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Price T Rowe Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$471M in Q3 2026 · $1.6B over twelve months

Operating cash flow$543M
Capital spending−$72.7M
Free cash flow+$471M
Cash / net income0.9×

Analysis

In Q3 2026, Price T Rowe Group generated $543M of operating cash flow and spent $72.7M on capital projects, leaving free cash flow of $471M. That is $75.4M less than in Q3 2025 ($546M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were dividends ($1.1B), buybacks ($640M), capital spending ($268M); besides operations, cash came from other financing ($588M); the cash balance rose by $200M.

Operating cash flow was $543M against net income of $597M — 0.9× profit, roughly in line with earnings. The largest differences: other operating capital +$251M, stock-based pay +$45.7M.

Free cash flow

Price T Rowe Group: free cash flow by quarterPrice T Rowe Group: free cash flow by quarter−$395MQ4 2024$551MQ1 2025$468MQ2 2025$546MQ3 2025−$85.4MQ4 2025$762MQ1 2026$451MQ2 2026$471MQ3 2026
Operating cash flow less capital spending.
Price T Rowe Group: operating cash flow against capital spendingPrice T Rowe Group: operating cash flow against capital spendingOperating cash flowCapital spending−$282M$113MQ4 2024$633M$82.0MQ1 2025$530M$62.2MQ2 2025$609M$63.3MQ3 2025−$18.7M$66.7MQ4 2025$824M$62.0MQ1 2026$517M$66.4MQ2 2026$543M$72.7MQ3 2026
Latest (Q3 2026): Operating cash flow $543M, Capital spending $72.7M.

Capital allocation, year by year

Price T Rowe Group: where the cash came from (up) and went (down), by fiscal yearPrice T Rowe Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.5BFY2021: Capital spending −$239MFY2021: Acquisitions −$2.5BFY2021: Buybacks −$1.1BFY2021: Dividends −$1.7B$3.5BFY2021FY2022: Operating cash flow $2.4BFY2022: Capital spending −$238MFY2022: Buybacks −$850MFY2022: Dividends −$1.1B$2.4BFY2022FY2023: Operating cash flow $1.2BFY2023: Capital spending −$308MFY2023: Buybacks −$254MFY2023: Dividends −$1.1B$1.2BFY2023FY2024: Operating cash flow $1.7BFY2024: Capital spending −$423MFY2024: Buybacks −$337MFY2024: Dividends −$1.1B$1.7BFY2024FY2025: Operating cash flow $1.8BFY2025: Capital spending −$274MFY2025: Buybacks −$621MFY2025: Dividends −$1.1B$1.8BFY2025
Over these 5 years operating cash flow totalled $10.5B; the largest uses were dividends ($6.2B) and buybacks ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.8B
Debtnone
Net cash$3.8B

Price T Rowe Group funds itself: free cash flow was $1.6B over the last twelve months, with $3.8B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Price T Rowe Group: sources (+) and uses (−) of cash, Q3 2026Price T Rowe Group: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$574MOperating cash flow$543MDividends−$285MNet borrowing (+) / repaid (−)$186MOther financing$129MOther investing$75.2MCapital spending−$72.7MExchange rates−$1.6MBuybacks−$100K
Price T Rowe Group: sources (+) and uses (−) of cash, TTM to Q3 2026Price T Rowe Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.9BDividends−$1.1BBuybacks−$640MOther financing$588MCapital spending−$268MCash drawn (+) / kept (−)−$200MOther investing−$198MExchange rates−$8.2M

From profit to cash

Price T Rowe Group: net income to operating cash flow, Q3 2026Price T Rowe Group: net income to operating cash flow, Q3 2026Net income$597MStock-based pay$45.7MOther operating capital$251MOperating cash flow$543M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$543M−$72.7M−$100K−$285M$186M−$574M$471M
Q2 2026$517M−$66.4M−$167M−$282M—$487M$451M
Q1 2026$824M−$62.0M−$334M−$289M—−$379M$762M
Q4 2025−$18.7M−$66.7M−$139M−$284M—$267M−$85.4M
Q3 2025$609M−$63.3M−$154M−$283M—−$553M$546M
Q2 2025$530M−$62.2M−$113M−$286M—−$243M$468M
Q1 2025$633M−$82.0M−$215M−$290M—−$175M$551M
Q4 2024−$282M−$113M−$68.1M−$285M—$516M−$395M

Price T Rowe Group: income statement and cash flow

Price T Rowe Group, Q3 2026: revenue $2.0B (+6% year over year), operating margin 38.4%. The chart follows the revenue to costs, profit and cash.

Price T Rowe Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.