TROW · Price T Rowe Group

246 filings

TROW SEC Filings

Price T Rowe Group - 246 total filings

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

Showing 1–50 of 246 filings

Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2026

T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2026 reports net revenues of $2,004.9 million for the third quarter, up from $1,893.5 million a year earlier, driven by a rise in investment advisory fees to $1,796.4 million and higher average AUM of $1,887.2 billion. U.S. GAAP operating expenses were $1,235.1 million, down from $1,250.3 million, while net income attributable to T. Rowe Price Group was $612.3 million, or $2.79 diluted EPS, versus $2.87 a year earlier. The filing notes that the decline in non-operating income, which fell to $17.6 million from $238.4 million, drove the lower diluted EPS despite higher operating income. For the nine months, net income attributable to the firm rose to $1,742.5 million ($7.89 diluted EPS) from $1,641.8 million ($7.25). Ending AUM was $1,862.7 billion, with net cash outflows of $48.5 billion year-to-date offset by $135.6 billion of market appreciation. The effective fee rate without performance-based fees declined to 38.1 bps from 39.6 bps for the nine months. Cash and cash equivalents were $3,774.3 million at September 30, 2026, and the firm repurchased $497.5 million of stock in the first nine months. The filing also discloses an agreement in August 2026 to acquire F/m Investments, LLC for about $75 million plus up to $50 million in contingent consideration, expected to close in the first quarter of 2027. Management determined in April 2026 that no OHA earnout would be earned or paid at the end of 2026. KPMG LLP issued a review report on the interim statements, dated October 29, 2026.

Oct 29, 2026 8-K

Price 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.

Oct 29, 2026 8-K

Price 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.

Jul 31, 2026 10-Q

Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2026

T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2026 shows net revenues of $1,907.4 million for the second quarter, up from $1,723.3 million a year earlier, driven by investment advisory fees of $1,744.8 million and average assets under management of $1,837.7 billion. U.S. GAAP net income attributable to T. Rowe Price Group was $632.0 million, or $2.88 per diluted share, compared with $505.2 million, or $2.24, in the second quarter of 2025. On a non-GAAP adjusted basis, diluted earnings per share were $2.57 versus $2.24 a year earlier. Ending assets under management were $1,893.4 billion at June 30, 2026, up $183.7 billion from March 31, 2026, with market appreciation of $190.2 billion more than offsetting net cash outflows of $6.5 billion in the quarter. For the six months ended June 30, 2026, net revenues were $3,764.4 million and U.S. GAAP net income attributable to the company was $1,130.2 million, or $5.10 per diluted share. Operating expenses rose 5.4% on a U.S. GAAP basis, with compensation costs boosted by a $126.5 million market-related change in deferred compensation liabilities in the quarter, and the firm recorded a $6.7 million restructuring charge in the quarter ($16.7 million year to date), primarily severance. The average effective fee rate without performance-based fees declined to 38.1 basis points in the quarter from 39.6 basis points a year earlier, which the filing attributes to a mix shift toward lower-fee products and asset classes. The balance sheet remained strong, with cash and cash equivalents of $3,234.3 million and investments of $4,090.2 million at June 30, 2026. Total stockholders' equity attributable to T. Rowe Price Group was $11,002.5 million. During the first half of 2026, the company repurchased $497.5 million of common stock (5.3 million shares) and paid $572.3 million in recurring dividends, with the quarterly dividend raised to $1.30 per share. The filing also reports that the earnout tied to the OHA acquisition will not be earned or paid at the end of 2026, a determination made in April 2026.

Jul 31, 2026 8-K

Price 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.

May 18, 2026 8-K

Price 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.

May 11, 2026 8-K

Price 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.

Apr 30, 2026 10-Q

Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2026

T. Rowe Price Group, Inc.'s first-quarter 2026 Form 10-Q shows net revenues of $1,857.0 million, up from $1,763.9 million in the first quarter of 2025, driven primarily by investment advisory fees of $1,683.0 million and a $29.3 million increase in capital allocation-based income. U.S. GAAP net operating income rose to $680.5 million from $596.3 million, while net income attributable to T. Rowe Price Group was $498.2 million, or $2.23 per diluted share, compared with $490.5 million, or $2.15, a year earlier. Non-operating results were a loss of $48.3 million, compared with income of $70.7 million, largely reflecting $41.4 million of losses on consolidated investment products and $32.6 million of losses on investments used to hedge deferred compensation liabilities. On a non-GAAP adjusted basis, diluted earnings per share were $2.52, compared with $2.23. Assets under management ended the quarter at $1,709.7 billion, down $65.9 billion from December 31, 2025, reflecting market depreciation of $52.2 billion and net cash outflows of $13.7 billion. Average AUM rose 9.6% year over year to $1,775.8 billion, while the investment advisory annualized effective fee rate without performance-based fees declined to 38.4 basis points from 40.0 basis points. The company repurchased 3.7 million shares for $340.4 million and paid $289.1 million in dividends, and it recorded a $10.0 million restructuring charge tied to its ongoing expense management program. Cash and cash equivalents increased to $3,729.8 million from $3,378.2 million at year-end. The filing reports no material changes to risk factors from the 2025 Form 10-K. The company disclosed a commitment of $249 million for future OHA product launches through 2026, which it agreed in April to extend to 2030, and an OHA-related contingent earnout of up to $900 million, valued at zero at March 31, 2026. KPMG LLP reported that it was not aware of any material modifications to the interim financial information.

Apr 30, 2026 8-K

Price T Rowe Group 8-K Report, Executive Changes (Apr 22, 2026)

On April 22, 2026, T. Rowe Price Group, Inc. (the Company) and Oak Hill Advisors, L.P. (OHA) announced an updated evergreen operating arrangement intended to continue supporting OHA's position as a leading alternatives firm serving institutional, insurance, wealth and retirement clients. The filing is made under Item 5.02 (departure/appointment of officers and compensatory arrangements) and centers on the amended and restated employment agreement with Glenn R. August, Chief Executive Officer of OHA, approved by the Independent Directors on April 21, 2026, on the recommendation of the Compensation Committee. The agreement sets Mr. August's annual base salary at $350,000, with eligibility for annual bonus and incentive awards, and states he will receive no compensation for his Board service. If he is terminated without cause or resigns for good reason, he would receive 12 months of base salary continuation, a prorated bonus based on actual results, and 12 months of employer-paid COBRA coverage, subject to a release and continued compliance with restrictive covenants. Non-competition and customer non-solicitation covenants run to the later of one year after termination or December 31, 2028. The filing also describes new OHA compensation structures. Mr. August was awarded a 16.333% allocation of the OHA Partner Cash Compensation Pool for 2027, with variable compensation for qualifying partners deferred into equity awards under the 2020 Long Term Incentive Plan starting in 2027. A Supplemental Compensation Pool of up to $20 million annually from 2027 through 2030 is also established, and a Value Creation Incentive Plan grants Mr. August 8.166% of the VCI Pool for the 2027 performance period, equal to 50% of his 2027 OHA Partner Cash Compensation Pool percentage.

Apr 22, 2026 10-K

Price T Rowe Group Annual Report, Year Ended Dec 31, 2025

T. Rowe Price Group, Inc. (NASDAQ: TROW) reported that assets under management ended 2025 at $1,775.6 billion, up $169.0 billion from year-end 2024, driven by $216.7 billion of market appreciation, net of distributions not reinvested, partly offset by $56.9 billion of net cash outflows. Net revenues rose 3.1% to $7,314.8 million, while U.S. GAAP operating expenses rose 7.7% to $5,126.0 million, including a $177.3 million restructuring charge tied to role eliminations, technology outsourcing and the planned exit of certain owned buildings. U.S. GAAP net income attributable to T. Rowe Price Group was $2,087.1 million, or $9.24 diluted EPS, versus $9.15 in 2024. Operating margin was 29.9% compared with 32.9% in 2024. On a non-GAAP basis, which excludes the restructuring charge, acquisition-related amortization, deferred compensation market effects and consolidated investment products, diluted EPS was $9.72 versus $9.33 in 2024. The filing estimates 2026 non-GAAP operating expenses excluding accrued carried interest compensation will grow 3% to 6% from $4,608.0 million, and expects a 2026 GAAP effective tax rate of 23.0% to 27.0%. The firm ended 2025 with $3,378.2 million of cash and cash equivalents and stockholders' equity attributable to T. Rowe Price Group of $10.9 billion. It repurchased about 6.2 million shares for $624.6 million and paid $5.08 per share in regular dividends for the year, up from $4.96. Average AUM grew 7.4% to $1,677.3 billion, while the effective fee rate excluding performance-based fees declined to 39.4 basis points from 41.0.

