PRICE T ROWE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
TROW$110.82+2.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements
| Page | |
|---|---|
| Index to Financial Statements: | |
| Consolidated Balance Sheets at December 31, 2024 and 2023 | 58 |
| Consolidated Statements of Income for each of the years in the three-year period endedDecember 31, 2024 | 59 |
| Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2024 | 60 |
| Consolidated Statements of Cash Flows for each of the years in the three-year period endedDecember 31, 2024 | 61 |
| Consolidated Statements of Stockholders' Equity for each of the years in the three-year period ended December 31, 2024 | 62 |
| Notes to Consolidated Financial Statements | 64 |
| Report of Independent Registered Public Accounting Firm (KPMG LLP, Baltimore, MD, Auditor ID: 185) | 90 |
(in millions, except share data)
| 12/31/2024 | 12/31/2023 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $2,649.8 | $2,066.6 |
| Accounts receivable and accrued revenue | 877.4 | 807.9 |
| Investments | 3,000.5 | 2,554.7 |
| Assets of consolidated investment products ($1,555.6 million at December 31, 2024 and $1,204.4 million at December 31, 2023, related to variable interest entities) | 2,044.0 | 1,959.3 |
| Operating lease assets | 226.8 | 241.1 |
| Property, equipment and software, net | 977.0 | 806.6 |
| Intangible assets | 368.1 | 507.3 |
| Goodwill | 2,642.8 | 2,642.8 |
| Other assets | 685.6 | 692.5 |
| Total assets | $13,472.0 | $12,278.8 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $353.5 | $422.9 |
| Liabilities of consolidated investment products ($46.2 million at December 31, 2024 and $35.2 million at December 31, 2023, related to variable interest entities) | 62.1 | 54.2 |
| Operating lease liabilities | 278.7 | 308.5 |
| Accrued compensation and related costs | 219.8 | 240.8 |
| Deferred compensation liabilities | 1,020.7 | 895.0 |
| Income taxes payable | 87.1 | 66.2 |
| Total liabilities | 2,021.9 | 1,987.6 |
| Commitments and contingent liabilities | ||
| Redeemable non-controlling interests | 944.0 | 594.1 |
| STOCKHOLDERS’ EQUITY | ||
| Preferred stock, undesignated, $0.20 par value—authorized and unissued20,000,000 shares | — | — |
| Common stock, $0.20 par value—authorized 750,000,000; issued 222,966,000 shares at December 31, 2024 and 223,938,000 at December 31, 2023 | 44.6 | 44.8 |
| Additional capital in excess of par value | 311.9 | 431.7 |
| Retained earnings | 10,040.6 | 9,076.1 |
| Accumulated other comprehensive loss | (51.7) | (47.5) |
| Total stockholders' equity attributable to T. Rowe Price Group, Inc. | 10,345.4 | 9,505.1 |
| Non-controlling interests in consolidated entities | 160.7 | 192.0 |
| Total permanent stockholders' equity | 10,506.1 | 9,697.1 |
| Total liabilities, redeemable non-controlling interests and permanent stockholders’ equity | $13,472.0 | $12,278.8 |
(in millions, except per-share amounts)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Revenues | |||
| Investment advisory fees | $6,399.7 | $5,709.5 | $5,962.7 |
| Performance-based advisory fees | 59.3 | 38.2 | 6.4 |
| Capital allocation-based income | 46.6 | 161.9 | (54.3) |
| Administrative, distribution, and servicing fees | 588.0 | 550.9 | 573.6 |
| Net revenues | 7,093.6 | 6,460.5 | 6,488.4 |
| Operating expenses | |||
| Compensation and related costs | 2,757.9 | 2,673.5 | 2,320.8 |
| Distribution and servicing | 354.1 | 289.9 | 301.5 |
| Advertising and promotion | 129.6 | 114.2 | 97.3 |
| Product and recordkeeping related costs | 297.5 | 291.0 | 300.1 |
| Technology, occupancy, and facility costs | 644.1 | 632.6 | 560.5 |
| General, administrative, and other | 433.8 | 421.3 | 412.2 |
| Change in fair value of contingent consideration | (13.4) | (82.4) | (161.2) |
| Acquisition-related amortization and impairment costs | 156.7 | 134.2 | 283.5 |
| Total operating expenses | 4,760.3 | 4,474.3 | 4,114.7 |
| Net operating income | 2,333.3 | 1,986.2 | 2,373.7 |
| Non-operating income (loss) | |||
| Net gains (losses) on investments | 363.2 | 355.2 | (204.7) |
| Net gains (losses) on consolidated investment products | 130.3 | 164.6 | (203.5) |
| Other losses, including foreign currency losses | (7.2) | (15.7) | (17.3) |
| Total non-operating income (loss) | 486.3 | 504.1 | (425.5) |
| Income before income taxes | 2,819.6 | 2,490.3 | 1,948.2 |
| Provision for income taxes | 683.8 | 654.6 | 498.6 |
| Net income | 2,135.8 | 1,835.7 | 1,449.6 |
| Less: net income (loss) attributable to redeemable non-controlling interests | 35.7 | 47.0 | (108.3) |
| Net income attributable to T. Rowe Price Group, Inc. | $2,100.1 | $1,788.7 | $1,557.9 |
