T. Rowe Price Group (TROW) FY2014 results: revenue $4.0 billion, up 14.3% on the year
T. Rowe Price Group, Inc. (TROW) reported revenue of $4.0 billion for fiscal 2014, the year ended 31 December 2014, up 14.3% on the year before. Net income was $1.2 billion, up 17.4%, and diluted earnings per share $4.55. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2015.
Revenue
$4.0 billion
+14.3% on the year
FY2007FY2014
Operating margin
47.5%
47.0% a year earlier
FY2007FY2014
Net income
$1.2 billion
+17.4% on the year
FY2007FY2014
Diluted EPS
$4.55
+16.7% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,982
3,484
3,022
+14.3%
Operating income
1,891
1,637
1,364
+15.5%
Operating margin
47.5%
47.0%
45.1%
Pre-tax income
2,003
1,700
1,435
+17.8%
Income tax
774
653
552
+18.5%
Effective tax rate
38.6%
38.4%
38.4%
Net income
1,230
1,048
884
+17.4%
Net margin
30.9%
30.1%
29.2%
Diluted EPS
$4.55
$3.90
$3.36
+16.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,344
1,233
903
+9.0%
Capital expenditure
126
106
76.9
+19.3%
Free cash flow
1,218
1,127
826
+8.0%
Free cash flow margin
30.6%
32.4%
27.3%
Cash from investing
-443
-438
-310
Cash from financing
-792
-277
-612
Share-based compensation
133
115
104
+16.4%
Buybacks
416
14.1
135
+2,846.8%
Dividends paid
462
397
603
+16.5%
Diluted shares, weighted
267m
266m
261m
+0.4%
Shares outstanding at period end
261m
262m
257m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,395
4,818
3,846
+12.0%
Redeemable equity
0.0
0.0
n/a
Debt
0.0
0.0
0.0
Other liabilities
249
215
357
+15.9%
Total liabilities and equity
5,644
5,033
4,203
+12.1%
Fixed assets
586
573
561
+2.4%
Goodwill
n/a
n/a
666
Securities held for sale or to maturity
1.0
1.0
137
0.0%
Cash and equivalents
1,506
1,398
879
+7.7%
Other assets
3,551
3,061
1,960
+16.0%
Total assets
5,644
5,033
4,203
+12.1%
10-K for the year ended 31 December 2014, filed 5 February 2015: the filing.