PRICE T ROWE GROUP (TROW) Company Report

T. Rowe Price’s 43rd annual outlook predicts favorable market conditions in 2026 driven by the AI boom, U.S. monetary and fiscal stimulus, and an expansionary phase in Europe despite sticky inflation and high valuations.
The U.S. economy is bifurcated, with AI-related sectors booming while interest rate–sensitive areas like housing and manufacturing remain weak; significant Fed rate cuts will be needed to spur a sharp housing rebound.
The “One Big Beautiful Bill” passed in July 2025 is expected to inject $200–300 billion in fiscal stimulus in 2026, front-loading support for corporate earnings alongside anticipated Fed rate cuts; Europe enters an expansion phase and Japan offers attractive valuations.
In fixed income, the firm prefers low duration, overweight public credit versus government bonds, underweight U.S. exposure, seek inflation-linked bonds, and overweight emerging markets with a quality bias, emphasizing disciplined credit selection.

6 days ago

Press Release

T. Rowe Price reports preliminary October 2025 AUM

TROW

Preliminary October 31, 2025 assets under management of $1.79 trillion, with $5.9 billion net outflows.
AUM rose from $1.767 trillion at September 30, 2025 and $1.607 trillion at December 31, 2024.
By asset class, AUM comprised $902 billion equity, $210 billion fixed income, $622 billion multi-asset, and $56 billion alternatives.
Target date retirement portfolios AUM reached $557 billion as of October 31, 2025.
Effective July 2025, managed account model delivery assets are now included in AUM calculations.

Nov 12, 2025, 1:30 PM

Press Release

T. Rowe Price OHA Select Private Credit Fund reports Q3 2025 results

TROW

Dividends

New Projects/Investments

Declared $0.69 per share total distributions in Q3 2025, equating to a 10.3% annualized yield.
Achieved net investment income of $0.65 per share and EPS of $0.73, with a 10.5% weighted average portfolio yield.
Expanded investment portfolio by $212.5 million net, totaling $2.7 billion across 125 portfolio companies, including nine new investments.
NAV stood at $26.94 per share as of September 30, 2025; maintained a 0.80x debt-to-equity ratio with $1.2 billion of net debt at a 6.9% average rate.

Nov 5, 2025, 10:06 PM

Press Release

T. Rowe Price announces COO exit and new Technology, Data, and Operations function

TROW

Management Change

Kimberly Johnson, T. Rowe Price’s COO since 2022, will resign effective December 31, 2025.
The firm is creating a Technology, Data, and Operations function, to be led by Ramon Richards, CTO since 2023, who will join the Management Committee and report to CEO Rob Sharps.
T. Rowe Price manages $1.77 trillion in client assets as of September 30, 2025, about two-thirds of which are retirement-related.

Nov 3, 2025, 1:39 PM

8-K

T. Rowe Price announces COO departure and new technology function

TROW

Management Change

Kimberly Johnson, who has served as Chief Operating Officer since 2022, will leave the firm in December after leading major technology and operational transformations.
The firm is launching a Technology, Data, and Operations function to integrate digital capabilities with operational excellence and adapt to industry dynamics.
Ramon Richards, T. Rowe Price’s Chief Technology Officer since 2023, will head the new function, oversee enterprise operations, digital platforms, and data strategy, and join the Management Committee reporting to CEO Rob Sharps.

Nov 3, 2025, 1:15 PM

Press Release

T. Rowe Price reports Q3 2025 results

TROW

Earnings

Share Buyback

New Projects/Investments

Adjusted diluted EPS of $2.81, total adjusted revenues of $1.9 B, assets under management of $1.77 T, and net outflows of $7.9 B in Q3 2025.
Announced strategic collaboration with Goldman Sachs to launch co-branded target date funds, model portfolios, multi-asset public-private strategies, and managed accounts between late 2025 and mid-2026.
Implemented expense management program: headcount down 4% since December 31, 2024; 2025 adjusted operating expenses expected to grow 2–4%; Q4 non-recurring real estate charge of $100 M; controllable expenses targeted to grow in low single digits in 2026–2027.
Maintained strong liquidity with $4.3 B in cash and discretionary investments; repurchased $158 M of shares in Q3, bringing year-to-date buybacks to over $525 M.

Oct 31, 2025, 12:00 PM

Transcript

T. Rowe Price reports Q3 2025 results

TROW

Earnings

New Projects/Investments

Share Buyback

Assets under management reached a record $1.77 trillion as of September 30, 2025, with 64%, 57%, and 78% of assets beating Morningstar peers over 3-, 5-, and 10-year periods, and 53% on a 1-year basis.
Announced a strategic collaboration with Goldman Sachs to launch co-branded target date funds, model portfolios, multi-asset public-private solutions, and personalized managed accounts, with initial rollouts slated for late 2025 and mid-2026.
Adjusted diluted EPS of $2.81, total revenues of $1.9 billion, and net outflows of $7.9 billion in Q3; investment advisory fees rose over 4% year-over-year, and the effective fee rate was 39.1 bps.
Share buybacks totaled $158 million in Q3, boosting year-to-date repurchases to over $525 million, while headcount was trimmed 4% to support a cost-management program targeting 2%–4% expense growth in 2025.

Oct 31, 2025, 12:00 PM

Transcript

T. Rowe Price reports Q3 2025 earnings and strategic initiatives

TROW

Earnings

New Projects/Investments

Guidance Update

AUM reached $1.77 trillion as of September 30, marking an end-of-period high amid strong equity markets.
Adjusted diluted EPS was $2.81 and total adjusted revenues were $1.9 billion (up 6% YoY, 10% QoQ); investment advisory fees rose to $1.7 billion and the effective fee rate was 39.1 bps.
Quarterly net outflows of $7.9 billion were partially offset by $2.6 billion in target date inflows, $2 billion in ETF inflows and $6 billion of private credit commitments by OHA.
Adjusted operating expenses totaled $1.1 billion (up 3% YoY, down 1.1% QoQ); 2025 expense growth is expected to be 2–4%, with headcount down 4% from year-end.
Entered a strategic collaboration with Goldman Sachs to launch co-branded retirement and wealth solutions (model portfolios late 2025, other products through 2026) and grew ETF AUM to $19 billion.

Oct 31, 2025, 12:00 PM

Transcript

T. Rowe Price reports Q3 2025 earnings results

TROW

Earnings

Dividends

T. Rowe Price reported net revenues of $1.89 B and diluted EPS of $2.87 in Q3 2025.
Assets under management rose to $1.77 T, despite net outflows of $7.9 B for the quarter.
Operating income reached $643.2 M, representing a 34.0% operating margin in Q3 2025.
The board declared a dividend of $1.27 per share for the quarter.

Oct 31, 2025, 12:00 PM

Presentation

T. Rowe Price reports Q3 2025 results

TROW

Earnings

Dividends

Share Buyback

Quarter-end AUM reached $1.77 trillion, with net client outflows of $7.9 billion.
Net revenues of $1.893 billion, up 6.0% year-over-year; investment advisory fees of $1.699 billion.
Diluted EPS of $2.87, up 8.7%, and adjusted diluted EPS of $2.81, up 9.3%.
$442 million returned to shareholders via the quarterly dividend and share repurchases.

Oct 31, 2025, 11:01 AM

8-K

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