T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q4 2025 Earnings Presentation
29 slides from T. Rowe Price's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Earnings Release Supplement
Q4 2025 Earnings Release Supplement A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of December 31, 2025, unless otherwise noted. All figures are USD, unless otherwise noted.
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation, and other statements that T. Rowe Price may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Price’s future financial or business performance, strategies, or expectati
Slide 3: Q4 and Full Year Financial Highlights
Q4 and Full Year Financial Highlights Key Metric Q4 2024 Q3 2025 Q4 2025 2024 2025 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($19.3B) ($7.9B) ($25.5B) ($43.2B) ($56.9B) Assets Under Management (AUM)1 $1.61T $1.77T $1.78T $1.61T $1.78T Average AUM $1.64T $1.72T $1.77T $1.56
Slide 4: Investment Performance Overview
Investment Performance Overview % of Funds/ U.S. Funds Outperforming Morningstar U.S. Funds Outperforming Morningstar Passive Composites Outperforming Composites Median1,2 Peer Median1,3 Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equit
Slide 5: Assets Under Management
Assets Under Management U.S. $ billions $1,776 $1,688 $1,607 $1,471 $1,445 $1,275 $1,207 Ending AUM $991 $962 $811 $747 $763 $692 $577 $482 $489 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 December 2025 Market Change +60.4 -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42
Slide 6: Assets Under Management and Net Flows
Assets Under Management and Net Flows U.S. $ billions Assets Under Management Asset Class Client Type Geography As of December 31, 2025 Assets Under Management Assets Under Management Assets Under Management ▪ Retirement assets are 66% of AUM1 $56 $59 $55 Alts $53 $53 $145 $153 $156 ▪ U.S. defined c
Slide 7: Annual Net Flows
Annual Net Flows In billions Asset Class Geography Alts U.S. Multi-Asset APAC, Fixed Income EMEA, Equity Canada. 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Equity $ (44.6) $ (72.7) $ (85.4) $ (52.0) $ (74.9) U.S. $ (27.7) $ (49.7) $ (67.0) $ (44.4) $ (51.6) FI 1.2 4.1 (6.8) 12.6 12.5 APAC, MA
Slide 8: Quarterly Net Revenues
Quarterly Net Revenues U.S. $ millions Q4 2025 compared to Q4 2024 ▪ Investment advisory fees $109.6 / 6.0% represent about 90% of $1,824.5 $1,934.1 net revenue in the $70.4 $35.1 $10.9 periods presented ($5.1) ($1.7) ▪ Q4 2025 investment advisory revenue was Q4 2024 Investment Performance- CABI CAB
Slide 9: Quarterly Adjusted Operating Expenses
Quarterly Adjusted Operating Expenses U.S. $ millions Q4 2025 compared to Q4 2024 $27.2 / 2.2% $1,222.6 $1,249.8 $14.8 $8.7 $1.1 $24.1 ($0.3) ($20.1) ($1.1) Q4 2024 Compensation CABI Distribution Ad/Promo Product & Tech, Occ, & G&A&Other Q4 2025 & Related Compensation & Servicing Recordkeeping Facil
Slide 10: Annual Net Revenues and Adjusted Operating Expenses
Annual Net Revenues and Adjusted Operating Expenses U.S. $ millions Net Revenues $221.2 / 3.1% Basis for Operating Expense $7,093.6 Guidance $7,314.8 59.0 22.3 96.5 24.8 15.4 19.2 5.9 U.S. $ millions (21.9) Year ended $202.6 12/31/2025 12/31/2024 Change (%) Adjusted Operating $ 4,666.5 $ 4,498.8 3.7
Slide 11: Quarterly Operating Income and Net Income
Quarterly Operating Income and Net Income U.S. $ millions, (except EPS) Operating Income Net Income U.S. Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 U.S. Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 GAAP GAAP Operating Income $568.4 $596.3 $478.3 $643.2 $471.0 Net Income $439.9 $490.5 $505.2 $646.1 $445.3 Op
Slide 12: Annual Operating Income and Net Income
Annual Operating Income and Net Income U.S. $ millions, (except EPS) Operating Income Net Income U.S. 2021 2022 2023 2024 2025 U.S. 2021 2022 2023 2024 2025 GAAP GAAP Operating Income $3,710.0 $2,373.7 $1,986.2 $2,333.3 $2,188.8 Net Income $3,082.9 $1,557.9 $1,788.7 $2,100.1 $2,087.1 Operating Dilut
Slide 13: Capital Management
Capital Management U.S. $ millions Capital Returned to Stockholders Cash and Investments1 Data through December 31, 2025 $4,614 Q4 2024 Q3 2025 Q4 2025 Cash and Cash Equivalents $2,649.8 $3,634.8 $3,378.2 1,213 Share Repurchases Discretionary Investments $457.1 $643.6 $463.7 Cash and Discretionary I
Slide 14: Quarterly Capital Allocation-Based Income
Quarterly Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted Investments in affiliated private investment funds—carried interest ▪ As of December 31, 2025, CABI $40.8 $21B of alternatives fee-basis $47.6 assets under management are $413.1 ($6.8) $390.3 eligibl
Slide 15: Annual Capital Allocation-Based Income
Annual Capital Allocation-Based Income (carried interest) ▪ Absolute performance of the U.S. $ millions, unless otherwise noted following indices are an Investments in affiliated private investment funds—carried interest indicator of changes in CABI $81.2 accrued carried interest $149.5 $426.9 $390.
