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T. Rowe Price Group (TROW) investor relations material
T. Rowe Price Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
End-of-period assets under management (AUM) reached a record $1.77 trillion as of September 30, 2025, up $90.4 billion from Q2, driven by strong market appreciation and inclusion of managed account-model assets.
Announced a strategic collaboration with Goldman Sachs to deliver diversified public and private market solutions, including co-branded target date series and managed account platforms, with launches expected through 2026.
Long-term investment performance remains solid, with 50% or more of funds beating peer groups over three, five, and ten years; fixed income and target date franchises showed particularly strong results.
Introduced new retirement allocation funds in Asia and launched the Emerging Markets Blue Economy Bond Strategy with over $200 million in commitments.
Net client outflows totaled $7.9 billion in Q3, mainly in U.S. equities, partially offset by institutional wins and strong market appreciation.
Financial highlights
Adjusted diluted EPS for Q3 2025 was $2.81, up from both the prior quarter and Q3 2024; GAAP EPS was $2.87.
Net revenues for Q3 2025 were $1.89 billion, a 6.0% increase year-over-year and 9.9% sequentially, driven by higher investment advisory fees.
Operating expenses (GAAP) increased 6.7% year-over-year to $1.25 billion; adjusted operating expenses up 3.2% to $1.13 billion.
Operating margin for Q3 2025 was 34.0% (GAAP), 40.9% (adjusted), with improvement year-over-year.
Investment advisory annualized effective fee rate declined to 39.1 bps from 40.7 bps year-over-year, reflecting asset mix shift to lower-fee products.
Outlook and guidance
Q4 flows expected to be weaker due to higher equity redemptions and a softer institutional pipeline, but gross sales are up year-over-year across all channels.
Full-year 2025 effective tax rate is estimated at 23.0% to 26.0% (GAAP), and 23.5% to 25.5% (adjusted).
Expense management program aims to keep controllable expense growth in the low single digits for 2026 and 2027, with ongoing investments in technology, AI, and strategic growth.
2025 adjusted operating expenses (excl. carried interest) expected to rise 2–4% over 2024's $4.46 billion.
Capital expenditures for 2025 are expected to be about $275 million, with over 80% allocated to technology initiatives.
What offset Q3 net client outflows to grow AUM?
What client flow trends impacted the effective fee rate?
What is the strategic goal of the workforce action?
DOL/SEC clarity impact on Target Date uptake?
Key areas for expense reinvestment?
Outlook for active management alpha generation?
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Next T. Rowe Price Group earnings date
Q4 20255 Feb, 2026
Next T. Rowe Price Group earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
T. Rowe Price launched its first mutual fund in 1937 and was one of the nation's first no-load mutual fund companies. It is now a publicly owned investment manager, providing a wide range of U.S. style equity, balanced, fixed income and money market mutual funds for individual and institutional investors through intermediaries and retirement plans. The company also offers services such as financial planning, portfolio guidance, college planning and advice among others by phone or through its website.
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