Feb 13, 2026 8-K

Price T Rowe Group 8-K Report, Financial Results (Feb 4, 2026)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported fourth-quarter and full-year 2025 results in an earnings release furnished under Item 2.02 of this Form 8-K, dated February 4, 2026. The firm ended 2025 with $1.8 trillion in assets under management (ending AUM of $1,775.6 billion), but experienced net client outflows of $25.5 billion in Q4 2025 and $56.9 billion for the full year. Q4 2025 U.S. GAAP diluted EPS was $1.99 versus $1.92 in Q4 2024, while adjusted diluted EPS was $2.44 versus $2.12. For 2025, U.S. GAAP diluted EPS was $9.24 and adjusted diluted EPS was $9.72. Q4 2025 net revenues were $1,934.1 million, up 6.0% from Q4 2024, driven by investment advisory fees of $1,737.6 million (up 4.2%) and a swing in capital allocation-based income to $40.8 million from a loss of $5.2 million a year earlier. Operating expenses rose 16.5% year over year to $1,463.1 million on U.S. GAAP basis, including a $148.8 million restructuring charge tied to the firm's ongoing expense management program. The investment advisory annualized effective fee rate excluding performance-based fees declined to 38.8 basis points from 40.5 basis points, as client flows shifted assets toward lower-fee products and asset classes. The firm employed 7,773 associates at year-end, down from 8,158 a year earlier. The release states that results are unaudited, that KPMG LLP is completing its audits of the 2025 financial statements and internal controls, and that the firm expects to file its 2025 Form 10-K after KPMG completes its work in mid-February. The firm estimates its 2026 effective tax rate will be 23.0% to 27.0% on a U.S. GAAP basis and 24.0% to 27.0% on an adjusted basis. CEO Rob Sharps stated that the firm made progress on new partnerships and grew its ETFs and alternatives business.

Feb 4, 2026 8-K

Price T Rowe Group 8-K Report, Executive Changes (Nov 3, 2025)

T. Rowe Price Group, Inc. (NASDAQ: TROW) filed this Form 8-K on November 3, 2025 to report two leadership changes. Chief Operating Officer Kimberly Johnson, who has served in the role since 2022, will resign and leave the company on December 31, 2025. The company's press release describes her tenure as marked by modernizing the firm's technology and data infrastructure, its operational processes, and driving an enterprise approach to AI adoption. In conjunction with her departure, T. Rowe Price is creating a new Technology, Data, and Operations function, to be led by Ramon Richards, who joined the firm as Chief Technology Officer in 2023. Richards will oversee enterprise operations, digital platforms, and data strategy, and will join the firm's Management Committee and report to Chair, CEO and President Rob Sharps. Sharps said the new function aligns the firm's capabilities to adapt to changing industry dynamics. The press release states that T. Rowe Price managed $1.77 trillion in client assets as of September 30, 2025, with about two-thirds of that being retirement-related. For investors, the filing centers on executive succession and a reorganization of technology and operations leadership rather than on financial results.

Nov 3, 2025 8-K

Price T Rowe Group 8-K Report, Financial Results (Oct 31, 2025)

T. Rowe Price Group, Inc. reported results for the third quarter and nine months ended September 30, 2025, furnishing its earnings release as Exhibit 99.1 under Item 2.02. Quarter-end assets under management reached $1.77 trillion, up $90.4 billion during the quarter, which includes the addition of managed account - model delivery assets beginning July 1, 2025. The firm recorded net client outflows of $7.9 billion in the quarter, with net market appreciation of $89.1 billion driving most of the AUM increase. Q3 2025 net revenues were $1,893.5 million, up 6.0% from Q3 2024, and U.S. GAAP diluted EPS was $2.87 versus $2.64 a year earlier. Adjusted diluted EPS was $2.81, compared with $2.57 in Q3 2024. GAAP operating expenses rose 6.7% year over year to $1,250.3 million, which included a $28.5 million restructuring charge tied to the July workforce action. The investment advisory annualized effective fee rate, excluding performance-based fees, declined to 39.1 basis points from 40.7 basis points a year earlier, which the company attributed primarily to client flows and transfers toward lower-fee strategies. The company returned $442 million to stockholders through its recurring quarterly dividend and stock repurchases during the quarter. The release notes that the firm expects to file its Form 10-Q for the third quarter later the same day, and that its full-year 2025 effective tax rate is estimated at 23.0% to 26.0% on a U.S. GAAP basis and 23.5% to 25.5% on an adjusted basis.

Oct 31, 2025 10-Q

Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2025

T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended September 30, 2025 shows net revenues of $1,893.5 million for the third quarter, up from $1,785.6 million a year earlier, driven mainly by higher investment advisory fees on higher average assets under management. Average AUM rose to $1,723.0 billion from $1,589.5 billion, and ending AUM reached $1,767.2 billion. U.S. GAAP operating expenses increased 6.7% to $1,250.3 million, including a $28.5 million restructuring charge tied to a workforce action and an ongoing plan to reduce expense growth. U.S. GAAP operating margin was 34.0% versus 34.4% a year earlier. Net income attributable to T. Rowe Price Group rose to $646.1 million in the quarter from $603.0 million, and diluted EPS was $2.87 versus $2.64. On a non-GAAP basis, diluted EPS was $2.81 versus $2.57. For the nine months, U.S. GAAP diluted EPS was $7.25 compared with $7.23, with net revenues up 2.1% and operating margin at 31.9% versus 33.5%. Cash and cash equivalents increased to $3,634.8 million from $2,649.8 million at year-end 2024, and the company repurchased $483.8 million of stock in the first nine months. Subsequent to quarter-end, the Board approved a plan to exit two owned office buildings in Owings Mills, Maryland, which is expected to produce a non-cash charge of up to $100 million in the fourth quarter of 2025. KPMG LLP reported that it was not aware of material modifications needed to the interim financials.

Oct 31, 2025 8-K

Price T Rowe Group 8-K Report, Executive Changes (Oct 16, 2025)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) filed this Form 8-K on October 16, 2025 under Item 5.02 to report that its Board of Directors, on October 13, 2025, increased the number of directors from 11 to 13 and elected Allan Golston and Richard Verma as directors. The Board determined both are independent under NASDAQ Listed Company Rules, SEC rules, and the company's Corporate Governance Guidelines. Golston was appointed to the Audit Committee and the Executive Compensation and Management Development Committee; Verma was appointed to the Nominating and Corporate Governance Committee and the Executive Compensation and Management Development Committee. Golston is President of the United States Program at the Gates Foundation, a role he has held since 2006, and previously served as Interim Executive Director of the Global Health Program and as Chief Financial and Administrative Officer. He also sits on the board of Harley-Davidson and previously served on the board of Stryker Corporation through May 2025. Verma is Chief Administrative Officer of Mastercard, overseeing law, government affairs and policy, franchise, corporate security, and community and belonging functions since 2025. He previously served as Deputy Secretary of State for Management and Resources, as Mastercard's general counsel, and as U.S. Ambassador to India from 2014 to 2017. Verma also served on T. Rowe Price's board from 2018 to 2023. The accompanying press release (Exhibit 99.1) quotes Chair, CEO and President Rob Sharps welcoming the new directors and describes T. Rowe Price as managing $1.77 trillion in client assets as of September 30, 2025, about two-thirds of which are retirement-related. The filing involves board composition and governance rather than financial results.

Oct 16, 2025 8-K

Price T Rowe Group 8-K Report, Corporate Update (Sep 4, 2025)

On September 4, 2025, T. Rowe Price Group, Inc. filed a Form 8-K furnishing a press release announcing a strategic collaboration with Goldman Sachs to deliver diversified public and private market investment solutions, with a focus on retirement and wealth channels. Under the collaboration, Goldman Sachs intends to invest, through a series of open-market purchases, up to $1 billion in T. Rowe Price common stock, with the intention to own up to 3.5 percent of the company. The collaboration covers several areas: co-branded target-date strategies that incorporate private market access, with Goldman Sachs serving as third-party provider of private market strategies for the target-date series and a planned launch in mid-2026; jointly created co-branded model portfolios for mass-affluent and high-net-worth advisors; multi-asset offerings under consideration that would provide private market exposure in a single vehicle or combine U.S. public and private equity; and a scalable advisory platform for managed retirement accounts, integrated into T. Rowe Price's recordkeeping and Individual Investor platforms. The press release also highlights OHA, T. Rowe Price's private markets platform, which the filing describes as having approximately $98 billion in assets under management as of June 30, 2025. The filing states that T. Rowe Price manages $1.70 trillion in client assets as of July 31, 2025, about two-thirds of which are retirement-related. The announcement does not disclose financial results or a purchase price per share; the stated terms are limited to the investment cap and ownership target described above.

