Jun 2026 (Q2 FY26) — Jul 31, 2026
T. Rowe Price Q2 FY26 — Strong ETF Inflows and Strategic Investments Amidst Active Equity Outflows
Read the full callPrice T Rowe Group (TROW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Price T Rowe Group earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,907 | +10.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 28.3 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 632 | +25.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Active multi-token crypto ETF/ETP launch | Hope to have in market in 2026 | Dec 2025 | In mid-July, we launched T. Rowe Price Active Crypto ETF, which is an actively managed multi token exchange traded product and our first non-investment company, [ ETF ]. | Achieved |
| First Abu Dhabi Bank partnership solutions launch | Targeted mid-2026 launch | Mar 2026 | Pending | |
| FY2026 adjusted operating expense growth (ex carried interest) vs FY2025 | 3% to 6% over 2025's $4.6 billion | Dec 2025 | we now expect full year adjusted operating expenses, excluding carried interest expense, to be up 4% to 7% over 2025 $4.6 billion. | Revised Down |
1 of PRICE T ROWE GROUP INC's 20 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Claimed
- Net inflows of $4.4 billion into the ETF business, which now manages $30 billion in assets.
- Adjusted diluted EPS increased to $2.57 in Q2 FY26, up from $2.24 in Q2 FY25.
- Adjusted net revenue grew 8.5% year-over-year to $1.9 billion in Q2 FY26.
- Over half of funds beat peer groups for 1-, 3-, and 10-year periods, with asset-weighted 10-year outperformance at 79%.
- Strong balance sheet with $4.4 billion in cash and discretionary investments.
Qualified
- Total net outflows of $6.5 billion in Q2 FY26, primarily driven by fundamental active equity.
- Annualized active fee rate declined to 38.1 basis points in Q2 FY26 from 38.4 basis points in Q1 FY26 due to mix shift.
- Adjusted operating expenses increased 4.9% year-over-year to $1.2 billion in Q2 FY26.
- Asset-weighted 5-year fund performance saw only 43% outperforming peers.
- Expectation for net flows in H2 FY26 to be "meaningfully more challenging" than H1 FY26 due to active equity outflows, absence of large mandates, portfolio rebalancing, and a lull in target date fund flows.
Price
$101.37 +1.76% · +$1.75
Performance −4.5% 1Y
1Y: $106.13 on 14 Oct 2025 → $101.37. High $121.68 (28 Jul 2026), low $86.19 (20 Mar 2026).
- Previous close
- $99.62
- 52-week range
- $86.19 – $121.68
- One year
- −4.11%
Overview
- Symbol
- TROW
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Active multi-token crypto ETF/ETP launch | Hope to have in market in 2026 | Dec 2025 | In mid-July, we launched T. Rowe Price Active Crypto ETF, which is an actively managed multi token exchange traded product and our first non-investment company, [ ETF ]. | Achieved |
| First Abu Dhabi Bank partnership solutions launch | Targeted mid-2026 launch | Mar 2026 | Pending | |
| FY2026 adjusted operating expense growth (ex carried interest) vs FY2025 | 3% to 6% over 2025's $4.6 billion | Dec 2025 | we now expect full year adjusted operating expenses, excluding carried interest expense, to be up 4% to 7% over 2025 $4.6 billion. | Revised Down |
Claimed
- Net inflows of $4.4 billion into the ETF business, which now manages $30 billion in assets.
- Adjusted diluted EPS increased to $2.57 in Q2 FY26, up from $2.24 in Q2 FY25.
- Adjusted net revenue grew 8.5% year-over-year to $1.9 billion in Q2 FY26.
- Over half of funds beat peer groups for 1-, 3-, and 10-year periods, with asset-weighted 10-year outperformance at 79%.
- Strong balance sheet with $4.4 billion in cash and discretionary investments.
Qualified
- Total net outflows of $6.5 billion in Q2 FY26, primarily driven by fundamental active equity.
- Annualized active fee rate declined to 38.1 basis points in Q2 FY26 from 38.4 basis points in Q1 FY26 due to mix shift.
- Adjusted operating expenses increased 4.9% year-over-year to $1.2 billion in Q2 FY26.
