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.
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 | $1.56T | $1.68T |
EFR without Performance-Based Fees | 40.5 bps | 39.1 bps | 38.8 bps | 41.0 bps | 39.4 bps |
EFR with Performance-Based Fees | 40.9 bps | 39.3 bps | 39.2 bps | 41.4 bps | 39.6 bps |
GAAP Basis | |||||
Net Revenues | $1,824.5M | $1,893.5M | $1,934.1M | $7,093.6M | $7,314.8M |
Operating Expenses | $1,256.1M | $1,250.3M | $1,463.1M | $4,760.3M | $5,126.0M |
Diluted Earnings per Share (EPS) | $1.92 | $2.87 | $1.99 | $9.15 | $9.24 |
Non-GAAP Basis | |||||
Adjusted Operating Expenses2 | $1,222.6M | $1,134.4M | $1,249.8M | $4,498.8M | $4,666.5M |
Adjusted Diluted EPS2 | $2.12 | $2.81 | $2.44 | $9.33 | $9.72 |
Dividends | |||||
Dividend per share | $1.24 | $1.27 | $1.27 | $4.96 | $5.08 |
Quarterly financial results included in this earnings release supplement are unaudited. Annual financial results are audited, with the exception of the 2025 figures.
1 Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.
2 For the reconciliation between GAAP and adjusted (non-GAAP) operating expenses and diluted EPS, see the current earnings release.
Investment Performance Overview% of Funds/ Composites | U.S. Funds Outperforming Morningstar Median1,2 | U.S. Funds Outperforming Morningstar Passive Peer Median1,3 | Composites Outperforming 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 | |
Equity | 48% | 50% | 51% | 56% | 39% | 44% | 42% | 46% | 17% | 28% | 26% | 45% |
Fixed Income | 64% | 62% | 52% | 59% | 65% | 58% | 58% | 59% | 56% | 60% | 57% | 69% |
Multi-Asset | 38% | 57% | 34% | 68% | 20% | 43% | 29% | 39% | NA | NA | NA | NA |
All | 49% | 56% | 46% | 61% | 39% | 47% | 43% | 48% | 34% | 41% | 39% | 54% |
% of AUM | U.S. Funds Outperforming Morningstar Median1,2 | U.S. Funds Outperforming Morningstar Passive Peer Median1,3 | Composites Outperforming 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 | |
Equity | 42% | 69% | 52% | 74% | 31% | 55% | 22% | 48% | 19% | 38% | 22% | 31% |
Fixed Income | 76% | 79% | 78% | 80% | 81% | 77% | 86% | 69% | 57% | 56% | 60% | 63% |
Multi-Asset | 28% | 78% | 53% | 93% | 7% | 52% | 53% | 77% | NA | NA | NA | NA |
All | 42% | 72% | 54% | 79% | 28% | 56% | 33% | 56% | 25% | 42% | 29% | 36% |
Past performance is not a guarantee nor a reliable indicator of future results.
The investment performance reflects that of the T. Rowe Price-sponsored mutual funds, ETFs, and composites.
1 Source: © 2025 Morningstar, Inc. All rights reserved. Please see page 28 for more information.
2 Primary share class only. Excludes T. Rowe Price passive funds, funds that are clones of other funds, and fund categories not ranked by Morningstar.
3 Primary share class only. Excludes T. Rowe Price passive funds and funds that are clones of other funds. Funds are measured against the most appropriate strategy benchmark used for portfolio manager evaluation, which may not always be the regulatory benchmark.
4 Net returns for composites are calculated using the highest applicable separate account fee schedule and compared to official GIPS composite primary benchmark. Excludes money market composites.
Assets Under ManagementU.S. $ billions
$1,688 $1,607 $1,471 $1,445 $1,207 $1,275 $991 $962 $692 $747 $763 $811 $482 $489 $577Ending AUM
$1,7762010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | December |
2025 | |||||||||||||||
+60.4 | -6.6 | +70.1 | +127.6 | +50.7 | +14.7 | +50.5 | +166.3 | -42.0 | +231.3 | +256.9 | +198.9 | -351.4 | +251.6 | +205.3 | +216.7 |
+30.3 | +14.1 | +17.2 | -12.0 | +3.7 | +1.6 | -2.8 | +14.0 | +13.2 | +13.2 | +5.6 | -28.5 | -61.7 | -81.8 | -43.2 | -56.9 |
Market Change
($B)
Net Flows
($B)
Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.
OHA's fee-basis AUM of $46.9B acquired on December 29, 2021, is reflected in 2021 ending AUM. All periods after 2021 reflect the related activity. Other acquisition of AUM is detailed in our quarterly releases and 10Qs. Distributions, net of reinvestments, are included in the market change figure. Manager-driven distributions related to our alternative products by year: 2022: $2.6B, 2023: $2.6B, 2024: $3.7B, 2025: $3.2B
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T. Rowe Price Group Inc. published this content on February 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 04, 2026 at 12:10 UTC.
