Company file · TROW
T. Rowe Price
Capital Allocation Based Income was T. Rowe Price's fastest-growing product or service in FY2025, up 74.2%
Revenue rose 3.1% to $7.3B in FY2025, from $7.1B in FY2024. Net income fell 0.6% to $2.1B. Asset Management was the largest product or service, at 90% of revenue.
Key facts
T. Rowe Price (Nasdaq: TROW) closed fiscal 2025 on Dec 31, 2025 with revenue of $7.3B, up 3.1% from a year before; net income came to $2.1B, down 0.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.0B, up 5.9% on the same stretch of the prior year, and net income of $612M. Broken down by product or service, Asset Management led with 90% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
Source: 10-Q filed Oct 29, 2026 · 10-Q filed Apr 30, 2026 · 10-Q filed Jul 31, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Asset Management$6.6B90%+3.2%
- Administrative, Distribution, Servicing and Other Fee Revenue$594M8%+1.0%
- Capital Allocation Based Income$81M1%+74.2%
- Performance-Based Advisory Fees$37M1%−36.9%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Asset Management (90%), Administrative, Distribution, Servicing and Other Fee Revenue (8%), Capital Allocation Based Income (1%) and Performance-Based Advisory Fees (1%), as shares of total revenue. Total revenue was $7.3B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: T. Rowe Price 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
By product or service
Source: T. Rowe Price 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 3.1% in FY2025 to $7.3B, from $7.1B a year earlier. 10-K, FY2025
- Diluted shares fell 1.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.0B, up 5.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Capital Allocation Based Income revenue grew 74.2% in FY2025 to $81M. 10-K, FY2025
The bear case
- Net income fell 0.6% in FY2025 to $2.1B, from $2.1B. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $612M, down 5.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Performance-Based Advisory Fees revenue fell 36.9% in FY2025 to $37M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
T. Rowe Price is in the asset management & custody banks industry, part of the financials sector. The SEC files it under Investment Advice.
The full description of T. Rowe Price's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the asset management & custody banks industry. They are not a summary of T. Rowe Price’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- How banks make money
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Capex vs. operating expenses
- Operating income vs. net income
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- T. Rowe Price's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 17, 2026 | May 7, 2026 |
| 10-K | Feb 13, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about T. Rowe Price
How does T. Rowe Price make money?
Fiscal 2025 revenue: $7.3B. By product or service in FY2025: Asset Management (90%), Administrative, Distribution, Servicing and Other Fee Revenue (8%), Capital Allocation Based Income (1%) and Performance-Based Advisory Fees (1%), as shares of total revenue. Total revenue was $7.3B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was T. Rowe Price's revenue in fiscal 2025?
$7.3B, up 3.1% from fiscal 2024 ($7.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $6.5B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is T. Rowe Price profitable?
Net income was $2.1B in fiscal 2025 (down 0.6%; fiscal 2024 was $2.1B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $612M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did T. Rowe Price report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.0B (up 5.9% from $1.9B) and net income $612M (down 5.2% from $646M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
What are the main risks T. Rowe Price faces?
T. Rowe Price's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the asset management & custody banks industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these T. Rowe Price numbers come from?
The 10-K filed Feb 13, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning T. Rowe Price
- Two Sigma Investments: 717,517 shares, reported value $81.6M at Jun 30, 2026 (−27.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 345,590 shares, reported value $39.3M at Jun 30, 2026 (−55.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Markel Group: 314,000 shares, reported value $32.7M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Millennium Management: 173,994 shares, reported value $19.8M at Jun 30, 2026 (−75.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 34,500 shares, reported value $3.9M at Jun 30, 2026 (−60.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in TROW
- The editor holds no position in T. Rowe Price (TROW). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell TROW from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold TROW, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| T. Rowe PriceTROW | FY2025 | $7.3B | +3.1% | $2.1B |
| BlackRockBLK | FY2025 | $24.2B | +18.7% | $5.6B |
| BlackstoneBX | FY2025 | $14.5B | +9.2% | $3.0B |
| BNY | FY2025 | $20.1B | +7.8% | $5.5B |
| KKR | FY2025 | $19.5B | −11.0% | $2.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.