T. Rowe Price Group (TROW) Q1 FY2026 earnings: revenue $1.9 billion, up 5.3% on the year

T. Rowe Price Group, Inc. (TROW) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.3% on the same quarter a year earlier. Net income was $498 million, up 1.6% on the year, and diluted earnings per share $2.23. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$1.9 billion

+5.3% on the year · -4.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

36.6%

33.8% a year earlier

Q2 FY2024Q1 FY2026

Net income

$498 million

+1.6% on the year · +11.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.23

+3.7% on the year · +12.1% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 1 narrowed.

Net revenues up on year, down on quarter: Net revenues were $1,857.0 million, up 5.3% from the first quarter of 2025 and down 4.0% from the fourth quarter of 2025, with investment advisory fees up 5.3% to $1,683.0 million.
GAAP and adjusted EPS both rose: GAAP diluted EPS was $2.23, up 3.7% from $2.15 a year earlier. Adjusted diluted EPS was $2.52, up 13.0% from $2.23 and up 3.3% from $2.44 in the fourth quarter.
Net outflows and market losses cut AUM: Assets under management fell $65.9 billion to $1,709.7 billion. That change reflects net outflows of $13.7 billion and market depreciation and income of $52.2 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,857	1,934	1,764	-4.0%	+5.3%
Operating income	680	471	596	+44.5%	+14.1%
Operating margin	36.6%	24.4%	33.8%
Pre-tax income	632	613	667	+3.1%	-5.2%
Income tax	148	152	162	-2.9%	-8.5%
Effective tax rate	23.4%	24.9%	24.3%
Net income	498	445	490	+11.9%	+1.6%
Net margin	26.8%	23.0%	27.8%
Diluted EPS	$2.23	$1.99	$2.15	+12.1%	+3.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	824	-18.7	633		+30.2%
Capital expenditure	62.0	66.7	82.0	-7.0%	-24.4%
Free cash flow	762	-85.4	551		+38.4%
Free cash flow margin	41.1%	-4.4%	31.2%
Cash from investing	59.6	249	-47.8	-76.1%
Cash from financing	-502	-492	-411
Share-based compensation	49.1	82.7	50.3	-40.6%	-2.4%
Buybacks	334	139	215	+139.8%	+55.0%
Dividends paid	289	284	290	+1.6%	-0.1%
Dividend per share	$1.30	n/a	$1.27		+2.4%
Diluted shares, weighted	218m	218m	223m	-0.4%	-2.2%
Shares outstanding at period end	214m	219m	220m	-2.0%	-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	10,778	10,860	10,395	-0.8%	+3.7%
Non-controlling interest	158	157	160	+0.3%	-1.7%
Redeemable equity	940	1,036	977	-9.2%	-3.8%
Debt	0.0	0.0	0.0
Other liabilities	2,518	2,289	2,461	+10.0%	+2.3%
Total liabilities and equity	14,393	14,342	13,994	+0.4%	+2.9%
Fixed assets	818	845	996	-3.2%	-17.8%
Goodwill	2,643	2,643	2,643	0.0%	0.0%
Intangible assets	260	274	344	-5.0%	-24.2%
Securities held for sale or to maturity	n/a	n/a	45.2
Cash and equivalents	3,730	3,378	2,837	+10.4%	+31.5%
Other assets	6,941	7,201	7,130	-3.6%	-2.6%
Total assets	14,393	14,342	13,994	+0.4%	+2.9%

Questions

What was T. Rowe Price Group's revenue in Q1 FY2026?

T. Rowe Price Group (TROW) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 5.3% on the same quarter a year earlier.

How much did T. Rowe Price Group earn in Q1 FY2026?

Net income for Q1 FY2026 was $498 million, up 1.6% on the year, and diluted earnings per share $2.23.

When did T. Rowe Price Group report Q1 FY2026 results?

T. Rowe Price Group filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,962	1,863	1,513	1,588	1,524	1,538	1,610	1,671	1,642	1,750	1,733	1,786	1,824	1,764	1,723	1,894	1,934	1,857	1,907	2,005
Operating income	862	877	669	575	253	484	534	581	387	587	565	614	568	596	478	643	471	680	540	770
Operating margin	44%	47%	44%	36%	17%	31%	33%	35%	24%	34%	33%	34%	31%	34%	28%	34%	24%	37%	28%	38%
Pre-tax income	913	679	389	492	389	620	640	584	647	776	645	826	573	667	714	882	613	632	910	787
Tax rate	20%	24%	26%	27%	26%	29%	25%	25%	27%	23%	25%	22%	27%	24%	22%	22%	25%	23%	24%	24%
Net income	741	568	340	384	266	422	476	453	438	574	483	603	440	490	505	646	445	498	632	612
Net margin	38%	30%	22%	24%	17%	27%	30%	27%	27%	33%	28%	34%	24%	28%	29%	34%	23%	27%	33%	31%
Diluted EPS	$3.18	$2.41	$1.46	$1.66	$1.16	$1.83	$2.06	$1.97	$1.90	$2.49	$2.11	$2.64	$1.92	$2.15	$2.24	$2.87	$1.99	$2.23	$2.88	$2.79
Operating cash flow	361	1,103	624	768	-135	512	395	470	-157	637	678	652	-282	633	530	609	-18.7	824	517	543
Capital expenditure	60.4	54.9	67.9	54.4	60.4	60.7	71.7	93.6	81.9	102	103	105	113	82.0	62.2	63.3	66.7	62.0	66.4	72.7
Free cash flow	301	1,048	556	713	-196	451	323	376	-239	535	574	548	-395	551	468	546	-85.4	762	451	471
Buybacks	645	320	190	218	122	8.2	42.2	90.8	113	83.1	112	73.6	68.1	215	113	154	139	334	167	0.1
Dividends paid	248	279	277	276	275	282	280	280	280	286	283	281	285	290	286	283	284	289	282	285
Shares outstanding	228m	227m	226m	223m	224m	225m	224m	223m	224m	223m	223m	222m	223m	220m	220m	218m	219m	214m	213m	213m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.