Sep 4, 2025 8-K

Price T Rowe Group 8-K Report, Financial Results (Aug 1, 2025)

T. Rowe Price Group, Inc. reported second-quarter 2025 results on August 1, 2025, per an earnings release attached as Exhibit 99.1. Quarter-end assets under management were $1.68 trillion, up $110.5 billion during the quarter, driven by $125.4 billion of net market appreciation and income, partly offset by net client outflows of $14.9 billion. Diluted EPS was $2.24, matching adjusted diluted EPS of $2.24, versus $2.11 a year earlier on a U.S. GAAP basis, and the firm returned $395 million to stockholders through dividends and stock repurchases. Net revenues were $1.72 billion, down 0.6% from the prior-year quarter, while operating expenses rose 6.5% to $1.245 billion on a U.S. GAAP basis and 3.7% to $1.147 billion on an adjusted basis. Management said it has a broad plan to reduce expense growth over time while continuing to invest. The effective fee rate excluding performance-based fees fell to 39.6 basis points from 41.1 basis points a year earlier, which the company attributed to market movements, client flows and a shift toward lower-fee asset classes. Non-operating income rose to $235.5 million from $80.3 million, largely from investment gains. The filing also gives the full-year 2025 effective tax rate estimate of 23.5% to 27.5% on a U.S. GAAP basis and 24.0% to 27.0% on an adjusted basis. The results are unaudited, and the company stated it expected to file its Form 10-Q for the quarter later the same day.

Aug 1, 2025 10-Q

Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2025

T. Rowe Price Group, Inc. reported net revenues of $1,723.3 million for the second quarter of 2025, a 0.6% decrease from $1,733.3 million in the 2024 quarter, primarily driven by lower performance-based advisory fees. U.S. GAAP operating expenses rose 6.5% to $1,245.0 million, largely due to a $66.3 million increase in deferred compensation liabilities from higher markets, and U.S. GAAP operating margin fell to 27.8% from 32.6%. Net income attributable to T. Rowe Price Group was $505.2 million, or $2.24 diluted earnings per share, up from $2.11 a year earlier, driven by higher investment gains and a lower effective tax rate. On a non-GAAP basis, diluted EPS was $2.24 versus $2.26 in the prior-year quarter. Assets under management ended the quarter at $1,676.8 billion, up $110.5 billion from March 31, 2025, with market appreciation of $125.4 billion offsetting net cash outflows of $14.9 billion. For the six months, net revenues were $3,487.2 million, up 0.1%, while investment advisory fees rose 2.0% as average AUM increased 6.3%. Investment advisory fee rates declined, with the annualized effective fee rate without performance-based fees at 39.6 basis points for the quarter versus 41.1 a year earlier, as assets shifted toward lower-fee asset classes. The balance sheet remained strong, with cash and cash equivalents of $3,058.9 million at June 30, 2025, up from $2,649.8 million at year-end 2024. During the first half, the company returned $901.0 million to stockholders through $574.9 million of dividends and $326.1 million of share repurchases, and it raised its quarterly dividend 2.4% to $1.27 per share. The company's full-year 2025 effective tax rate is estimated at 23.5% to 27.5% on a U.S. GAAP basis.

Aug 1, 2025 8-K

Price T Rowe Group 8-K Report, Shareholder Vote Results (May 12, 2025)

T. Rowe Price Group, Inc. filed a Form 8-K under Item 5.07 (Submission of Matters to a Vote of Security Holders) to report the results of its annual meeting of stockholders, held on May 8, 2025. The proxy statement for the meeting was previously filed with the Commission on March 26, 2025. Shares eligible to vote totaled 222,242,394 as of the March 3, 2025 record date. Stockholders voted on four proposals. For the election of eleven directors, each nominee received more "For" votes than "Against" votes, with 25,626,683 broker non-votes reported for each nominee. Stockholders also approved the ratification of KPMG LLP as the independent registered public accounting firm for 2025, with 179,890,742 votes for and 10,685,556 against. The advisory vote on named executive officer compensation drew 146,275,657 votes for and 18,174,594 against, along with 688,489 abstentions. A stockholder proposal calling for a shareholder approval requirement for excessive golden parachutes received 61,064,570 votes for and 102,011,189 against, with 2,062,981 abstentions. The filing reports the vote tallies only and does not describe any board response or further action.

May 12, 2025 10-Q

Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2025

T. Rowe Price Group, Inc. reported first-quarter 2025 net revenues of $1,763.9 million, up 0.8% from $1,750.2 million a year earlier. Investment advisory fees rose 4.0% to $1,598.4 million as average assets under management increased 9.2% to $1,620.3 billion, though the annualized effective fee rate declined to 40.3 basis points from 42.1. Capital allocation-based income fell to a $1.2 million loss from $47.1 million, reflecting lower overall market returns and a decline in accrued carried interest. U.S. GAAP net income attributable to T. Rowe Price Group fell 14.5% to $490.5 million, and diluted EPS was $2.15 versus $2.49, driven mainly by lower investment gains. On a non-GAAP basis, diluted EPS was $2.23 compared with $2.38. Ending assets under management were $1,566.3 billion, down $40.3 billion from year-end 2024, reflecting $31.7 billion of market depreciation and $8.6 billion of net cash outflows. The balance sheet remained liquid, with cash and cash equivalents of $2,836.7 million at March 31, 2025, up from $2,649.8 million at December 31, 2024. The company repurchased $217.5 million of common stock and paid $288.8 million in dividends declared, and it raised its quarterly dividend 2.4% to $1.27 per share.

May 2, 2025 8-K

Price T Rowe Group 8-K Report, Financial Results (May 2, 2025)

T. Rowe Price Group, Inc. (NASDAQ: TROW) reported first-quarter 2025 results on May 2, 2025, furnishing an earnings release (Exhibit 99.1) and a supplemental earnings presentation (Exhibit 99.2). Quarter-end assets under management were $1.57 trillion, down $40.3 billion from $1.61 trillion at December 31, 2024, driven by $8.6 billion in net client outflows and $31.7 billion of net market depreciation. Net revenues were $1,763.9 million, up 0.8% from Q1 2024 and down 3.3% from Q4 2024. GAAP diluted EPS was $2.15, compared with $2.49 a year earlier and $1.92 in Q4 2024; adjusted diluted EPS was $2.23, versus $2.38 in Q1 2024. The effective fee rate, excluding performance-based fees, fell to 40.0 basis points from 41.6 basis points a year earlier, which the company attributes to client flows and transfers shifting assets toward lower-fee asset classes and products. GAAP operating expenses rose 0.3% year over year to $1,167.6 million, while adjusted operating expenses rose 5.9% to $1,135.1 million, largely on higher compensation, distribution, and technology costs. GAAP net income attributable to the firm fell 14.5% to $490.5 million, reflecting lower non-operating income, which was $70.7 million versus $188.9 million in Q1 2024. The company returned $506 million to stockholders through its recurring quarterly dividend and share repurchases during the quarter, with the dividend per share at $1.27 compared with $1.24 in the prior periods. The company expects its full-year 2025 effective tax rate to fall between 23.5% and 27.5% on a GAAP basis and between 24.0% and 27.0% on an adjusted basis.

May 2, 2025 8-K

Price T Rowe Group 8-K Report, Corporate Update (Mar 31, 2025)

T. Rowe Price Group, Inc. filed a Current Report on Form 8-K dated March 31, 2025 under Item 8.01 (Other Events). The filing states that on March 31, 2025 the company completed the relocation of its headquarters to 1307 Point Street, Baltimore, Maryland 21231. The registrant's former address was listed as 100 East Pratt Street, Baltimore, Maryland 21202. The filing is administrative in nature and does not report financial results, financial figures, guidance, or any other financial metrics. Its sole substantive disclosure is the change in the company's principal executive office location. The registrant's common stock (ticker TROW) continues to be listed on the Nasdaq Global Select Market, and the filing is signed by David Oestreicher, Vice President, General Counsel and Secretary. For investors, this filing carries little direct financial significance. It is a routine notice of a corporate address change and does not indicate any change in operations, capital structure, management, or financial condition.

