Cash Flow Statement

Operating Cash Flow

-48%

-23%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	196	200	200	193	194	180	182	205	228	266	293	309	337	354	377	411	431	453	486	498	530	556	582	629	671	679	679	657	491	388	325	305	434	538	597	633	672	714	760	776	773	776	778	840	884	928	969	992	1 048	1 110	1 168	1 201	1 230	1 235	1 262	1 236	1 223	1 227	1 105	1 190	1 254	1 341	1 520	1 561	1 581	1 636	1 706	1 883	1 769	1 867	1 964	1 927	2 249	1 862	2 034	2 188	2 523	3 122	3 236	3 295	3 099	2 848	2 293	1 894	1 450	1 377	1 570	1 652	1 836	1 987	1 992	2 193	2 136	2 048	2 118	2 164
Depreciation & Amortization	81	52	52	52	51	50	49	47	45	44	42	41	40	40	40	41	42	44	44	45	47	50	53	54	54	55	57	60	62	64	65	66	66	64	63	63	63	64	67	69	72	75	77	79	81	84	86	87	91	96	102	109	112	114	118	123	126	129	131	132	133	137	139	140	144	145	146	152	160	165	171	176	191	195	199	203	190	193	195	197	205	210	215	220	226	230	234	241	255	259	263	262	254	255	261	269
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	61	17	36	57	80	81	83	86	86	88	90	91	89	89	88	87	90	91	93	97	99	101	102	102	104	104	106	108	115	120	125	129	133	135	138	145	149	155	158	160	162	162	160	154	152	161	169	177	197	195	197	198	207	221	228	235	246	245	249	248	275	281	284	294	285	281	278	269	266	265	263	258	247	239	232	219
Other Non-Cash Items	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	18	33	48	61	63	68	73	80	81	83	86	177	215	218	218	125	89	88	87	90	91	93	97	99	101	102	69	(24)	57	59	95	63	41	29	35	73	94	91	90	87	57	72	69	78	75	20	9	(4)	64	132	56	147	65	28	116	30	294	179	121	57	(171)	(85)	(11)	152	264	652	733	755	600	207	114	(51)	(44)	48	0	144	273	160	83
Cash Taxes Paid	103	0	0	0	113	0	0	0	100	0	0	0	113	0	0	0	0	0	0	0	0	0	0	0	330	0	0	0	290	0	0	0	222	0	0	0	383	0	0	0	430	0	0	0	515	0	0	0	430	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	14	(4)	32	(18)	25	30	(17)	(3)	24	(0)	43	55	(3)	39	37	55	63	56	42	(3)	(44)	(15)	(44)	1	(46)	(41)	(30)	4	12	(43)	(49)	(118)	(89)	(39)	(30)	(3)	(92)	(57)	(28)	19	4	(74)	(125)	(119)	(38)	28	22	26	32	13	(69)	(54)	(70)	(94)	(19)	21	95	(354)	(678)	(986)	(1 295)	(1 266)	(1 355)	(1 455)	(1 491)	(1 283)	(965)	(728)	(455)	(419)	(522)	(585)	(947)	(619)	(198)	(573)	(851)	(1 017)	(1 265)	(388)	(3)	238	218	10	(71)	(439)	(473)	(766)	(821)	(858)	(675)	(645)	(848)	(894)	(1 006)	(1 027)
