TROW
Updated: 23/09/2026, 22:41:56
T. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management. The firm extends its financial expertise to a diverse range of clients, including individual investors, institutional organizations, retirement benefit plans, and financial intermediaries. It is responsible for the establishment and ongoing management of both equity and fixed income mutual funds. The company's investment activities encompass public stock and bond markets worldwide. Employing a bottom-up methodology, the firm integrates both fundamental and quantitative analysis, leveraging insights from both internal research capabilities and external sources for its investment decisions. A core tenet of its investment philosophy is socially responsible investing, with a significant emphasis on environmental, social, and governance (ESG) factors. Furthermore, T. Rowe Price engages in late-stage venture capital transactions, typically committing between $3 million and $5 million per investment. Historically, the firm was known as T. Rowe Group, Inc. and T. Rowe Price Associates, Inc. Established in 1937, its global headquarters are situated in Baltimore, Maryland. The firm maintains a substantial international presence, with additional offices in Colorado Springs, Colorado; Owings Mills, Maryland; San Francisco, California; New York, New York; Philadelphia, Pennsylvania; Tampa, Florida; Toronto, Ontario; Hellerup, Denmark; Amsterdam, The Netherlands; Luxembourg, Grand Duchy of Luxembourg; Zurich, Switzerland; Dubai, United Arab Emirates; London, United Kingdom; Sydney, New South Wales; Hong Kong; Tokyo, Japan; Singapore; Frankfurt, Germany; Madrid, Spain; Milan, Italy; Stockholm, Sweden; Melbourne, Australia; and Amsterdam, Netherlands.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$7.3B
FY 2025 · Reported
Net income
$2.1B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.5B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.6B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Business overview
Global asset manager founded 1937; NASDAQ: TROW; more than 85 years of experience
“a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide”
Single reportable segment
One reportable segment: investment management services
“We have one reportable segment: investment management services.”
Target date retirement franchise
Target date retirement AUM $561.4B (31.6% of managed assets) at 12/31/2025; +$5.2B net inflows in 2025
“The assets under management in our target date retirement products totaled $561.4 billion at December 31, 2025, or 31.6% of our managed assets”
Investment vehicles
Broad vehicle array from U.S. mutual funds, CITs, ETFs, SMAs to CLOs, BDCs, interval funds, and models
“These vehicles include an array of U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts, and other sponsored products.”
Investment capabilities
Equity, fixed income, multi-asset, alternatives strategies across sectors, styles, regions
“We manage a broad range of investment strategies in equity, fixed income, multi-asset, and alternatives across sectors, styles and regions.”
AUM by asset class 12/31/2025
AUM 12/31/2025: Equity $878.5B; Fixed income $211.6B; Multi-asset $627.0B; Alternatives $58.5B; Total $1,775.6B
“Assets under management at December 31, 2025 $878.5 $211.6 $627.0 $58.5 $1,775.6”
Oak Hill Advisors (OHA) acquisition
OHA acquired December 2021; up to $900M earnout payable 2026-2027 (fair value $0 at 12/31/2025); Value Creation Agreement at 10% of appreciation
“there is contingent consideration in the amount of up to $900 million, payable in cash, that may be due as part of an earnout payment in 2026 and 2027”
OHA product launch commitment
Committed $287 million for investment in future OHA product launches through 2026
“T. Rowe Price Group has committed $287 million for investment in future OHA product launches through 2026.”
Retirement savings trends
Future revenue fluctuates with changes in retirement savings trends and defined contribution plan participant direction
“changes in retirement savings trends relative to participant-directed investments and defined contribution plans”
Strategic initiatives
Nine strategic priorities spanning retirement, global growth, alternatives, partnerships, technology, talent, and financial strength
“several strategic, multi-year initiatives that are designed to strengthen our long-term competitive position”
2025 restructuring / expense management program
$177.3M restructuring charge in 2025 ($127.3M real estate, $50M severance) under expense management program
“we recognized a restructuring charge of $177.3 million in 2025, related to actions taken under a broad and ongoing expense management program”
2025 market trends
2025: equities rose despite tariff start; Fed cut rates three times; non-U.S. and EM outperformed in USD; AI-related businesses favored
“investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation that should provide some fiscal stimulus to the economy”
Key subsidiaries
Revenues derived primarily via TRPA, TRPIM, TRPIL, and OHA
“primarily T. Rowe Price Associates (TRPA), T. Rowe Price Investment Management (TRPIM), T. Rowe Price International Ltd (TRPIL), and Oak Hill Advisors (OHA)”
Unfunded capital commitments in alternatives
Alternatives unfunded capital commitments: $21.6B (2025), $16.2B (2024), $11.6B (2023), excluded from AUM
“Unfunded capital commitments of $21.6 billion at December 31, 2025, $16.2 billion at December 31, 2024, and $11.6 billion at December 31, 2023 are not reflected in AUM above.”