| Earnings per share on common stock of T. Rowe Price Group, Inc. | |||
| Basic | $9.18 | $7.78 | $6.73 |
| Diluted | $9.15 | $7.76 | $6.70 |
(in millions)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Net income | $2,135.8 | $1,835.7 | $1,449.6 |
| Other comprehensive income (loss) | |||
| Currency translation adjustments: | |||
| Consolidated investment products—variable interest entities | (14.0) | 21.7 | (34.9) |
| Reclassification of (gains) losses recognized in non-operating investment income upon deconsolidation of certain investment products | 0.4 | — | (3.0) |
| Total currency translation adjustments of consolidated investment products—variable interest entities | (13.6) | 21.7 | (37.9) |
| Equity method investments | 0.7 | (1.6) | (14.6) |
| Other comprehensive income (loss) before income taxes | (12.9) | 20.1 | (52.5) |
| Net deferred tax benefits (income taxes) | 3.7 | (1.9) | 5.0 |
| Total other comprehensive income (loss) | (9.2) | 18.2 | (47.5) |
| Total comprehensive income | 2,126.6 | 1,853.9 | 1,402.1 |
| Less: comprehensive income (loss) attributable to redeemable non-controlling interests | 30.7 | 59.7 | (129.1) |
| Comprehensive income attributable to T. Rowe Price Group, Inc. | $2,095.9 | $1,794.2 | $1,531.2 |
(in millions)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $2,135.8 | $1,835.7 | $1,449.6 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation, amortization and impairment of property, equipment and software | 254.1 | 254.8 | 225.7 |
| Amortization and impairment of acquisition-related assets and retention arrangements | 250.1 | 226.8 | 420.1 |
| Fair value remeasurement of contingent consideration liability | (13.4) | (82.4) | (161.2) |
| Stock-based compensation expense | 247.3 | 265.6 | 285.4 |
| Net (gains) losses recognized on other investments | (340.2) | (460.8) | 210.6 |
| Net (investments) redemptions in investment products used to economically hedge deferred compensation liabilities | (93.2) | 56.1 | (18.8) |
| Net change in securities held by consolidated investment products | (760.4) | (1,070.3) | 87.9 |
| Other changes in assets and liabilities | 5.5 | 193.6 | (139.9) |
| Net cash provided by operating activities | 1,685.6 | 1,219.1 | 2,359.4 |
| Cash flows from investing activities | |||
| Purchases of sponsored investment products | (100.1) | (85.3) | (55.1) |
| Dispositions of sponsored investment products | 533.4 | 616.6 | 263.6 |
| Net cash of investment products upon deconsolidation | (15.8) | (56.8) | (8.7) |
| Additions to property and equipment | (423.4) | (307.9) | (237.6) |
| Other investing activity | (171.6) | (38.4) | (3.7) |
| Net cash provided by (used in) investing activities | (177.5) | 128.2 | (41.5) |
| Cash flows from financing activities | |||
| Repurchases of common stock | (337.2) | (254.4) | (849.8) |
| Common share issuances under stock-based compensation plans | (33.3) | (18.0) | (36.2) |
| Dividends paid to common stock and equity-award holders | (1,135.6) | (1,121.7) | (1,107.4) |
| Net distributions to non-controlling interests in consolidated entities | (36.7) | (43.3) | (35.1) |
| Net subscriptions (redemptions) from redeemable non-controlling interest holders | 606.2 | 358.8 | (48.4) |
| Net cash used in financing activities | (936.6) | (1,078.6) | (2,076.9) |
| Effect of exchange rate changes on cash and cash equivalents of consolidated investment products | (2.4) | 0.4 | 9.5 |
| Net change in cash and cash equivalents during year | 569.1 | 269.1 | 250.5 |
| Cash and cash equivalents at beginning of year, including $77.2 million at December 31, 2023, $119.1 million at December 31, 2022 and $101.1 million at December 31, 2021 held by consolidated investment products | 2,143.8 | 1,874.7 | 1,624.2 |
| Cash and cash equivalents at end of year, including $63.1 million at December 31, 2024, $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated investment products | $2,712.9 | $2,143.8 | $1,874.7 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (shares in thousands; dollars in millions)
| Commonsharesoutstanding · Commonstock · Additionalcapital inexcess of par value · Retainedearnings · AOCI(1) · Totalstockholders’equity attributable to T. Rowe Price Group, Inc. · Non-controlling interests in consolidated entities · Total permanent stockholders' equity · Redeemable non-controlling interests | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2021 | 229,175 | $45.8 | $919.8 | $8,083.6 | $(26.5) | $9,022.7 | $248.7 | $9,271.4 | $982.3 | |||||
| Net income (loss) | — | — | — | 1,557.9 | — | 1,557.9 | (22.9) | 1,535.0 | (108.3) | |||||
