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Stock research / United States / TROW / FY2023

T. Rowe Price Group (TROW) FY2023 results: revenue $6.5 billion, down 0.4% on the year

T. Rowe Price Group, Inc. (TROW) reported revenue of $6.5 billion for fiscal 2023, the year ended 31 December 2023, down 0.4% on the year before. Net income was $1.8 billion, up 14.8%, and diluted earnings per share $7.76. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue
$6.5 billion
-0.4% on the year
FY2016FY2023
Operating margin
30.7%
36.6% a year earlier
FY2016FY2023
Net income
$1.8 billion
+14.8% on the year
FY2016FY2023
Diluted EPS
$7.76
+15.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue6,4606,4887,672-0.4%
Operating income1,9862,3743,710-16.3%
Operating margin30.7%36.6%48.4%
Pre-tax income2,4901,9483,995+27.8%
Income tax655499896+31.3%
Effective tax rate26.3%25.6%22.4%
Net income1,7891,5583,083+14.8%
Net margin27.7%24.0%40.2%
Diluted EPS$7.76$6.70$13.12+15.8%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow1,2192,3593,452-48.3%
Capital expenditure308238239+29.6%
Free cash flow9112,1223,213-57.1%
Free cash flow margin14.1%32.7%41.9%
Cash from investing128-41.5-1,098
Cash from financing-1,079-2,077-2,989
Share-based compensation266285275-6.9%
Buybacks2548501,138-70.1%
Dividends paid1,1221,1071,702+1.3%
Dividend per share$4.88$4.80$4.32+1.7%
Diluted shares, weighted225m227m229m-1.0%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity9,5058,8409,023+7.5%
Non-controlling interest192191249+0.7%
Redeemable equity594657982-9.5%
Debt0.00.00.0
Other liabilities1,9881,9562,255+1.6%
Total liabilities and equity12,27911,64312,509+5.5%
Fixed assets807756736+6.7%
Goodwill2,6432,6432,6930.0%
Intangible assets507630913-19.5%
Securities held for sale or to maturity23.39.2n/a+153.3%
Cash and equivalents2,0671,7561,523+17.7%
Other assets6,2325,8506,643+6.5%
Total assets12,27911,64312,509+5.5%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.