659.7M
$714.3M
$727.7M
Distribution and servicing costs
$106.1M
$99.3M
$95.8M
$92.5M
Advertising and promotion costs
$20.3M
$18.4M
$21.3M
$29.9M
Product and recordkeeping related costs
$83.1M
$74.3M
$78.7M
$74.8M
Technology, occupancy, and facility costs
$205.9M
$204.4M
$183.2M
$179.4M
General, administrative, and other costs
$104.9M
$92.4M
$101.7M
$109.5M
Acquisition-related amortization and impairment costs
$16.5M
$18.0M
$26.8M
$31.2M
Restructuring charge
$6.7M
$10.0M
$28.5M
—
Total operating expenses
$1.4B
$1.2B
$1.3B
$1.2B
Net operating income
$540.5M
$680.5M
$643.2M
$478.3M
Net gains on investments
$237.4M
($6.1M)
$161.2M
$165.9M
Net gains on consolidated investment products
$132.6M
($41.4M)
$72.6M
$78.6M
Other losses, including foreign currency losses
($900.0K)
($800.0K)
$4.6M
($9.0M)
Total non-operating income
$369.1M
($48.3M)
$238.4M
$235.5M
Income before income taxes
$909.6M
$632.2M
$881.6M
$713.8M
Provision for income taxes
$214.2M
$148.1M
$195.1M
$157.7M
Net income
$695.4M
$484.1M
$686.5M
$556.1M
Less: net income attributable to redeemable non-controlling interests
$63.4M
($14.1M)
$40.4M
$50.9M
Net income attributable to T. Rowe Price Group, Inc.
$632.0M
$498.2M
$646.1M
$505.2M
Basic (in dollars per share)
$2.88
$2.23
$2.88
$2.24
Diluted (in dollars per share)
$2.88
$2.23
$2.87
$2.24
Balance sheet
T. Rowe Price Group Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.4B
$2.6B
$2.1B
$1.8B
Accounts receivable and accrued revenue
$931.2M
$877.4M
$807.9M
$748.7M
Investments
$3.3B
$3.0B
$2.6B
$2.5B
Assets of consolidated investment products ($1,596.1 million at December 31, 2025 and $1,555.6 million at December 31, 2024, related to variable interest entities)
$2.0B
$2.0B
$2.0B
$1.6B
Operating lease assets
$382.9M
$226.8M
$241.1M
$279.4M
Property, equipment and software, net
$845.3M
$977.0M
$806.6M
$755.7M
Intangible assets, net
$274.2M
$368.1M
$507.3M
$629.8M
Goodwill
$2.6B
$2.6B
$2.6B
$2.6B
Other assets
$611.0M
$685.6M
$692.5M
$688.7M
Total assets
$14.3B
$13.5B
$12.3B
$11.6B
Accounts payable and accrued expenses
$352.7M
$353.5M
$409.5M
$406.7M
Liabilities of consolidated investment products ($14.2 million at December 31, 2025 and $46.2 million at December 31, 2024, related to variable interest entities)
$21.3M
$62.1M
$54.2M
$89.1M
Operating lease liabilities
$447.2M
$278.7M
$308.5M
$329.6M
Accrued compensation and related costs
$235.7M
$219.8M
$240.8M
$228.0M
Deferred compensation liabilities
$1.2B
$1.0B
$895.0M
$761.2M
Income taxes payable
$54.9M
$87.1M
$66.2M
$46.0M
Total liabilities
$2.3B
$2.0B
$2.0B
$2.0B
Redeemable non-controlling interests
$1.0B
$944.0M
$594.1M
$656.7M
Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares
0
0
0
0
Common stock, $0.20 par value — authorized 750,000,000; issued 218,565,000 shares at December 31, 2025 and 222,966,000 at December 31, 2024
43.8M
44.6M
44.8M
44.9M
Additional capital in excess of par value
$0
$311.9M
$431.7M
$437.9M
Retained earnings
$10.9B
$10.0B
$9.1B
$8.4B
Accumulated other comprehensive loss
($50.5M)
($51.7M)
($47.5M)
($53.0M)
Total stockholders' equity attributable to T. Rowe Price Group
$10.9B
$10.3B
$9.5B
$8.8B
Non-controlling interests in consolidated entities
$157.1M
$160.7M
$192.0M
$190.7M