Mar 31, 2025 10-K

Price T Rowe Group Annual Report, Year Ended Dec 31, 2024

T. Rowe Price Group, Inc. (NASDAQ: TROW) reported in its 10-K for the year ended December 31, 2024 that assets under management ended the year at $1,606.6 billion, up $162.1 billion from the end of 2023. The increase was driven by market appreciation, net of distributions not reinvested, of $205.3 billion, offset by net cash outflows of $43.2 billion. Net revenues rose to $7,093.6 million from $6,460.5 million, and net income attributable to T. Rowe Price Group was $2,100.1 million, or $9.15 per diluted share, compared with $1,788.7 million, or $7.76 per diluted share, in 2023. On a non-GAAP basis, diluted earnings per share were $9.33 versus $7.59. Investment advisory fees grew to $6,399.7 million, and the operating margin improved to 32.9% from 30.7%. The firm's effective fee rate, excluding performance-based fees, declined to 41.0 basis points from 41.9 basis points, which the filing attributes largely to a mix shift toward lower-fee products and asset classes. Net outflows were concentrated in growth-oriented equity strategies and in financial intermediaries, with outflows in the Americas partly offset by inflows in EMEA and APAC. Target date retirement products reached $475.6 billion in AUM with $16.3 billion of net inflows. Total cash and investments in T. Rowe Price products were $5,480.1 million at year-end, and the company returned $1,469.7 million to stockholders in 2024 through dividends and repurchases. The filing also flags continuing risks, including fee pressure, the shift toward passive products, dependence on third-party intermediaries, and ongoing regulatory change. It notes the Oak Hill Advisors earnout and impairments of intangible assets recognized in 2024 and prior years. Management estimates 2025 non-GAAP operating expenses excluding accrued carried interest compensation will grow 4% to 6%, and expects a 2025 GAAP effective tax rate of 23.0% to 27.0%.

Feb 14, 2025 8-K

Price T Rowe Group 8-K Report, Financial Results (Feb 5, 2025)

T. Rowe Price Group, Inc. reported unaudited fourth-quarter and full-year 2024 results in an earnings release dated February 5, 2025, furnished as Exhibit 99.1, and furnished a supplemental earnings presentation as Exhibit 99.2. Assets under management ended 2024 at $1.61 trillion, with net client outflows of $19.3 billion in Q4 2024 and $43.2 billion for the full year, which the firm states was reduced by nearly half year over year. Diluted EPS was $1.92 for Q4 2024 and $9.15 for 2024 on a U.S. GAAP basis, while adjusted diluted EPS was $2.12 for Q4 2024 and $9.33 for 2024. The firm returned $355 million to stockholders in Q4 2024 and $1.5 billion in 2024 through dividends and stock repurchases. Full-year 2024 U.S. GAAP net revenues were $7.09 billion, up from $6.46 billion in 2023, and net income attributable to T. Rowe Price Group, Inc. was $2.10 billion, compared with $1.79 billion in 2023. Q4 2024 net revenues of $1.82 billion were higher than in Q4 2023, but the quarter's GAAP net income of $439.9 million was little changed from the prior-year quarter, and Q4 2024 capital allocation-based income was negative at $(5.2) million. The effective fee rate excluding performance-based fees declined to 40.5 basis points in Q4 2024 from 41.5 basis points a year earlier, which the firm attributes to a mix shift toward lower-fee products and asset classes. The firm estimates its full-year 2025 effective tax rate will be 23.0% to 27.0% on a U.S. GAAP basis and 23.0% to 26.0% on a non-GAAP basis. The financial results are unaudited, and KPMG LLP was still completing its audits of the 2024 financial statements, with the Form 10-K expected to follow in mid-February. The filing also states that a webcast was held on February 5, 2025 to discuss the results.

Feb 5, 2025 8-K

Price T Rowe Group 8-K Report, Corporate Update (Dec 5, 2024)

T. Rowe Price Group, Inc. filed a Form 8-K on December 5, 2024 under Item 8.01 (Other Events) to disclose that its Board of Directors, on December 4, 2024, approved a 15 million share increase in the Company's authorization to repurchase shares of its common stock. Following this increase, the total repurchase authorization will be approximately 19 million shares of the Company's outstanding common stock as of December 4, 2024. The filing states that repurchases may be made from time to time on the open market, in privately negotiated transactions, or in other manners determined by the Company, including through plans complying with Rule 10b5-1 under the Exchange Act. The Company cites price, corporate requirements, and overall market conditions as factors in these decisions. The filing explicitly notes there can be no assurance as to the number of shares that will be purchased, if any. The repurchase program has no expiration date and may be increased, modified, renewed, suspended, or terminated by the Company at any time without prior notice. The filing does not include any financial results or other financial figures beyond the share authorization amounts.

Dec 5, 2024 10-Q

Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2024

T. Rowe Price Group, Inc. reported its Form 10-Q for the quarter ended September 30, 2024, filed November 1, 2024. Net revenues were $1,785.6 million for the three months ended September 30, 2024, up from $1,670.7 million a year earlier, and $5,269.1 million for the nine months, up from $4,818.5 million. U.S. GAAP net income attributable to T. Rowe Price Group, Inc. was $603.0 million for the quarter ($2.64 diluted EPS) versus $453.2 million ($1.97) in the prior-year quarter. On a non-GAAP basis, adjusted diluted EPS was $2.57 for the quarter versus $2.17 a year earlier. Average assets under management rose 14.1% to $1,589.5 billion for the quarter, and ending AUM reached $1,630.9 billion, up from $1,346.5 billion at September 30, 2023. Net cash outflows were $12.2 billion for the quarter and $23.9 billion for the nine months. U.S. GAAP operating margin was 34.4% for the quarter, compared with 34.8% a year earlier, as operating expenses grew faster than net revenues, driven largely by the supplemental savings plan liability and lower capital allocation-based income. Non-operating income rose to $212.5 million from $2.8 million, reflecting stronger market returns and higher investment gains. Cash and cash equivalents increased to $3,173.5 million at September 30, 2024, from $2,066.6 million at December 31, 2023. The company paid $851.0 million in dividends and repurchased $269.1 million of common stock in the first nine months. Total stockholders' equity attributable to the company was $10,249.3 million at quarter end. The filing also records impairment charges on the trade name intangible asset of $18.8 million for the quarter and $31.1 million year to date, and an OHA contingent consideration liability reduced to zero as of September 30, 2024 because revenue targets were not expected to be met. Full-year 2024 effective tax rate guidance is 23.5% to 26.5% on a U.S. GAAP basis and 23.5% to 25.5% on a non-GAAP basis.

Nov 1, 2024 8-K

Price T Rowe Group 8-K Report, Financial Results (Nov 1, 2024)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported third-quarter 2024 results on November 1, 2024. Quarter-end assets under management were $1.63 trillion, up $61.8 billion from the prior quarter, but the firm recorded net client outflows of $12.2 billion. Net revenues were $1,785.6 million, up 6.9% from the year-ago quarter and 3.0% from the second quarter of 2024. U.S. GAAP diluted earnings per share were $2.64, compared with $1.97 in the third quarter of 2023, and adjusted diluted EPS was $2.57, compared with $2.17. GAAP operating expenses rose 7.6% year over year to $1,172.0 million, while adjusted operating expenses rose 3.6% to $1,099.0 million. Non-operating income was $212.5 million on a GAAP basis, aided by $85.9 million in net gains on consolidated sponsored investment products. The investment advisory annualized effective fee rate, excluding performance-based fees, declined to 40.7 basis points from 41.6 basis points a year earlier, which the company attributed to a mix shift toward lower-fee products and asset classes. The firm returned $354 million to stockholders through its dividend and share repurchases during the quarter. Management stated that it remains on track to reduce net outflows in 2024. The firm also expects its full-year 2024 effective tax rate to fall between 23.5% and 26.5% on a U.S. GAAP basis and between 23.5% and 25.5% on a non-GAAP basis. The filing furnishes an earnings release supplement as Exhibit 99.2 and a press release announcing the results as Exhibit 99.1.

