T. Rowe Price Group, Inc. (TROW) Balance Sheet
TROW balance sheet, 2025
December 31, 2025 · U.S. dollars$14.61B assets = $2.55B liabilities + $12.05B equity
Both columns are drawn to the same scale: what TROW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TROW financial health
Descriptive bands, not a rating. Fiscal 2025.
TROW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.22B2016 | $14.61B2025 | +9.9%/yr | |
| Total liabilities | $529.2M2016 | $2.55B2025 | +19.1%/yr | |
| Shareholders’ equity | $5.01B2016 | $10.86B2025 | +9.0%/yr | |
| Cash & short-term investments | $1.20B2016 | $3.38B2025 | +12.1%/yr | |
| Total debt | $357.6M2016 | $860.2M2025 | +10.2%/yr | |
| Net cash (debt) | $847.3M2016 | $2.52B2025 | +$1.7B | |
| Working capital | $1.44B2016 | $4.04B2025 | +$2.6B | |
| Book value per share | $20.012016 | $48.532025 | +10.3%/yr | |
| Debt / equity | 0.072016 | 0.082025 | +0.01 | |
| Shares outstanding | 250.3M2016 | 223.8M2025 | −1.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TROW assets
TROW liabilities and equity
TROW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TROW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.38B | $2.65B | $2.07B | $1.76B | $1.52B | $2.15B | $1.78B | $1.43B | $1.90B | $1.20B |
| Cash & equivalents | $3.38B | $2.65B | $2.07B | $1.76B | $1.52B | $2.15B | $1.78B | $1.43B | $1.90B | $1.20B |
| Short-term investments | — | — | $806.6M | $2.54B | $2.98B | — | — | — | $0 | $75.4M |
| Receivables | $714.4M | $877.4M | $807.9M | $748.7M | $1.06B | $863.1M | $646.6M | $549.6M | $565.3M | $455.1M |
| Inventory | $0 | $0 | $0 | $2.32B | $2.11B | $3.04B | $1 | $1 | $1 | −$75.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $75.4M |
| Total current assets | $4.09B | $3.53B | $2.87B | $2.50B | $2.58B | $3.01B | $2.43B | $1.97B | $2.47B | $1.66B |
| Property, plant & equipment (net) | $1.23B | $1.20B | $1.05B | $1.04B | $937.4M | $813.0M | $785.2M | $661.3M | $652.0M | $615.1M |
| Goodwill & intangible assets | $5.83B | $3.01B | $3.15B | $3.27B | $3.61B | $665.7M | $665.7M | $665.7M | $1.33B | $1.33B |
| Long-term investments | $4.03B | $4.05B | $3.71B | $4.14B | $4.94B | $3.25B | $2.94B | $2.45B | $1.48B | $1.26B |
| Other non-current assets | $0 | $1.68B | $1.50B | $688.7M | $445.3M | $2.91B | $2.51B | $1.93B | $1.61B | $1.36B |
| Total assets | $14.61B | $13.47B | $12.28B | $11.64B | $12.51B | $10.66B | $9.33B | $7.69B | $7.54B | $6.22B |
| Liabilities | ||||||||||
| Accounts payable | $352.7M | $353.5M | $422.9M | $406.7M | $431.0M | $100.2M | $214.5M | $228.5M | $216.2M | $180.8M |
| Short-term debt | $56.0M | $31.9M | $72.3M | $329.6M | $75.9M | $50.3M | $26.6M | $0 | $0 | — |
| Deferred revenue | — | — | — | — | −$75.9M | −$50.3M | −$26.6M | — | — | — |
| Total current liabilities | $56.0M | $440.6M | $489.1M | $452.7M | $508.9M | $272.7M | $246.3M | $282.7M | $284.5M | $220.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $447.2M | $278.7M | $308.5M | $329.6M | $249.2M | $154.1M | $146.3M | — | — | — |
| Other long-term liabilities | $2.50B | $1.58B | $1.50B | $1.50B | $1.75B | $1.12B | $861.0M | $542.0M | $433.7M | $309.1M |
| Total liabilities | $2.55B | $2.02B | $1.99B | $1.96B | $2.26B | $1.39B | $1.11B | $824.7M | $718.2M | $529.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $43.8M | $44.6M | $44.8M | $44.9M | $45.8M | $45.6M | $47.0M | $47.6M | $49.0M | $49.0M |
| Retained earnings (deficit) | $10.87B | $10.04B | $9.08B | $8.41B | $8.08B | $7.03B | $6.44B | $5.46B | $4.93B | $4.29B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$50.5M | −$51.7M | −$47.5M | −$53.0M | −$26.5M | −$23.0M | −$43.0M | −$42.0M | −$3.6M | $11.5M |
