Friday 6 November 2026 Export TROW’s income statement to Excel — free account

T. Rowe Price Group, Inc.

T. Rowe Price Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.3 billion, up 3.12% from fiscal 2024.

Revenue: +5.88%
EPS: −3.12%
Free cash flow: −13.8%

Quarter to September 2026, against a year earlier

108.87 3.70 −3.29%

Follow TROW

Alert me

Market cap: $23.2B
P/E: 11.0×
Fwd P/E: 9.8×
Dividend yield: 4.75%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

T. Rowe Price Group, Inc. (TROW) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Investment advisory fees	6,602	90.26%
Administrative, distribution, servicing, and other fees	594	8.12%
Capital allocation-based income	81	1.11%
Performance-based advisory fees	37	0.51%
Gross margin		100.00%
Operating margin		29.92%
Pre-tax margin		39.31%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Investment advisory fees	6,602 90.26%	6,400 90.22%	5,710 88.38%	5,963 91.90%	7,098 92.52%	5,693 91.73%	5,113 91.00%	4,851 90.28%	4,296 88.48%	3,735 87.17%
Capital allocation-based income	81 1.11%	47 0.66%	162 2.51%	(54) (0.84%)	0 0.00%	0 0.00%	—	—	—	—
Performance-based advisory fees	37 0.51%	59 0.84%	38 0.59%	6 0.10%	—	—	—	—	—	—
Administrative Service	—	—	—	—	—	402 6.48%	385 6.86%	384 7.15%	412 8.49%	408 9.52%
Distribution Service	—	—	—	—	—	111 1.79%	120 2.14%	138 2.57%	147 3.03%	142 3.31%
Administrative, distribution, servicing, and other fees	—	—	—	—	—	514	505	522	559	550
Revenue	7,315	7,094	6,461	6,488	7,672	6,207	5,618	5,373	4,855	4,285

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Alternatives net cash flows	Q3 FY2026	$1.5B	—	—
Assets under administration	Q3 FY2026	$346.0B	$315.0B	+9.84%
Assets under advisement	Q3 FY2026	$31.4B	$25.2B	+24.60%
Associates	Q2 FY2026	7.5K	8.1K	−6.44%
Average assets under management	Q3 FY2026	$1.89T	—	—
Ending assets under management	Q3 FY2026	$1.86T	—	—
Equity net cash flows	Q3 FY2026	−$25.6B	—	—
Fixed income, including money market net cash flows	Q3 FY2026	$3.4B	—	—
Investment advisory annualized effective fee rate excluding performance-based fees	Q3 FY2026	37.80	39.10	−3.32%
Investment advisory effective fee rate	Q3 FY2026	37.90	39.30	−3.56%
Investors domiciled outside the United States as a percentage of AUM	Q3 FY2026	9.30%	—	—
Multi-asset net cash flows	Q3 FY2026	−$7.6B	—	—
Net Flows	Q3 FY2026	−$28.3B	−$7.9B	−258.23%
Unfunded capital commitments	Q3 FY2026	$19.0B	$22.0B	−13.64%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Alternatives net cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Assets under administration	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Assets under advisement	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Associates	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average assets under management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ending assets under management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Equity net cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fixed income, including money market net cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment advisory annualized effective fee rate excluding performance-based fees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investment advisory effective fee rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Investors domiciled outside the United States as a percentage of AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Multi-asset net cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net Flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unfunded capital commitments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.