Nov 1, 2024 8-K

Price T Rowe Group 8-K Report, Executive Changes (Oct 1, 2024)

T. Rowe Price Group, Inc. (NASDAQ: TROW) filed this Form 8-K on October 1, 2024 to report two related items: a leadership change under Item 5.02 and the formation of a new initiative. The company announced that Justin Thomson, currently Head of International Equity, will step down from that role effective December 31, 2024. He will take on a new position as head of the T. Rowe Price Investment Institute while remaining a chief investment officer. Upon stepping down, he will also leave the company's Management Committee and cease to be an executive officer on December 31, 2024. The accompanying press release (Exhibit 99.1) states that the firm is forming the T. Rowe Price Investment Institute, scheduled to launch on January 1, 2025. The Institute is intended to enhance investment talent development and strengthen delivery of the firm's proprietary investment insights to clients. Thomson will create the Institute's charter, which is expected to establish a center of excellence for investment thought leadership and internal talent development. The Institute will also pursue engagements with outside experts and institutions on topics such as portfolio construction, behavioral finance, and geopolitics. The release describes T. Rowe Price as managing US $1.61 trillion in assets under management as of August 31, 2024, with about two-thirds of those assets retirement-related. Eric Veiel, head of Global Investments and a chief investment officer, is quoted praising Thomson's leadership. The filing does not disclose any financial results or financial impact from these changes.

Oct 1, 2024 10-Q

Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2024

T. Rowe Price Group, Inc. reported second-quarter 2024 U.S. GAAP net revenues of $1,733.3 million, up 7.6% from $1,610.2 million a year earlier, driven by a 10.8% rise in investment advisory fees as average assets under management increased 13.0% to $1,534.0 billion. U.S. GAAP operating expenses rose 8.5% to $1,168.6 million, and operating margin was 32.6% versus 33.1% in the prior-year quarter. Net income attributable to T. Rowe Price Group was $483.4 million, or $2.11 diluted EPS, compared with $2.06 a year earlier. Results on a non-GAAP basis were higher, with adjusted diluted EPS of $2.26 versus $2.02. For the six months ended June 30, 2024, net revenues were $3,483.5 million (up 10.7%) and diluted EPS was $4.60 (up 18.3%), with U.S. GAAP operating margin of 33.1%. Ending assets under management reached $1,569.1 billion, up $26.9 billion in the quarter on market appreciation of $30.6 billion, offset by net cash outflows of $3.7 billion. Cash and cash equivalents rose to $2,714.9 million from $2,066.6 million at year-end 2023, and the company returned nearly $4.1 billion to stockholders since the end of 2021 through dividends and buybacks. The quarter also included a $12.3 million impairment on the trade name intangible asset and total impairment charges of $18.0 million on definite and indefinite-lived intangibles. Management noted that the average fee rate declined due to a mix shift toward lower-fee products, and it estimated the full-year 2024 U.S. GAAP effective tax rate at 23.5% to 26.5%. KPMG LLP reported a review with no material modifications identified.

Jul 26, 2024 8-K

Price T Rowe Group 8-K Report, Financial Results (Jul 26, 2024)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) furnished an 8-K on July 26, 2024 reporting results for the three and six months ended June 30, 2024. Quarter-end assets under management were $1.57 trillion, up $26.9 billion during the quarter, with net client outflows of $3.7 billion. Net revenues were $1,733.3 million, up 7.6% from Q2 2023 and down 1.0% from Q1 2024. Diluted GAAP EPS was $2.11, and adjusted diluted EPS was $2.26. Operating expenses were $1,168.6 million on a GAAP basis, and adjusted operating expenses were $1,105.8 million. The investment advisory annualized effective fee rate declined to 41.6 basis points from 42.3 basis points a year earlier and 42.1 basis points in Q1 2024. The company attributed this to client flows and transfers shifting mix toward lower-fee products and asset classes. Equity assets under management were $810.3 billion at June 30, 2024, while multi-asset assets were $529.1 billion and fixed income assets were $179.9 billion. Alternatives assets were $49.8 billion. Net outflows were concentrated in equity strategies, with equity net cash flows of $(14.9) billion in the quarter. The company returned $396 million to stockholders through its recurring quarterly dividend and share repurchases during the quarter. Management said the sales pipeline is healthy, redemption pressure is stabilizing, and the company remains on track to substantially reduce net outflows in 2024. The company also estimated its full-year 2024 effective tax rate at 23.5% to 26.5% on a U.S. GAAP basis.

Jul 26, 2024 8-K

Price T Rowe Group 8-K Report, Shareholder Vote Results (May 9, 2024)

T. Rowe Price Group, Inc. (TROW) reported the results of its annual meeting of stockholders, held on May 7, 2024, in this Current Report under Item 5.07 (Submission of Matters to a Vote of Security Holders). The proxy statement for the meeting was filed with the Commission on March 18, 2024. Shares eligible to vote totaled 223,643,878 as of the record date of March 1, 2024. Stockholders voted on three proposals. All 11 director nominees received more "For" votes than "Against" votes, with Glenn R. August receiving 151,573,538 For and 3,412,537 Against, and Robert F. MacLellan receiving the highest Against count among nominees at 8,240,290. Stockholders also voted on an advisory vote on the compensation paid to the named executive officers, which received 145,268,137 For votes and 9,088,132 Against votes. In addition, stockholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for 2024, with 176,668,684 For, 8,224,522 Against, and 170,530 Abstain votes. The filing reports broker non-votes of 29,818,782 on the director election and the advisory compensation vote. It does not describe any further corporate action resulting from the votes.

May 9, 2024 10-Q

Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2024

T. Rowe Price Group, Inc. reported first-quarter 2024 net revenues of $1,750.2 million, up 13.8% from $1,537.6 million in the first quarter of 2023, driven by an 11.7% increase in investment advisory fees as average assets under management rose 12.2% to $1,484.4 billion. U.S. GAAP operating expenses rose 10.5% to $1,163.6 million, and net income attributable to T. Rowe Price increased 36.1% to $573.8 million, or $2.49 diluted earnings per share, versus $1.83 a year earlier. The filing notes that the first-quarter 2023 results included a $49.6 million reduction in the OHA contingent consideration liability, which made the comparison with 2024 less favorable on an expense basis. On a non-GAAP basis, which excludes consolidated sponsored investment products, supplemental savings plan market effects, and acquisition-related items, diluted earnings per share were $2.38, up from $1.69. Ending assets under management were $1,542.2 billion at March 31, 2024, up $97.7 billion from year-end 2023, with market appreciation of $105.7 billion partly offset by net outflows of $8.0 billion. The investment advisory effective fee rate declined to 42.1 basis points from 42.7 basis points a year earlier, reflecting a mix shift toward lower-fee vehicles. Balance sheet liquidity strengthened, with cash and cash equivalents rising to $2,416.5 million from $2,066.6 million at December 31, 2023. The company returned $365.1 million to stockholders in the quarter, including $285.0 million in dividends and $80.1 million in share repurchases, and raised its quarterly dividend to $1.24 per share from $1.22. KPMG LLP issued a review report with no material modifications identified.

Apr 26, 2024 8-K

Price T Rowe Group 8-K Report, Financial Results (Apr 26, 2024)

T. Rowe Price Group, Inc. filed this Form 8-K on April 26, 2024 to furnish its first-quarter 2024 earnings release (Exhibit 99.1) and an earnings release supplement (Exhibit 99.2) used on the earnings call. GAAP net income attributable to T. Rowe Price was $573.8 million, or $2.49 per diluted share, compared with $421.5 million, or $1.83 per diluted share, in Q1 2023. Adjusted diluted EPS was $2.38, compared with $1.69 a year earlier. Net revenues rose 13.8% year over year to $1,750.2 million, driven by higher investment advisory fees on higher average AUM, higher performance-based fees, and higher capital allocation-based income. GAAP operating expenses increased 10.5% to $1,163.6 million. Assets under management ended the quarter at $1.54 trillion, up from $1.34 trillion at March 31, 2023, with market appreciation of $105.7 billion offsetting net client outflows of $8.0 billion. The company said these outflows were about half the level of its Q1 2023 outflows and expects outflows to persist in 2024, with substantial improvement later in the year driven by higher sales and lower redemptions. The effective fee rate declined to 42.1 basis points from 42.7 basis points a year earlier, which the company attributed to a mix shift toward lower-fee vehicles. The company returned $365 million to stockholders through its recurring quarterly dividend and share repurchases and increased the quarterly dividend for the 38th consecutive year, to $1.24 per share. The filing also gives a full-year 2024 effective tax rate estimate of 23% to 27% on a U.S. GAAP basis and 23% to 26% on a non-GAAP basis. The financial results are unaudited.

