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T. Rowe Price

TROW Clue Score50
United States Fiscal year ends December CIK 0001113169
$105.16 +0.89% Close, 9 Oct 2026
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Price $105.16 −46.04% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4.28Operating income1.73Net income1.22EPS, diluted4.75Fiscal year 2017Revenue4.85 +13.3%Operating income2.11Net income1.50 +23.3%EPS, diluted5.97 +25.7%Fiscal year 2018Revenue5.37 +10.7%Operating income2.36Net income1.84 +22.7%EPS, diluted7.27 +21.8%Fiscal year 2019Revenue5.62 +4.6%Operating income2.39Net income2.13 +16.0%EPS, diluted8.70 +19.7%Fiscal year 2020Revenue6.21 +10.5%Operating income2.75Net income2.37 +11.3%EPS, diluted9.98 +14.7%Fiscal year 2021Revenue7.67 +23.6%Operating income3.71Net income3.08 +29.9%EPS, diluted13.12 +31.5%Fiscal year 2022Revenue6.49 −15.4%Operating income2.37Net income1.56 −49.5%EPS, diluted6.70 −48.9%Fiscal year 2023Revenue6.46 −0.4%Operating income1.99Net income1.79 +14.8%EPS, diluted7.76 +15.8%Fiscal year 2024Revenue7.09 +9.8%Operating income2.33Net income2.10 +17.4%EPS, diluted9.15 +17.9%Fiscal year 2025Revenue7.31 +3.1%Operating income2.19Net income2.09 −0.6%EPS, diluted9.24 +1.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.28 4.85 5.37 5.62 6.21 7.67 6.49 6.46 7.09 7.31
Growth +13.3% +10.7% +4.6% +10.5% +23.6% −15.4% −0.4% +9.8% +3.1%
Operating income 1.73 2.11 2.36 2.39 2.75 3.71 2.37 1.99 2.33 2.19
Net income 1.22 1.50 1.84 2.13 2.37 3.08 1.56 1.79 2.10 2.09
Growth +23.3% +22.7% +16.0% +11.3% +29.9% −49.5% +14.8% +17.4% −0.6%
EPS, diluted 4.75 5.97 7.27 8.70 9.98 13.12 6.70 7.76 9.15 9.24
Growth +25.7% +21.8% +19.7% +14.7% +31.5% −48.9% +15.8% +17.9% +1.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin40.5%Net margin28.4%Free cash flow margin0.5%Fiscal year 2017Operating margin43.4%Net margin30.9%Free cash flow margin0.9%Fiscal year 2018Operating margin44.0%Net margin34.2%Free cash flow margin27.0%Fiscal year 2019Operating margin42.5%Net margin37.9%Free cash flow margin23.5%Fiscal year 2020Operating margin44.2%Net margin38.2%Free cash flow margin27.5%Fiscal year 2021Operating margin48.4%Net margin40.2%Free cash flow margin41.9%Fiscal year 2022Operating margin36.6%Net margin24.0%Free cash flow margin32.7%Fiscal year 2023Operating margin30.7%Net margin27.7%Free cash flow margin14.1%Fiscal year 2024Operating margin32.9%Net margin29.6%Free cash flow margin17.8%Fiscal year 2025Operating margin29.9%Net margin28.5%Free cash flow margin20.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 0.5% 0.9% 27.0% 23.5% 27.5% 41.9% 32.7% 14.1% 17.8% 20.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.17Capital expenditure−0.15Free cash flow0.02Buybacks−0.68Dividends paid−0.54Fiscal year 2017Operating cash flow0.23Capital expenditure−0.19Free cash flow0.04 +95.5%Buybacks−0.46Dividends paid−0.56Fiscal year 2018Operating cash flow1.62Capital expenditure−0.17Free cash flow1.45 +3,244.2%Buybacks−1.09Dividends paid−0.69Fiscal year 2019Operating cash flow1.52Capital expenditure−0.20Free cash flow1.32 −9.2%Buybacks−0.71Dividends paid−0.73Fiscal year 2020Operating cash flow1.92Capital expenditure−0.21Free cash flow1.70 +29.3%Buybacks−1.20Dividends paid−0.85Fiscal year 2021Operating cash flow3.45Capital expenditure−0.24Free cash flow3.21 +88.5%Buybacks−1.14Dividends paid−1.70Fiscal year 2022Operating cash flow2.36Capital expenditure−0.24Free cash flow2.12 −34.0%Buybacks−0.85Dividends paid−1.11Fiscal year 2023Operating cash flow1.22Capital expenditure−0.31Free cash flow0.91 −57.1%Buybacks−0.25Dividends paid−1.12Fiscal year 2024Operating cash flow1.69Capital expenditure−0.42Free cash flow1.26 +38.5%Buybacks−0.34Dividends paid−1.14Fiscal year 2025Operating cash flow1.75Capital expenditure−0.27Free cash flow1.48 +17.2%Buybacks−0.62Dividends paid−1.14
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.17 0.23 1.62 1.52 1.92 3.45 2.36 1.22 1.69 1.75
Capital expenditure −0.15 −0.19 −0.17 −0.20 −0.21 −0.24 −0.24 −0.31 −0.42 −0.27
Free cash flow 0.02 0.04 1.45 1.32 1.70 3.21 2.12 0.91 1.26 1.48
Growth +95.5% +3,244.2% −9.2% +29.3% +88.5% −34.0% −57.1% +38.5% +17.2%
Buybacks −0.68 −0.46 −1.09 −0.71 −1.20 −1.14 −0.85 −0.25 −0.34 −0.62
Dividends paid −0.54 −0.56 −0.69 −0.73 −0.85 −1.70 −1.11 −1.12 −1.14 −1.14

