T. Rowe Price Group (TROW) FY2020 results: revenue $6.2 billion, up 10.5% on the year
T. Rowe Price Group, Inc. (TROW) reported revenue of $6.2 billion for fiscal 2020, the year ended 31 December 2020, up 10.5% on the year before. Net income was $2.4 billion, up 11.3%, and diluted earnings per share $9.98. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$6.2 billion
+10.5% on the year
FY2013FY2020
Operating margin
44.2%
42.5% a year earlier
FY2013FY2020
Net income
$2.4 billion
+11.3% on the year
FY2013FY2020
Diluted EPS
$9.98
+14.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,207
5,618
5,373
+10.5%
Operating income
2,746
2,387
2,361
+15.0%
Operating margin
44.2%
42.5%
44.0%
Pre-tax income
3,242
2,927
2,385
+10.8%
Income tax
719
678
616
+6.0%
Effective tax rate
22.2%
23.2%
25.8%
Net income
2,373
2,131
1,838
+11.3%
Net margin
38.2%
37.9%
34.2%
Diluted EPS
$9.98
$8.70
$7.27
+14.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,919
1,523
1,620
+26.0%
Capital expenditure
215
205
168
+4.9%
Free cash flow
1,704
1,318
1,451
+29.3%
Free cash flow margin
27.5%
23.5%
27.0%
Cash from investing
-36.3
-324
-876
Cash from financing
-1,486
-833
-1,240
Share-based compensation
246
207
197
+19.2%
Buybacks
1,202
706
1,090
+70.3%
Dividends paid
846
734
694
+15.2%
Dividend per share
$3.60
$3.04
$2.80
+18.4%
Diluted shares, weighted
231m
239m
247m
-3.1%
Shares outstanding at period end
n/a
235m
238m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
7,707
7,102
6,124
+8.5%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
1,562
1,121
740
+39.3%
Debt
0.0
0.0
0.0
Other liabilities
1,390
1,107
825
+25.6%
Total liabilities and equity
10,659
9,330
7,689
+14.2%
Fixed assets
695
674
661
+3.1%
Goodwill
666
666
666
0.0%
Intangible assets
0.0
n/a
n/a
Securities held for sale or to maturity
1.0
1.0
1.0
0.0%
Cash and equivalents
2,152
1,782
1,425
+20.8%
Other assets
7,145
6,208
4,936
+15.1%
Total assets
10,659
9,330
7,689
+14.2%
10-K for the year ended 31 December 2020, filed 11 February 2021: the filing.