Total permanent stockholders' equity
$11.0B
$10.5B
$9.7B
$9.0B
Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity
$14.3B
$13.5B
$12.3B
$11.6B
T. Rowe Price Group Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$3.2B
$3.7B
$3.6B
$3.1B
Accounts receivable and accrued revenue
$941.6M
$909.9M
$899.4M
$861.8M
Investments
$4.1B
$3.2B
$3.4B
$3.4B
Assets of consolidated investment products ($1,906.6 million at June 30, 2026 and $1,596.1 million at June 30, 2025, related to variable interest entities)
$2.5B
$2.0B
$1.8B
$2.0B
Operating lease assets
$369.8M
$377.7M
$392.2M
$412.0M
Property, equipment and software, net
$813.5M
$818.5M
$980.9M
$988.1M
Intangible assets, net
$245.4M
$260.5M
$294.6M
$316.9M
Goodwill
$2.6B
$2.6B
$2.6B
$2.6B
Other assets
$542.4M
$532.2M
$690.6M
$712.8M
Total assets
$15.4B
$14.4B
$14.7B
$14.3B
Accounts payable and accrued expenses
$402.4M
$369.5M
$349.5M
$335.5M
Liabilities of consolidated investment products ($414.6 million at June 30, 2026 and $14.2 million at June 30, 2025, related to variable interest entities)
$452.5M
—
—
—
Operating lease liabilities
$429.4M
$438.1M
$455.1M
$475.2M
Accrued compensation and related costs
$600.4M
$334.9M
$793.8M
$563.1M
Deferred compensation liabilities
$1.3B
$1.1B
$1.1B
$1.1B
Income taxes payable
$31.2M
$132.4M
$46.7M
$22.4M
Total liabilities
$3.2B
$2.5B
$2.8B
$2.5B
Redeemable non-controlling interests
$1.0B
$940.2M
$984.9M
$1.1B
Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares
0
0
0
0
Common stock, $0.20 par value — authorized 750,000,000; issued 213,312,000 shares at June 30, 2026 and 218,565,000 at December 31, 2025
42.7M
43.1M
43.7M
44.0M
Additional capital in excess of par value
$0
$0
$0
$99.8M
Retained earnings
$11.0B
$10.8B
$10.8B
$10.5B
Accumulated other comprehensive loss
($58.2M)
($51.6M)
($46.5M)
($44.6M)
Total stockholders' equity attributable to T. Rowe Price Group
$11.0B
$10.8B
$10.8B
$10.6B
Non-controlling interests in consolidated entities
$161.0M
$157.6M
$170.0M
$153.3M
Total permanent stockholders' equity
$11.2B
$10.9B
$11.0B
$10.7B
Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity
$15.4B
$14.4B
$14.7B
$14.3B
Cash flow statement
T. Rowe Price Group Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$2.2B
$2.1B
$1.8B
$1.4B
Depreciation, amortization and impairment of property, equipment and software
$405.8M
$254.1M
$254.8M
$225.7M
Amortization and impairment of acquisition-related assets and retention arrangements
$199.7M
$250.1M
$226.8M
$420.1M
Fair value remeasurement of contingent consideration liability
$0
($13.4M)
($82.4M)
($161.2M)
Stock-based compensation expense
$216.9M
$247.3M
$265.6M
$285.4M
Net gains recognized on investments
($452.4M)
($340.2M)
($460.8M)
—
Net (investments) redemptions in investment products used to economically hedge deferred compensation liabilities
$8.0M
($93.2M)
$56.1M
($18.8M)
Net change in securities held by consolidated investment products
($1.0B)
($760.4M)
—
—
Other changes in assets and liabilities
$169.8M
$5.5M
$193.6M
($139.9M)
Net cash provided by operating activities
$1.8B
$1.7B
$1.2B
$2.4B
Purchases of sponsored investment products
($112.9M)
($100.1M)
($85.3M)
($55.1M)
Dispositions of sponsored investment products
$769.1M
$533.4M
$616.6M
