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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 2025, driven by strong equity market returns, product innovation, and inclusion of managed account-model assets.
Net client outflows totaled $7.9 billion in Q3 2025, mainly in U.S. equities, partially offset by strong market appreciation.
Diluted EPS for Q3 2025 was $2.87 (GAAP) and $2.81 (adjusted), up from Q3 2024, with net income rising to $646.1 million.
Strategic collaboration with Goldman Sachs announced, focusing on co-branded target date series, model portfolios, and multi-asset solutions, with launches expected through 2026.
Returned $442 million to shareholders via dividends and stock repurchases in Q3 2025.
Financial highlights
Net revenues for Q3 2025 rose 6.0% year-over-year to $1.89 billion, driven by higher investment advisory fees and capital allocation-based income.
Adjusted operating expenses for Q3 2025 were $1.13 billion, up 3.2% year-over-year, with a $28.5 million restructuring charge related to severance and expense realignment.
Operating margin for Q3 2025 was 34.0% (GAAP) and 40.9% (adjusted).
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.
Target date franchise saw $2.6 billion in net inflows; ETF products had nearly $2 billion in net inflows.
Outlook and guidance
Q4 flows expected to be weaker due to higher equity redemptions and softer institutional pipeline; positives include strong gross sales in target date, global fixed income, ETFs, and alternatives.
Full-year 2025 effective tax rate expected between 23.0% and 26.0% (GAAP), and 23.5% to 25.5% (adjusted).
Expense management program aims to keep controllable expense growth in low single digits for 2026 and 2027.
2025 adjusted operating expenses (excl. carried interest) expected to rise 2%-4% over 2024.
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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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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