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T. Rowe Price Group, Inc.

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T. Rowe Price Group, Inc. • NASDAQ
$102.38 ▲ 0.28% (+0.29)
Market Cap $22.63 B
52w High $125.81
52w Low $77.85
Dividend Yield 5.05%
P/E 11.16
Volume 936.65K
Outstanding Shares 221.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.893B ▲ $1.25B ▲ $631.4M ▲ 33.346% ▲ $2.878 ▲ $818.7M ▲
Q2-2025 $1.723B ▼ $350M ▲ $505.2M ▲ 29.316% ▲ $2.24 ▲ $695.2M ▲
Q1-2025 $1.764B ▼ $325.7M ▼ $490.5M ▲ 27.808% ▲ $2.15 ▲ $688.6M ▼
Q4-2024 $1.825B ▲ $379.2M ▲ $439.9M ▼ 24.111% ▼ $1.93 ▼ $915.6M ▲
Q3-2024 $1.786B $327.1M $603M 33.77% $2.64 $589.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.635B ▲ $14.73B ▲ $2.761B ▲ $10.815B ▲
Q2-2025 $3.059B ▲ $14.342B ▲ $2.529B ▲ $10.56B ▲
Q1-2025 $2.837B ▲ $13.994B ▲ $2.461B ▲ $10.395B ▲
Q4-2024 $2.65B ▼ $13.472B ▼ $2.022B ▼ $10.345B ▲
Q3-2024 $3.174B $13.706B $2.49B $10.249B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $686.5M ▲ $609.3M ▲ $37.9M ▲ $-98.3M ▲ $553.4M ▲ $753.5M ▲
Q2-2025 $556.1M ▲ $529.9M ▼ $-9M ▲ $-275.9M ▲ $243M ▲ $611.9M ▲
Q1-2025 $505.1M ▲ $632.9M ▲ $-47.8M ▼ $-411.4M ▼ $174.6M ▲ $550.9M ▲
Q4-2024 $416.7M ▼ $-281.9M ▼ $-22.5M ▲ $-208.4M ▼ $-515.7M ▼ $-394.9M ▼
Q3-2024 $640.4M $652.5M $-61.6M $-152.7M $439.8M $547.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Asset Management
Asset Management
 $1.63Bn ▲$1.60Bn ▼$1.57Bn ▼$1.70Bn ▲
Capital Allocation Based Income
Capital Allocation Based Income
 $0 ▲$0 ▲$0 ▲$40.00M ▲
Administrative Service
Administrative Service
 $140.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits at T. Rowe Price have been cyclical, moving up and down largely with market conditions. After a strong peak earlier in the period, both sales and earnings fell, then started to recover in the most recent years, though profit is still below the prior high point. Even through this volatility, the firm has generally maintained healthy margins, showing that its underlying business model remains profitable, but clearly exposed to swings in markets and investor flows.

Balance Sheet

Balance Sheet The balance sheet looks conservative and sturdy. Assets and shareholder equity have steadily grown, and the company carries relatively little debt compared with its equity base. Cash levels are solid, giving T. Rowe Price flexibility to invest, weather downturns, or return capital when management chooses. Overall, the financial foundation appears strong, with low financial risk and a lot of balance sheet resilience for a market-sensitive business.

Cash Flow

Cash Flow T. Rowe Price consistently generates positive cash flow from its operations, though the amounts have moved up and down with profitability and markets. Free cash flow has been positive every year, even in weaker periods, which speaks to the cash-generative nature of an asset-light asset management model. Capital spending is modest relative to cash flow, leaving room for dividends, buybacks, or strategic investments, but the trend also reminds us that cash generation can tighten when markets are unfavorable.

Competitive Edge

Competitive Edge The firm has a well-known brand, especially in retirement investing, and long-standing relationships with plan sponsors and individual investors. This has historically been a meaningful advantage. However, the industry has shifted toward low-cost index funds and exchange-traded funds, putting pressure on active managers like T. Rowe Price. Its competitive position is still solid but not unchallenged, with fee pressure, performance scrutiny, and intense competition from both traditional peers and passive giants. The retirement franchise and client loyalty provide some stability, but the moat is narrower than it once was.

Innovation and R&D

Innovation and R&D T. Rowe Price is investing in technology and product innovation to adapt. It is using artificial intelligence and modern data infrastructure to support research and improve efficiency, and is rebuilding older systems to be more flexible and scalable. On the product side, it has pushed into active ETFs, more holistic retirement income solutions, and is expanding into private markets, including a partnership with Goldman Sachs to bring private assets into retirement products. These moves aim to keep the firm relevant as investor preferences evolve, though execution and adoption will take time and are not guaranteed.

Summary

T. Rowe Price combines a historically profitable, cash-generative business with a conservative balance sheet and a strong presence in retirement investing. Financial results over the past few years show that earnings and cash flow are sensitive to market cycles, but the company has remained solidly profitable and well-capitalized throughout. Competitive pressures from passive investing and fee compression are real and have already narrowed its edge, but the firm is actively responding with technology investments, new product formats, and a push into private markets. The long-term picture hinges on how well it can translate these strategic initiatives into durable growth and maintain performance in an increasingly crowded and price-sensitive industry.

NEWS

November 20, 2025 · 10:00 AM UTC

T. ROWE PRICE EXPANDS FIXED INCOME OFFERINGS WITH FOUR NEW ACTIVE ETFS

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November 19, 2025 · 10:04 AM UTC

EXPLORING THE GLOBAL TRANSFORMATION OF HEALTH CARE WITH ELI LILLY's CEO DAVE RICKS

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November 13, 2025 · 10:30 AM UTC

T. ROWE PRICE LAUNCHES SEASON 5 OF AWARD-WINNING 'CONFIDENT CONVERSATIONS® ON RETIREMENT' PODCAST

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November 13, 2025 · 8:15 AM UTC

T. ROWE PRICE ANNOUNCES CREATION OF GLOBAL STRATEGY FUNCTION

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November 12, 2025 · 8:30 AM UTC

T. ROWE PRICE GROUP REPORTS PRELIMINARY MONTH-END ASSETS UNDER MANAGEMENT FOR OCTOBER 2025

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