T. Rowe Price Group (TROW) Q4 FY2025 earnings: revenue $1.9 billion, up 6.0% on the year

T. Rowe Price Group, Inc. (TROW) reported revenue of $1.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.0% on the same quarter a year earlier. Net income was $445 million, up 1.2% on the year, and diluted earnings per share $1.99. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$1.9 billion

+6.0% on the year · +2.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

24.4%

31.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$445 million

+1.2% on the year · -31.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.99

+3.6% on the year · -30.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Net revenues rose 6.0% year on year: Net revenues were $1,934.1 million, up 6.0% from Q4 2024 and 2.1% from Q3 2025. Investment advisory fees rose 4.2% to $1,737.6 million.
Adjusted EPS rose 15.1% year on year: Adjusted diluted EPS was $2.44, up from $2.12 in Q4 2024 and down from $2.81 in Q3 2025. Adjusted net income attributable to the firm was $547.1 million.
Equity outflows led the quarter: Equity had net cash flows of negative $23.2 billion, against market gains of $16.3 billion. Equity investment advisory fees rose 2.3% to $1,029.1 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,934	1,894	1,824	+2.1%	+6.0%
Operating income	471	643	568	-26.8%	-17.1%
Operating margin	24.4%	34.0%	31.2%
Pre-tax income	613	882	573	-30.5%	+7.0%
Income tax	152	195	156	-21.8%	-2.4%
Effective tax rate	24.9%	22.1%	27.3%
Net income	445	646	440	-31.1%	+1.2%
Net margin	23.0%	34.1%	24.1%
Diluted EPS	$1.99	$2.87	$1.92	-30.7%	+3.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-18.7	609	-282
Capital expenditure	66.7	63.3	113	+5.4%	-41.0%
Free cash flow	-85.4	546	-395
Free cash flow margin	-4.4%	28.8%	-21.6%
Cash from investing	249	37.9	-22.5	+557.5%
Cash from financing	-492	-98.3	-208
Share-based compensation	82.7	37.3	85.1	+121.7%	-2.8%
Buybacks	139	154	68.1	-9.4%	+104.3%
Dividends paid	284	283	285	+0.4%	-0.0%
Dividend per share	n/a	$1.27	n/a
Diluted shares, weighted	218m	220m	223m	-0.6%	-2.0%
Shares outstanding at period end	219m	218m	223m	+0.2%	-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	10,860	10,814	10,345	+0.4%	+5.0%
Non-controlling interest	157	170	161	-7.6%	-2.2%
Redeemable equity	1,036	985	944	+5.2%	+9.7%
Debt	0.0	0.0	0.0
Other liabilities	2,289	2,761	2,022	-17.1%	+13.2%
Total liabilities and equity	14,342	14,730	13,472	-2.6%	+6.5%
Fixed assets	845	981	977	-13.8%	-13.5%
Goodwill	2,643	2,643	2,643	0.0%	0.0%
Intangible assets	274	295	368	-6.9%	-25.5%
Securities held for sale or to maturity	n/a	50.4	44.7
Cash and equivalents	3,378	3,635	2,650	-7.1%	+27.5%
Other assets	7,201	7,127	6,790	+1.0%	+6.1%
Total assets	14,342	14,730	13,472	-2.6%	+6.5%

Questions

What was T. Rowe Price Group's revenue in Q4 FY2025?

T. Rowe Price Group (TROW) reported revenue of $1.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.0% on the same quarter a year earlier.

How much did T. Rowe Price Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $445 million, up 1.2% on the year, and diluted earnings per share $1.99.

When did T. Rowe Price Group report Q4 FY2025 results?

T. Rowe Price Group filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,962	1,863	1,513	1,588	1,524	1,538	1,610	1,671	1,642	1,750	1,733	1,786	1,824	1,764	1,723	1,894	1,934	1,857	1,907	2,005
Operating income	862	877	669	575	253	484	534	581	387	587	565	614	568	596	478	643	471	680	540	770
Operating margin	44%	47%	44%	36%	17%	31%	33%	35%	24%	34%	33%	34%	31%	34%	28%	34%	24%	37%	28%	38%
Pre-tax income	913	679	389	492	389	620	640	584	647	776	645	826	573	667	714	882	613	632	910	787
Tax rate	20%	24%	26%	27%	26%	29%	25%	25%	27%	23%	25%	22%	27%	24%	22%	22%	25%	23%	24%	24%
Net income	741	568	340	384	266	422	476	453	438	574	483	603	440	490	505	646	445	498	632	612
Net margin	38%	30%	22%	24%	17%	27%	30%	27%	27%	33%	28%	34%	24%	28%	29%	34%	23%	27%	33%	31%
Diluted EPS	$3.18	$2.41	$1.46	$1.66	$1.16	$1.83	$2.06	$1.97	$1.90	$2.49	$2.11	$2.64	$1.92	$2.15	$2.24	$2.87	$1.99	$2.23	$2.88	$2.79
Operating cash flow	361	1,103	624	768	-135	512	395	470	-157	637	678	652	-282	633	530	609	-18.7	824	517	543
Capital expenditure	60.4	54.9	67.9	54.4	60.4	60.7	71.7	93.6	81.9	102	103	105	113	82.0	62.2	63.3	66.7	62.0	66.4	72.7
Free cash flow	301	1,048	556	713	-196	451	323	376	-239	535	574	548	-395	551	468	546	-85.4	762	451	471
Buybacks	645	320	190	218	122	8.2	42.2	90.8	113	83.1	112	73.6	68.1	215	113	154	139	334	167	0.1
Dividends paid	248	279	277	276	275	282	280	280	280	286	283	281	285	290	286	283	284	289	282	285
Shares outstanding	228m	227m	226m	223m	224m	225m	224m	223m	224m	223m	223m	222m	223m	220m	220m	218m	219m	214m	213m	213m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.