- Asset-weighted 5-year fund performance saw only 43% outperforming peers.
- Expectation for net flows in H2 FY26 to be "meaningfully more challenging" than H1 FY26 due to active equity outflows, absence of large mandates, portfolio rebalancing, and a lull in target date fund flows.
The full ledger
Open PRICE T ROWE GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
T. Rowe Price Q1 FY26 — ETF and Alternatives Growth Amidst Equity Outflows
Read the full callEvery analysed call
Price T Rowe Group earnings calls (TROW)
Financials
What the filings say
Net profit, year on year: +25% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,786 | 1,825 | 1,764 | 1,723 | 1,894 | 1,934 | 1,857 | 1,907 |
| Operating profit | 614 | 568 | 596 | 478 | 643 | 471 | 681 | 541 |
| Operating margin | 34.4% | 31.1% | 33.8% | 27.8% | 34.0% | 24.4% | 36.6% | 28.3% |
| Other income | 213 | 5 | 71 | 236 | 238 | 142 | -48 | 369 |
| Profit before tax | 826 | 573 | 667 | 714 | 882 | 613 | 632 | 910 |
| Tax rate | 22.5% | 27.3% | 24.3% | 22.1% | 22.1% | 24.9% | 23.4% | 23.6% |
| Net profit | 603 | 440 | 491 | 505 | 646 | 445 | 498 | 632 |
| EPS ($ per share) | 2.64 | — | 2.15 | 2.24 | 2.88 | — | 2.23 | 2.88 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 48 | 47 | 46 | 46 | 45 | 45 | 45 | 44 |
| Total liabilities | 825 | 1,107 | 1,390 | 2,255 | 1,956 | 1,988 | 2,022 | 2,289 |
| Fixed assets | 661 | 674 | 695 | 736 | 756 | 807 | 977 | 845 |
| Total assets | 7,689 | 9,330 | 10,659 | 12,509 | 11,643 | 12,279 | 13,472 | 14,342 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,620 | 1,523 | 1,919 | 3,452 | 2,359 | 1,219 | 1,686 | 1,753 |
| Cash from investing | -875 | -324 | -36 | -1,098 | -41 | 128 | -177 | 230 |
| Cash from financing | -1,239 | -833 | -1,486 | -2,989 | -2,077 | -1,079 | -937 | -1,277 |
| Net cash flow | -510 | 363 | 398 | -632 | 251 | 269 | 569 | 704 |
| Capital expenditure | -168 | -205 | -215 | -239 | -238 | -308 | -423 | -274 |
| Free cash flow | 1,451 | 1,318 | 1,704 | 3,213 | 2,122 | 911 | 1,262 | 1,479 |
TROW revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Administrative Distribution Servicing and Other Fee Revenue | — | — | 9% | 9% | 8% | 7% | 7% | 8% | -3.7% |
| Capital Allocation Based Income | <1% | 0% | 0% | 0% | 2% | 2% | 2% | 1% | — |
| Performance Based Advisory Fees | — | — | 1% | <1% | <1% | 1% | <1% | <1% | +1.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TROW operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | 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.
