PRICE T ROWE GROUP INC

TROW 10-K · FY 2025

TROW FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 7,314.8 7,093.6 +3.1%
Show Product Lines breakouts
Administrative, distribution, services, and other fees 593.9 588 +1.0%
Asset Management1 6,602.3 6,399.7 +3.2%
Asset Management1 · Assets under management 1,677.3 1,561.9 +7.4%
Asset Management1 · Assets under management 54.7 50 +9.4%
Asset Management1 · Assets under management 201 178.6 +12.5%
Asset Management1 · Assets under management 580.7 529 +9.8%
Asset Management1 · Assets under management 840.9 804.3 +4.6%
Asset Management1 · Investment advisory fees 6,602.3 6,399.7 +3.2%
Asset Management1 · Investment advisory fees 335 310.2 +8.0%
Asset Management1 · Investment advisory fees 433 410.7 +5.4%
Asset Management1 · Investment advisory fees 1,910.6 1,814.1 +5.3%
Asset Management1 · Investment advisory fees 3,923.7 3,864.7 +1.5%
Capital allocation-based income 81.2 46.6 +74.2%
Performance-based advisory fees 37.4 59.3 -36.9%
Show Major Customers breakouts
Investment Products 6,128.1 5,859.8 +4.6%
Labor And Related Expense 2,868.1 2,757.9 +4.0%
Distribution Expenses 383.5 354.1 +8.3%
Marketing And Advertising Expense 107.4 129.6 -17.1%
Product Related And Client Servicing Expenses 312.9 297.5 +5.2%
Technology Depreciation Occupancy And Facility Expenses 723.6 644.1 +12.3%
Other General And Administrative Expense 441.9 433.8 +1.9%
Amortization Of Acquisition Costs 111.3 156.7 -29.0%
Restructuring Charges 177.3
Operating Expenses 5,126 4,760.3 +7.7%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 9.8 9.8 0.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 9.2 7.4 +24.3%
Voting interest entities · Reportable Legal Entities 0.6 2.4 -75.0%
Show Consolidation Items breakouts
Consolidation Eliminations -4.2 -3.6 -16.7%
Operating Income 2,188.8 2,333.3 -6.2%
Investment Income Nonoperating Other Than Consolidated Sponsored Investment Portfolios 464.9 363.2 +28.0%
Investment Income Nonoperating Consolidated Sponsored Investment Portfolios 219.9 130.3 +68.8%
Other Non-Operating Income (Expense) 1.9 -7.2 +126.4%
Non-Operating Income (Expense) 686.7 486.3 +41.2%
Show Equity Components breakouts
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 3.1 -0.4 +875.0%
Income Before Taxes 2,875.5 2,819.6 +2.0%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products 210.1 120.5 +74.4%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 210.1 120.5 +74.4%
Variable Interest Entity Primary Beneficiary 179.8 81.2 +121.4%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 179.8 81.2 +121.4%
Voting interest entities 30.3 39.3 -22.9%
Voting interest entities · Reportable Legal Entities 30.3 39.3 -22.9%
Income Tax Expense (Benefit) 667.2 683.8 -2.4%
Net Income 2,208.3 2,135.8 +3.4%
Net Income Loss Attributable To Redeemable Noncontrolling Interest 121.2 35.7 +239.5%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products 121.2 35.7 +239.5%
Variable Interest Entity Primary Beneficiary 113.6 27.8 +308.6%
Voting interest entities 7.6 7.9 -3.8%
Net Income 2,087.1 2,100.1 -0.6%
EPS (Basic) 9.26 9.18 +0.9%
EPS (Diluted) 9.24 9.15 +1.0%
Comprehensive Income 2,088.3 2,095.9 -0.4%
Other Comprehensive Income 1.2 -4.2 +128.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 1.2 -4.2 +128.6%
Parent 1.2 -4.2 +128.6%
Wtd Avg Shares (Basic) 220 222.8 -1.3%
Wtd Avg Shares (Diluted) 220.3 223.3 -1.3%
Net Income Loss Available To Common Stockholders Basic 2,036.5 2,044.3 -0.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,378.2 2,649.8 +27.5%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 39.1 63.1 -38.0%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 2.5 4.9 -49.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 36.1 55.9 -35.4%
Voting interest entities · Reportable Legal Entities 3 7.2 -58.3%
Non-Current Assets
Operating Lease Right-of-Use Assets 382.9 226.8 +68.8%
Property, Plant & Equipment 845.3 977 -13.5%
Show Long Lived Assets Held For Sale By Asset Type breakouts
Building 92.3
Goodwill 2,642.8 2,642.8 0.0%
Total Assets 14,341.8 13,472 +6.5%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 1,951 2,044 -4.5%
Variable Interest Entity Primary Beneficiary 438.7 467.7 -6.2%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 1,596.1 1,555.6 +2.6%
Voting interest entities · Reportable Legal Entities 354.9 488.4 -27.3%
Intangible Assets (Q)
Show Finite Lived Intangible Assets By Major Class breakouts
Investment advisory agreements 125.9 216.5 -41.8%
Other Assets
Accounts Receivable Net 931.2 877.4 +6.1%
Show Major Customers breakouts
Investment Products 664.2 602 +10.3%
Investments 3,325.2 3,000.5 +10.8%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 1,885.5 1,936.2 -2.6%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 61.7 9.3 +563.4%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 1,541.2 1,465.4 +5.2%
Voting interest entities · Reportable Legal Entities 344.3 470.8 -26.9%
Assets Of Voting Interest Entities And Variable Interest Entities 1,951 2,044 -4.5%
Intangible Assets Net Excluding Goodwill 274.2 368.1 -25.5%
