T. Rowe Price Group, Inc. (TROW) SEC Filings & Earnings Calls
EquiReason read 12 T. Rowe Price Group, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-07-31 — Net client outflows $6.50B; Diluted earnings per common share $2.88 (+29% y/y); Net revenues $1.91B (+11% y/y).
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 22.2B
- P/E TTM
- 10.5
- Dividend yield
- 4.9%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
31 Jul 20268-K · 2.02Net client outflows $6.50B; Diluted earnings per common share $2.88 (+29% y/y); Net revenues $1.91B (+11% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net client outflows · Q2-2026 | $6.50B | |
| Diluted earnings per common share · Q2-2026 | $2.88 | +29% y/y |
| Net revenues · Q2-2026 | $1.91B | +11% y/y |
| Investment advisory fees · Q2-2026 | $1.74B | +11% y/y |
| Adjusted diluted EPS · Q2-2026 | $2.57 | +15% y/y |
Risks flagged
Net client outflows of $6.5B indicate potential market share loss or client dissatisfaction.
“Net client outflows of $6.5 billion” · word for word
Dependence on market performance for AUM growth; market downturn could reduce fees.
“Net market appreciation (depreciation) and income $190.2 billion”
31 Jul 202610-QT. Rowe Price reported Q2 2026 revenue of $1.91B, up 10.7% YoY, driven by market appreciation and higher AUM.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $1.91B | +11% y/y |
| Net income · Q2-2026 | $632M | +25% y/y |
| Operating cash flow · H1-2026 | $1.76B | +22% y/y |
| Assets under management · Q2-2026 | $1893.40B | +13% y/y |
| Investment advisory fees · Q2-2026 | $1.74B | +11% y/y |
| Effective fee rate · Q2-2026 | $38.10 | -4% y/y |
| Employees · Q2-2026 | 7,544 | -3% y/y |
Guidance
Effective tax rate guided 23.0%-26.0% for FY2026
No explicit revenue guidance, but tax rate guidance and positive market commentary suggest stable outlook.
Risks flagged
Net cash outflows persist
“Net cash outflows of $6.5 billion for Q2 2026.” · word for word
Fee compression continues
“EFR without performance-based fees 38.1 bps for Q2 2026 vs 39.6 bps for Q2 2025.” · word for word
30 Apr 202610-QAssets Under Management $1,709.70B (+9% y/y); Average Assets Under Management $1,775.80B (+10% y/y); Net Cash Flows $-13.70Bopen
Figures in the filing · each found in the filing text
| Assets Under Management · Q1-2026 | $1709.70B | +9% y/y |
| Average Assets Under Management · Q1-2026 | $1775.80B | +10% y/y |
| Net Cash Flows · Q1-2026 | $-13.70B | |
| Investment Advisory Revenue · Q1-2026 | $1.68B | +5% y/y |
| Net Income to T. Rowe Price Group · Q1-2026 | $498M | +2% y/y |
| Adjusted Diluted EPS · Q1-2026 | $2.52 | +13% y/y |
| Effective Fee Rate (without performance-based fees) · Q1-2026 | $38.40 | -4% y/y |
| Operating Margin (GAAP) · Q1-2026 | 36.6% | |
| Headcount · Q1-2026 | 7,507 | -7% y/y |
| Share Repurchases · Q1-2026 | $340M |
Risks flagged
Net outflows persist in equity segment
“Net cash flows prior to manager-driven distributions ... Equity ... (22.6)” · word for word
Effective fee rate compression continues
“EFR without performance-based fees 38.4 ... (4.0)%” · word for word
Geopolitical and energy price risk
“heightened geopolitical tensions disrupted global energy supply conditions, leading to a sharp increase in oil prices and a corresponding reassessment of inflation risks” · word for word
30 Apr 20268-K · 2.02Assets under management $1,709.70B (+9% y/y); Net client outflows $13.70B; Diluted earnings per common share $2.23 (+4% y/y)earningsopen
Figures in the filing · each found in the filing text
| Assets under management · Q1-2026 | $1709.70B | +9% y/y |
| Net client outflows · Q1-2026 | $13.70B | |
| Diluted earnings per common share · Q1-2026 | $2.23 | +4% y/y |
| Adjusted diluted EPS · Q1-2026 | $2.52 | +13% y/y |
| Investment advisory fees · Q1-2026 | $1.68B | +5% y/y |
| Net revenues · Q1-2026 | $1.86B | +5% y/y |
| Net income · Q1-2026 | $498M | +2% y/y |
| Adjusted net income · Q1-2026 | $562M | +10% y/y |
| Average assets under management · Q1-2026 | $1775.80B | +10% y/y |
| Effective fee rate without performance-based fees · Q1-2026 | $38.40 | -4% y/y |
Risks flagged