Cash from Operating Activities	290 N/A	269 -7%	298 +11%	234 -21%	269 +15%	260 -3%	213 -18%	249 +17%	297 +19%	309 +4%	378 +22%	405 +7%	374 -7%	433 +16%	454 +5%	507 +12%	540 +6%	571 +6%	605 +6%	588 -3%	593 +1%	654 +10%	659 +1%	756 +15%	758 +0%	775 +2%	789 +2%	807 +2%	742 -8%	623 -16%	558 -10%	472 -15%	536 +13%	653 +22%	718 +10%	781 +9%	733 -6%	812 +11%	891 +10%	962 +8%	948 -1%	878 -7%	832 -5%	869 +4%	903 +4%	1 096 +21%	1 136 +4%	1 200 +6%	1 233 +3%	1 261 +2%	1 231 -2%	1 291 +5%	1 344 +4%	1 348 +0%	1 452 +8%	1 469 +1%	1 531 +4%	1 059 -31%	630 -41%	405 -36%	171 -58%	287 +68%	324 +13%	255 -21%	230 -10%	562 +145%	1 020 +81%	1 363 +34%	1 620 +19%	1 678 +4%	1 639 -2%	1 634 0%	1 523 -7%	1 732 +14%	2 215 +28%	1 939 -12%	1 919 -1%	2 126 +11%	2 080 -2%	3 093 +49%	3 452 +12%	3 561 +3%	3 377 -5%	2 856 -15%	2 359 -17%	1 768 -25%	1 539 -13%	1 241 -19%	1 219 -2%	1 345 +10%	1 628 +21%	1 810 +11%	1 686 -7%	1 681 0%	1 533 -9%	1 490 -3%
Investing Cash Flow
Capital Expenditures	(41)	(24)	(21)	(24)	(26)	(26)	(27)	(28)	(32)	(35)	(40)	(45)	(43)	(48)	(46)	(47)	(52)	(60)	(72)	(83)	(94)	(100)	(108)	(128)	(146)	(149)	(140)	(139)	(144)	(145)	(156)	(151)	(134)	(128)	(137)	(132)	(118)	(105)	(83)	(66)	(82)	(89)	(86)	(89)	(77)	(81)	(82)	(96)	(106)	(108)	(124)	(114)	(126)	(142)	(146)	(158)	(151)	(145)	(151)	(149)	(148)	(160)	(152)	(165)	(186)	(176)	(182)	(179)	(169)	(180)	(184)	(196)	(205)	(203)	(215)	(211)	(215)	(227)	(231)	(238)	(239)	(235)	(240)	(238)	(238)	(243)	(247)	(286)	(308)	(350)	(381)	(392)	(423)	(403)	(362)	(321)
Other Items	32	(2)	(43)	(67)	(69)	(60)	(16)	(11)	(22)	(14)	(28)	(25)	(33)	(42)	(55)	(50)	(40)	(61)	(166)	(197)	(327)	(333)	(255)	(313)	(199)	(169)	(106)	13	19	7	10	(60)	(33)	(166)	(189)	(157)	(159)	(15)	(37)	(78)	(83)	(68)	(187)	(147)	(233)	(251)	(111)	(151)	(332)	(327)	(444)	(601)	(317)	(306)	(143)	82	260	496	456	417	255	88	234	236	225	(334)	(861)	(688)	(707)	(210)	224	74	(120)	(60)	(78)	(90)	178	133	198	312	(859)	(828)	(889)	(988)	196	141	96	353	436	527	552	327	246	186	221	279
Cash from Investing Activities	(9) N/A	(26) -191%	(64) -145%	(91) -42%	(95) -5%	(86) +10%	(43) +50%	(40) +8%	(54) -36%	(49) +9%	(68) -38%	(70) -4%	(76) -8%	(90) -18%	(101) -13%	(97) +4%	(92) +6%	(121) -32%	(239) -98%	(280) -17%	(421) -51%	(432) -3%	(363) +16%	(441) -21%	(345) +22%	(318) +8%	(246) +23%	(127) +49%	(125) +1%	(138) -11%	(146) -6%	(211) -44%	(167) +21%	(294) -76%	(325) -11%	(290) +11%	(277) +4%	(120) +57%	(120) -1%	(144) -19%	(165) -15%	(157) +5%	(273) -74%	(235) +14%	(310) -32%	(332) -7%	(193) +42%	(247) -28%	(438) -77%	(436) +0%	(568) -30%	(715) -26%	(443) +38%	(448) -1%	(290) +35%	(76) +74%	109 N/A	351 +222%	305 -13%	268 -12%	106 -60%	(72) N/A	82 N/A	71 -13%	39 -45%	(510) N/A	(1 043) -104%	(867) +17%	(876) -1%	(390) +56%	39 N/A	(122) N/A	(325) -166%	(263) +19%	(293) -11%	(301) -3%	(36) +88%	(95) -161%	(33) +65%	74 N/A	(1 098) N/A	(1 064) +3%	(1 130) -6%	(1 225) -8%	(42) +97%	(103) -148%	(152) -48%	66 N/A	128 +94%	177 +38%	171 -4%	(65) N/A	(178) -173%	(217) -22%	(141) +35%	(41) +71%
