T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q1 2026 Earnings Presentation
22 slides from T. Rowe Price's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Earnings Release Supplement
Q1 2026 Earnings Release Supplement A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of March 31, 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 Q1 2025 Q4 2025 Q1 2026 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($8.6B) ($25.5B) ($13.7B) Assets Under Management (AUM)1 $1.57T $1.78T $1.71T Average AUM $1.62T $1.77T $1.78T EFR without Performance-Based Fees 40.0 bps 38.8 bps 38.4 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 $1,776 $1,688 $1,710 $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 March 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 March 31, 2026 Assets Under Management Assets Under Management Assets Under Management ▪ Retirement assets are 66% of AUM1 $56 $59 $60 $55 $53 $153 $156 $147 Alts APAC, $137 $145 ▪ U
Slide 7: Quarterly Net Revenues
Quarterly Net Revenues U.S. $ millions Q1 2026 compared to Q1 2025 $93.1 / 5.3% $84.6 $22.1 $7.2 $1,857.0 ▪ Investment advisory fees $1,763.9 ($2.9) ($17.9) represent about 90% of net revenue in the periods presented ▪ Q1 2026 investment Q1 2025 Investment Performance- CABI CABI Administrative, Q1 2
Slide 8: Quarterly Adjusted Operating Expenses
Quarterly Adjusted Operating Expenses U.S. $ millions Q1 2026 compared to Q1 2025 $20.1 / 1.8% Basis for Operating $1,135.1 $9.0 $5.7 $23.2 $2.2 $1,155.2 Expense Guidance ($2.8) ($7.7) ($9.5) U.S. $ millions Three months ended Change 3/31/2026 3/31/2025 (%) Adjusted Operating $1,155.2 $1,135.1 1.8%
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. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 U.S. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 GAAP GAAP Operating Income $596.3 $478.3 $643.2 $471.0 $680.5 Net Income $490.5 $505.2 $646.1 $445.3 $498.2 Op
Slide 10: Capital Management
Capital Management U.S. $ millions Capital Returned to Stockholders Cash and Investments1 Data through March 31, 2026 Q1 2025 Q4 2025 Q1 2026 $4,959 Cash and Cash Equivalents $2,836.7 $3,378.2 $3,729.8 Share 1,551 Repurchases Discretionary Investments $460.4 $463.7 $459.5 Cash and Discretionary $3,2
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 March 31, 2026, $21B of CABI $28.1 alternatives fee-basis assets under management are eligible $31.3 $390.3 $377.4 to earn
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 Mar-26 and plan administration services provided to: U.S. Defined Contribution - Investment only $565.2 $633.2 $606.7 U.S. Retirement Plan Sponsors - Full-service recordkeeping 154.2 177.0 176.3 ▪ $314 bil
Slide 14: Alternatives - Fee-Basis AUM and Unfunded Commitments
Alternatives - Fee-basis AUM and Unfunded Commitments U.S. $ billions Private Unfunded Fee-Basis AUM CLOs Liquid Total Total Markets Commitments2 At December 31, 2025 $23.2 $21.7 $13.6 $58.5 At December 31, 2025 $ 21.6 Net capital deployments1 1.7 0.3 0.2 2.2 New capital raised 0.5 Manager-driven di
Slide 15: OHA: Fee-Basis AUM to Total AUM
OHA: Fee-Basis AUM to Total AUM As of March 31, 2026 U.S. $ billions $112.1 $66.2 1 Includes assets in which Oak Hill Advisors, L.P. (OHA) has full discretionary authority and is included in total assets under management reported by T. Rowe Price Group, Inc. 1 Includes the discretionary and non-disc
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation
Slide 17: Non-GAAP Net Revenues and Operating Income Reconciliation
Non-GAAP Net Revenues and Operating Income Reconciliation U.S. $ millions Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Revenues, GAAP Basis $1,763.9 $1,723.3 $1,893.5 $1,934.1 $1,857.0 Non-GAAP Adjustments1: Consolidated Investment Products 1.4 1.4 0.8 0.6 1.1 Investment Amortization and Impairments
Slide 18: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended March 31, 2026 Deferred Consolidated Acquisition- Restructuring Other Non- (in US$ millions, except per share numbers) U.S. GAAP Compensation Investment Non-GAAP Related Costs Charge Operating Income Liabilities Products Reve
Slide 19: Reconciliation of U.S. GAAP Results to Non-GAAP Results
Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended March 31, 2025 Deferred Acquisition-Related Consolidated Other Non-Operating (in US$ millions, except per share numbers) U.S. GAAP Compensation Non-GAAP Costs Investment Products Income Liabilities Revenues Investment advisor
Slide 20: Operating Expense Recast: Technology-related Costs Reclassed
Operating Expense Recast: Technology-related Costs Reclassed Certain prior-period technology-related professional fees and servicing costs have been reclassified from General, administrative, and other costs to technology, occupancy, and facilities costs to conform with current year presentation. Th
Slide 21: 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 22: 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/press-releases CLO - collateralized loan obligations BDC - business development company Source for retail portion of private cr