| Minority interest | $1.19B | $1.10B | $786.1M | $190.7M | $248.7M | — | — | — | $0 | $0 |
| Total shareholders' equity | $10.86B | $10.35B | $9.51B | $8.84B | $9.02B | $7.71B | $7.10B | $6.12B | $5.82B | $5.01B |
| Key figures | ||||||||||
| Total debt | $860.2M | $278.7M | $308.5M | $329.6M | $249.2M | $154.1M | $146.3M | $316.7M | $303.9M | $357.6M |
| Net cash (debt) | $2.52B | $2.37B | $1.76B | $1.43B | $1.27B | $2.00B | $1.64B | $1.11B | $1.60B | $847.3M |
| Working capital | $4.04B | $3.09B | $2.39B | $2.05B | $2.07B | $2.74B | $2.18B | $1.69B | $2.18B | $1.44B |
| Tangible book value | $5.03B | $7.33B | $6.36B | $5.57B | $5.42B | $7.04B | $6.44B | $5.46B | $4.49B | $3.68B |
| Book value per share | $48.53 | $46.33 | $42.28 | $38.92 | $39.43 | $33.33 | $29.77 | $24.80 | $23.76 | $20.01 |
| Shares outstanding | 223.8M | 223.3M | 224.8M | 227.1M | 228.8M | 231.2M | 238.6M | 246.9M | 245.1M | 250.3M |
| Current ratio | 73.08 | 8.01 | 5.88 | 5.53 | 5.07 | 11.06 | 9.86 | 6.99 | 8.67 | 7.54 |
| Quick ratio | 73.08 | 8.01 | 5.88 | 5.53 | 5.07 | 11.06 | 9.86 | 6.99 | 8.67 | 7.54 |
| Debt / equity | 0.08 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 | 0.02 | 0.05 | 0.05 | 0.07 |
| Equity / assets | 74.4% | 76.8% | 77.4% | 75.9% | 72.1% | 72.3% | 76.1% | 79.6% | 77.3% | 80.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.23B | $3.73B | $3.38B | $3.63B | $3.06B | $2.84B | $2.65B | $3.17B | $2.71B | $2.42B | $2.07B | $2.58B |
| Cash & equivalents | $3.23B | $3.73B | $3.38B | $3.63B | $3.06B | $2.84B | $2.65B | $3.17B | $2.71B | $2.42B | $2.07B | $2.58B |
| Short-term investments | — | — | — | — | — | — | — | — | $852.0M | $536.6M | $806.6M | — |
| Receivables | $941.6M | $909.9M | $714.4M | $899.4M | $861.8M | $934.6M | $877.4M | $890.0M | $846.9M | $883.0M | $807.9M | $752.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.07B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $4.18B | $3.73B | $4.09B | $4.53B | $3.92B | $3.77B | $3.53B | $4.06B | $3.56B | $3.30B | $2.87B | $3.33B |
| Property, plant & equipment (net) | $1.18B | $1.20B | $1.23B | $1.37B | $1.40B | $1.42B | $1.20B | $1.16B | $1.11B | $1.08B | $1.05B | $1.05B |
| Goodwill & intangible assets | $2.89B | $5.55B | $5.83B | $2.94B | $2.96B | $2.99B | $3.01B | $3.04B | $3.09B | $3.12B | $3.15B | $3.19B |
| Long-term investments | $5.28B | $3.95B | $4.03B | $4.13B | $4.30B | $4.03B | $4.05B | $3.92B | $3.84B | $3.87B | $3.71B | $4.28B |
| Other non-current assets | $1.83B | $0 | $0 | $1.75B | $1.76B | $1.79B | $1.68B | $1.52B | $1.49B | $1.48B | $1.50B | $709.4M |
| Total assets | $15.36B | $14.39B | $14.61B | $14.73B | $14.34B | $13.99B | $13.47B | $13.71B | $13.09B | $12.85B | $12.28B | $12.56B |
| Liabilities | ||||||||||||
| Accounts payable | $402.4M | $369.5M | $352.7M | $349.5M | $335.5M | $347.1M | $353.5M | $359.1M | $367.2M | $366.4M | $422.9M | $395.2M |
| Short-term debt | $429.4M | $438.1M | $56.0M | $455.1M | $46.4M | $44.5M | $31.9M | $66.3M | $65.5M | $64.2M | $72.3M | $309.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$1.57B | −$302.1M | — | −$309.4M |
| Total current liabilities | $1.92B | $501.9M | $56.0M | $396.2M | $357.9M | $642.2M | $440.6M | $372.4M | $380.8M | $543.2M | $489.1M | $437.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $429.4M | $438.1M | $447.2M | $455.1M | $475.2M | $472.1M | $278.7M | $288.4M | $299.3M | $302.1M | $308.5M | $309.4M |
| Other long-term liabilities | $1.27B | $2.02B | $2.50B | $2.36B | $2.17B | $1.82B | $1.58B | $2.12B | $1.89B | $1.64B | $1.50B | $1.94B |