| Other comprehensive income (loss), net of tax | — | — | — | — | (26.5) | (26.5) | — | (26.5) | (21.0) | |||||
| Dividends declared ($4.80 per share) | — | — | — | (1,108.7) | — | (1,108.7) | — | (1,108.7) | — | |||||
| Common stock-based compensation plans activity: | ||||||||||||||
| Shares issued upon option exercises | 522 | 0.1 | 28.2 | — | — | 28.3 | — | 28.3 | — | |||||
| Restricted shares issued, net of shares withheld for taxes | 9 | — | — | — | — | — | — | — | — | |||||
| Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,355 | 0.3 | (64.6) | — | — | (64.3) | — | (64.3) | — | |||||
| Stock-based compensation expense | — | — | 285.4 | — | — | 285.4 | — | 285.4 | — | |||||
| Restricted stock units issued as dividend equivalents | — | — | 0.5 | (0.5) | — | — | — | — | — | |||||
| Common shares repurchased | (6,751) | (1.3) | (731.4) | (122.6) | — | (855.3) | — | (855.3) | — | |||||
| Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (35.1) | (35.1) | — | |||||
| Net redemptions from consolidated investment products | — | — | — | — | — | — | — | — | (49.3) | |||||
| Net deconsolidations of investment products | — | — | — | — | — | — | — | — | (147.0) | |||||
| Balances at December 31, 2022 | 224,310 | 44.9 | 437.9 | 8,409.7 | (53.0) | 8,839.5 | 190.7 | 9,030.2 | 656.7 | |||||
| Net income (loss) | — | — | — | 1,788.7 | — | 1,788.7 | 44.6 | 1,833.3 | 47.0 | |||||
| Other comprehensive income (loss), net of tax | — | — | — | — | 5.5 | 5.5 | — | 5.5 | 12.7 | |||||
| Dividends declared ($4.88 per share) | — | — | — | (1,121.9) | — | (1,121.9) | — | (1,121.9) | — | |||||
| Common stock-based compensation plans activity: | ||||||||||||||
| Shares issued upon option exercises | 585 | 0.1 | 35.6 | — | — | 35.7 | — | 35.7 | — | |||||
| Restricted shares withheld for taxes, net of shares issued | 57 | — | — | — | — | — | — | — | — | |||||
| Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,413 | 0.3 | (54.0) | — | — | (53.7) | — | (53.7) | — | |||||
| Stock-based compensation expense | — | — | 265.6 | — | — | 265.6 | — | 265.6 | — | |||||
| Restricted stock units issued as dividend equivalents | — | — | 0.4 | (0.4) | — | — | — | — | — | |||||
| Common shares repurchased | (2,427) | (0.5) | (253.8) | — | (254.3) | — | (254.3) | — | ||||||
| Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (43.3) | (43.3) | — | |||||
| Net subscriptions into consolidated investment products | — | — | — | — | — | — | — | — | 356.9 | |||||
| Net deconsolidations of investment products | — | — | — | — | — | — | — | — | (479.2) | |||||
| Balances at December 31, 2023 | 223,938 | $44.8 | $431.7 | $9,076.1 | $(47.5) | $9,505.1 | $192.0 | $9,697.1 | $594.1 | |||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (shares in thousands; dollars in millions)
| Commonsharesoutstanding | Commonstock | Additionalcapital inexcess of par value | Retainedearnings | AOCI(1) | Totalstockholders’equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total permanent stockholders' equity | Redeemable non-controlling interests | |
|---|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2023 | 223,938 | $44.8 | $431.7 | $9,076.1 | $(47.5) | $9,505.1 | $192.0 | $9,697.1 | $594.1 |
| Net income (loss) | — | — | — | 2,100.1 | — | 2,100.1 | 5.4 | 2,105.5 | 35.7 |
| Other comprehensive income (loss), net of tax | — | — | — | — | (4.2) | (4.2) | — | (4.2) | (5.0) |
| Dividends declared ($4.96 per share) | — | — | — | (1,135.2) | — | (1,135.2) | — | (1,135.2) | — |
| Common stock-based compensation plans activity: | |||||||||
| Shares issued upon option exercises | 577 | 0.1 | 36.3 | — | — | 36.4 | — | 36.4 | — |
| Restricted shares withheld for taxes, net of shares issued | 7 | — | (0.3) | — | — | (0.3) | — | (0.3) | — |
| Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,415 | 0.3 | (69.6) | — | — | (69.3) | — | (69.3) | — |
| Stock-based compensation expense | — | — | 247.3 | — | — | 247.3 | — | 247.3 | — |
| Restricted stock units issued as dividend equivalents | — | — | 0.4 | (0.4) | — | — | — | — | — |
| Common shares repurchased | (2,971) | (0.6) | (333.9) | — | — | (334.5) | — | (334.5) | — |
| Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (36.7) | (36.7) | — |
| Net subscriptions into consolidated investment products | — | — | — | — | — | — | — | — | 592.0 |
| Net deconsolidations of investment products | — | — | — | — | — | — | — | — | (272.8) |
| Balances at December 31, 2024 | 222,966 | $44.6 | $311.9 | $10,040.6 | $(51.7) | $10,345.4 | $160.7 | $10,506.1 | $944.0 |
(1)Accumulated other comprehensive income
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