$263.6M
Net cash of investment products upon deconsolidation
($63.1M)
($15.8M)
($56.8M)
($8.7M)
Additions to property, equipment and software
($274.2M)
($423.4M)
($307.9M)
($237.6M)
Other investing activity
($88.6M)
($171.6M)
($38.4M)
($3.7M)
Net cash provided by (used in) investing activities
$230.3M
($177.5M)
$128.2M
($41.5M)
Repurchases of common stock
($620.9M)
($337.2M)
($254.4M)
($849.8M)
Common share issuances under stock-based compensation plans
($22.3M)
($33.3M)
($18.0M)
($36.2M)
Dividends paid to common stockholders and equity-unit holders
($1.1B)
($1.1B)
($1.1B)
($1.1B)
Net distributions to non-controlling interests in consolidated entities
($34.4M)
($36.7M)
($43.3M)
($35.1M)
Net subscriptions from redeemable non-controlling interest holders
$543.2M
$606.2M
$358.8M
($48.4M)
Net cash used in financing activities
($1.3B)
($936.6M)
($1.1B)
($2.1B)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products
($1.9M)
($2.4M)
$400.0K
$9.5M
Net change in cash and cash equivalents during year
$704.4M
$569.1M
$269.1M
$250.5M
Cash and cash equivalents at beginning of year
$2.7B
$2.1B
$1.9B
$1.6B
Cash and cash equivalents at end of year
$3.4B
$2.7B
$2.1B
$1.9B
T. Rowe Price Group Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$1.2B
$484.1M
$1.7B
$1.1B
Depreciation, amortization and impairment of property, equipment and software
$139.3M
$68.8M
$203.7M
$132.9M
Amortization and impairment of acquisition-related assets and retention arrangements
$66.4M
$33.9M
$165.8M
$116.4M
Stock-based compensation expense
$89.8M
$49.1M
$134.2M
$96.9M
Net gains recognized on investments
($196.7M)
$13.6M
($347.5M)
($173.8M)
Net redemptions in investment products used to economically hedge deferred compensation liabilities
$54.8M
$39.2M
$110.0M
$71.3M
Net change in securities held by consolidated investment products
($547.4M)
($168.9M)
($821.4M)
($409.5M)
Other changes in assets and liabilities
$555.9M
$304.5M
$579.6M
$267.4M
Net cash provided by operating activities
$1.3B
$824.3M
$1.8B
$1.2B
Purchases of sponsored investment products
($728.4M)
($10.3M)
($134.9M)
($114.0M)
Dispositions of sponsored investment products
$169.5M
$82.6M
$473.0M
$223.5M
Net cash of investment products upon deconsolidation
($700.0K)
($500.0K)
($35.8M)
($1.1M)
Additions to property, equipment and software
($128.4M)
($62.0M)
($207.5M)
($144.2M)
Other investing activity
($29.4M)
$49.8M
($113.7M)
($21.0M)
Net cash used in investing activities
($717.4M)
$59.6M
($18.9M)
($56.8M)
Repurchases of common stock
($500.8M)
($333.5M)
($481.8M)
($328.3M)
Common share issuances under stock-based compensation plans
($100.0K)
$100.0K
$30.2M
$16.5M
Dividends paid to common stockholders and equity-unit holders
($571.2M)
($289.1M)
($858.5M)
($575.1M)
Borrowings of debt of consolidated products
$217.8M
—
—
—
Net distributions to non-controlling interests in consolidated entities
($14.3M)
($10.9M)
($5.6M)
($5.5M)
Net subscriptions from redeemable non-controlling interest holders
$138.0M
$131.4M
$530.1M
$205.1M
Net cash used in financing activities
($730.6M)
($502.0M)
($785.6M)
($687.3M)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products
($1.3M)
($2.8M)
$3.4M
($1.1M)
Net change in cash and cash equivalents during period