| Total liabilities | $3.18B | $2.52B | $2.55B | $2.76B | $2.53B | $2.46B | $2.02B | $2.49B | $2.27B | $2.19B | $1.99B | $2.38B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $42.7M | $43.1M | $43.8M | $43.7M | $44.0M | $44.2M | $44.6M | $44.4M | $44.5M | $44.7M | $44.8M | $44.7M |
| Retained earnings (deficit) | $11.02B | $10.79B | $10.87B | $10.82B | $10.46B | $10.24B | $10.04B | $9.89B | $9.56B | $9.36B | $9.08B | $8.92B |
| Accumulated other comprehensive income | −$58.2M | −$51.6M | −$50.5M | −$46.5M | −$44.6M | −$51.9M | −$51.7M | −$39.5M | −$49.2M | −$49.6M | −$47.5M | −$46.2M |
| Minority interest | $1.17B | $1.10B | $1.19B | $1.15B | $1.25B | — | — | — | — | — | — | — |
| Total shareholders' equity | $11.00B | $10.78B | $10.86B | $10.81B | $10.56B | $10.39B | $10.35B | $10.25B | $9.93B | $9.78B | $9.51B | $9.40B |
| Key figures | ||||||||||||
| Total debt | $429.4M | $438.1M | $860.2M | $455.1M | $475.2M | $472.1M | $278.7M | $288.4M | $299.3M | $302.1M | $308.5M | $309.4M |
| Net cash (debt) | $2.80B | $3.29B | $2.52B | $3.18B | $2.58B | $2.36B | $2.37B | $2.89B | $2.42B | $2.11B | $1.76B | $2.27B |
| Working capital | $2.26B | $3.23B | $4.04B | $4.14B | $3.56B | $3.13B | $3.09B | $3.69B | $3.18B | $2.76B | $2.39B | $2.89B |
| Tangible book value | $8.11B | $5.23B | $5.03B | $7.88B | $7.60B | $7.41B | $7.33B | $7.21B | $6.84B | $6.66B | $6.36B | $6.21B |
| Book value per share | $51.37 | $48.24 | $48.53 | $49.22 | $47.92 | $46.70 | $46.43 | $46.00 | $44.42 | $43.64 | $42.43 | $41.81 |
| Shares outstanding | 214.2M | 223.4M | 223.8M | 219.7M | 220.4M | 222.6M | 222.8M | 222.8M | 223.5M | 224.2M | 224.0M | 224.8M |
| Current ratio | 2.18 | 7.43 | 73.08 | 11.44 | 10.95 | 5.87 | 8.01 | 10.91 | 9.35 | 6.07 | 5.88 | 7.61 |
| Quick ratio | 2.18 | 9.24 | 73.08 | 11.44 | 10.95 | 5.87 | 8.01 | 10.91 | 9.35 | 6.07 | 5.88 | 7.61 |
| Debt / equity | 0.04 | 0.04 | 0.08 | 0.04 | 0.04 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Equity / assets | 71.6% | 74.9% | 74.4% | 73.4% | 73.6% | 74.3% | 76.8% | 74.8% | 75.9% | 76.1% | 77.4% | 74.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
TROW financial position
At the end of fiscal 2025 (December 31, 2025), T. Rowe Price had total assets of $14.6 billion (up 8.4% from a year earlier), total liabilities of $2.6 billion and shareholders' equity of $10.9 billion. It held $3.4 billion in cash and short-term investments against $860.2 million of debt, a net cash position of $2.5 billion. Its current ratio was 73.08. In the latest quarter (ended June 30, 2026) total assets were $15.4 billion and equity $11.0 billion.
Related: TROW income statement, TROW cash flow statement, TROW key metrics. See the TROW stock overview for the latest quote and news.
TROW balance sheet FAQ
What are T. Rowe Price's total assets?
T. Rowe Price reported total assets of $14.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.5 billion a year earlier.
How much debt does T. Rowe Price have?
T. Rowe Price had $860.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does T. Rowe Price have?
T. Rowe Price held $3.4 billion in cash and short-term investments at the end of fiscal 2025; with $860.2 million of debt that is net cash of $2.5 billion.
What is T. Rowe Price's book value?
T. Rowe Price's shareholders' equity (book value) was $10.9 billion at the end of fiscal 2025, or $48.53 per share.
What is T. Rowe Price's current ratio?
T. Rowe Price had current assets of $4.1 billion and current liabilities of $56.0 million, a current ratio of 73.08 (it can cover its short-term obligations).
How much goodwill does T. Rowe Price have?
T. Rowe Price carried $5.8 billion of goodwill and intangible assets, 39.9% of total assets, at the end of fiscal 2025.