Slide 16: Appendix
Appendix
Slide 17: Assets Under Management – by Account Type
Assets Under Management – by Account Type U.S. $ billions 2023 2024 2025 Full-service recordkeeping and plan administration U.S. Defined Contribution - services provided to: $486.2 $565.2 $633.2 Investment only U.S. Retirement Plan Sponsors - ▪ $314 billion in assets 141.2 154.2 177.0 under administ
Slide 18: Alternatives - Fee-basis AUM and Unfunded Commitments
Alternatives - Fee-basis AUM and Unfunded Commitments U.S. $ billions Private Fee-Basis AUM CLOs Liquid Total Unfunded Commitments2 Total Markets At December 31, 2024 $20.1 $20.2 $12.5 $52.8 At December 31, 2024 $ 16.2 New capital raised 11.4 Net capital deployments1 5.2 1.4 0.3 6.9 Capital deployed
Slide 19: ETFs and AUM by Vehicle
ETFs and AUM by Vehicle U.S. $ billions ETF AUM and Flows AUM by Vehicle $10.5 $21.1 Flows —% —% —% 1% 2% 7% 7% 8% 7% 8% AUM 17% 20% 21% 23% 26% 12% 12% 12% 13% 14% 13% 13% 12% $5.4 11% $8.7 9% 50% 48% 47% $1.4 45% 42% $0.4 $2.5 $0.4 $0.6 $0.8 2021 2022 2023 2024 2025 US Mutual Funds Subadvised Acco
Slide 20: Target Date Franchise
Target Date Franchise ▪ $561B of target date U.S. $ billions 500 $123 retirement AUM as of $82 December 31, 2025 400 $38 $50 300 $36 ▪ 32% of the Target Date 200 $393 $438 Franchise AUM as of $353 $358 $299 December 31, 2025, was 100 held in mutual funds 0 compared to 47% at the 2021 2022 2023 2024
Slide 21: Asset Manager (AM) Vehicle Terminology Overview
Asset Manager (AM) Vehicle Terminology Overview As of December 2025 Terms Used Description Target Clients ▪ Portfolio of stocks or bonds, client owns individual securities. ▪ Institutional investors, account minimums tend to start ~$50 million. Separate Account ▪ Asset Manager (AM) makes investment
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation
Slide 23: Non-GAAP Net Revenues and Operating Income Reconciliation
Non-GAAP Net Revenues and Operating Income Reconciliation U.S. $ millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2021 2022 2023 2024 2025 Net Revenues, GAAP Basis $1,824.5 $1,763.9 $1,723.3 $1,893.5 $1,934.1 $7,671.9 $6,488.4 $6,460.5 $7,093.6 $7,314.8 Non-GAAP Adjustments1: Consolidated Investment
Slide 24: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended December 31, 2025 Deferred Consolidated Acquisition- Compensation Restructuring Investment Other Non- (in US$ millions, except per share numbers) U.S. GAAP Related Costs Liabilities Charge Products Operating Income Non-GAAP R
Slide 25: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended December 31, 2024 Deferred Consolidated Acquisition-Related Compensation Investment Other Non- (in US$ millions, except per share numbers) U.S. GAAP Costs Liabilities Products Operating Income Non-GAAP Revenues Investment adv
Slide 26: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Year-ended December 31, 2025 Deferred Consolidated Acquisition- Compensation Restructuring Investment Other Non- (in US$ millions, except per share numbers) U.S. GAAP Related Costs Liabilities Charge Products Operating Income Non-GAAP Revenues
Slide 27: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Year-ended December 31, 2024 Deferred Consolidated Acquisition- Compensation Investment Other Non- (in US$ millions, except per share numbers) U.S. GAAP Related Costs Liabilities Products Operating Income Non-GAAP Revenues Investment advisory f
Slide 28: Additional Information
Additional Information Figures may not total due to rounding. Investment performance overview (slide 4) 1 Source: © 2025 Morningstar, Inc. All rights reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3)
Slide 29: Important Information
Important Information Referenced in the earnings call: Strategic partnership with First Abu Dhabi Bank, see January 12, 2026 press release: https://investors.troweprice.com/news-releases/news-release-details/first-abu-dhabi-bank-and-t-rowe-price- enter-strategic Morningstar's Manager Research Group