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Sep 30, 2025
T. Rowe Price Q3 2025 Earnings Report
T. Rowe Price reported solid results in Q3 2025 with growth in revenue, EPS, and net income.
Key Takeaways
T. Rowe Price posted a strong Q3 2025, with higher investment advisory fees driving revenue and profitability. Net flows improved, and adjusted operating margins expanded significantly.
Revenue increased to $1.8935 billion, driven by higher advisory fees.
Net income rose to $646.1 million from $603.0 million a year ago.
Adjusted EPS reached $2.81, up from $2.57 in Q3 2024.
Net outflows improved to -$7.9 billion from -$14.9 billion in Q2.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management continues to focus on long-term growth and diversification while addressing net outflows and cost control.
Positive Outlook
- Improved net flows compared to prior quarters.
- Continued inflows into multi-asset and alternatives.
- Target date products showed $2.6B inflow in Q3.
- Capital allocation-based income grew to $42M.
- Strong liquidity with $3.63B in cash and equivalents.
Challenges Ahead
- Overall net flows still negative at -$7.9B.
- Outflows largely concentrated in U.S. equities.
- Retail segment continued to show outflows.
- Compensation costs remained high.
- Restructuring charges impacted GAAP expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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