T. Rowe Price Group (TROW) FY2024 results: revenue $7.1 billion, up 9.8% on the year

T. Rowe Price Group, Inc. (TROW) reported revenue of $7.1 billion for fiscal 2024, the year ended 31 December 2024, up 9.8% on the year before. Net income was $2.1 billion, up 17.4%, and diluted earnings per share $9.15. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$7.1 billion

+9.8% on the year

FY2017FY2024

Operating margin

32.9%

30.7% a year earlier

FY2017FY2024

Net income

$2.1 billion

+17.4% on the year

FY2017FY2024

Diluted EPS

$9.15

+17.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,094	6,460	6,488	+9.8%
Operating income	2,333	1,986	2,374	+17.5%
Operating margin	32.9%	30.7%	36.6%
Pre-tax income	2,820	2,490	1,948	+13.2%
Income tax	684	655	499	+4.5%
Effective tax rate	24.3%	26.3%	25.6%
Net income	2,100	1,789	1,558	+17.4%
Net margin	29.6%	27.7%	24.0%
Diluted EPS	$9.15	$7.76	$6.70	+17.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,686	1,219	2,359	+38.3%
Capital expenditure	423	308	238	+37.5%
Free cash flow	1,262	911	2,122	+38.5%
Free cash flow margin	17.8%	14.1%	32.7%
Cash from investing	-178	128	-41.5
Cash from financing	-937	-1,079	-2,077
Share-based compensation	247	266	285	-6.9%
Buybacks	337	254	850	+32.5%
Dividends paid	1,136	1,122	1,107	+1.2%
Dividend per share	$4.96	$4.88	$4.80	+1.6%
Diluted shares, weighted	223m	225m	227m	-0.7%
Shares outstanding at period end	223m	n/a	n/a

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	10,345	9,505	8,840	+8.8%
Non-controlling interest	161	192	191	-16.3%
Redeemable equity	944	594	657	+58.9%
Debt	0.0	0.0	0.0
Other liabilities	2,022	1,988	1,956	+1.7%
Total liabilities and equity	13,472	12,279	11,643	+9.7%
Fixed assets	977	807	756	+21.1%
Goodwill	2,643	2,643	2,643	0.0%
Intangible assets	368	507	630	-27.4%
Securities held for sale or to maturity	44.7	23.3	9.2	+91.8%
Cash and equivalents	2,650	2,067	1,756	+28.2%
Other assets	6,790	6,232	5,850	+8.9%
Total assets	13,472	12,279	11,643	+9.7%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.