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T. Rowe Price (TROW) stock

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NASDAQ: TROW Nasdaq Asset Management & Custody Banks Next results ~February 3, 2027

C+ Fundamentals grade

T. Rowe Price is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter T. Rowe Price files

10-Q filed October 29: T. Rowe Price

T. Rowe Price generated $7.70bn in revenue over the twelve months to September 2026, a 6.9% rise on the prior year and roughly in line with the pace seen a quarter earlier. Among the 38 asset management and custody banks we track, that growth ranks 32nd, towards the weaker end of the group. Shareholders have benefited from a 2.4% reduction in the diluted share count over the same period, which spreads earnings across fewer shares and supports per-share metrics. Taken together, these shifts have pulled the fundamentals grade down from B to C+, reflecting slower relative growth even as buybacks provide some offsetting support.

Our model value for T. Rowe Price is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where T. Rowe Price stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.59bn, up 7.0% on a year earlier, faster than 4.2% a quarter earlier. That puts it 11 of 12 for growth among the asset management & custody banks companies we cover. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

T. Rowe Price's trailing-twelve-month revenue grew 6.9% year on year, with a free-cash-flow margin of 20.7%. Where it stands out: net margin of 28.4% ranks 7 of 43 asset management & custody banks companies we cover. Where it lags: revenue growth of 6.9% ranks 35 of 43 asset management & custody banks companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.7% while net income grew 5.1%: a 32pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 32.0% of revenue is left as operating profit, against a median of 23.7% for asset management & custody banks companies we cover.
  • Strong cash generation. 20.7% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 2.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $3.8bn.

Things to watch

  • Weak cash conversion. Free cash flow was 73% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 6.9% ranks 35 of 43 asset management & custody banks companies we cover (median 17.2%).
  • Heavily shorted. 13.9% of the shares available to trade are sold short (13.7 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.86 against an average estimate of $2.65: beat by 8.0%
Revenue
$2.00bn, up 5.9% on a year earlier
Share reaction
-0.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
effective tax rate 23% to 26% (full year 2026)
Next report
October 29, 2026; average EPS estimate $2.44

T. Rowe Price's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.9%
  • 1 week+2.3%
  • 1 month+1.2%
  • This year+7.5%
  • 1 year+8.7%
  • 5 years-39.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.7B
Operating margin
32.0%
Net margin
28.4%
EPS (TTM, diluted)
$10.13

Growth

Revenue growth
+6.9%
Change in growth rate
−0.1 pts
Share count change
−2.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

T. Rowe Price valuation models and calculator

No model value for T. Rowe Price at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value T. Rowe Price as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$93 ~$78–$120 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$130 ~$99–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$130–$180 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$80 ~$82–$230 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$170 ~$140–$200 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare T. Rowe Price with asset managers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

89 /100

Strong moat

How hard T. Rowe Price's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 18.8% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 43.1%; its worst year was 29.2%.

  • Discipline 17 / 20

    The diluted share count fell 5.8% over five years; stock-based pay has been a median 3.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (94 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.17 +5% $7.7bn +4%
Next $10.21 +0% $7.8bn +2%

Next year's EPS estimate has moved −1.6% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 1 analyst raised T. Rowe Price's forecast and 6 cut it.

Consensus EPS forecast T. Rowe Price, last 90 days
$10.10 $10.20 $10.30 $10.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.17 Current fiscal year, 60 days ago: $10.21 Current fiscal year, 30 days ago: $10.23 Current fiscal year, 7 days ago: $10.18 Current fiscal year, Now: $10.17 $10.17 Next fiscal year, 90 days ago: $10.38 Next fiscal year, 60 days ago: $10.30 Next fiscal year, 30 days ago: $10.32 Next fiscal year, 7 days ago: $10.22 Next fiscal year, Now: $10.21 $10.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.17$10.38
60 days ago $10.21$10.30
30 days ago $10.23$10.32
7 days ago $10.18$10.22
Now $10.17$10.21

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.65 $2.86 +8.0%
Jun 2026 $2.52 $2.57 +2.0%
Mar 2026 $2.35 $2.52 +7.4%
Dec 2025 $2.46 $2.44 −1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 31, 2026
  • effective tax rate full year 2026 23% to 26%
    “The firm estimates that its effective tax rate for the full year 2026, on a U.S. GAAP and adjusted based, will be in the range of 23.0% to 26.0%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

14 analysts, Oct 2026
Buy00%
Hold1071%
Sell429%

Monthly trend

  1. Oct 2026101314
  2. Sep 202691313
  3. Aug 202691313
  4. Jul 202691313

Counts of recommendations published by analysts covering T. Rowe Price, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.9%
of tradable shares
Days to cover
13.73
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
1.7%
of shares
Employees
7,773
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +8.7%

$97.41 on October 31, 2025 to $105.85

ThenNowEffect
Revenue (last 12 months) $7.1bn $7.6bn +7.0%
Net margin 28.7% 29.3% +1.9%
P/E multiple 10.6x 10.4x −2.4%
Share count 222m 218m +2.1%

Biggest factor: revenue.

