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T. Rowe Price Group
T. Rowe Price Group (TROW) investor relations material
T. Rowe Price Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Assets under management (AUM) ended 2025 at $1.78 trillion to $1.8 trillion, up over 10% year-over-year, despite $56.9 billion in net outflows.
Net outflows were concentrated in equity and mutual funds, while fixed income, alternatives, and ETFs saw positive inflows and growth.
Adjusted diluted EPS for 2025 was $9.72, with Q4 adjusted EPS at $2.44; GAAP diluted EPS for the year was $9.24.
Nearly $1.8 billion was returned to stockholders in 2025 through dividends and share repurchases, marking the 39th consecutive year of dividend increases.
Strategic initiatives included partnerships with Goldman Sachs and First Abu Dhabi Bank, global retirement product launches, and ETF and alternatives expansion.
Financial highlights
Full-year adjusted net revenue was $7.31 billion, up 3.1% year-over-year; Q4 net revenue was $1.93 billion, up 6% year-over-year.
Q4 2025 GAAP net income was $445.3 million; full-year GAAP net income was $2.09 billion; adjusted net income for the year was $2.19 billion.
Q4 adjusted operating expenses were $1.2–$1.25 billion; full-year adjusted operating expenses (excluding carried interest) were $4.6–$4.67 billion, up 3.4%–3.7%.
Q4 2025 included a $148.8 million restructuring charge related to expense management and real estate.
Ended 2025 with $3.8–$3.84 billion in cash and discretionary investments.
Outlook and guidance
2026 adjusted operating expenses (excluding carried interest) expected to rise 3%–6% over 2025, with continued focus on expense management and investment in growth.
Base case for 2026 anticipates continued equity outflow pressure, offset by inflows in target-date funds, steady fixed income growth, and accelerating alternatives.
Estimated effective tax rate for 2026 is expected to be 23.0%–27.0% (GAAP) and 24.0%–27.0% (adjusted).
What's driving the AUM mix shift to lower-fee products?
Alternatives growth: What's the unfunded commitment outlook?
Detail the expected impact of the restructuring charge
Tokenization product opportunities?
Target Date blend/hybrid strategy?
OHA's role in Goldman Sachs partnership?
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Next T. Rowe Price Group earnings date
Q1 20261 May, 2026
T. Rowe Price Group
Next T. Rowe Price Group earnings date
Q1 20261 May, 2026
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Frequently asked questions
T. Rowe Price launched its first mutual fund in 1937 and was one of the nation's first no-load mutual fund companies. It is now a publicly owned investment manager, providing a wide range of U.S. style equity, balanced, fixed income and money market mutual funds for individual and institutional investors through intermediaries and retirement plans. The company also offers services such as financial planning, portfolio guidance, college planning and advice among others by phone or through its website.
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