Financing Cash Flow
Net Issuance of Common Stock	(18)	(2)	(75)	(92)	(71)	(105)	(24)	0	7	36	47	34	57	28	(24)	(17)	(28)	24	(50)	(74)	(66)	(96)	(52)	(169)	(221)	(501)	(484)	(399)	(514)	(280)	(238)	(177)	(23)	18	(94)	(183)	(157)	(160)	(236)	(380)	(429)	(400)	(321)	(92)	(49)	(3)	132	121	104	25	(4)	(214)	(330)	(402)	(625)	(859)	(914)	(1 019)	(787)	(592)	(551)	(629)	(739)	(428)	(257)	(238)	(242)	(370)	(1 016)	(958)	(982)	(1 048)	(623)	(1 288)	(1 272)	(1 245)	(1 198)	(583)	(512)	(576)	(1 220)	(1 297)	(1 436)	(1 474)	(886)	(571)	(422)	(288)	(272)	(341)	(413)	(398)	(371)	(502)	(503)	(581)
Net Issuance of Debt	(205)	(218)	(156)	(83)	(49)	(27)	(42)	(45)	(57)	(46)	(18)	(13)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Paid for Dividends	(74)	(75)	(77)	(78)	(79)	(80)	(81)	(82)	(84)	(87)	(90)	(93)	(96)	(102)	(108)	(114)	(120)	(127)	(134)	(141)	(148)	(156)	(164)	(172)	(180)	(261)	(278)	(296)	(313)	(250)	(252)	(254)	(257)	(263)	(269)	(274)	(279)	(290)	(300)	(309)	(318)	(324)	(330)	(338)	(603)	(615)	(628)	(641)	(397)	(414)	(431)	(447)	(462)	(482)	(1 025)	(1 042)	(1 059)	(1 060)	(536)	(538)	(541)	(546)	(550)	(555)	(563)	(597)	(631)	(665)	(694)	(704)	(713)	(722)	(734)	(765)	(792)	(819)	(846)	(883)	(925)	(1 664)	(1 702)	(1 729)	(1 753)	(1 080)	(1 107)	(1 110)	(1 114)	(1 117)	(1 122)	(1 126)	(1 129)	(1 131)	(1 136)	(1 139)	(1 141)	(1 143)
Other	15	15	47	53	56	57	23	20	15	10	3	2	4	7	8	4	3	3	8	11	11	8	1	(2)	(0)	4	5	19	44	58	65	57	36	28	38	37	50	58	52	62	48	42	42	30	41	36	36	24	16	17	21	36	0	55	52	28	0	260	523	798	915	1 195	1 093	1 122	1 282	908	882	763	470	359	343	371	524	534	421	435	558	665	769	282	(67)	(300)	(438)	(160)	(84)	105	269	327	316	265	208	339	570	560	596	730
Cash from Financing Activities	(282) N/A	(280) +1%	(262) +6%	(201) +23%	(143) +29%	(155) -8%	(124) +20%	(107) +14%	(118) -11%	(86) +27%	(59) +32%	(71) -20%	(35) +50%	(68) -92%	(124) -83%	(127) -3%	(144) -13%	(100) +31%	(176) -77%	(204) -16%	(203) +1%	(244) -20%	(215) +12%	(344) -60%	(401) -17%	(758) -89%	(758) +0%	(676) +11%	(783) -16%	(473) +40%	(426) +10%	(375) +12%	(245) +35%	(217) +11%	(325) -50%	(420) -29%	(386) +8%	(392) -1%	(483) -23%	(627) -30%	(699) -11%	(682) +2%	(610) +11%	(400) +34%	(612) -53%	(582) +5%	(460) +21%	(495) -8%	(277) +44%	(372) -34%	(414) -11%	(625) -51%	(792) -27%	(829) -5%	(1 598) -93%	(1 873) -17%	(1 973) -5%	(1 819) +8%	(800) +56%	(332) +59%	(176) +47%	20 N/A	(195) N/A	140 N/A	462 +231%	73 -84%	9 -88%	(272) N/A	(1 240) -355%	(1 303) -5%	(1 353) -4%	(1 399) -3%	(833) +40%	(1 519) -82%	(1 642) -8%	(1 629) +1%	(1 486) +9%	(802) +46%	(668) +17%	(1 958) -193%	(2 989) -53%	(3 325) -11%	(3 627) -9%	(2 714) +25%	(2 077) +23%	(1 577) +24%	(1 266) +20%	(1 077) +15%	(1 079) 0%	(1 202) -11%	(1 334) -11%	(1 190) +11%	(937) +21%	(1 080) -15%	(1 048) +3%	(994) +5%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(21)	(18)	(2)	(4)	23	23	5	10	(5)	(4)	(15)	(17)	(9)	(15)	(3)	(3)	(10)	3	2	4	9	(5)	3	(1)	(4)	18	10	14	18	(4)	0	(2)	(2)	3	(2)	(1)	(2)	1