Last 3 years +28.1%

$82.66 on November 3, 2023 to $105.85

ThenNowEffect
Revenue (last 12 months) $6.3bn $7.6bn +21.3%
Net margin 24.7% 29.3% +18.3%
P/E multiple 12.0x 10.4x −13.8%
Share count 225m 218m +3.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TROW+35%−42%+3%+10%−5%+8%
Industry peers (median)+33%−17%+19%+15%−4%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TROW75%42%50%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TROW−15%−49%−30%−16%−30%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 58% from August 31, 2021 to April 8, 2025. Getting back needed a 139% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$84.12 – $120.18
From 52-week high
−11.9%
vs 50-day average
+0.7%
vs 200-day average
+4.0%
Volatility (1 year)
24%
Beta vs S&P 500
0.81

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.4%
After a week
6 up, 5 down
typical move ±4.7%
After a month
7 up, 4 down
typical move ±7.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.1% −2.1% — —
July 31, 2026 −4.8% +2.2% −4.4% −6.7%
April 30, 2026 +2.9% +1.3% +3.1% +3.4%
February 4, 2026 −10.4% −1.7% −8.6% −11.9%
October 31, 2025 −0.4% +0.5% +0.5% +0.3%
August 1, 2025 +4.4% −0.1% +3.6% +4.1%
May 2, 2025 +3.8% +0.9% +5.2% +6.2%
February 5, 2025 −3.6% +0.8% −7.5% −12.9%
November 1, 2024 +2.4% +0.2% +7.1% +12.4%
July 26, 2024 −2.1% +1.2% −7.8% −5.4%
April 26, 2024 +3.0% +1.3% +2.5% +6.9%
February 8, 2024 −3.1% +0.6% −1.3% +7.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

