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Price T Rowe GroupTROW

Legal name
Price T Rowe Group Inc.
Sector
Financial Services
Industry
Investment Advice
Exchange
Nasdaq

Stock Price $TROW

Latest filings

You are here#71 of 76 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K83

TROW filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Deal closed8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $7.31B
YoY changeLargest recent move+23.6%in FY21Latest +3.1%

1 older move runs past ±25% (largest +26.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TROW Financial Metrics45 metrics

Income Statement12

Balance Sheet14

Cash Flow14

Per Share5

02—Overview

Price T Rowe Group Financial Overview 2021–2025

Updated Nov 4, 2026

T. Rowe Price's earnings per share fell 49.5% in FY2022, from $13.12 to $6.70a, when markets cut assets under management by $413.1 billion in one year. That swing is the story: this is a market-sensitive earnings machine whose profits track asset levels, while a shrinking fee rate and steady client outflows keep eroding what each dollar of assets earns.

The long arc shows a business that has regained its footing but not its peak. Assets under management went from $1,687.8 billion at the end of FY2021 to $1,775.6 billionb at the end of FY2025. Net revenues rose from $7,671.9 million to $7,314.8 million over the same span, a decline despite higher assets. The reason is price and flows: the effective fee rate excluding performance fees slid to 39.4 basis points in FY2025 from 41.0 a year earlier, and net outflows hit $56.9 billion in FY2025. Operating margin dropped to 29.9% from 48.4% in FY2021, with a $177.3 million restructuring charge weighing on FY2025.

Capital returns and liquidity cushion the picture. The firm returned $1,768.0 millionc to stockholders in FY2025, paid $5.08 per share in regular dividends, and held $3,378.2 million in cash. At the close of FY2025, the stock traded at $102.38, or 11.1x earnings, for a market cap of $22.4 billion. That multiple prices in the fee compression and outflows the data documents.

Recent Developments (Q2 and Q3 2026)

Revenue growth continued in Q2 2026 and Q3 2026, but flows weakened. Net revenues rose 10.7% to $1,907.4 milliond in Q2, then 5.9% to $2,004.9 million in Q3. Net outflows widened from $6.5 billion in Q2 to $28.3 billion in Q3, and ending AUM slipped to $1,862.7 billion. The fee rate fell to 37.8 basis points in Q3. Q3 GAAP EPS was $2.79, down 2.8%, as non-operating income dropped to $17.6 million from $238.4 million. Eric Veiel was named President and co-head of Global Investments in May. The firm agreed to buy F/m Investments for about $75 million, expected to close in Q1 2027.

The bull case: operating income rose 19.7% to $769.8 million, and the dividend rose to $1.30e. The bear case: outflows and mix shift keep cutting the revenue earned per asset dollar. The stock traded at 11.5x earnings as of the October 28, 2026 report date, not today.

What to watch: Q4 2026 net flows and fee rate; F/m Investments closing in Q1 2027

