T. Rowe Price Group, Inc.
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Range $108 – $120
Price Chart
About the company
T. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management.
- CEO
- Robert W. Sharps
- IPO
- 1986
- Employees
- 7,544
- HQ
- Baltimore, MD, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $22.27B
- P/E
- 10.41
- Fwd P/E
- 10.20
- PEG
- 0.91
- P/S
- 2.93
- P/B
- 2.02
- EV/EBITDA
- 6.84
- Div Yield
- 4.97%
- Gross Margin
- 70.75%
- Op Margin
- 30.27%
- Net Margin
- 29.26%
- ROE
- 20.45%
- ROIC
- 12.69%
Latest fiscal year · YoY change
- Revenue
- $7.31B+3.1%
- Gross Profit
- $4.58B+24.4%
- Op Income
- $2.19B
- Net Income
- $2.09B-0.6%
- EPS
- $9.26+0.9%
- OCF Growth
- +4.0%
- FCF Growth
- +17.2%
- 52W High
- $122.00
- 52W Low
- $85.22
- 50D MA
- $110.09
- 200D MA
- $103.88
- Beta
- 1.48
- RSI (14)
- 40
- Avg Volume
- 1.69M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
T. Rowe Price delivered higher Q2 earnings and revenue on stronger AUM, but active equity outflows remained a major headwind even as ETFs, SMAs, fixed income, and alternatives gained traction.· July 31, 2026
- Adjusted EPS rose to $2.57, helped by higher average AUM and investment advisory revenue, while net outflows were still $6.5 billion.
- Adjusted net revenue increased to $1.9 billion, and adjusted operating expenses rose to $1.2 billion; full-year adjusted operating expenses are now expected to be up 4%-7% versus 2025.
- ETF momentum continued with $4.4 billion of net inflows in the quarter and 34 ETF funds totaling $30 billion in AUM.
- Management said active equity remains under pressure and second-half net flows should be meaningfully more challenging than the first half.
- The firm highlighted growth avenues in integrated equity, fixed income, alternatives, direct platforms, and AI-enabled workflows, plus ongoing progress with Goldman Sachs partnerships.
Adjusted diluted EPS was $2.57 in Q2 2026, up from $2.52 in Q1 2026 and $2.24 in Q2 2025. Adjusted net revenue was $1.9 billion, up 2.7% sequentially and 8.5% year over year, while adjusted operating expenses were $1.2 billion, up 4.2% sequentially and 4.9% year over year. Annualized effective fee rate excluding performance-based fees was 38.1 basis points versus 38.4 basis points in Q1. The quarter ended with $1.9 trillion in AUM and $6.5 billion in net outflows; ETFs had $4.4 billion of net inflows. For the full year, adjusted operating expenses excluding carried interest expense are expected to be up 4%-7% versus 2025's $4.6 billion. Management said second-half net flows are expected to be meaningfully more challenging than the first half, and 2026 should still be a record year for gross flows.
Rob Sharps framed the quarter as a mix of market recovery and continued business repositioning. He said the firm is not de-emphasizing active equity despite pressure, but is investing in areas where client demand is stronger: lower-tracking-error active strategies, ETFs, SMAs, fixed income, alternatives, and direct/advice platforms. His tone was constructive and strategic, with repeated emphasis on organic growth, client alignment, and the potential for selective M&A if it fits the firm’s priorities.
Jen Dardis highlighted the financial lift from higher AUM and revenue, with adjusted EPS at $2.57 and adjusted net revenue at $1.9 billion. She noted that the effective fee rate slipped to 38.1 basis points from 38.4 basis points as mix shifted toward lower-fee vehicles and redemptions persisted in higher-fee equity strategies and mutual funds. She also said Q2 adjusted operating expenses were $1.2 billion and reiterated a full-year expense outlook of up 4%-7% versus 2025, while emphasizing cost discipline, buybacks of $157 million in Q2 and over $497 million year to date, and a strong balance sheet with $4.4 billion of cash and discretionary investments.
Analysts pressed management on how T. Rowe Price can reshape the business as fee rates decline and expense growth remains elevated. Sharps said the firm will keep investing in core active equity, grow fixed income and alternatives, expand ETFs and SMAs, and continue to evaluate M&A, while Dardis said controllable expenses should remain in low single digits through productivity efforts, automation, selective platform changes, and real estate rationalization. Questions also focused on digital assets, tokenization, ETF distribution, and the Goldman Sachs partnership; management said tokenization could make digital wallets an important client interface, and that Goldman/T. Rowe distribution will be joint but balanced economically.
The bull case from the call is that multiple newer growth vectors are gaining traction at the same time: ETFs had $4.4 billion of inflows, lower-tracking-error integrated equity strategies drew $16 billion of net inflows year to date, and fixed income, multi-asset, alternatives, and EMEA/APAC all contributed positive flows. Management also sounded confident that AI, digital assets, model-based ETF delivery, and the Goldman Sachs collaboration can support longer-term growth.
The main bear case is that core active equity remains under pressure and management expects second-half flows to be meaningfully worse than the first half because of ongoing active equity outflows, the absence of large mandates that helped Q2, equity rebalancing, and a lull in target-date flows. Fee pressure is also ongoing as assets shift toward lower-fee ETFs, SMAs, and hybrid retirement products, while expenses are still rising and the firm acknowledged that more work is needed given the size of the active equity and mutual fund books.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.2%
- Shares Outstanding
- 214.27M
- Float Shares
- 210.36M
of shares held by institutions
1,132 13F filers
Buy/sell ratio 10.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for TROW, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Kevin HernHouse · OK01 | Sell | Mar 20, 26 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Apr 1, 25 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 14, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Sep 9, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Jan 10, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 10, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 2, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Oct 31, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Sep 6, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Aug 29, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Aug 3, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 26, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | May 23, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | May 23, 23 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 26.40M | ▲ 7.94K |
| Blackrock, Inc. | 24.00M | ▲ 1.23M |
| State Street Corp | 14.65M | ▲ 381.18K |
| Vanguard Capital Management LLC | 13.97M | ▼ 188.78K |
| Vanguard Portfolio Management LLC | 10.04M | ▼ 126.78K |
| Goldman Sachs Group Inc | 8.45M | ▲ 3.19K |
| Charles Schwab Investment Management Inc | 7.16M | ▲ 548.83K |
| Sixth Street Partners Management Company, L.P. | 7.16M | ▲ 7.16M |
| Geode Capital Management, LLC | 6.26M | ▼ 22.48K |
| Morgan Stanley | 4.12M | ▲ 239.44K |
| Invesco Ltd. | 3.96M | ▼ 161.23K |
| Fayez Sarofim & Co | 3.92M | ▼ 511.90K |
Held by 1,841 ETFs
Biggest fund positions in TROW by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 29, 26 | WIJNBERG SANDRA S | other | 163.705 |
| Sep 29, 26 | WILSON ALAN D | other | 520.175 |
| Sep 29, 26 | Verma Richard R. | other | 60.83 |
| Sep 29, 26 | STEVENS ROBERT J | other | 314.039 |
| Sep 29, 26 | Smith Cynthia F | other | 77.377 |
| Sep 29, 26 | Golston Allan C. | other | 60.83 |
| Sep 29, 26 | MacLellan Robert F. | other | 212.463 |
| Sep 29, 26 | DUBLON DINA | other | 120.45 |
| Sep 29, 26 | DONNELLY WILLIAM P | other | 163.993 |
| Aug 25, 26 | Nelson Joshua B | other | 3.658 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our TROW coverage
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