T. Rowe Price Group (TROW) FY2025 results: revenue $7.3 billion, up 3.1% on the year

T. Rowe Price Group is a financial services holding company that provides investment advisory services through its subsidiaries to investors worldwide. It offers equity, fixed income, multi-asset and alternatives capabilities to individuals, advisors, institutions and retirement plan sponsors, and it provides some advisory clients with related administrative services: distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services. The late Thomas Rowe Price, Jr. founded the firm in 1937, T. Rowe Price Associates first offered stock to the public in 1986, and the group holding company structure was established in 2000.

What it manages

Assets under management were $1,775.6 billion at 31 December 2025, an increase of $169.0 billion from the end of 2024, and these are client assets rather than the firm's own. The filing attributes the increase to market appreciation, net of distributions not reinvested, of $216.7 billion, offset by net cash outflows of $56.9 billion. Managed account model delivery portfolio assets were counted from 1 July 2025 and held $9.2 billion at that date. Unfunded capital commitments of $21.6 billion at the end of 2025 are not reflected in the figure.

The advisory work sits mainly in four subsidiaries: T. Rowe Price Associates, T. Rowe Price Investment Management, T. Rowe Price International Ltd and Oak Hill Advisors. Assets are reported by asset class across equity, fixed income including money market, multi-asset and alternatives, where alternatives covers strategies authorised to invest more than 50% of their holdings in private credit, leveraged loans, mezzanine, real assets and commercial real estate, structured products, stressed and distressed debt, non-investment grade collateralised loan obligations, special situations or business development companies, or that have absolute return as the investment objective.

Target date retirement

Target date retirement products held $561.4 billion at 31 December 2025, which was 31.6% of managed assets against 29.6% at the end of 2024, and they took net cash inflows of $5.2 billion during the year.

How it reaches the client

Products are distributed across five primary distribution channels in three broad geographical regions: the Americas; Europe, Middle East and Africa; and Asia Pacific. The firm services clients in 60 countries, and investors domiciled outside the U.S. represented nearly 9% of total assets under management at the end of 2025. The vehicles are U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed accounts and other sponsored products, the last of which covers open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, interval funds, models and collateralised loan obligations.

The industry as the filing describes it

The filing says the investment management industry continues to evolve and face challenging trends, including the shift in market share from traditional active strategies to passive products, persistent downward fee pressure, demand for lower cost investment vehicles and an ever-changing regulatory landscape. Against that it states a plan to align expense growth with anticipated revenue growth. In 2025 the firm took targeted role eliminations, outsourced and expanded some of its technology capabilities through vendor partnerships, and decided to exit certain owned buildings, which it states it will dispose of in 2026, all recorded as a restructuring charge.

From T. Rowe Price's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.