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TROW · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 10.7% y/y to $1.91B, operating margin 28.3% vs 27.8%, net income $632M (+25.1% y/y).
Net income attributable to T. Rowe Price Group
$632M
up 25.1% y/y
Net revenues
$1,907M
up 10.7% y/y
Net operating income
$541M
up 13.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net revenues | $1,907 · +10.7% |
| Total compensation and related costs | $823 · +13.2% |
| Technology, occupancy, and facility costs | $206 · +5.6% |
| Distribution and servicing costs | $106 · +14.7% |
| General, administrative, and other costs | $105 · +11.7% |
| Product and recordkeeping related costs | $83.1 · +11.1% |
| Advertising, amortization and restructuring (calculated) | $43.5 · −28.8% |
| Net operating income | $541 · +13.0% · 28.3% margin |
| Total non-operating income | $369 · +56.7% |
| Income before income taxes | $910 · +27.4% |
| Provision for income taxes | $214 · +35.8% · 23.5% effective rate |
| Net income attributable to redeemable non-controlling interests | $63.4 · +24.6% |
| Net income attributable to T. Rowe Price Group | $632 · +25.1% · $2.88/sh · 33.1% margin |
Verdict: revenue grew 10.7% y/y to $1.91B, operating margin 28.3% vs 27.8%, net income $632M (+25.1% y/y).
Diluted EPS $2.88 vs $2.24 a year earlier (adjusted $2.57); record ending assets under management of $1,893.4 billion; net cash outflows of $6.5 billion in the quarter; investment advisory effective fee rate 38.1 bps vs 39.6 bps; $441 million returned to stockholders.
Source and notation
Source: T. Rowe Price earnings release, 8-K EX-99 of 07/31/2026 (SEC EDGAR). Financial-services layout: net revenues as reported (for brokers, after interest expense); expenses by line of the income statement lead to pre-tax income. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
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Chart: “TROW Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/trow/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/trow/q2-2026"><img src="https://whoreportstoday.com/t/trow/q2-2026/sankey.png" alt="TROW Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/trow/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/trow/q2-2026">TROW Q2 2026 earnings chart (Who Reports Today)</a>
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- Investment advisory fees rose 11.3% to $1,744.8M as average assets under management grew to $1,837.7 billion from $1,588.8 billion, partly offset by a lower effective fee rate as flows shifted toward lower-fee products.
- Non-operating income of $369.1M (gains on investments and consolidated investment products) lifted pre-tax income; on an adjusted basis non-operating income was only $38.5M.
- Total compensation and related costs rose to $823.4M, including a $126.5M market-related change in deferred compensation liabilities that mirrors investment gains; adjusted operating expenses grew 4.9% to $1,203.2M.
- Net cash flows were negative $13.5 billion in equity, while fixed income, multi-asset and alternatives attracted inflows.
- Operating income was $541M, a 28.3% margin vs 27.8% a year earlier.
- The effective tax rate was 23.5% vs 22.1% a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
TROW — T. Rowe Price Group is an investment management firm offering mutual funds, ETFs, separately managed accounts and retirement solutions to individuals, advisors and institutions, with most assets in equity and multi-asset strategies.
Headquarters: Baltimore, Maryland.
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