Let f be an arbitrary transcendental entire or meromorphic function in the class 𝒮 (i.e. with finitely many singularities). We show that the topological pressure P(f,t) for t>0 can be defined as the common value of the pressures P(f,t,z) for all z∈ℂ up to a set of Hausdorff dimension zero. Moreover, we prove that P(f,t) equals the supremum of the pressures of f∣X over all invariant hyperbolic subsets X of the Julia set, and we prove Bowen’s formula for f, i.e. we show that the Hausdorff dimension of the radial Julia set of f is equal to the infimum of the set of t, for which P(f,t) is non-positive. Similar results hold for (non-exceptional) transcendental entire or meromorphic functions f in the class ℬ (i.e. with a bounded set of singularities), for which the closure of the post-singular set does not contain the Julia set.