T. Rowe Price Group, Inc. (TROW) Cash Flow Statement
Where TROW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.75B +4.0% vs 2024
- Capital expenditures
- $274.2M 3.7% of revenue
- Free cash flow
- $1.48B 20.2% margin
- Returned to shareholders
- $1.76B 119% of free cash flow
- Change in cash
- $704.4M cash at year-end $3.42B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TROW operating cash flow, capex and free cash flow
TROW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $170.5M2016 | $1.75B2025 | +29.6%/yr | |
| Capital expenditures | $148.3M2016 | $274.2M2025 | +7.1%/yr | |
| Free cash flow | $22.2M2016 | $1.48B2025 | +59.5%/yr | |
| Free cash flow margin | 0.5%2016 | 20.2%2025 | +19.7 pts | |
| Operating cash flow / net income | 0.142016 | 0.792025 | +0.66 | |
| Stock-based compensation | $161.6M2016 | $216.9M2025 | +3.3%/yr | |
| Dividends paid | $540.8M2016 | $1.14B2025 | +8.7%/yr | |
| Share buybacks (net) | $676.9M2016 | $620.9M2025 | −1.0%/yr | |
| Capex / revenue | 3.5%2016 | 3.7%2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TROW cash flow by activity
TROW net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TROW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.21B | $2.14B | $1.84B | $1.45B | $3.10B | $2.52B | $2.25B | $1.77B | $1.58B | $1.25B |
| Depreciation & amortization | $605.5M | $504.2M | $481.6M | $645.8M | $204.8M | $189.6M | $190.8M | $159.5M | $143.6M | $133.4M |
| Stock-based compensation | $216.9M | $247.3M | $265.6M | $285.4M | $274.6M | $246.2M | $206.6M | $197.1M | $152.0M | $161.6M |
| Change in working capital | $169.8M | $5.5M | $193.6M | −$139.9M | $67.4M | $91.1M | $109.6M | $111.6M | $220.6M | $3.4M |
| Other non-cash items | −$1.45B | −$1.21B | −$1.56B | $118.5M | −$193.3M | −$1.13B | −$1.23B | −$617.0M | −$1.87B | −$1.38B |
| Cash from operating activities | $1.75B | $1.69B | $1.22B | $2.36B | $3.45B | $1.92B | $1.52B | $1.62B | $229.5M | $170.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$274.2M | −$423.4M | −$307.9M | −$237.6M | −$239.1M | −$214.6M | −$204.6M | −$168.5M | −$186.1M | −$148.3M |
| Investments (net) | $593.1M | −$177.5M | $66.1M | −$41.5M | $1.58B | $181.7M | −$108.3M | −$771.6M | $317.8M | $133.6M |
| Acquisitions & other investing | −$88.6M | $423.4M | $370.0M | $237.6M | −$2.44B | −$3.4M | −$11.6M | $64.6M | −$92.7M | $120.9M |
| Cash from investing activities | $230.3M | −$177.5M | $128.2M | −$41.5M | −$1.10B | −$36.3M | −$324.5M | −$875.5M | $39.0M | $106.2M |
| Financing activities | ||||||||||
| Dividends paid | −$1.14B | −$1.14B | −$1.12B | −$1.11B | −$1.70B | −$845.8M | −$733.9M | −$694.3M | −$563.1M | −$540.8M |
| Share repurchases & issuance (net) | −$620.9M | −$337.2M | −$254.4M | −$849.8M | −$1.14B | −$1.20B | −$705.8M | −$1.09B | −$458.1M | −$676.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $486.5M | $536.2M | $297.5M | −$119.7M | −$148.4M | $561.4M | $607.0M | $545.2M | $1.48B | $1.04B |
| Cash from financing activities | −$1.28B | −$936.6M | −$1.08B | −$2.08B | −$2.99B | −$1.49B | −$832.7M | −$1.24B | $461.5M | −$176.4M |
| Summary | ||||||||||
| Net change in cash | $704.4M | $569.1M | $269.1M | $250.5M | −$632.3M | $398.2M | $363.0M | −$510.5M | $735.3M | $98.2M |
| Cash at end of period | $3.42B | $2.71B | $2.14B | $1.87B | $1.62B | $2.26B | $1.86B | $1.50B | $2.01B | $1.27B |
| Free cash flow | $1.48B | $1.26B | $911.2M | $2.12B | $3.21B | $1.70B | $1.32B | $1.45B | $43.4M | $22.2M |
| Free cash flow margin | 20.2% | 17.8% | 14.1% | 32.7% | 41.9% | 27.5% | 23.5% | 27.0% | 0.9% | 0.5% |
| Capex / revenue | 3.7% | 6.0% | 4.8% | 3.7% | 3.1% | 3.5% | 3.6% | 3.1% | 3.9% | 3.5% |
| Operating cash flow / net income | 0.79 | 0.79 | 0.66 | 1.63 | 1.11 | 0.76 | 0.68 | 0.92 | 0.15 | 0.14 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $695.4M | $484.1M | $460.6M | $631.4M | $556.1M | $478.1M | $416.7M | $640.4M | $485.3M | $593.4M | $473.6M | $439.2M |
| Depreciation & amortization | $70.5M | $68.8M | $401.8M | $70.8M | $185.7M | $63.6M | $315.8M | −$62.0M | $187.8M | $62.6M | $300.0M | $63.7M |