Net client outflows persist, particularly in equity, signaling potential market share loss or passive fund competition
“Net client outflows of $13.7B, equity outflows of $22.6B”
17 Mar 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance, and financial highlights for 2025.open
Figures in the filing · each found in the filing text
| Investment Advisory Revenue · FY2025 | $6.60B | +3% y/y |
| Net Revenue · FY2025 | $7.31B | +3% y/y |
| Net Income Attributable to T. Rowe Price · FY2025 | $2.09B | |
| Adjusted Operating Margin · FY2025 | 36.8% | |
| Cash Returned to Stockholders · FY2025 | $1.77B | |
| Employees · FY2025 | 7,773 | -5% y/y |
| CEO Total Compensation · FY2025 | $17M | -11% y/y |
Risks flagged
Mixed Investment Performance
“Investment performance for Global Equity and Multi-Asset was mixed versus peers and benchmarks over the 1-, 3- and 5-year periods” · word for word
Secular Industry Pressure
“the expectation that the industry would continue to face downward revenue and earnings pressures driven by secular trends” · word for word
Key Person / Succession Risk
“The Board granted an exception for Mr. Bartlett from the director retirement age ... to maintain continuity on the Board and to retain Mr. Bartlett’s continued service for another year.”
13 Feb 202610-KNet revenues $7.31B (+3% y/y); Net income attributable to T. Rowe Price Group $2.09B (-1% y/y); Diluted earnings per share $9.24 (+1% y/y); Guidance: 2026 non-GAAP opex growth 3%-6%; effective tax rate 23-27% GAAP, 24-27% non-GAAPopen
Figures in the filing · each found in the filing text
| Net revenues · FY2025 | $7.31B | +3% y/y |
| Net income attributable to T. Rowe Price Group · FY2025 | $2.09B | -1% y/y |
| Diluted earnings per share · FY2025 | $9.24 | +1% y/y |
| Average AUM · FY2025 | $1677.30B | +7% y/y |
| Effective fee rate (ex-performance fees) · FY2025 | $39.40 | -2% y/y |
| Operating margin · FY2025 | 29.9% | |
| Operating expenses (GAAP) · FY2025 | $5.13B | +8% y/y |
| Non-GAAP operating expenses · FY2025 | $4.67B | +4% y/y |
| Cash and cash equivalents · Q4-2025 | $3.38B | +28% y/y |
| Associate headcount · Q4-2025 | 7,773 | -5% y/y |
Guidance
2026 non-GAAP opex growth 3%-6%; effective tax rate 23-27% GAAP, 24-27% non-GAAP
Management guided 2026 non-GAAP opex growth of 3%-6% and effective tax rate ranges, indicating continued cost discipline but no revenue guidance.
Risks flagged
AI Disruption Risk
“AI technologies may also disrupt the competitive landscape for investment management and technology services, including in commercial and operational areas such as data aggregation and quantitative models.” · word for word
Regulatory Compliance Cost
“Compliance within a complex regulatory and legal environment which continues to evolve imposes significant financial and strategic costs on our business.” · word for word
Effective Fee Rate Pressure
“Our effective fee rate has declined largely due to a mix shift in assets toward lower fee products and asset classes from client flows and transfers.” · word for word
4 Feb 20268-K · 2.02Assets under management $1,775.60B (+10% y/y); Net client outflows $25.50B; Diluted earnings per common share (GAAP) $1.99 (+4% y/y)earningsopen
Figures in the filing · each found in the filing text
| Assets under management · Q4-2025 | $1775.60B | +11% y/y |
| Net client outflows · Q4-2025 | $25.50B | |
| Diluted earnings per common share (GAAP) · Q4-2025 | $1.99 | +4% y/y |
| Adjusted diluted EPS · Q4-2025 | $2.44 | +15% y/y |
| Investment advisory fees · Q4-2025 | $1.74B | +4% y/y |
| Net revenues · Q4-2025 | $1.93B | +6% y/y |
| Operating expenses (GAAP) · Q4-2025 | $1.46B | +17% y/y |
| Net operating income (GAAP) · Q4-2025 | $471M | -17% y/y |
| Net income - T. Rowe Price Group, Inc. (GAAP) · Q4-2025 | $445M | +1% y/y |
| Adjusted operating expenses · Q4-2025 | $1.25B | +2% y/y |
Risks flagged
Persistent net client outflows signal potential market share loss or investor preference shift
“Net client outflows of $25.5 billion for Q4 2025 and $56.9 billion for 2025” · word for word
3 Nov 20258-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Key executive departure could signal internal challenges or strategic pivot; moderate risk.
