T. Rowe Price Group (TROW) FY2022 results: revenue $6.5 billion, down 15.4% on the year

T. Rowe Price Group, Inc. (TROW) reported revenue of $6.5 billion for fiscal 2022, the year ended 31 December 2022, down 15.4% on the year before. Net income was $1.6 billion, down 49.5%, and diluted earnings per share $6.70. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2023.

Revenue

$6.5 billion

-15.4% on the year

FY2015FY2022

Operating margin

36.6%

48.4% a year earlier

FY2015FY2022

Net income

$1.6 billion

-49.5% on the year

FY2015FY2022

Diluted EPS

$6.70

-48.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	6,488	7,672	6,207	-15.4%
Operating income	2,374	3,710	2,746	-36.0%
Operating margin	36.6%	48.4%	44.2%
Pre-tax income	1,948	3,995	3,242	-51.2%
Income tax	499	896	719	-44.4%
Effective tax rate	25.6%	22.4%	22.2%
Net income	1,558	3,083	2,373	-49.5%
Net margin	24.0%	40.2%	38.2%
Diluted EPS	$6.70	$13.12	$9.98	-48.9%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	2,359	3,452	1,919	-31.7%
Capital expenditure	238	239	215	-0.6%
Free cash flow	2,122	3,213	1,704	-34.0%
Free cash flow margin	32.7%	41.9%	27.5%
Cash from investing	-41.5	-1,098	-36.3
Cash from financing	-2,077	-2,989	-1,486
Share-based compensation	285	275	246	+3.9%
Buybacks	850	1,138	1,202	-25.4%
Dividends paid	1,107	1,702	846	-34.9%
Dividend per share	$4.80	$4.32	$3.60	+11.1%
Diluted shares, weighted	227m	229m	231m	-0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	8,840	9,023	7,707	-2.0%
Non-controlling interest	191	249	0.0	-23.3%
Redeemable equity	657	982	1,562	-33.1%
Debt	0.0	0.0	0.0
Other liabilities	1,956	2,255	1,390	-13.3%
Total liabilities and equity	11,643	12,509	10,659	-6.9%
Fixed assets	756	736	695	+2.6%
Goodwill	2,643	2,693	666	-1.9%
Intangible assets	630	913	0.0	-31.0%
Securities held for sale or to maturity	9.2	n/a	1.0
Cash and equivalents	1,756	1,523	2,152	+15.3%
Other assets	5,850	6,643	7,145	-11.9%
Total assets	11,643	12,509	10,659	-6.9%

10-K for the year ended 31 December 2022, filed 15 February 2023: the filing.