Apr 26, 2024 8-K

Price T Rowe Group 8-K Report, Executive Changes (Feb 20, 2024)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) filed an 8-K on February 20, 2024 to disclose board leadership changes. William J. Stromberg, the non-executive Chair of the Board, and Dr. Freeman A. Hrabowski, III, informed the Board on February 16, 2024 that they will retire at the Company's 2024 Annual Meeting of Stockholders, currently scheduled for May 7, 2024. Both will continue serving on the Board until that meeting. The filing states that neither retirement resulted from any disagreement with the Company or its management. Dr. Hrabowski chairs the Nominating and Corporate Governance Committee. Following Mr. Stromberg's retirement, Robert W. Sharps will become Chair of the Board while continuing as Chief Executive Officer and President. The Board stated that combining the Chair and CEO roles was the right choice given Mr. Sharps's strong leadership through challenging times. Lead Independent Director Alan Wilson praised Mr. Stromberg's contributions, including the launch of T. Rowe Price Investment Management and the firm's global expansion, and credited Dr. Hrabowski with leading the Board's review of corporate social responsibility and ESG efforts. For investors, the filing is primarily a governance update: it consolidates the Chair and CEO roles under one executive, which is a notable structural change, while the filing reports no financial results. The press release accompanying the filing describes T. Rowe Price as managing USD $1.45 trillion in assets under management as of January 31, 2024.

Feb 20, 2024 10-K

Price T Rowe Group Annual Report, Year Ended Dec 31, 2023

T. Rowe Price Group, Inc. reported net revenues of $6,460.5 million for 2023, essentially flat versus $6,488.4 million in 2022, as investment advisory fees fell to $5,747.7 million from $5,969.1 million. Average assets under management decreased $36.1 billion, or 2.6%, to $1,362.3 billion, and the annualized effective fee rate declined to 42.2 basis points from 42.7. Operating expenses rose 8.7% to $4,474.3 million on a U.S. GAAP basis, largely due to market movements on the supplemental savings plan liability, so operating margin fell to 30.7% from 36.6%. U.S. GAAP net income attributable to T. Rowe Price Group increased to $1,788.7 million, or $7.76 per diluted share, from $1,557.9 million, or $6.70, driven by non-operating investment income of $504.1 million versus a loss of $425.5 million in 2022. On a non-GAAP basis, diluted earnings per share were $7.59 versus $8.02 a year earlier. Ending AUM rose $169.8 billion to $1,444.5 billion, driven by $251.6 billion of market appreciation, partially offset by $81.8 billion of net cash outflows, concentrated in growth-oriented equity strategies. The firm returned $1,376.2 million to stockholders in 2023 through dividends ($4.88 per share) and $254.3 million of repurchases, and reported cash and cash equivalents of $2,066.6 million at year-end. Management estimates 2024 non-GAAP operating expenses excluding accrued carried interest compensation will grow 3% to 5%, and projects a 2024 GAAP effective tax rate of 23.0% to 27.0%.

Feb 16, 2024 8-K

Price T Rowe Group 8-K Report, Financial Results (Feb 8, 2024)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported results for the fourth quarter and full year 2023 in an earnings release furnished under Item 2.02 of this Form 8-K, dated February 8, 2024. Year-end assets under management were $1.445 trillion, with net client outflows of $28.3 billion in Q4 2023 and $81.8 billion for the full year. U.S. GAAP diluted EPS was $1.90 for Q4 2023 and $7.76 for 2023, while adjusted diluted EPS was $1.72 for Q4 2023 and $7.59 for 2023. Net revenues were $1,642.0 million in Q4 2023, up 7.7% from Q4 2022 but down 1.7% from Q3 2023, and $6,460.5 million for the full year, down 0.4% from 2022. CEO Rob Sharps said 2023 was a challenging year with substantial net outflows but noted progress, including strong performance in large cap growth funds and work to position the firm for future growth. The company returned $384 million to stockholders in Q4 2023 and $1,376 million for the year through dividends and stock repurchases. Full-year GAAP operating expenses rose 8.7% to $4,474.3 million, while net operating income fell 16.3% to $1,986.2 million. The company estimates its 2024 effective tax rate will be in the range of 23% to 27% on a U.S. GAAP basis. The financial results are unaudited. The filing states that KPMG LLP is completing its audits and that the company expects to file its 2023 Form 10-K in mid-February. A Regulation FD supplement (Exhibit 99.2) accompanied an investor webcast held the same day, and the release and supplement are furnished rather than filed.

Feb 8, 2024 8-K

Price T Rowe Group 8-K Report, Corporate Update (Nov 13, 2023)

T. Rowe Price Group, Inc. (NASDAQ: TROW) filed a Current Report on Form 8-K dated November 10, 2023 to furnish a press release reporting preliminary month-end assets under management (AUM) as of October 31, 2023. Total AUM was $1.31 trillion ($1,312 billion), down from $1,346 billion at September 30, 2023 and up from $1,275 billion at December 31, 2022. Preliminary net outflows for October 2023 were $6.3 billion. By asset class, equity AUM fell to $668 billion from $690 billion at September 30, 2023, multi-asset declined to $429 billion from $440 billion, fixed income including money market was $168 billion versus $169 billion, and alternatives were steady at $47 billion. Target date retirement products totaled $364 billion, compared with $372 billion at September 30, 2023. All figures are preliminary and subject to adjustment. The firm expects outflows in November and December 2023 to be elevated, citing a few large known terminations and regular seasonal patterns, and forecasts net outflows of more than $10 billion for each of those months.

Nov 13, 2023 8-K

Price T Rowe Group 8-K Report, Executive Changes (Nov 1, 2023)

T. Rowe Price Group, Inc. (NASDAQ: TROW) filed this Form 8-K on November 1, 2023 to report that its Board of Directors, on October 31, 2023, increased the number of directors from 12 to 13 and elected William P. (Bill) Donnelly as an independent director effective November 1, 2023. The Board determined Donnelly is independent under NASDAQ Listed Company Rules, SEC rules and the company's Corporate Governance Guidelines. He was appointed to the Audit Committee and the Executive Compensation and Management Development Committee. Donnelly's background is in finance and operations. He was executive vice president responsible for finance, investor relations, supply chain and information technology at Mettler-Toledo International Inc. until retiring in 2018, and served as its chief financial officer in 1997–2002 and 2004–2014. Earlier he held senior financial roles, including chief financial officer of Elsag Bailey Process Automation, NV, and worked as an auditor at PricewaterhouseCoopers LLP. He holds a bachelor of science in business administration from John Carroll University and currently serves on the boards of Ingersoll Rand, Inc. (as lead independent director, nominating and governance committee chair and audit committee member) and Quanterix Corporation. The filing attaches a press release dated November 1, 2023 announcing the appointment. In it, CEO and President Rob Sharps said Donnelly's financial management and operational experience would be valuable to the company, its stockholders, clients and associates. The release also states that T. Rowe Price managed USD $1.35 trillion in assets under management as of September 30, 2023.

Nov 1, 2023 10-Q

Price T Rowe Group Quarterly Report for Q3 Ended Sep 30, 2023

T. Rowe Price Group, Inc. reported third-quarter 2023 results with net revenues of $1,670.7 million, up 5.2% from $1,588.2 million in the third quarter of 2022, driven primarily by a $65.0 million increase in accrued carried interest and a 1.5% increase in investment advisory fees as average assets under management rose 3.4%. U.S. GAAP operating expenses rose 7.5% to $1,089.4 million, and GAAP diluted earnings per share were $1.97 versus $1.66 a year earlier. On a non-GAAP basis, diluted EPS was $2.17 versus $1.86. For the nine months ended September 30, 2023, net revenues declined 2.9% to $4,818.5 million, investment advisory fees fell 6.8%, and operating margin was 33.2% compared with 42.7% in the prior-year period, while diluted EPS rose to $5.86 from $5.54 on net investment gains. Assets under management ended the quarter at $1,346.5 billion, a decrease of $52.9 billion from June 30, 2023 but an increase of $71.8 billion from year-end 2022. Net cash outflows were $17.4 billion in the quarter and $53.5 billion year to date. Balance sheet liquidity remained strong, with cash and cash equivalents of $2,578.7 million at September 30, 2023, up from $1,755.6 million at December 31, 2022. The company repurchased 1,398 thousand shares for $151.4 million in the first nine months and paid dividends of $1.22 per share in the quarter. Management updated its full-year 2023 effective tax rate estimate to a range of 26% to 30% on a U.S. GAAP basis. During the period, the company completed its acquisition of Retiree, Inc., a fintech firm offering retirement income planning software, on terms the filing describes as not material. Its OHA-related contingent consideration liability fell to $23.0 million from $95.8 million at year-end 2022 as revenue expectations were reduced. KPMG LLP performed a review of the interim financial statements and reported no material modifications were needed.