“COO resignation announced with two months' notice; no reason provided.”
31 Oct 20258-K · 2.02Net client outflows $7.90B; Diluted earnings per common share $2.87 (+9% y/y); Investment advisory fees $1.70B (+4% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net client outflows · Q3-2025 | $7.90B | |
| Diluted earnings per common share · Q3-2025 | $2.87 | +9% y/y |
| Investment advisory fees · Q3-2025 | $1.70B | +4% y/y |
| Net revenues · Q3-2025 | $1.89B | +6% y/y |
| Net income · Q3-2025 | $646M | +7% y/y |
| Adjusted diluted EPS · Q3-2025 | $2.81 | +9% y/y |
| Average assets under management · Q3-2025 | $1723.00B | +8% y/y |
| Investment advisory annualized effective fee rate (EFR) without performance-based fees · Q3-2025 | $39.10 | -2% y/y |
| Assets under administration · Q3-2025 | $315.00B |
Risks flagged
Persistent net outflows may pressure future fee revenue; AUM growth reliant on market appreciation.
“Net client outflows of $7.9B in Q3 2025, following prior quarters; AUM growth driven by market gains and model delivery asset addition.”
31 Oct 202510-QT. Rowe Price reported Q3 2025 results with revenue up 6.0% YoY and adjusted EPS up 9.3% YoY, but continued net outflows and fee rate compression.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $1.89B | +6% y/y |
| Net income to T. Rowe Price Group, Inc. · Q3-2025 | $646M | +7% y/y |
| Assets under management (AUM) · 2025-09-30 | $1767.20B | +8% y/y |
| Average AUM · Q3-2025 | $1723.00B | +8% y/y |
| Investment advisory annualized effective fee rate (EFR) without performance-based fees · Q3-2025 | $39.10 | -4% y/y |
| Diluted earnings per common share · Q3-2025 | $2.87 | +9% y/y |
| Adjusted diluted earnings per common share · Q3-2025 | $2.81 | +9% y/y |
| Employees · 2025-09-30 | 7,830 | -3% y/y |
| Operating cash flow · 9M-2025 | $2.38B | +2% y/y |
| Net cash flows · Q3-2025 | $-7.90B |
Guidance
FY2025 effective tax rate guided 23.0%-26.0% GAAP, 23.5%-25.5% adjusted; capex ~$275M
Management reaffirmed full-year 2025 effective tax rate guidance and provided capex guidance of ~$275M, with over 80% for technology.
Risks flagged
Continued net cash outflows
“Net cash flows (7.9) billion for three months ended September 30, 2025; (31.4) billion for nine months ended September 30, 2025”
Effective fee rate compression
“The average annualized effective fee rate earned for the three- and nine-month periods ended September 30, 2025 declined from the comparable 2024 periods primarily due to client flows and transfers shifting assets under management toward lower-fee strategies and products.” · word for word
Restructuring execution risk
“Restructuring charge of $28.5 million for three- and nine-month periods ended September 30, 2025 reflects compensation costs, primarily severance, incurred in connection with the July workforce action.” · word for word
T. Rowe Price Group, Inc. — questions
- What did T. Rowe Price Group, Inc. file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-07-31 — Net client outflows $6.50B; Diluted earnings per common share $2.88 (+29% y/y); Net revenues $1.91B (+11% y/y)
Every figure on this page comes from T. Rowe Price Group, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.