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Dec 31, 2025
T. Rowe Price Q4 2025 Earnings Report
T. Rowe Price reported higher revenues with resilient profitability despite continued net outflows.
Key Takeaways
T. Rowe Price delivered modest revenue growth in Q4 2025, supported by higher investment advisory fees and capital allocation-based income, while maintaining solid operating income and earnings.
Net revenues increased quarter over quarter driven by advisory fees.
GAAP and non-GAAP earnings remained solid despite equity net outflows.
Operating margins declined sequentially but stayed healthy.
Assets under management ended the quarter at elevated levels.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management emphasized disciplined expense control and long-term growth opportunities while navigating market volatility.
Positive Outlook
- Strong long-term investment performance across asset classes.
- Diversified product lineup supporting revenue stability.
- Solid balance sheet with significant cash reserves.
- Growing alternatives platform.
- Focus on operating efficiency.
Challenges Ahead
- Persistent net outflows, particularly in equity strategies.
- Pressure on fee rates over time.
- Market volatility impacting AUM levels.
- Higher compensation-related expenses.
- Competitive asset management landscape.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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