Other Assets 611 685.6 -10.9%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 26.4 44.7 -40.9%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 18.8 34.3 -45.2%
Voting interest entities · Reportable Legal Entities 7.6 10.4 -26.9%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 235.7 219.8 +7.2%
Total Liabilities 2,288.6 2,021.9 +13.2%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 21.3 62.1 -65.7%
Variable Interest Entity Primary Beneficiary 5.8 0.4 +1350.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 14.2 46.2 -69.3%
Voting interest entities · Reportable Legal Entities 7.1 15.9 -55.3%
Other Liabilities
Accounts Payable And Other Accrued Liabilities 352.7 353.5 -0.2%
Liabilities Of Voting Interest Entities And Variable Interest Entities 21.3 62.1 -65.7%
Operating Lease Liability 447.2 278.7 +60.5%
Deferred Compensation Arrangement With Individual Recorded Liability 1,176.8 1,020.7 +15.3%
Show Title Of Individual breakouts
Executive Officer · Deferred Bonus 1,122.1 1,006 +11.5%
Show Award Type breakouts
Restricted Fund Units 54.7 14.7 +272.1%
Accrued Income Taxes 54.9 87.1 -37.0%
Stockholders' Equity
Common Stock 43.8 44.6 -1.8%
Retained Earnings Unappropriated 10,866.8 10,040.6 +8.2%
Accumulated Other Comprehensive Income -50.5 -51.7 +2.3%
Total Stockholders' Equity 10,860.1 10,345.4 +5.0%
Minority Interest 157.1 160.7 -2.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 11,017.2 10,506.1 +4.9%
Show Equity Components breakouts
Accumulated Translation Adjustment -50.5 -51.7 +2.3%
Accumulated Translation Adjustment · Equity Method Investee -57.4 -49.5 -16.0%
Accumulated Translation Adjustment · Variable Interest Entity Primary Beneficiary 6.9 -2.2 +413.6%
Parent 10,860.1 10,345.4 +5.0%
Total Liabilities & Equity 14,341.8 13,472 +6.5%
Redeemable Noncontrolling Interest Equity Carrying Amount 1,036 944 +9.7%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products 1,036 944 +9.7%
Variable Interest Entity Primary Beneficiary 958 820 +16.8%
Voting interest entities 78 124 -37.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Impairment Of Property Equipment And Software 405.8 254.1 +59.7%
Amortization Of Acquisition Related Assets And Retention Arrangements 199.7 250.1 -20.2%
Stock-Based Compensation 216.9 247.3 -12.3%
Net Gains Losses Recognized On Investments -452.4 -340.2 -33.0%
Proceeds From Payments For Trading Securities 8 -93.2 +108.6%
Increase Decrease In Trading Securities Consolidated Investment Portfolios -1,002.7 -760.4 -31.9%
Increase Decrease In Other Operating Capital Net 169.8 5.5 +2987.3%
Net Cash from Operations 1,753.4 1,685.6 +4.0%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities -797.3 -633.8 -25.8%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -426.8 -394.4 -8.2%
Voting interest entities · Reportable Legal Entities -370.5 -239.4 -54.8%
Deferred Income Taxes 96.8 -88 +210.0%
Investing Activities
Payments To Acquire Investments -112.9 -100.1 -12.8%
Proceeds From Sale Maturity And Collections Of Investments 769.1 533.4 +44.2%
Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios -63.1 -15.8 -299.4%
Capital Expenditures -274.2 -423.4 +35.2%
Other Investing Activities -88.6 -171.6 +48.4%
Net Cash from Investing 230.3 -177.5 +229.7%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities -63.1 -15.8 -299.4%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -63.7 -1.1 -5690.9%
Voting interest entities · Reportable Legal Entities 0.6 -14.7 +104.1%
Financing Activities
Share Repurchases -620.9 -337.2 -84.1%
Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price -22.3 -33.3 +33.0%
Payments Of Dividends -1,143 -1,135.6 -0.7%
Net Contributions From Distributions To Non Controlling Interests In Consolidated Entities -34.4 -36.7 +6.3%
Net Subscriptions Redemptions Received From Redeemable Non Controlling Interest Holders 543.2 606.2 -10.4%
Net Cash from Financing -1,277.4 -936.6 -36.4%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities 838.3 637.9 +31.4%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 472.6 402.3 +17.5%
Voting interest entities · Reportable Legal Entities 365.7 235.6 +55.2%
Show Consolidation Items breakouts
Consolidation Eliminations 295.1 31.7 +830.9%
Supplemental
Income Taxes Paid 595.4 723.2 -17.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -1.9 -2.4 +20.8%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities -1.9 -2.4 +20.8%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -1.9 -2.4 +20.8%
Net Change in Cash 704.4 569.1 +23.8%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products · Reportable Legal Entities -24 -14.1 -70.2%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -19.8 4.4 -550.0%
Voting interest entities · Reportable Legal Entities -4.2 -18.5 +77.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,417.3 2,712.9 +26.0%
Show Consolidated Entities breakouts
Consolidated T. Rowe Price investment products 39.1 63.1 -38.0%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 39.1 63.1 -38.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 36.1 55.9 -35.4%
Voting interest entities · Reportable Legal Entities 3 7.2 -58.3%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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