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash1.20Shareholders’ equity5.01Fiscal year 2017Cash1.90Shareholders’ equity5.82Fiscal year 2018Cash1.43Shareholders’ equity6.12Fiscal year 2019Cash1.78Shareholders’ equity7.10Fiscal year 2020Cash2.15Shareholders’ equity7.71Fiscal year 2021Cash1.52Shareholders’ equity9.02Fiscal year 2022Cash1.76Shareholders’ equity8.84Fiscal year 2023Cash2.07Shareholders’ equity9.51Fiscal year 2024Cash2.65Shareholders’ equity10.35Fiscal year 2025Cash3.38Shareholders’ equity10.86
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.20 1.90 1.43 1.78 2.15 1.52 1.76 2.07 2.65 3.38
Shareholders’ equity 5.01 5.82 6.12 7.10 7.71 9.02 8.84 9.51 10.35 10.86

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4.28 4.85 5.37 5.62 6.21 7.67 6.49 6.46 7.09 7.31
Growth +13.3% +10.7% +4.6% +10.5% +23.6% −15.4% −0.4% +9.8% +3.1%
1.73 2.11 2.36 2.39 2.75 3.71 2.37 1.99 2.33 2.19
Growth +21.7% +12.0% +1.1% +15.0% +35.1% −36.0% −16.3% +17.5% −6.2%
1.96 2.51 2.38 2.93 3.24 3.99 1.95 2.49 2.82 2.88
0.71 0.92 0.62 0.68 0.72 0.90 0.50 0.65 0.68 0.67
1.22 1.50 1.84 2.13 2.37 3.08 1.56 1.79 2.10 2.09
Growth +23.3% +22.7% +16.0% +11.3% +29.9% −49.5% +14.8% +17.4% −0.6%
Per share
4.85 6.07 7.41 8.82 10.08 13.25 6.73 7.78 9.18 9.26
4.75 5.97 7.27 8.70 9.98 13.12 6.70 7.76 9.15 9.24
Growth +25.7% +21.8% +19.7% +14.7% +31.5% −48.9% +15.8% +17.9% +1.0%
245.5 241.2 242.2 235.4 228.8 226.6 226.0 224.1 222.8 220.0
250.3 245.1 246.9 238.6 231.2 228.8 227.1 224.8 223.3 220.3
Growth −2.1% +0.7% −3.4% −3.1% −1.0% −0.7% −1.0% −0.7% −1.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.3% a year over five years, and earnings per share fell 1.5% a year.
  • The diluted share count fell 4.7% in five years, so buybacks did some of the work per share.
  • Operating margin is down 14.3 points on five years ago, at 29.9%.
  • Profitable in every one of the 10 years on file.