03—Filings

Recent SEC Filings

  1. 8-KPrice T Rowe Group 8-K Report, Financial Results (Oct 29, 2026)T. Rowe Price Group, Inc. reported third-quarter 2026 results on October 29, 2026, via an earnings release furnished as Exhibit 99.1 under Item 2.02. Ending AUM was $1.9 trillion ($1,862.7 billion), and the firm recorded net client outflows of $28.3 billion in the quarter. U.S. GAAP net revenues were $2,004.9 million, up 5.9% from Q3 2025 and 5.1% from Q2 2026, while U.S. GAAP diluted EPS was $2.79 versus $2.87 a year earlier. Adjusted diluted EPS was $2.86, compared with $2.81 in Q3 2025. GAAP net income attributable to T. Rowe Price Group was $612.3 million, down 5.2% year over year, with the decline driven mainly by lower non-operating income ($17.6 million versus $238.4 million a year earlier). Operating expenses fell 1.2% from Q3 2025 to $1,235.1 million, while adjusted operating expenses rose 5.8% to $1,200.1 million. Capital allocation-based income rose to $59.9 million, largely from the recently launched late-stage venture fund. The effective average fee rate excluding performance fees declined to 37.8 basis points from 39.1 basis points, as client flows shifted assets toward lower-fee products and asset classes. For the nine months ended September 30, 2026, U.S. GAAP diluted EPS was $7.89 versus $7.25, and adjusted diluted EPS was $7.95 versus $7.28. The firm also guided its full-year 2026 effective income tax rate to a range of 23.5% to 25.5% on both a U.S. GAAP and adjusted basis. The financial results are unaudited, and the firm stated it expected to file its Form 10-Q for the quarter the same day.
  2. 8-KPrice T Rowe Group 8-K Report, Financial Results (Jul 31, 2026)T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) filed this Form 8-K under Item 2.02 to furnish its earnings release (Exhibit 99.1) reporting results for the three and six months ended June 30, 2026. The company reported U.S. GAAP net income attributable to T. Rowe Price Group, Inc. of $632.0 million, or $2.88 diluted EPS, for Q2 2026, up from $505.2 million and $2.24 in Q2 2025. On an adjusted basis, diluted EPS was $2.57, compared with $2.24 a year earlier. Ending assets under management rose to $1,893.4 billion, and net client outflows were $6.5 billion for the quarter. Net revenues were $1,907.4 million, up 10.7% year over year, while operating expenses rose 9.8% to $1,366.9 million. The quarter's profit growth was supported largely by non-operating income of $369.1 million, compared with $235.5 million a year earlier, while adjusted net operating income rose 15.4% to $709.1 million. The release attributes the decline in adjusted non-operating income to portfolio rebalancing that reduced equity exposure in discretionary investments. The firm also noted that the investment advisory annualized effective fee rate excluding performance-based fees fell to 38.1 basis points from 39.6 basis points a year earlier, reflecting a mix shift toward lower-fee products and asset classes. Management cited record AUM of $1.9 trillion, positive flows in May and June, and continued growth in its ETF and SMA businesses. The company returned $441 million to stockholders through dividends and buybacks in the quarter, and it estimates its full-year 2026 effective tax rate will be in the range of 23.0% to 26.0%. The release states that the results are unaudited and that a Form 10-Q would be filed later the same day.
  3. 8-KPrice T Rowe Group 8-K Report, Executive Changes (May 18, 2026)T. Rowe Price Group, Inc. (NASDAQ: TROW) filed a Current Report on Form 8-K dated May 18, 2026, disclosing a leadership restructuring. The Board of Directors approved on May 15, 2026 the appointment of Eric L. Veiel as President, Co-Head of Global Investments and Chief Investment Officer, effective immediately per the filing. The accompanying press release (Exhibit 99.1) states that Veiel's presidency takes effect June 1, and that Rob Sharps will continue as chair and chief executive officer, setting the firm's overall vision and strategy. The press release describes the broader restructuring. Sébastien Page, currently head of Global Multi-Asset and chief investment officer, becomes co-head of Global Investments and chief investment officer effective June 1, and will remain acting head of Global Multi-Asset through September 30. Effective October 1, Wyatt Lee, currently head of Target Date Strategies, becomes head of Global Multi-Asset while continuing as head of Target Date Strategies and co-portfolio manager of the target date portfolios. Veiel and Page will report to Sharps and remain members of the Management Committee, and Lee will join that committee effective January 1, 2027. The company states the changes are designed to advance its strategy, enhance its pace of innovation, and deepen its focus on client outcomes, with Veiel emphasizing adoption of innovative technologies to improve operational efficiency. The press release notes the firm had $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related.
  4. 8-KPrice T Rowe Group 8-K Report, Shareholder Vote Results (May 11, 2026)T. Rowe Price Group, Inc. filed this Form 8-K to report the results of its annual meeting of stockholders, held May 7, 2026. The proxy statement for the meeting was previously filed with the Commission on March 17, 2026. Shares eligible to vote totaled 217,605,891 as of the February 20, 2026 record date. Stockholders voted on three proposals: the election of 13 directors, an advisory vote on named executive officer compensation, and the ratification of KPMG LLP as the independent registered public accounting firm for 2026. Each director nominee received more For votes than Against votes. Robert W. Sharps (13,215,143 Against) and Robert F. MacLellan (12,549,970 Against) drew the largest Against counts among the nominees. Broker non-votes were 24,795,755 on the director and compensation proposals. For the advisory say-on-pay proposal, 135,094,531 votes were cast For and 20,453,712 Against, with 839,842 abstentions. For the auditor ratification, 168,714,625 votes were cast For, 12,282,198 Against, and 187,017 abstained.
  5. 8-KPrice T Rowe Group 8-K Report, Financial Results (Apr 30, 2026)T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) furnished this Form 8-K on April 30, 2026 under Item 2.02, attaching its earnings release reporting results for the three months ended March 31, 2026. U.S. GAAP diluted EPS was $2.23, up from $2.15 in Q1 2025 and $1.99 in Q4 2025, and adjusted diluted EPS was $2.52, compared with $2.23 a year earlier. Net revenues were $1,857.0 million, up 5.3% from Q1 2025 and down 4.0% from Q4 2025. Ending AUM was $1.7 trillion ($1,709.7 billion), down $65.9 billion during the quarter, driven by net client outflows of $13.7 billion and net market depreciation and income of $52.2 billion. Investment advisory fees rose 5.3% year over year to $1,683.0 million, led by multi-asset fees up 12.0%. The annualized effective fee rate excluding performance-based fees fell to 38.4 basis points from 40.0 basis points a year earlier, which the company attributed to a mix shift toward lower-fee products and asset classes. U.S. GAAP operating expenses were $1,176.5 million, including a $10.0 million restructuring charge tied to the ongoing expense management program, and net operating income was $680.5 million. Non-operating results were a loss of $48.3 million, compared with income of $70.7 million in Q1 2025. The company returned $629 million to stockholders through dividends and stock repurchases during the quarter. Its full-year 2026 effective tax rate estimate is 23.0% to 26.0% on both U.S. GAAP and adjusted bases. The release notes that the financial results are unaudited and that the Form 10-Q was expected to be filed later the same day.
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04—See also

Related Companies

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