T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Q1 2025 Earnings Presentation
17 slides from T. Rowe Price's earnings presentation, May 2, 2025
Slide 1: Q1 2025 Earnings Release Supplement
Q1 2025 Earnings Release Supplement T. Rowe Price Group, Inc. May 2, 2025 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of March 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: Financial Highlights
Financial Highlights Key Metric Q1 2024 Q4 2024 Q1 2025 AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($8.0B) ($19.3B) ($8.6B) Assets Under Management (AUM)1 $1.54T $1.61T $1.57T Average AUM $1.48T $1.64T $1.62T EFR without Performance-Based Fees 41.6 bps 40.5 bps 40.0 bps EFR
Slide 4: Investment Performance Overview
Investment Performance Overview As of March 31, 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 years 5
Slide 5: Assets Under Management
Assets Under Management U.S. $ billions $1,688 $1,607 $1,566 $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 Mar 2025 Market Change +60.4 -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42.0 +2
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, 2025 Assets Under Management Assets Under Management Assets Under Management ▪ Retirement assets are 66% of AUM1 $50 $52 $53 $53 $141 $48 $135 $142 $137 ▪ U.S. defined cont
Slide 7: Quarterly Net Revenues
Quarterly Net Revenues U.S. $ millions Q1 2025 compared to Q1 2024 ▪ Investment advisory fees $13.7 / 0.8% $62.0 represent about 90% of $1,750.2 ($7.2) $2.0 $7.2 $1,763.9 net revenue in the ($50.3) periods presented ▪ Q1 2025 investment advisory revenue was Q1 2024 Investment Performance- CABI CABI
Slide 8: Quarterly Adjusted Operating Expenses
Quarterly Adjusted Operating Expenses U.S. $ millions Q1 2025 compared to Q1 2024 Basis for Operating $63.7 / 5.9% Expense Guidance $1,071.4 $10.7 $1,135.1 $28.6 $0.8 $8.8 $17.7 $11.7 U.S. $ millions ($14.6) Three months ended Change 3/31/2025 3/31/2024 (%) Adjusted Operating $1,135.1 $1,071.4 5.9%
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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 U.S. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 GAAP GAAP Operating Income $586.6 $564.7 $613.6 $568.4 $596.3 Net Income $573.8 $483.4 $603.0 $439.9 $490.5 Op
Slide 10: Capital Management
Capital Management U.S. $ millions Capital Returned to Stockholders Cash and Investments1 Data through 3/31/2025 $4,717 Q1 2024 Q4 2024 Q1 2025 — 1,341 Cash and Cash Equivalents $2,416.5 $2,649.8 $2,836.7 Share Repurchases Discretionary Investments $477.5 $457.1 $460.4 Cash and Discretionary Investm
Slide 11: Quarterly Capital Allocation-Based Income (carried interest)
Quarterly Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted Investments in affiliated private investment funds—carried interest ▪ As of 3/31/2025, $19B of alternatives fee-basis assets CABI ($1.2) $426.9 $9.2 under management are eligible $382.6 to earn carri
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation
Slide 13: Non-GAAP Net Revenues and Operating Income Reconciliation
Non-GAAP Net Revenues and Operating Income Reconciliation U.S. $ millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Revenues, GAAP Basis $1,750.2 $1,733.3 $1,785.6 $1,824.5 $1,763.9 Non-GAAP Adjustments1: Consolidated Investment Products 1.2 0.5 1.3 0.6 1.4 Investment Amortization and Impairments
Slide 14: Appendix
Appendix
Slide 15: Assets Under Management – by Account Type
Assets Under Management – by Account Type U.S. $ billions 2022 2023 2024 Mar-25 Full-service recordkeeping and plan administration U.S. Defined Contribution – services provided to: $410.2 $486.2 $565.2 $554.8 Investment only U.S. Retirement Plan Sponsors - ▪ $280 billion in assets 132.4 141.2 154.2
Slide 16: 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 17: Important Information
Important Information Referenced in the earnings call: The following entities may be referenced in the earnings supplement or the earnings call: ▪ TRPA – T. Rowe Price Associates, Inc. ▪ TRPIM – T. Rowe Price Investment Management, Inc. This material, including any statements, information, data and