Net Change in Cash	(1) N/A	(37) -4 513%	(28) +24%	(58) -107%	32 N/A	19 -39%	46 +139%	103 +122%	125 +21%	174 +39%	251 +44%	264 +5%	263 0%	276 +5%	229 -17%	282 +23%	304 +8%	351 +15%	191 -46%	104 -45%	(31) N/A	(22) +27%	81 N/A	(29) N/A	12 N/A	(301) N/A	(214) +29%	5 N/A	(166) N/A	12 N/A	(14) N/A	(113) -722%	124 N/A	142 +15%	68 -52%	71 +5%	70 -2%	301 +331%	288 -4%	191 -34%	85 -56%	39 -54%	(50) N/A	234 N/A	(19) N/A	182 N/A	484 +165%	458 -5%	519 +13%	453 -13%	248 -45%	(49) N/A	108 N/A	71 -34%	(435) N/A	(480) -10%	(334) +30%	(410) -23%	113 N/A	323 +185%	98 -70%	231 +135%	233 +1%	489 +110%	735 +50%	135 -82%	(20) N/A	220 N/A	(511) N/A	(33) +94%	317 N/A	98 -69%	363 +271%	(53) N/A	270 N/A	12 -96%	398 +3 191%	1 234 +210%	1 388 +13%	1 204 -13%	(632) N/A	(829) -31%	(1 384) -67%	(1 066) +23%	251 N/A	102 -59%	139 +37%	226 +63%	269 +19%	318 +18%	463 +46%	558 +21%	569 +2%	384 -33%	342 -11%	455 +33%
Free Cash Flow
Free Cash Flow	249 N/A	246 -1%	277 +13%	210 -24%	243 +16%	234 -4%	186 -21%	221 +19%	265 +20%	274 +3%	338 +23%	360 +6%	331 -8%	385 +16%	408 +6%	460 +13%	488 +6%	512 +5%	533 +4%	505 -5%	499 -1%	554 +11%	551 -1%	628 +14%	612 -2%	626 +2%	649 +4%	668 +3%	598 -11%	478 -20%	403 -16%	321 -20%	402 +25%	525 +31%	581 +11%	648 +11%	615 -5%	707 +15%	808 +14%	896 +11%	866 -3%	789 -9%	747 -5%	780 +5%	826 +6%	1 015 +23%	1 054 +4%	1 104 +5%	1 127 +2%	1 153 +2%	1 107 -4%	1 177 +6%	1 218 +3%	1 206 -1%	1 306 +8%	1 311 +0%	1 379 +5%	914 -34%	479 -48%	256 -47%	22 -91%	127 +470%	172 +36%	90 -48%	43 -52%	386 +790%	838 +117%	1 185 +41%	1 451 +23%	1 498 +3%	1 455 -3%	1 438 -1%	1 318 -8%	1 529 +16%	1 999 +31%	1 728 -14%	1 704 -1%	1 899 +11%	1 849 -3%	2 855 +54%	3 213 +13%	3 326 +4%	3 137 -6%	2 618 -17%	2 122 -19%	1 524 -28%	1 292 -15%	955 -26%	911 -5%	995 +9%	1 246 +25%	1 418 +14%	1 262 -11%	1 278 +1%	1 172 -8%	1 170 0%

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T Rowe Price Group Inc
NASDAQ:TROW

Cash Flow Statement

Cash Flow Statement
T Rowe Price Group Inc

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T Rowe Price Group Inc NASDAQ:TROW

Cash Flow Statement

Cash Flow Statement T Rowe Price Group Inc

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T Rowe Price Group Inc
NASDAQ:TROW

Cash Flow Statement
T Rowe Price Group Inc