PRICE T ROWE GROUP INC
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
TROW$108.41-0.3%Stored close · as of Nov 6, 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, 2025 and 2024 | 58 |
| Consolidated Statements of Income for each of the years in the three-year period endedDecember 31, 2025 | 59 |
| Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2025 | 60 |
| Consolidated Statements of Cash Flows for each of the years in the three-year period endedDecember 31, 2025 | 61 |
| Consolidated Statements of Stockholders' Equity for each of the years in the three-year period ended December 31, 2025 | 62 |
| Notes to Consolidated Financial Statements | 64 |
| Report of Independent Registered Public Accounting Firm (KPMG LLP, Baltimore, MD, Auditor ID: 185) | 89 |
(in millions, except share data)
| 12/31/2025 | 12/31/2024 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $3,378.2 | $2,649.8 |
| Accounts receivable and accrued revenue | 931.2 | 877.4 |
| Investments | 3,325.2 | 3,000.5 |
| 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) | 1,951.0 | 2,044.0 |
| Operating lease assets | 382.9 | 226.8 |
| Property, equipment and software, net | 845.3 | 977.0 |
| Intangible assets, net | 274.2 | 368.1 |
| Goodwill | 2,642.8 | 2,642.8 |
| Other assets | 611.0 | 685.6 |
| Total assets | $14,341.8 | $13,472.0 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $352.7 | $353.5 |
| 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) | 21.3 | 62.1 |
| Operating lease liabilities | 447.2 | 278.7 |
| Accrued compensation and related costs | 235.7 | 219.8 |
| Deferred compensation liabilities | 1,176.8 | 1,020.7 |
| Income taxes payable | 54.9 | 87.1 |
| Total liabilities | 2,288.6 | 2,021.9 |
| Commitments and contingent liabilities | ||
| Redeemable non-controlling interests | 1,036.0 | 944.0 |
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares | — | — |
| 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 | 43.8 | 44.6 |
| Additional capital in excess of par value | — | 311.9 |
| Retained earnings | 10,866.8 | 10,040.6 |
| Accumulated other comprehensive loss | (50.5) | (51.7) |
| Total stockholders' equity attributable to T. Rowe Price Group | 10,860.1 | 10,345.4 |
| Non-controlling interests in consolidated entities | 157.1 | 160.7 |
| Total permanent stockholders' equity | 11,017.2 | 10,506.1 |
| Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity | $14,341.8 | $13,472.0 |
(in millions, except per-share amounts)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenues | |||
| Investment advisory fees | $6,602.3 | $6,399.7 | $5,709.5 |
| Performance-based advisory fees | 37.4 | 59.3 | 38.2 |
| Capital allocation-based income | 81.2 | 46.6 | 161.9 |
| Administrative, distribution, services, and other fees | 593.9 | 588.0 | 550.9 |
| Net revenues | 7,314.8 | 7,093.6 | 6,460.5 |
| Operating expenses | |||
| Compensation and related costs | 2,868.1 | 2,757.9 | 2,673.5 |
| Distribution and servicing costs | 383.5 | 354.1 | 289.9 |
| Advertising and promotion costs | 107.4 | 129.6 | 114.2 |
| Product and recordkeeping related costs | 312.9 | 297.5 | 291.0 |
| Technology, occupancy, and facility costs | 723.6 | 644.1 | 632.6 |
| General, administrative, and other costs | 441.9 | 433.8 | 421.3 |
| Change in fair value of contingent consideration | — | (13.4) | (82.4) |
| Acquisition-related amortization and impairment costs | 111.3 | 156.7 | 134.2 |
| Restructuring charge | 177.3 | — | — |
| Total operating expenses | 5,126.0 | 4,760.3 | 4,474.3 |
| Net operating income | 2,188.8 | 2,333.3 | 1,986.2 |
| Non-operating income | |||
| Net gains on investments | 464.9 | 363.2 | 355.2 |
| Net gains on consolidated investment products | 219.9 | 130.3 | 164.6 |
| Other gains (losses), including foreign currency gains (losses) | 1.9 | (7.2) | (15.7) |
| Total non-operating income | 686.7 | 486.3 | 504.1 |
| Income before income taxes | 2,875.5 | 2,819.6 | 2,490.3 |
| Provision for income taxes | 667.2 | 683.8 | 654.6 |
| Net income | 2,208.3 | 2,135.8 | 1,835.7 |
| Less: net income attributable to redeemable non-controlling interests | 121.2 | 35.7 | 47.0 |
| Net income attributable to T. Rowe Price Group | $2,087.1 | $2,100.1 | $1,788.7 |
| Earnings per share on common stock of T. Rowe Price Group | |||
| Basic | $9.26 | $9.18 | $7.78 |
| Diluted | $9.24 | $9.15 | $7.76 |
(in millions)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net income | $2,208.3 | $2,135.8 | $1,835.7 |
| Other comprehensive income (loss) | |||
| Currency translation adjustments | |||
| Consolidated investment products—variable interest entities | 24.8 | (14.0) | 21.7 |
| Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain investment products | (3.1) | 0.4 | — |
| Equity method investments | (9.3) | 0.7 | (1.6) |
| Other comprehensive income (loss) before income taxes | 12.4 | (12.9) | 20.1 |
| Net deferred tax (expense) benefit | (1.4) | 3.7 | (1.9) |
| Total other comprehensive income (loss) | 11.0 | (9.2) | 18.2 |
| Total comprehensive income | 2,219.3 | 2,126.6 | 1,853.9 |
| Less: comprehensive income attributable to redeemable non-controlling interests | 131.0 | 30.7 | 59.7 |
| Comprehensive income attributable to T. Rowe Price Group | $2,088.3 | $2,095.9 | $1,794.2 |
(in millions)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | $2,208.3 | $2,135.8 | $1,835.7 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation, amortization and impairment of property, equipment and software | 405.8 | 254.1 | 254.8 |
