T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q3 2025 Earnings Presentation
20 slides from T. Rowe Price's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 Earnings Release Supplement
Q3 2025 Earnings Release Supplement T. Rowe Price Group, Inc. October 31, 2025 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of September 30, 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: Financial Highlights
Financial Highlights Key Metrics Q3 2024 Q2 2025 Q3 2025 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($12.2B) ($14.9B) ($7.9B) Assets Under Management (AUM)1 $1.63T $1.68T $1.77T Average AUM $1.59T $1.59T $1.72T EFR without Performance-Based Fees 40.7 bps 39.6 bps 39.1 bps E
Slide 4: Investment Performance Overview
Investment Performance Overview As of September 30, 2025 % 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 yea
Slide 5: Assets Under Management
Assets Under Management U.S. $ billions $1,767 $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 September 2025 Market Change +60.4 -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -4
Slide 6: Assets Under Management and Net Flows
Assets Under Management and Net Flows U.S. $ billions Assets Under Management (AUM) Asset Class Client Type Geography As of September 30, 2025 Assets Under Management Assets Under Management Assets Under Management ▪ Retirement assets are 66% of AUM1 $56 $52 $55 $53 $53 $145 $153 ▪ U.S. defined cont
Slide 7: Quarterly Net Revenues
Quarterly Net Revenues U.S. $ millions Q3 2025 compared to Q3 2024 ▪ Investment advisory fees $107.9 / 6.0% $1,785.6 $71.4 $0.8 $21.1 $16.3 $1,893.5 represent about 90% of ($1.7) net revenue in the periods presented ▪ Q3 2025 investment advisory revenue was Q3 2024 Investment Performance- CABI CABI
Slide 8: Quarterly Adjusted Operating Expenses
Quarterly Adjusted Operating Expenses U.S. $ millions Q3 2025 compared to Q3 2024 Basis for Operating $35.4 / 3.2% Expense Guidance $1,099.0 $11.0 $4.2 $0.5 $3.7 $19.2 $1,134.4 U.S. $ millions ($0.4) ($2.8) Nine months ended Change 9/30/2025 9/30/2024 (%) Adjusted Operating $3,416.7 $3,276.2 4.3% Ex
Slide 9: Quarterly Operating Income and Net Income
Quarterly Operating Income and Net Income U.S. $ millions, (except EPS) Operating Income Net Income U.S. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 U.S. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 GAAP GAAP Operating Income $613.6 $568.4 $596.3 $478.3 $643.2 Net Income $603.0 $439.9 $490.5 $505.2 $646.1 Op
Slide 10: Capital Management
Capital Management U.S. $ millions Capital Returned to Stockholders Cash and Investments1 Data through September 30, 2025 $4,576 Q3 2024 Q4 2024 Q3 2025 — Cash and Cash Equivalents $3,173.5 $2,649.8 $3,634.8 1,184 Share Repurchases Discretionary Investments $471.8 $457.1 $643.6 Cash and Discretionar
Slide 11: 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 September 30, 2025, $20B of alternatives fee-basis CABI $42.0 $56.2 assets under management are $413.1 $371.3 eligible to e
Slide 12: Appendix
Appendix
Slide 13: Assets Under Management – by Account Type
Assets Under Management – by Account Type U.S. $ billions 2022 2023 2024 Sep-2025 Full-service recordkeeping and plan administration U.S. Defined Contribution - services provided to: $410.2 $486.2 $565.2 $627.4 Investment only U.S. Retirement Plan Sponsors - ▪ $315 billion in assets 132.4 141.2 154.
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation
Slide 15: Non-GAAP Net Revenues and Operating Income Reconciliation
Non-GAAP Net Revenues and Operating Income Reconciliation U.S. $ millions Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Revenues, GAAP Basis $1,785.6 $1,824.5 $1,763.9 $1,723.3 $1,893.5 Non-GAAP Adjustments1: Consolidated Investment Products 1.3 0.6 1.4 1.4 0.8 Investment Amortization and Impairments
Slide 16: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended September 30, 2025 Deferred Consolidated Acquisition- Compensation Restructuring Investment Other Non- (in US$ millions, except per share numbers) U.S. GAAP Related Costs Liabilities Charge Products Operating Income Non-GAAP
Slide 17: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended September 30, 2024 Deferred Acquisition-Related Compensation Consolidated Other Non-Operating (in US$ millions, except per share numbers) U.S. GAAP Costs Liabilities Investment Products Income Non-GAAP Revenues Investment adv
Slide 18: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended June 30, 2025 Deferred Acquisition-Related Compensation Consolidated Other Non-Operating (in US$ millions, except per share numbers) U.S. GAAP Costs Liabilities Investment Products Income Non-GAAP Revenues Investment advisory
Slide 19: 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 20: Important Information
Important Information Referenced in the earnings call: Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award wi