Insider filings
113 filings between Oct 28, 2025 and Sep 29, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.43M
2 sales by 2 insiders
Compensation
not trading decisions- 90
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 9 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nelson Joshua B | — | $1.12M | Aug 25, 2026 |
| Jackson Stephon A. | — | $307.7K | May 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | Smith Cynthia F Director | Award | 77 | $8.1K |
| Sep 29, 2026 | STEVENS ROBERT J Director | Award | 314 | $32.8K |
| Sep 29, 2026 | DONNELLY WILLIAM P Director | Award | 164 | $17.1K |
| Sep 29, 2026 | Verma Richard R. Director | Award | 61 | $6.4K |
| Sep 29, 2026 | MacLellan Robert F. Director | Award | 212 | $22.2K |
| Sep 29, 2026 | WIJNBERG SANDRA S Director | Award | 164 | $17.1K |
| Sep 29, 2026 | WILSON ALAN D Director | Award | 520 | $54.4K |
| Sep 29, 2026 | DUBLON DINA Director | Award | 120 | $12.6K |
| Sep 29, 2026 | Golston Allan C. Director | Award | 61 | $6.4K |
| Aug 25, 2026 | Nelson Joshua B Vice President | Sale | 10,000 | $1.12M |
| Aug 25, 2026 | Nelson Joshua B Vice President | Award | 4 | $370 |
| Jun 30, 2026 | MacLellan Robert F. Director | Award | 658 | $0 |
| Jun 30, 2026 | STEVENS ROBERT J Director | Award | 537 | $0 |
| Jun 30, 2026 | WILSON ALAN D Director | Award | 691 | $0 |
| Jun 30, 2026 | DONNELLY WILLIAM P Director | Award | 576 | $0 |
| Jun 29, 2026 | Smith Cynthia F Director | Award | 70 | $8.0K |
| Jun 29, 2026 | DONNELLY WILLIAM P Director | Award | 142 | $16.2K |
| Jun 29, 2026 | Verma Richard R. Director | Award | 55 | $6.3K |
| Jun 29, 2026 | Golston Allan C. Director | Award | 55 | $6.3K |
| Jun 29, 2026 | WIJNBERG SANDRA S Director | Award | 148 | $16.9K |
| Jun 29, 2026 | MacLellan Robert F. Director | Award | 185 | $21.1K |
| Jun 29, 2026 | DUBLON DINA Director | Award | 109 | $12.4K |
| Jun 29, 2026 | WILSON ALAN D Director | Award | 462 | $52.9K |
| Jun 29, 2026 | STEVENS ROBERT J Director | Award | 278 | $31.8K |
| Jun 1, 2026 | Page Sebastien Vice President | Award | 96,228 | $0 |
| May 13, 2026 | Jackson Stephon A. Vice President | Award | 175 | $17.2K |
| May 13, 2026 | Jackson Stephon A. Vice President | Sale | 3,000 | $307.7K |
| May 8, 2026 | Rominger Eileen P Director | Award | 1,899 | $0 |
| May 8, 2026 | MacLellan Robert F. Director | Award | 1,899 | $0 |
| May 8, 2026 | Smith Cynthia F Director | Award | 1,899 | $0 |
| May 8, 2026 | DUBLON DINA Director | Award | 1,899 | $0 |
| May 8, 2026 | Verma Richard R. Director | Award | 1,899 | $0 |
| May 8, 2026 | BARTLETT MARK S. Director | Award | 1,899 | $0 |
| May 8, 2026 | Golston Allan C. Director | Award | 1,899 | $0 |
| May 8, 2026 | WILSON ALAN D Director | Award | 1,899 | $0 |
| May 8, 2026 | DONNELLY WILLIAM P Director | Award | 1,899 | $0 |
| May 8, 2026 | WIJNBERG SANDRA S Director | Award | 1,899 | $0 |
| May 8, 2026 | STEVENS ROBERT J Director | Award | 1,899 | $0 |
| Mar 30, 2026 | DUBLON DINA Director | Award | 138 | $12.3K |
| Mar 30, 2026 | WILSON ALAN D Director | Award | 558 | $49.7K |
| Mar 30, 2026 | Smith Cynthia F Director | Award | 61 | $5.4K |
| Mar 30, 2026 | Golston Allan C. Director | Award | 42 | $3.8K |
| Mar 30, 2026 | Verma Richard R. Director | Award | 42 | $3.8K |
| Mar 30, 2026 | WIJNBERG SANDRA S Director | Award | 187 | $16.7K |
| Mar 30, 2026 | MacLellan Robert F. Director | Award | 206 | $18.4K |
| Mar 30, 2026 | DONNELLY WILLIAM P Director | Award | 152 | $13.5K |
| Mar 30, 2026 | STEVENS ROBERT J Director | Award | 324 | $28.9K |
| Feb 26, 2026 | MacLellan Robert F. Director | Option exercise | 4,417 | $327.5K |
| Feb 13, 2026 | Dardis Jennifer B Insider | Award | 5,564 | $0 |
| Feb 13, 2026 | Page Sebastien Vice President | Award | 8,861 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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