| Amortization and impairment of acquisition-related assets and retention arrangements | 199.7 | 250.1 | 226.8 |
| Fair value remeasurement of contingent consideration liability | — | (13.4) | (82.4) |
| Stock-based compensation expense | 216.9 | 247.3 | 265.6 |
| Net gains recognized on investments | (452.4) | (340.2) | (460.8) |
| Net (investments) redemptions in investment products used to economically hedge deferred compensation liabilities | 8.0 | (93.2) | 56.1 |
| Net change in securities held by consolidated investment products | (1,002.7) | (760.4) | (1,070.3) |
| Other changes in assets and liabilities | 169.8 | 5.5 | 193.6 |
| Net cash provided by operating activities | 1,753.4 | 1,685.6 | 1,219.1 |
| Cash flows from investing activities | |||
| Purchases of sponsored investment products | (112.9) | (100.1) | (85.3) |
| Dispositions of sponsored investment products | 769.1 | 533.4 | 616.6 |
| Net cash of investment products upon deconsolidation | (63.1) | (15.8) | (56.8) |
| Additions to property, equipment and software | (274.2) | (423.4) | (307.9) |
| Other investing activity | (88.6) | (171.6) | (38.4) |
| Net cash provided by (used in) investing activities | 230.3 | (177.5) | 128.2 |
| Cash flows from financing activities | |||
| Repurchases of common stock | (620.9) | (337.2) | (254.4) |
| Common share issuances under stock-based compensation plans | (22.3) | (33.3) | (18.0) |
| Dividends paid to common stockholders and equity-unit holders | (1,143.0) | (1,135.6) | (1,121.7) |
| Net distributions to non-controlling interests in consolidated entities | (34.4) | (36.7) | (43.3) |
| Net subscriptions from redeemable non-controlling interest holders | 543.2 | 606.2 | 358.8 |
| Net cash used in financing activities | (1,277.4) | (936.6) | (1,078.6) |
| Effect of exchange rate changes on cash and cash equivalents of consolidated investment products | (1.9) | (2.4) | 0.4 |
| Net change in cash and cash equivalents during year | 704.4 | 569.1 | 269.1 |
| Cash and cash equivalents at beginning 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 |
| Cash and cash equivalents at end of year, including $39.1 million at December 31, 2025, $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products | $3,417.3 | $2,712.9 | $2,143.8 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (shares in thousands; dollars in millions)
| Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group | Non-controlling interests in consolidated entities | Total permanent stockholders' equity | Redeemable non-controlling interests | |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | — | — | 1,788.7 | — | 1,788.7 | 44.6 | 1,833.3 | 47.0 |
| Other comprehensive income, 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 issued, net of shares withheld for taxes | 57 | — | — | — | — | — | — | — | — |
| Net shares issued upon vesting of restricted stock units | 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 T. Rowe Price investment products | — | — | — | — | — | — | — | — | 356.9 |
| Net deconsolidations of T. Rowe Price 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 |
| Net income | — | — | — | 2,100.1 | — | 2,100.1 | 5.4 | 2,105.5 | 35.7 |
|---|---|---|---|---|---|---|---|---|---|
| Other comprehensive 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 issued, net of shares withheld for taxes | 7 | — | (0.3) | — | — | (0.3) | — | (0.3) | — |
| Net shares issued upon vesting of restricted stock units | 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 T. Rowe Price investment products | — | — | — | — | — | — | — | — | 592.0 |
| Net deconsolidations of T. Rowe Price 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
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (shares in thousands; dollars in millions)
| Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group | Non-controlling interests in consolidated entities | Total permanent stockholders' equity | Redeemable non-controlling interests | |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Net income | — | — | — | 2,087.1 | — | 2,087.1 | 30.8 | 2,117.9 | 121.2 |
| Other comprehensive income, net of tax | — | — | — | — | 1.2 | 1.2 | — | 1.2 | 9.8 |
| Dividends declared ($5.08 per share) | — | — | — | (1,143.4) | — | (1,143.4) | — | (1,143.4) | — |
| Common stock-based compensation plans activity: | |||||||||
| Shares issued upon option exercises | 495 | 0.1 | 31.5 | — | — | 31.6 | — | 31.6 | — |
| Restricted shares issued, net of shares withheld for taxes | — | — | (0.2) | — | — | (0.2) | — | (0.2) | — |
| Net shares issued upon vesting of restricted stock units | 1,279 | 0.3 | (54.2) | — | — | (53.9) | — | (53.9) | — |
| Stock-based compensation expense | — | — | 216.9 | — | — | 216.9 | — | 216.9 | — |
| Restricted stock units issued as dividend equivalents | — | — | 0.5 | (0.5) | — | — | — | — | — |
| Common shares repurchased | (6,175) | (1.2) | (506.4) | (117.0) | — | (624.6) | — | (624.6) | — |
| Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (34.4) | (34.4) | — |
| Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | — | — | 556.0 |
| Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | (595.0) |
| Balances at December 31, 2025 | 218,565 | $43.8 | $— | $10,866.8 | $(50.5) | $10,860.1 | $157.1 | $11,017.2 | $1,036.0 |
(1)Accumulated other comprehensive income
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