Oct 27, 2023 8-K

Price T Rowe Group 8-K Report, Financial Results (Oct 27, 2023)

T. Rowe Price Group, Inc. reported third-quarter 2023 results on October 27, 2023. Quarter-end assets under management were $1.35 trillion, down $52.9 billion during the quarter, with net client outflows of $17.4 billion. Net revenues rose to $1,670.7 million, up 5.2% from Q3 2022 and 3.8% from Q2 2023, driven by higher capital allocation-based income (accrued carried interest) and investment advisory fees. Diluted GAAP EPS was $1.97, versus $1.66 a year earlier, and adjusted diluted EPS was $2.17 versus $1.86. The company returned $386 million to stockholders through its recurring quarterly dividend and stock repurchases. CEO Rob Sharps said investment performance was solid, particularly in the largest franchises, and that cost savings were executed, but flows remain under pressure, with equity net outflows outweighing positive flows into fixed income, multi-asset and alternatives. Operating expenses rose 7.5% year over year to $1,089.4 million on a GAAP basis, while adjusted operating expenses rose 3.2% to $1,061.3 million, partly reflecting severance tied to a July workforce action. The firm's effective fee rate declined to 41.7 basis points from 42.5 basis points a year earlier. The firm estimates its full-year 2023 effective tax rate at 26% to 30% on a U.S. GAAP basis and 26.5% to 29.5% on a non-GAAP basis. The financial results are unaudited, and the Form 10-Q was expected to be filed the same day.

Oct 27, 2023 8-K

Price T Rowe Group 8-K Report, Executive Changes (Aug 3, 2023)

T. Rowe Price Group, Inc. (NASDAQ: TROW) filed this Current Report on Form 8-K to disclose that its Board of Directors, on July 31, 2023, increased the Board from 11 to 12 directors and elected Ms. Cynthia F. Smith as a director. The Board determined Ms. Smith is an independent director under NASDAQ Listed Company Rules, SEC rules, and the company's Corporate Governance Guidelines. She was appointed to the Audit Committee and the Executive Compensation and Management Development Committee. Ms. Smith is senior vice president for regional business and distribution development at MetLife, Inc., a role she has held since 2016, and she has been with MetLife since 1993. The filing describes her prior MetLife roles in group benefits, sales, underwriting, strategic planning, and finance, including chief financial officer of sales and service. She also serves on the boards of Versant Health and MetLife Legal Plans, Inc., both wholly owned subsidiaries of MetLife. The accompanying press release (Exhibit 99.1), dated August 3, 2023, quotes Chief Executive Officer and President Rob Sharps welcoming Ms. Smith and notes that T. Rowe Price manages USD 1.40 trillion in assets under management as of June 30, 2023. The filing does not disclose any compensation arrangements for Ms. Smith.

Aug 3, 2023 10-Q

Price T Rowe Group Quarterly Report for Q2 Ended Jun 30, 2023

T. Rowe Price Group, Inc.'s Form 10-Q for the quarter ended June 30, 2023 shows U.S. GAAP net revenues of $1,610.2 million for the second quarter, up 6.4% from $1,513.0 million a year earlier, driven mainly by a $165.0 million swing in capital allocation-based income from carried interest. Investment advisory fees fell 4.4% to $1,430.8 million as average assets under management declined 3.5% to $1,357.4 million. U.S. GAAP operating expenses rose 27.5% to $1,076.7 million, largely because of an increase in the supplemental savings plan liability, and U.S. GAAP operating margin fell to 33.1% from 44.2%. Net income attributable to T. Rowe Price was $476.4 million, or $2.06 diluted EPS, versus $339.6 million, or $1.46, in the prior-year quarter. For the first half of 2023, net revenues declined 6.8% to $3,147.8 million and diluted EPS was $3.89 versus $3.88. Ending assets under management reached $1,399.4 billion, up from $1,309.7 billion a year earlier, with first-half net cash outflows of $36.1 billion offset by $160.8 billion of market appreciation. Cash and cash equivalents rose to $2,249.7 million from $1,755.6 million at December 31, 2022, and the company paid $562.4 million in dividends in the first half while repurchasing only $50.4 million of stock. The filing also reports that the company acquired Retiree, Inc. on April 20, 2023, and that its unfunded commitments to affiliated private investment funds were $125.9 million. KPMG LLP issued a review report without material modifications. The company estimates its full-year 2023 U.S. GAAP effective tax rate will be in the range of 26% to 30%.

Jul 28, 2023 8-K

Price T Rowe Group 8-K Report, Financial Results (Jul 28, 2023)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported second-quarter 2023 results on July 28, 2023. Quarter-end assets under management were $1.40 trillion, up $57.7 billion from March 31, 2023, but the firm recorded net client outflows of $20.0 billion, with market appreciation and gains of $77.7 billion driving the increase. Net revenues were $1,610.2 million, up 6.4% from the second quarter of 2022, primarily because accrued carried interest turned positive ($38.7 million of capital allocation-based income versus a $126.3 million reduction a year earlier). Investment advisory fees declined 4.4% year over year to $1,430.8 million, as lower markets and net outflows reduced average AUM and the effective fee rate fell to 42.3 basis points from 42.7 basis points. GAAP operating expenses rose 27.5% to $1,076.7 million, while adjusted operating expenses rose 8.3% to $1,026.2 million, largely due to higher accrued carried interest-related compensation. GAAP diluted earnings per share were $2.06 compared with $1.46 a year earlier, and adjusted diluted EPS were $2.02 compared with $1.79. The firm returned $323 million to stockholders, mostly through its recurring quarterly dividend, and estimated its full-year 2023 effective tax rate at 26% to 30% on a U.S. GAAP basis. Management noted that it identified substantial cost savings intended to meaningfully slow expense growth. The filing also furnishes an earnings release supplement and references a webcast held on July 28, 2023, with CEO Rob Sharps and CFO Jen Dardis presenting results. Six-month figures show net revenues of $3,147.8 million, down 6.8% from $3,376.0 million, and net outflows of $36.1 billion for the period.

Jul 28, 2023 8-K

Price T Rowe Group 8-K Report, Shareholder Vote Results (May 12, 2023)

T. Rowe Price Group, Inc. filed this Form 8-K under Item 5.07 to report the results of its annual meeting of stockholders, held on May 9, 2023. The proxy statement for the meeting was filed with the Commission on March 21, 2023, and 224,513,705 shares were eligible to vote as of the March 1, 2023 record date. Stockholders voted on five proposals: the election of eleven directors, an advisory vote on named executive officer compensation, approval of a restated 1986 Employee Stock Purchase Plan, an advisory vote on the frequency of future compensation votes, and ratification of KPMG LLP as the independent registered public accounting firm for 2023. For each director nominee, the For votes ranged from 142,983,114 (Mark S. Bartlett) to 156,693,126 (Robert W. Sharps), with Against votes ranging from 1,583,608 to 15,404,596. The advisory say-on-pay proposal received 134,691,776 For votes against 22,881,131 Against votes and 1,024,827 Abstentions. On the frequency vote, 154,273,171 votes favored an annual (1 Year) vote, compared with 1,256,470 for 2 years and 2,139,704 for 3 years. Investors should note that the filing does not state the board's decision on the frequency of future say-on-pay votes. The restated 1986 Employee Stock Purchase Plan, which includes an increase of 3 million shares in the share pool available for employee purchases, received 153,132,810 For votes against 4,865,817 Against votes and 599,107 Abstentions. KPMG LLP's ratification received 180,457,849 For votes against 6,123,287 Against votes and 426,571 Abstentions. Broker non-votes of 28,409,973 were recorded on the director, compensation, ESPP, and frequency proposals.

