T. Rowe Price Group (TROW) FY2018 results: revenue $5.4 billion, up 10.7% on the year
T. Rowe Price Group, Inc. (TROW) reported revenue of $5.4 billion for fiscal 2018, the year ended 31 December 2018, up 10.7% on the year before. Net income was $1.8 billion, up 22.7%, and diluted earnings per share $7.27. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$5.4 billion
+10.7% on the year
FY2011FY2018
Operating margin
44.0%
43.4% a year earlier
FY2011FY2018
Net income
$1.8 billion
+22.7% on the year
FY2011FY2018
Diluted EPS
$7.27
+21.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,373
4,855
4,285
+10.7%
Operating income
2,361
2,109
1,733
+12.0%
Operating margin
44.0%
43.4%
40.5%
Pre-tax income
2,385
2,505
1,960
-4.8%
Income tax
616
924
706
-33.3%
Effective tax rate
25.8%
36.9%
36.0%
Net income
1,838
1,498
1,215
+22.7%
Net margin
34.2%
30.9%
28.4%
Diluted EPS
$7.27
$5.97
$4.75
+21.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,620
230
170
+605.8%
Capital expenditure
168
186
148
-9.5%
Free cash flow
1,451
43.4
22.2
+3,244.2%
Free cash flow margin
27.0%
0.9%
0.5%
Cash from investing
-876
39.0
106
Cash from financing
-1,240
462
-176
Share-based compensation
197
152
162
+29.7%
Buybacks
1,090
458
677
+138.0%
Dividends paid
694
563
541
+23.3%
Dividend per share
$2.80
$2.28
$2.16
+22.8%
Diluted shares, weighted
247m
245m
250m
+0.7%
Shares outstanding at period end
238m
245m
245m
-2.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,124
5,824
5,009
+5.1%
Redeemable equity
740
993
687
-25.4%
Debt
0.0
0.0
0.0
Other liabilities
825
718
529
+14.9%
Total liabilities and equity
7,689
7,535
6,225
+2.1%
Fixed assets
661
652
615
+1.4%
Goodwill
666
666
666
0.0%
Securities held for sale or to maturity
1.0
1.0
1.0
0.0%
Trading assets
n/a
n/a
75.4
Cash and equivalents
1,425
1,903
1,205
-25.1%
Other assets
4,936
4,313
3,663
+14.4%
Total assets
7,689
7,535
6,225
+2.1%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.