T. Rowe Price Group, Inc.
troweprice.comWhat Do They Do?
Manages equity, fixed income, multi-asset and alternative investments for individuals, advisers, institutions and retirement plan sponsors.
10-K for FY2025, filed Feb 13, 2026
How Do They Make Money?
Clients pay investment-advisory fees based on managed assets over time, generally billed after services are provided; administrative-service fees are also paid for over time. Some clients pay incentive fees if investments beat benchmarks, determined at the end of a measurement period.
10-K for FY2025, filed Feb 13, 2026The management fee for our investment advisory agreements are based on our assets under management, which change based on fluctuations in…View ↗
The majority of our investment advisory agreements, including those with the U.S. mutual funds, have a single performance obligation as the…View ↗
Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients. Each distinct service…View ↗
The administrative service agreements with the U.S. mutual funds for accounting oversight, transfer agency and recordkeeping services…View ↗
We recognize performance-based incentive fees in connection with the investment advisory agreements from certain sponsored products and…View ↗
$7.3B
-
10-K for FY2025, filed Feb 13, 2026
$7.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Investment advisory fees
Recurring
10-K for FY2025, filed Feb 13, 2026 |
90%
FY2022: 92%
|
Investment advisory fees, FY2025
$6.6B Sources
|
Recurring |
|
Performance-based advisory fees
|
0.5%
FY2022: 0.1%
|
Performance-based advisory fees, FY2025
$37.4M Sources
|
|
|
Capital allocation-based income
|
1.1%
FY2022: −0.8%
|
Capital allocation-based income, FY2025
$81.2M Sources
|
|
|
Administrative, distribution, services, and other fees
Recurring
|
8.1% |
Administrative, distribution, services, and other fees, FY2025
$593.9M Sources
|
Recurring |
Who Are Their Customers?
Individuals, financial advisers, institutions and retirement plan sponsors invest through the firm's products. U.S. mutual funds are distributed through third-party financial intermediaries, while retail assets also come through the firm's direct-marketed business.
10-K for FY2025, filed Feb 13, 2026T. Rowe Price Group, Inc. (T. Rowe Price Group, T. Rowe Price, the firm, we, us, or our) is a financial services holding company that…View ↗
(4)Retail includes assets sourced through our direct-marketed business and financial intermediaries.View ↗
Our subsidiary, T. Rowe Price Investment Services, is the principal distributor of our U.S. mutual funds and contracts with third-party…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 29 cents of every revenue dollar as net income in FY2025 and turned 20 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$2.2BView ↗
10-K for FY2025, filed Feb 13, 2026
$2.1BView ↗
10-K for FY2025, filed Feb 13, 2026
$1.5BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$632MView ↗
- ▲ +25%
- vs $505.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
Flat. Revenue was $7.3B in FY2025, about the same as the $7.7B of FY2021.
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