May 12, 2023 8-K

Price T Rowe Group 8-K Report, Financial Results (May 2, 2023)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) reported first quarter 2023 results on May 2, 2023, as stated in Exhibit 99.1 to this Form 8-K. Quarter-end assets under management were $1.34 trillion, with net client outflows of $16.1 billion, and net revenues were $1,537.6 million, down from $1,863.0 million in Q1 2022. Diluted EPS was $1.83 on a U.S. GAAP basis and $1.69 on an adjusted basis, compared with $2.41 and $2.62 in the prior-year quarter. Net operating income was $484.2 million on a GAAP basis, while non-operating income was $135.4 million. The filing attributes the revenue decline primarily to lower markets and net outflows. Equity flows remained under pressure, with equity net cash outflows of $23.5 billion, partly offset by net inflows of $7.5 billion into target date products. Management described the market environment as uncertain. The company increased its quarterly dividend for the 37th consecutive year, and dividend per share was $1.22 in Q1 2023 compared with $1.20 in the prior two periods shown. The company expects its effective tax rate for full-year 2023 to be in the range of 26% to 30% on a U.S. GAAP basis and 26.5% to 29.5% on a non-GAAP basis. Q1 2023 GAAP operating expenses were $1,053.4 million, up 6.9% from Q1 2022 but down 17.1% from Q4 2022, and the filing notes that the company also furnished an earnings call supplement as Exhibit 99.2.

May 2, 2023 10-Q

Price T Rowe Group Quarterly Report for Q1 Ended Mar 31, 2023

T. Rowe Price Group, Inc. reported net revenues of $1,537.6 million for the first quarter of 2023, down from $1,863.0 million in the first quarter of 2022. Investment advisory fees were $1,391.8 million versus $1,662.1 million, and average assets under management were $1,322.9 billion versus $1,559.9 billion. U.S. GAAP net operating income fell to $484.2 million from $877.4 million, and diluted earnings per share were $1.83 compared with $2.41 a year earlier. Non-operating income of $135.4 million, driven by net gains on investments of $93.9 million, partly offset the operating decline; the company's GAAP effective tax rate rose to 28.7% from 24.2%. Ending assets under management were $1,341.7 billion at March 31, 2023, up $67.0 billion from December 31, 2022, as market appreciation of $83.1 billion more than offset net cash outflows of $16.1 billion. Cash and cash equivalents rose to $2,094.1 million from $1,755.6 million, and total stockholders' equity attributable to T. Rowe Price Group was $9,045.4 million. The company paid $282.2 million in dividends to common stockholders during the quarter, and the quarterly dividend was raised to $1.22 per share from $1.20. Share repurchases were minimal at $2.7 million. The filing also notes the April 20, 2023 acquisition of Retiree, Inc., described as immaterial, and reports a $472.4 million commitment to fund OHA products over the next four years. A class action regarding biometric voiceprints was voluntarily dismissed by the plaintiffs in February 2023. KPMG LLP performed a review of the interim financial statements and reported no material modifications.

May 2, 2023 8-K

Price T Rowe Group 8-K Report, Executive Changes (Mar 6, 2023)

T. Rowe Price Group, Inc. filed this Form 8-K to report that Richard R. Verma resigned from its Board of Directors effective March 3, 2023. The filing states that Mr. Verma resigned because of his nomination by President Joe Biden as Deputy Secretary of State for Management and Resources, and that the resignation was not the result of any disagreement with the Company or its management. The report is limited to a Item 5.02 board departure disclosure. It contains no financial results, financial statement data, or operating metrics, and it does not announce a successor director or any change to compensation arrangements. For investors, the filing is a governance notice with no stated financial impact. Its main relevance is the change in board composition, and the filing gives no further detail on replacement plans.

Mar 6, 2023 10-K

Price T Rowe Group Annual Report, Year Ended Dec 31, 2022

T. Rowe Price Group, Inc. (NASDAQ: TROW) reported a difficult 2022 in its 10-K filed February 15, 2023. Assets under management ended the year at $1,274.7 billion, down $413.1 billion from $1,687.8 billion at the end of 2021, driven by market depreciation and losses of $351.4 billion and net cash outflows of $61.7 billion. Average AUM fell 12.6% to $1,398.4 billion, and investment advisory fees declined 15.9% to $5,969.1 million. Net revenues fell 15.4% to $6,488.4 million, and the annualized effective fee rate eased to 42.7 basis points from 44.4. Net income attributable to T. Rowe Price Group fell 49.5% to $1,557.9 million, and diluted EPS dropped to $6.70 from $13.12. The decline reflected lower revenue, net non-operating investment losses of $425.5 million, and a $175.1 million impairment on acquired investment management contract intangibles, along with $108.5 million of amortization on the Oak Hill Advisors (OHA) intangibles. The OHA acquisition, completed December 29, 2021, added $57 billion of alternative credit capital under management. Operating expenses rose 3.9% to $4,114.7 million, and the company estimated 2023 non-GAAP operating expense growth of 2% to 6%. The balance sheet remained strong, with cash and cash equivalents of $1,755.6 million and stockholders' equity attributable to T. Rowe Price Group of $8,839.5 million at year-end. The company returned $1,964.1 million to stockholders in 2022 through $1,108.8 million of recurring dividends and $855.3 million of repurchases, and it paid $4.80 per share in regular dividends. Investors should weigh the strong capital position against continued net outflows from U.S. mutual funds and the sensitivity of earnings to market levels and fee rates.

Feb 15, 2023 8-K

Price T Rowe Group 8-K Report, Financial Results (Jan 26, 2023)

T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) furnished this Form 8-K under Item 2.02 to report its fourth-quarter and full-year 2022 results, attaching an earnings release as Exhibit 99.1. The information is furnished, not filed, for purposes of Section 18 of the Exchange Act. For Q4 2022 the firm reported net revenues of $1,524.2 million, U.S. GAAP diluted EPS of $1.16 and adjusted diluted EPS of $1.74, with GAAP results reflecting $202 million in non-cash impairment charges tied to intangible and other acquisition-related assets. Year-end assets under management were $1.27 trillion, down 24.5% from the start of the year, and the firm recorded net client outflows of $17.1 billion for Q4 and $61.7 billion for 2022. For full-year 2022, net revenues were $6,488.4 million, down 15.4% from 2021, and U.S. GAAP diluted EPS was $6.70 versus adjusted diluted EPS of $8.02. Management said it reduced headcount by about 2% and repurchased 6.8 million shares for $855.3 million in 2022, and the firm returned $1,964.0 million to stockholders during the year. Management expects 2023 non-GAAP operating expenses excluding accrued carried interest compensation to grow 2% to 6%, and an effective tax rate of 24.5% to 28.5% on a U.S. GAAP basis. The release states the financial results are unaudited and that KPMG LLP was completing its audit.

Jan 26, 2023 8-K

Price T Rowe Group 8-K Report, Corporate Update (Dec 2, 2022)

T. Rowe Price Group, Inc. filed this Current Report on Form 8-K on December 2, 2022, under Item 8.01 (Other Events) to disclose changes to its equity award documentation. The Executive Compensation and Management Development Committee recently amended the form of Notice of Grant under the T. Rowe Price Group, Inc. 2020 Long-Term Incentive Plan (the "Plan"). Under the amended form, receipt of awards is conditioned on the recipient agreeing to provisions, adjusted to comply with local laws, covering confidentiality of Company information, post-termination non-solicitation of Company clients, employees and contractors, and advance notice to the Company before the recipient's termination. The amendments also reflect United Kingdom regulations under the Financial Conduct Authority Investment Firms Prudential Regime that govern the payment of variable remuneration, which applies to certain senior leaders known as Material Risk Takers. Awards under the Plan form part of that variable remuneration. To address related compensation requirements for Material Risk Takers, the Committee also approved the Company's Mutual Fund Unit Plan. For investors, the filing is primarily a governance and compensation-structure disclosure rather than a financial-results report. It identifies no financial figures. Its exhibits (Exhibits 10.1 through 10.12) include the Mutual Fund Unit Plan and multiple forms of Notice of Grant, differentiated by U.S. and non-U.S. status, Material Risk Taker status, and notice period (no notice period, 3-month, or 6-month).

Dec 2, 2022