TROW Price T Rowe Group (TROW) Q2 FY26 earnings call
T. Rowe Price navigated Q2 FY26 with strong ETF inflows and strategic investments in AI and new product offerings, despite continued net outflows in active equity and a declining effective fee rate. The firm is balancing short-term expense management with long-term growth initiatives, including expanding its ETF and SMA platforms, diversifying into alternatives, and enhancing direct client platforms. Management anticipates a more challenging net flow environment in the second half of the year.
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TROW operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Net new assets ETF | $2.8B+Our ETFs generated over $2.8 billion in net flows in the first quarter.Source: earnings call transcript | $4.4BWithin our growing ETF business, we had $4.4 billion in net inflows.Source: earnings call transcript | — |
| Assets under management (AUM) SMA | $17B+Our SMA platform expanded to 42 offerings with more than $17 billion in AUM and over $900 million in net flows in the [indiscernible] quarter.Source: earnings call transcript | $20BOur SMA platform now includes 43 products and $20 billion in assets under management.Source: earnings call transcript | — |
| Net new assets | -$13.7BAs previously reported, we ended the quarter with $1.71 trillion in AUM, and $13.7 billion in net outflows.Source: earnings call transcript | -$6.5BWe ended the quarter with $1.9 trillion in assets under management and $6.5 billion in Q2 net outflows.Source: earnings call transcript | +52.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.