T. Rowe Price (TROW) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.29

$2.07$2.43

vs $2.24+2.3%

11 analysts

Next Qtr

$2.44

$2.27$2.62

vs $2.81-13.0%

9 analysts

Current Yr

$9.54

$8.95$10.02

vs $9.72-1.8%

13 analysts

Next Yr

$9.63

$8.75$10.34

vs $9.54+0.9%

13 analysts

Revenue Estimates

Current Qtr

$1.87B

$1.84B$1.89B

vs $1.76B+5.9%

2 analysts

Next Qtr

$1.92B

$1.91B$1.93B

vs $1.91B+0.5%

2 analysts

Current Yr

$7.54B

$7.46B$7.62B

vs $7.39B+2.1%

4 analysts

Next Yr

$7.66B

$7.62B$7.77B

vs $7.54B+1.6%

4 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for TROW on EDGAR.

TROW filing events and research context
Filed	Item	Context
Feb 13, 2026	business	T. Rowe Price Group is a global asset management firm providing investment advisory and administrative services across equity, fixed income, multi-asset, and alternative strategies. The firm serves a diverse client base—including individuals, institutions, and retirement plan sponsors—through vehicles such as U.S. mutual funds, collective investment trusts, ETFs, and separately managed accounts. As of December 31, 2025, the firm managed $1.775 trillion in assets, with revenue primarily driven by investment advisory fees tied to the value and composition of these assets. The firm faces significant industry headwinds, including the secular shift toward passive investment products, persistent downward fee pressure, and a complex global regulatory environment. To maintain its competitive position, T. Rowe Price is executing a multi-year strategic plan focused on expanding its footprint in the U.S. wealth management channel, growing its alternatives and private credit capabilities, and enhancing its digital distribution technology. The firm is also actively managing its cost structure through targeted role eliminations and vendor outsourcing to align expenses with revenue growth. While the firm maintains a strong balance sheet, its results remain sensitive to market volatility and the potential termination of investment management agreements, which are generally terminable upon short notice.
Feb 13, 2026	mda	T. Rowe Price concluded 2025 with $1,775.6 billion in assets under management (AUM), reflecting a $169.0 billion increase over the prior year. This growth was primarily driven by $216.7 billion in market appreciation, which successfully offset $56.9 billion in net cash outflows. The firm’s revenue remains highly sensitive to market volatility and the composition of its AUM, which is managed through subsidiaries including T. Rowe Price Associates, T. Rowe Price Investment Management, T. Rowe Price International, and Oak Hill Advisors. A notable bright spot in the portfolio is the target date retirement product suite, which attracted $5.2 billion in net inflows and now accounts for 31.6% of total AUM. The firm is actively diversifying its business through strategic investments in technology, new product development, and global partnerships, while also expanding its alternatives platform, evidenced by $21.6 billion in unfunded capital commitments. Management is currently navigating inflationary pressures on compensation and contractual spending by prioritizing the recruitment of investment and distribution professionals. The inclusion of managed account model delivery portfolios, which contributed $9.2 billion in assets as of mid-2025, further signals the firm's ongoing efforts to capture broader distribution channels and adapt to evolving investor preferences.
Feb 13, 2026	risk_factors	T. Rowe Price’s financial performance is primarily driven by the total value and composition of assets under management (AUM), which are sensitive to global financial market fluctuations, investor sentiment, and the relative performance of its mutual funds and other investment products. Revenue is heavily dependent on fees from T. Rowe Price funds; any termination or alteration of these management agreements by independent fund directors would materially harm results. The firm faces significant competitive pressure in the asset management sector and must successfully execute its strategic expansion, including efforts to penetrate U.S. distribution channels and grow its international advisory business. Operational risks include potential disruptions to critical systems, such as fund accounting, recordkeeping, and third-party service providers, as well as the need to attract and retain key personnel. The firm is subject to extensive governmental regulation, where changes in tax, accounting, or compliance requirements could increase costs or dampen investor demand. Market risk is inherent in the firm’s seed capital investments and discretionary holdings, which are subject to equity price volatility, interest rate changes, and currency translation risks, particularly regarding its investment in UTI Asset Management Company Limited. Additionally, the firm faces potential liabilities related to contingent earnouts from the Oak Hill Advisors acquisition.

Filed

Item

Context

Feb 13, 2026

business

T. Rowe Price Group is a global asset management firm providing investment advisory and administrative services across equity, fixed income, multi-asset, and alternative strategies. The firm serves a diverse client base—including individuals, institutions, and retirement plan sponsors—through vehicles such as U.S. mutual funds, collective investment trusts, ETFs, and separately managed accounts. As of December 31, 2025, the firm managed $1.775 trillion in assets, with revenue primarily driven by investment advisory fees tied to the value and composition of these assets. The firm faces significant industry headwinds, including the secular shift toward passive investment products, persistent downward fee pressure, and a complex global regulatory environment. To maintain its competitive position, T. Rowe Price is executing a multi-year strategic plan focused on expanding its footprint in the U.S. wealth management channel, growing its alternatives and private credit capabilities, and enhancing its digital distribution technology. The firm is also actively managing its cost structure through targeted role eliminations and vendor outsourcing to align expenses with revenue growth. While the firm maintains a strong balance sheet, its results remain sensitive to market volatility and the potential termination of investment management agreements, which are generally terminable upon short notice.

Feb 13, 2026

mda

T. Rowe Price concluded 2025 with $1,775.6 billion in assets under management (AUM), reflecting a $169.0 billion increase over the prior year. This growth was primarily driven by $216.7 billion in market appreciation, which successfully offset $56.9 billion in net cash outflows. The firm’s revenue remains highly sensitive to market volatility and the composition of its AUM, which is managed through subsidiaries including T. Rowe Price Associates, T. Rowe Price Investment Management, T. Rowe Price International, and Oak Hill Advisors. A notable bright spot in the portfolio is the target date retirement product suite, which attracted $5.2 billion in net inflows and now accounts for 31.6% of total AUM. The firm is actively diversifying its business through strategic investments in technology, new product development, and global partnerships, while also expanding its alternatives platform, evidenced by $21.6 billion in unfunded capital commitments. Management is currently navigating inflationary pressures on compensation and contractual spending by prioritizing the recruitment of investment and distribution professionals. The inclusion of managed account model delivery portfolios, which contributed $9.2 billion in assets as of mid-2025, further signals the firm's ongoing efforts to capture broader distribution channels and adapt to evolving investor preferences.

Feb 13, 2026

risk_factors

T. Rowe Price’s financial performance is primarily driven by the total value and composition of assets under management (AUM), which are sensitive to global financial market fluctuations, investor sentiment, and the relative performance of its mutual funds and other investment products. Revenue is heavily dependent on fees from T. Rowe Price funds; any termination or alteration of these management agreements by independent fund directors would materially harm results. The firm faces significant competitive pressure in the asset management sector and must successfully execute its strategic expansion, including efforts to penetrate U.S. distribution channels and grow its international advisory business. Operational risks include potential disruptions to critical systems, such as fund accounting, recordkeeping, and third-party service providers, as well as the need to attract and retain key personnel. The firm is subject to extensive governmental regulation, where changes in tax, accounting, or compliance requirements could increase costs or dampen investor demand. Market risk is inherent in the firm’s seed capital investments and discretionary holdings, which are subject to equity price volatility, interest rate changes, and currency translation risks, particularly regarding its investment in UTI Asset Management Company Limited. Additionally, the firm faces potential liabilities related to contingent earnouts from the Oak Hill Advisors acquisition.

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TROW filing events and research context

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