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T. Rowe Price cash flow statement

In fiscal 2025, T. Rowe Price's operations generated $1.75bn of cash; it spent $274m on capital projects, leaving free cash flow of $1.48bn. It returned $1.14bn in dividends and $621m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations5367339489031,2331,3441,5311712301,6201,5231,9193,4522,3591,2191,6861,7531,866
Stock-based pay899099104115133149162152197207246275285266247217218
Capital spending1341188277106126151148186169205215239238308423274268
Free cash flow4026158668261,1271,2181,37922431,4511,3181,7043,2132,1229111,2621,4791,598
Free cash flow after stock pay3135257677221,0131,0841,230−139−1091,2541,1121,4582,9381,8366461,0151,2621,380
Dividends paid2572793186033974621,0595415636947348461,7021,1071,1221,1361,1431,141
Share buybacks71240480135144169886774581,0907061,2021,139850254337621640

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from T. Rowe Price's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to T. Rowe Price.