Active-to-passive share shift and fee pressure
Investors increasingly favor lower-fee passive products; consolidation drives fee compression
“investment advisors that emphasize passive products have gained and may continue to gain market share from active managers like us”
AUM-dependent revenue risk
Revenues fluctuate with AUM value/composition; expenses are partly fixed so net income falls proportionally more when revenues decline
“our revenues are dependent on the value and composition of the assets under our management, all of which are subject to substantial fluctuation”
Contract termination risk on commingled vehicles
Commingled vehicle contracts terminable without cause on short notice; annual board re-approval required
“A majority of our revenues are based on contracts with commingled vehicles that are subject to termination without cause and on short notice.”
Geopolitical exposure of managed products
Managed products exposed to wars, tariffs, capital controls, and political risk in invested markets
“(such as the Russian invasion of Ukraine, recent events in Venezuela and the on-going conflicts in the Middle East), trade policies, wars or tariffs”
Cybersecurity and technology risk
Dependence on secure, resilient technology including third-party and cloud solutions; AI adoption introduces legal/regulatory and model risk
“An externally caused data security incident, such as a cyberattack, social engineering attacks (including phishing, impersonation and identity takeover attempts), virus, ransomware attack, denial-of-service attack”
Goodwill and intangible impairment exposure
Max future goodwill impairment $2.6B; indefinite-lived intangibles $148.3M; $3.3M impaired in 2025
“The maximum future impairment of goodwill that we could incur is the amount recognized in our consolidated balance sheets, $2.6 billion as of December 31, 2025.”
Government shutdown risk
Government shutdown could delay SEC product approvals and increase redemptions
“During a shutdown, many federal agencies, such as the SEC, suspend or delay regulatory approvals.”
AI-specific risk
AI use presents uncertain, rapidly evolving legal/regulatory environment and generative AI model output risks
“AI models, particularly generative AI models, may produce output or take action that is incorrect or outdated”
2025 AUM growth of $169.0B was driven by $216.7B market appreciation net of distributions, offset by $56.9B net outflows; revenues depend largely on AUM value and composition.
“fluctuations in financial markets and in the composition of assets under management affect our revenues and results of operations”
AUM tables break out United States vs APAC/EMEA/Canada geography and U.S. defined contribution retirement; U.S. market moves and Fed policy are dominant revenue drivers.
“United StatesU.S. Defined Contribution APAC, EMEA, CanadaOther Retirement Other Accounts”
Retirement is a leadership franchise: target date products are $561.4B, 31.6% of AUM, and institutional includes defined contribution assets sourced via intermediaries and full-service recordkeeping.
“The assets under management in our target date retirement products totaled $561.4 billion at December 31, 2025, or 31.6% of our managed assets”
Interest rate changes affect investor interest in and valuation of fixed income and multi-asset products, and the Fed cut rates three times in 2025, supporting markets and AUM.
“Investor interest in and the valuation of our fixed income and multi-asset investment products are affected by changes in as well as uncertainty about interest rates.”
2025 equity market gains were aided by investors favoring AI-related businesses, boosting AUM and advisory fees; the firm also adopts generative AI in operations.
“investors favored artificial intelligence-related businesses and other high-growth companies”
Operations depend on third-party licensed technology, vendor-provided services, cloud-based solutions, and outsourced technology capabilities; vendor failures or outages could disrupt critical business functions.
“An outage, suspension or termination of vendor-provided services, software licenses or related support, upgrades, and maintenance could cause system delays or interruption.”
Ever-changing regulatory landscape and increased regulatory scrutiny (fees transparency, cybersecurity, privacy, sustainability, AI) raise compliance costs and could affect competitiveness.
“increased regulatory activity and scrutiny, in particular related to transparency and unbundling of fees, inducements, conflicts of interest, risk management, cybersecurity, technology, privacy and data protection, sustainability, diversity, equity and inclusion, and compensation”
New U.S. tariff and trade policies created a challenging start to 2025 for markets and are cited as a risk to managed investments.
“After a challenging start to 2025 stemming from new U.S. tariff and trade policies, equities advanced starting in April, as the U.S. and China made efforts to improve their trade relationship”
The firm must adopt new technologies including generative AI to meet client, industry, and regulatory demands; failure to upgrade the technology stack could lose clients and harm compliance.
“to adopt new or adapt existing technologies to meet client, industry, and regulatory demands, including, for example, generative AI technology”
Ongoing inflationary pressures on compensation and contractual spending prompted the 2025 expense realignment program and restructuring actions.
“These measures also help offset ongoing inflationary pressures on compensation and contractual spending.”
U.S.-China trade relationship improvement from April 2025 supported equity market gains that lifted AUM.
“equities advanced starting in April, as the U.S. and China made efforts to improve their trade relationship”
Managed products may hold investments subject to loss from geopolitical developments including the Russian invasion of Ukraine.
“such as the Russian invasion of Ukraine, recent events in Venezuela and the on-going conflicts in the Middle East”
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