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T. Rowe Price Group, Inc. is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe. It employs fundamental and quantitative analysis with a bottom-up approach. The firm utilizes in-house and external research to make its investments. It employs socially responsible investing with a focus on environmental, social, and governance issues. It makes investment in late-stage venture capital transactions and usually invests between $3 million and $5 million. The firm was previously known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. was founded in 1937 and is based in Baltimore, Maryland, with additional offices in North America, Europe, Asia, Australia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.3B | $3.1B | $2.1B | $1.5B | 19.2% | 3.1% | -0.6% |
| 2024 | $7.1B | $3.0B | $2.1B | $1.3B | 20.3% | 9.8% | 17.4% |
| 2023 | $6.5B | $2.5B | $1.8B | $911M | 18.8% | -0.4% | 14.8% |
| 2022 | $6.5B | $3.1B | $1.6B | $2.1B | 17.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 6,488.40 | 6,460.50 | 7,093.60 | 7,314.80 |
| Cost Of Revenue | 2,922.40 | 3,254.40 | 3,409.50 | 3,564.50 |
| Gross Profit | 3,566 | 3,206.10 | 3,684.10 | 3,750.30 |
| Operating Expense | 1,070 | 1,168.10 | 1,207.50 | 1,272.90 |
| Operating Income | 2,496 | 2,038 | 2,476.60 | 2,477.40 |
| EBITDA | 3,141.80 | 2,519.60 | 2,980.80 | 3,082.90 |
| EBIT | 2,496 | 2,038 | 2,476.60 | 2,477.40 |
| Pretax Income | 1,948.20 | 2,490.30 | 2,819.60 | 2,875.50 |
| Tax Provision | 498.60 | 654.60 | 683.80 | 667.20 |
| Net Income | 1,557.90 | 1,788.70 | 2,100.10 | 2,087.10 |
| Net Income Common Stockholders | 1,521.80 | 1,744.30 | 2,044.30 | 2,036.50 |
| Total Expenses | 3,992.40 | 4,422.50 | 4,617 | 4,837.40 |
| Selling General And Administration | 1,070 | 1,168.10 | 1,207.50 | 1,272.90 |
| Normalized EBITDA | 3,672.30 | 2,051.60 | 2,630.60 | 2,686.70 |
| Normalized Income | 1,952.59 | 1,443.78 | 1,834.83 | 1,782.83 |
| Market Cap | 21,602.30 | 21,602.30 | 21,602.30 | 21,602.30 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| T. Rowe Price Group, Inc.this co. | TROW | $22.3B | 10.35↓ discount | 1.99 | 19.2% | 6.06 |
| W. R. Berkley Corporation | WRB | $26.4B | 14.58 | 2.67 | 18.3% | - |
| Regions Financial Corporation | RF | $25.9B | 11.00 | 1.34 | 12.2% | - |
| KeyCorp | KEY | $25.8B | 12.86 | 1.32 | 10.2% | - |
| Cincinnati Financial Corporation | CINF | $25.7B |
| 10.70 |
| 1.61 |
| 15.0% |
| - |
| Huntington Bancshares Incorporated | HBAN | $25.7B | 15.04 | 1.54 | 10.2% | - |
| Loews Corporation | L | $23.1B | 13.65 | 1.22 | 8.9% | - |
| Principal Financial Group, Inc. | PFG | $22.1B | 18.14 | 1.81 | 10.0% | - |
| Brown & Brown, Inc. | BRO | $20.6B | 21.28 | 1.79 | 8.4% | 14.32 |
| Peer Median | - | 14.12 | 1.57 | 10.2% | 14.32 | |