T. Rowe Price Group, Inc. (TROW) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 824.3M | -18.7M | 982.5M | 529.9M | 750M | -281.9M | 652.5M | 677.7M | 637.3M | -157.4M | 470M | 394.8M | 511.7M | -135.2M | 767.6M | 623.6M | 1.1B | 361.3M | 1.29B | 807.3M |
| Operating CF Margin % | 44.39% | -0.97% | 51.89% | 30.75% | 42.52% | -15.45% | 36.54% | 39.1% | 36.41% | -9.59% | 28.13% | 24.52% | 33.28% | -8.87% | 48.33% | 41.22% | 59.23% | 18.42% | 65.95% | 41.84% |
| Operating CF Growth % | 9.91% | 93.37% | 50.57% | -21.81% | 17.68% | -79.1% | 38.83% | 71.66% | 24.55% | -16.42% | -38.77% | -36.69% | -53.63% | -137.42% | -40.44% | -22.75% | 10.93% | 17965% | 366.58% | -5.36% |
| Net Income | 484.1M | 460.6M | 631.4M | 556.1M | 478.1M | 416.7M | 640.4M | 485.3M | 593.4M | 473.6M | 439.2M | 481.2M | 441.7M | 289.6M | 357.8M | 287.8M | 514.4M | 733.6M | 757.4M | 842.7M |
| Depreciation & Amortization | 102.7M | 401.8M | 70.8M | 185.7M | 63.6M | 315.8M | -62M | 187.8M | 62.6M | 300M | -34.2M | 157M | 58.8M | 479.8M | 56.8M | 54.7M | 54.5M | 53.7M | 51.7M | 50.4M |
| Stock-Based Compensation | 49.1M | 82.7M | 0 | 46.6M | 0 | 85.1M | 49.6M | 54.2M | 58.4M | 95.9M | 54.3M | 56.6M | 58.8M | 99.7M | 62.8M | 59.3M | 63.6M | 108.3M | 52.4M | 56.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -116.1M | -554M | -31.9M | -435.6M | 118M | -570.1M | -220.8M | -176.9M | -239.4M | -671.2M | -201.7M | -398.5M | -286M | -623.5M | 106.1M | 403M | 232.9M | -71.7M | 250.8M | -214M |
| Working Capital Changes | 304.5M | -409.8M | 312.2M | 177.1M | 90.3M | -529.4M | 245.3M | 127.3M | 162.3M | -355.7M | 212.4M | 98.5M | 238.4M | -380.8M | 184.1M | -181.2M | 238M | -462.6M | 176.4M | 71.8M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 59.6M | 249.2M | -10.4M | -9M | -86.8M | -22.5M | -61.6M | -84.8M | -8.6M | 90.1M | 174M | -78.4M | -57.5M | 28M | -43.8M | -29.5M | 3.8M | -1.16B | 51.9M | 36.5M |
| Capital Expenditures | 0 | -66.7M | -63.3M | -62.2M | -82M | -113M | -104.6M | -103.3M | -102.5M | -81.9M | -93.6M | -71.7M | -60.7M | -60.4M | -54.4M | -67.9M | -54.9M | -60.4M | -56.9M | -63M |
| CapEx % of Revenue | 3.34% | 3.45% | 3.34% | 3.61% | 4.65% | 6.19% | 5.86% | 5.96% | 5.86% | 4.99% | 5.6% | 4.45% | 3.95% | 3.96% | 3.43% | 4.49% | 2.95% | 3.08% | 2.91% | 3.27% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 5.12B | 5.28B | 4.13B | 4.3B | 4.03B | 4.05B | 3.92B | 3.84B | 3.87B | 3.71B | 4.28B | 4.66B | 4.43B | 3.38B | 3.76B | 3.87B | 4.54B | 4.94B | 5.36B | 5.14B |
| Other Investing | 59.6M | 25.1M | -92.7M | -5.3M | -15.7M | -129M | -700K | -44.7M | 2.8M | -3.2M | -3M | -31.6M | -600K | -7M | 2.9M | -5.3M | 5.7M | -2.43B | 2.2M | 4.1M |
| Cash from Financing | -502M | -491.8M | -423.2M | -275.9M | -489.5M | -208.4M | -152.7M | -307.7M | -267.8M | -461.4M | -297.2M | -175.8M | -144.2M | -460.2M | -485.7M | -486.9M | -644.1M | -1.1B | -1.4B | -185.2M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -333.4M | -169.3M | -139.8M | -111.8M | -200M | -129.5M | -61.8M | -110.3M | -68.9M | -156.7M | -77.4M | -38.1M | -200K | -135.7M | -211.5M | -187.6M | -315M | -678.7M | -173.1M | -48.4M |
| Dividends Paid | -289.1M | -284.5M | -283.4M | -285.6M | -289.5M | -284.6M | -281.3M | -283.2M | -286.5M | -279.7M | -279.6M | -280.2M | -282.2M | -275M | -276.2M | -277M | -279.2M | -247.9M | -948.9M | -252.8M |
| Share Repurchases | -333.5M | -169.3M | -153.5M | -113.1M | -215.2M | -101.4M | -73.6M | -112.4M | -83.1M | -131.2M | -90.8M | -42.2M | -8.2M | -121.9M | -217.5M | -190.3M | -320.1M | -645.4M | -181.7M | -52.2M |
| Other Financing | 120.5M | -38M | 0 | 122.8M | 0 | 205.7M | 190.4M | 85.8M | 87.6M | -25M | 59.8M | 142.5M | 138.2M | -49.5M | 2M | -22.3M | -49.9M | -171.1M | -276.4M | 116M |
| Net Change in Cash | 379.1M | -266.6M | 575.9M | 243M | 186.9M | -515.7M | 439.8M | 284.9M | 360.1M | -526.5M | 344.1M | 140M | 311.5M | -569.7M | 257.2M | 102.6M | 460.4M | -1.89B | -60.9M | 657.2M |
| Free Cash Flow | 892M | -85.4M | 919.2M | 611.9M | 668M | -394.9M | 547.9M | 574.4M | 534.8M | -239.3M | 376.4M | 323.1M | 451M | -195.6M | 713.2M | 555.7M | 1.05B | 300.9M | 1.23B | 744.3M |
| FCF Margin % | 48.03% | -4.42% | 48.55% | 35.51% | 37.87% | -21.64% | 30.68% | 33.14% | 30.56% | -14.57% | 22.53% | 20.07% | 29.33% | -12.83% | 44.91% | 36.73% | 56.28% | 15.34% | 63.04% | 38.58% |
| FCF Growth % | 33.53% | 78.37% | 67.77% | 6.53% | 24.91% | -65.02% | 45.56% | 77.78% | 18.58% | -22.34% | -47.22% | -41.86% | -56.99% | -165% | -42.1% | -25.34% | 12.03% | 626.05% | 444.8% | -6.22% |
| FCF per Share | 3.99 | -0.38 | 4.18 | 2.78 | 3.00 | -1.77 | 2.46 | 2.57 | 2.39 | -1.07 | 1.67 | 1.43 | 2.00 | -0.87 | 3.15 | 2.44 | 4.56 | 1.33 | 5.38 | 3.25 |
| FCF Conversion (FCF/Net Income) | 1.65x | -0.04x | 1.52x | 1.05x | 1.53x | -0.64x | 1.08x | 1.40x | 1.11x | -0.36x | 1.04x | 0.83x | 1.21x | -0.51x | 2.00x | 1.84x | 1.94x | 0.49x | 1.66x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |