T. Rowe Price Group (TROW) FY2019 results: revenue $5.6 billion, up 4.6% on the year
T. Rowe Price Group, Inc. (TROW) reported revenue of $5.6 billion for fiscal 2019, the year ended 31 December 2019, up 4.6% on the year before. Net income was $2.1 billion, up 16.0%, and diluted earnings per share $8.70. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$5.6 billion
+4.6% on the year
FY2012FY2019
Operating margin
42.5%
44.0% a year earlier
FY2012FY2019
Net income
$2.1 billion
+16.0% on the year
FY2012FY2019
Diluted EPS
$8.70
+19.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,618
5,373
4,855
+4.6%
Operating income
2,387
2,361
2,109
+1.1%
Operating margin
42.5%
44.0%
43.4%
Pre-tax income
2,927
2,385
2,505
+22.8%
Income tax
678
616
924
+10.1%
Effective tax rate
23.2%
25.8%
36.9%
Net income
2,131
1,838
1,498
+16.0%
Net margin
37.9%
34.2%
30.9%
Diluted EPS
$8.70
$7.27
$5.97
+19.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,523
1,620
230
-6.0%
Capital expenditure
205
168
186
+21.4%
Free cash flow
1,318
1,451
43.4
-9.2%
Free cash flow margin
23.5%
27.0%
0.9%
Cash from investing
-324
-876
39.0
Cash from financing
-833
-1,240
462
Share-based compensation
207
197
152
+4.8%
Buybacks
706
1,090
458
-35.3%
Dividends paid
734
694
563
+5.7%
Dividend per share
$3.04
$2.80
$2.28
+8.6%
Diluted shares, weighted
239m
247m
245m
-3.4%
Shares outstanding at period end
235m
238m
245m
-1.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,102
6,124
5,824
+16.0%
Redeemable equity
1,121
740
993
+51.4%
Debt
0.0
0.0
0.0
Other liabilities
1,107
825
718
+34.3%
Total liabilities and equity
9,330
7,689
7,535
+21.3%
Fixed assets
674
661
652
+2.0%
Goodwill
666
666
666
0.0%
Securities held for sale or to maturity
1.0
1.0
1.0
0.0%
Cash and equivalents
1,782
1,425
1,903
+25.0%
Other assets
6,208
4,936
4,313
+25.8%
Total assets
9,330
7,689
7,535
+21.3%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.