| Stock-based compensation | $40.7M | $49.1M | $82.7M | $37.3M | $46.6M | $50.3M | $85.1M | $49.6M | $54.2M | $58.4M | $95.9M | $54.3M |
| Change in working capital | −$304.5M | $304.5M | −$409.8M | $312.2M | $177.1M | $90.3M | −$529.4M | $245.3M | $127.3M | $162.3M | −$355.7M | $212.4M |
| Other non-cash items | −$114.5M | $47.5M | −$554.0M | −$69.2M | −$435.6M | $67.7M | −$570.1M | −$220.8M | −$176.9M | −$239.4M | −$671.2M | −$299.6M |
| Cash from operating activities | $387.6M | $954.0M | −$18.7M | $982.5M | $529.9M | $750.0M | −$281.9M | $652.5M | $677.7M | $637.3M | −$157.4M | $470.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$62.0M | −$62.0M | −$66.7M | −$63.3M | −$82.0M | −$82.0M | −$113.0M | −$104.6M | −$103.3M | −$102.5M | −$81.9M | −$93.6M |
| Investments (net) | −$631.4M | $71.8M | $290.8M | $37.9M | −$9.0M | −$47.8M | −$22.5M | −$61.6M | −$84.8M | −$8.6M | $90.1M | $174.0M |
| Acquisitions & other investing | −$74.4M | $40.6M | $25.1M | $15.0M | $82.0M | $43.0M | $113.0M | $104.6M | $103.3M | $102.5M | $81.9M | −$42.3M |
| Cash from investing activities | −$767.8M | $50.4M | $249.2M | −$10.4M | −$9.0M | −$86.8M | −$22.5M | −$61.6M | −$84.8M | −$8.6M | $90.1M | $38.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$289.1M | −$289.1M | −$284.5M | −$283.4M | −$285.6M | −$289.5M | −$284.6M | −$281.3M | −$283.2M | −$286.5M | −$279.7M | −$279.6M |
| Share repurchases & issuance (net) | $333.5M | −$333.5M | −$139.1M | −$153.5M | −$113.1M | −$215.2M | −$101.4M | −$73.6M | −$112.4M | −$83.1M | −$131.2M | −$90.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$152.5M | $100,000 | −$68.2M | $13.7M | $122.8M | $15.2M | $177.6M | $202.2M | $87.9M | $101.8M | −$50.5M | $73.2M |
| Cash from financing activities | −$108.1M | −$622.5M | −$491.8M | −$423.2M | −$275.9M | −$489.5M | −$208.4M | −$152.7M | −$307.7M | −$267.8M | −$461.4M | −$297.2M |
| Summary | ||||||||||||
| Net change in cash | −$486.8M | $379.1M | −$266.6M | $575.9M | $243.0M | $186.9M | −$515.7M | $439.8M | $284.9M | $360.1M | −$526.5M | $344.1M |
| Cash at end of period | $3.31B | $3.80B | $3.42B | $3.63B | $3.13B | $2.84B | $2.71B | $3.23B | $2.79B | $2.50B | $2.14B | $2.67B |
| Free cash flow | $449.6M | $892.0M | −$85.4M | $919.2M | $611.9M | $668.0M | −$394.9M | $547.9M | $574.4M | $534.8M | −$239.3M | $376.4M |
| Free cash flow margin | 23.6% | 48.0% | −4.4% | 48.5% | 35.5% | 37.9% | −21.6% | 30.7% | 33.1% | 30.6% | −14.6% | 22.5% |
| Capex / revenue | 3.3% | 3.3% | 3.4% | 3.3% | 4.8% | 4.6% | 6.2% | 5.9% | 6.0% | 5.9% | 5.0% | 5.6% |
| Operating cash flow / net income | 0.56 | 1.97 | −0.04 | 1.56 | 0.95 | 1.57 | −0.68 | 1.02 | 1.40 | 1.07 | −0.33 | 1.07 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TROW cash generation
In fiscal 2025 (ended December 31, 2025), T. Rowe Price generated $1.8 billion of cash from operations (up 4.0%) and spent $274.2 million on capital expenditures, leaving free cash flow of $1.5 billion, 20.2% of revenue. It returned $1.8 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($620.9 million). Cash and equivalents rose by $704.4 million over the year.
Related: TROW income statement, TROW balance sheet, TROW dividend history. See the TROW stock overview for the latest quote and news.
TROW cash flow FAQ
What is T. Rowe Price's free cash flow?
T. Rowe Price's free cash flow was $1.5 billion in fiscal 2025: $1.8 billion of operating cash flow minus $274.2 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does T. Rowe Price generate from operations?
T. Rowe Price generated $1.8 billion of cash from operating activities in fiscal 2025, 0.79 times its net income of $2.2 billion.
How much does T. Rowe Price spend on capital expenditures?
T. Rowe Price spent $274.2 million on capital expenditures in fiscal 2025, 3.7% of revenue, compared with $423.4 million the year before.
How much stock does T. Rowe Price buy back?
T. Rowe Price spent $620.9 million on net share repurchases in fiscal 2025.
How much does T. Rowe Price pay in dividends?
T. Rowe Price paid $1.1 billion in dividends in fiscal 2025, 77.3% of free cash flow.