T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q2 2026 Earnings Presentation
18 slides from T. Rowe Price's earnings presentation, Jul 31, 2026
Slide 1: Q2 2026 Earnings Release Supplement
Q2 2026 Earnings Release Supplement A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of June 30, 2026, 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 Metric Q2 2025 Q1 2026 Q2 2026 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($14.9B) ($13.7B) ($6.5B) Assets Under Management (AUM)1 $1.68T $1.71T $1.89T Average AUM $1.59T $1.78T $1.84T EFR without Performance-Based Fees 39.6 bps 38.4 bps 38.1 bps EF
Slide 4: Investment Performance Overview
Investment Performance Overview % of Funds/ U.S. Funds Outperforming Morningstar U.S. Funds Outperforming Morningstar Composites Outperforming Composites Median1,2 Passive 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 $1,893 $1,776 $1,688 $1,607 $1,471 $1,445 $1,275 $1,207 Ending AUM $991 $962 $811 $747 $763 $692 $577 $489 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 June 2026 Market Change -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42.0 +231.
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 June 30, 2026 Assets Under Management Assets Under Management Assets Under Management ▪ Retirement assets are 65% of AUM1 $62 $56 $59 $60 Alts $55 APAC, $153 $156 $172 ▪ U.S. defined
Slide 7: Quarterly Net Revenues
Quarterly Net Revenues U.S. $ millions Q2 2026 compared to Q2 2025 $184.1 / 10.7% $1,907.4 ▪ Investment advisory fees $1,723.3 represent more than 90% $177.2 $0.1 $33.6 of net revenue in the ($21.3) ($5.5) periods presented ▪ Q2 2026 investment Q2 2025 Investment Performance- CABI CABI Administrativ
Slide 8: Quarterly Adjusted Operating Expenses
Quarterly Adjusted Operating Expenses U.S. $ millions Q2 2026 compared to Q2 2025 $56.0 / 4.9% $1,203.2 Basis for Operating $27.1 $13.6 $8.3 $10.9 $10.7 $1,147.2 Expense Guidance ($5.0) ($9.6) U.S. $ millions Six months ended Change 6/30/2026 6/30/2025 (%) Adjusted Operating $2,358.4 $2,282.3 3.3% Q
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. Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 U.S. Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP GAAP Operating Income $478.3 $643.2 $471.0 $680.5 $540.5 Net Income $505.2 $646.1 $445.3 $498.2 $632.0 Op
Slide 10: Capital Management
Capital Management U.S. $ millions Capital Returned to Stockholders Cash and Investments1 Data through June 30, 2026 Q2 2025 Q4 2025 Q2 2026 $5,076 Cash and Cash Equivalents $3,058.9 $3,378.2 $3,234.3 Share 1,665 Repurchases Discretionary Investments $749.6 $463.7 $1,158.0 Cash and Discretionary $3,
Slide 11: Quarterly Capital Allocation-Based Income (carried interest)
Quarterly Capital Allocation-Based Income (carried interest) ▪ As of June 30, 2026, $22B of U.S. $ millions, unless otherwise noted alternatives fee-basis assets Investments in affiliated private investment funds—carried interest under management are eligible CABI $11.9 to earn carried interest ▪ In
Slide 12: Appendix
Appendix
Slide 13: Assets Under Management – by Account Type
Assets Under Management – by Account Type U.S. $ billions Full-service recordkeeping 2024 2025 Jun-26 and plan administration services provided to: U.S. Defined Contribution - Investment only $565.2 $633.2 $669.4 U.S. Retirement Plan Sponsors - Full-service recordkeeping 154.2 177.0 192.0 ▪ $349 bil
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 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Revenues, GAAP Basis $1,723.3 $1,893.5 $1,934.1 $1,857.0 $1,907.4 Non-GAAP Adjustments1: Consolidated Investment Products 1.4 0.8 0.6 1.1 1.6 Investment Amortization and Impairments
Slide 16: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended June 30, 2026 Deferred Consolidated Acquisition- Restructuring Other Non- (in US$ millions, except per share numbers) U.S. GAAP Compensation Investment Non-GAAP Related Costs Charge Operating Income Liabilities Products Reven
Slide 17: Additional Information
Additional Information Figures may not total due to rounding. Investment performance overview (slide 4) 1 Source: © 2026 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 18: Important Information
Important Information Referenced in the earnings call: Source for Russell reconstitution turnover: https://ir.nasdaq.com/news-releases/news-release-details/record-trading-volume-nasdaq-closing-cross-during-june-2026 Active Crypto ETF, see July 16, 2026 press release: https://investors.troweprice.com