T. Rowe Price in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) T. Rowe Price
$6B $6.5B $7B $7.5B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.5B Revenue (TTM), FY24 Q1: $6.7B Revenue (TTM), FY24 Q2: $6.8B Revenue (TTM), FY24 Q3: $6.9B Revenue (TTM), FY24 Q4: $7.1B Revenue (TTM), FY25 Q1: $7.1B Revenue (TTM), FY25 Q2: $7.1B Revenue (TTM), FY25 Q3: $7.2B Revenue (TTM), FY25 Q4: $7.3B Revenue (TTM), FY26 Q1: $7.4B Revenue (TTM), FY26 Q2: $7.6B Revenue (TTM), FY26 Q3: $7.7B $7.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.5B
FY24 Q1 $6.7B
FY24 Q2 $6.8B
FY24 Q3 $6.9B
FY24 Q4 $7.1B
FY25 Q1 $7.1B
FY25 Q2 $7.1B
FY25 Q3 $7.2B
FY25 Q4 $7.3B
FY26 Q1 $7.4B
FY26 Q2 $7.6B
FY26 Q3 $7.7B
Revenue growth, TTM YoY T. Rowe Price
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.4% Revenue growth, TTM YoY, FY24 Q1: 8.3% Revenue growth, TTM YoY, FY24 Q2: 8.6% Revenue growth, TTM YoY, FY24 Q3: 9.0% Revenue growth, TTM YoY, FY24 Q4: 9.8% Revenue growth, TTM YoY, FY25 Q1: 6.5% Revenue growth, TTM YoY, FY25 Q2: 4.4% Revenue growth, TTM YoY, FY25 Q3: 4.3% Revenue growth, TTM YoY, FY25 Q4: 3.1% Revenue growth, TTM YoY, FY26 Q1: 4.2% Revenue growth, TTM YoY, FY26 Q2: 7.0% Revenue growth, TTM YoY, FY26 Q3: 6.9% 6.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.4%
FY24 Q1 8.3%
FY24 Q2 8.6%
FY24 Q3 9.0%
FY24 Q4 9.8%
FY25 Q1 6.5%
FY25 Q2 4.4%
FY25 Q3 4.3%
FY25 Q4 3.1%
FY26 Q1 4.2%
FY26 Q2 7.0%
FY26 Q3 6.9%
Operating margin (TTM) T. Rowe Price
29% 30% 31% 32% 33% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 30.7% Operating margin (TTM), FY24 Q1: 31.3% Operating margin (TTM), FY24 Q2: 31.2% Operating margin (TTM), FY24 Q3: 31.1% Operating margin (TTM), FY24 Q4: 32.9% Operating margin (TTM), FY25 Q1: 33.0% Operating margin (TTM), FY25 Q2: 31.8% Operating margin (TTM), FY25 Q3: 31.7% Operating margin (TTM), FY25 Q4: 29.9% Operating margin (TTM), FY26 Q1: 30.7% Operating margin (TTM), FY26 Q2: 30.8% Operating margin (TTM), FY26 Q3: 32.0% 32.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 30.7%
FY24 Q1 31.3%
FY24 Q2 31.2%
FY24 Q3 31.1%
FY24 Q4 32.9%
FY25 Q1 33.0%
FY25 Q2 31.8%
FY25 Q3 31.7%
FY25 Q4 29.9%
FY26 Q1 30.7%
FY26 Q2 30.8%
FY26 Q3 32.0%
FCF margin (TTM) T. Rowe Price
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.1% FCF margin (TTM), FY24 Q1: 14.9% FCF margin (TTM), FY24 Q2: 18.3% FCF margin (TTM), FY24 Q3: 20.5% FCF margin (TTM), FY24 Q4: 17.8% FCF margin (TTM), FY25 Q1: 18.0% FCF margin (TTM), FY25 Q2: 16.5% FCF margin (TTM), FY25 Q3: 16.2% FCF margin (TTM), FY25 Q4: 20.2% FCF margin (TTM), FY26 Q1: 22.8% FCF margin (TTM), FY26 Q2: 22.0% FCF margin (TTM), FY26 Q3: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.1%
FY24 Q1 14.9%
FY24 Q2 18.3%
FY24 Q3 20.5%
FY24 Q4 17.8%
FY25 Q1 18.0%
FY25 Q2 16.5%
FY25 Q3 16.2%
FY25 Q4 20.2%
FY26 Q1 22.8%
FY26 Q2 22.0%
FY26 Q3 20.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,872 2,371 2,747 3,023 3,484 3,982 4,201 4,285 4,855 5,373 5,618 6,207 7,672 6,488 6,461 7,094 7,315 7,703
Gross profit 1,867 2,367 2,747 — — — — — — — — — — — — — — —
Operating income 702 1,037 1,227 1,364 1,637 1,891 1,899 1,733 2,109 2,361 2,387 2,746 3,710 2,374 1,986 2,333 2,189 2,462
Net income 434 672 773 884 1,048 1,230 1,223 1,215 1,498 1,838 2,131 2,373 3,083 1,558 1,789 2,100 2,087 2,188
Diluted EPS $1.65 $2.53 $2.92 $3.36 $3.90 $4.55 $4.63 $4.75 $5.97 $7.27 $8.70 $9.98 $13.12 $6.70 $7.76 $9.15 $9.24 $10.13
Growth (year on year)
Revenue −11.8% +26.6% +15.9% +10.0% +15.3% +14.3% +5.5% +2.0% +13.3% +10.7% +4.6% +10.5% +23.6% −15.4% −0.4% +9.8% +3.1% +6.9%
Operating income −17.3% +47.7% +18.4% +11.2% +20.0% +15.5% +0.4% −8.7% +21.7% +12.0% +1.1% +15.0% +35.1% −36.0% −16.3% +17.5% −6.2% +7.7%
Net income −11.7% +55.0% +15.0% +14.3% +18.6% +17.4% −0.5% −0.7% +23.3% +22.7% +16.0% +11.3% +29.9% −49.5% +14.8% +17.4% −0.6% +5.1%
Diluted EPS −8.8% +53.3% +15.4% +15.1% +16.1% +16.7% +1.8% +2.6% +25.7% +21.8% +19.7% +14.7% +31.5% −48.9% +15.8% +17.9% +1.0% +7.7%
Margins
Gross margin 99.8% 99.9% 100.0% — — — — — — — — — — — — — — —
Operating margin 37.5% 43.7% 44.7% 45.1% 47.0% 47.5% 45.2% 40.5% 43.4% 44.0% 42.5% 44.2% 48.4% 36.6% 30.7% 32.9% 29.9% 32.0%
Net margin 23.2% 28.4% 28.1% 29.2% 30.1% 30.9% 29.1% 28.4% 30.9% 34.2% 37.9% 38.2% 40.2% 24.0% 27.7% 29.6% 28.5% 28.4%
Free-cash-flow margin 21.5% 25.9% 31.5% 27.3% 32.4% 30.6% 32.8% 0.5% 0.9% 27.0% 23.5% 27.5% 41.9% 32.7% 14.1% 17.8% 20.2% 20.7%
Cash flow
Cash from operations 536 733 948 903 1,233 1,344 1,531 171 230 1,620 1,523 1,919 3,452 2,359 1,219 1,686 1,753 1,866
Capital spending 134 118 82 77 106 126 151 148 186 169 205 215 239 238 308 423 274 268
Free cash flow 402 615 866 826 1,127 1,218 1,379 22 43 1,451 1,318 1,704 3,213 2,122 911 1,262 1,479 1,598
Stock-based pay 89 90 99 104 115 133 149 162 152 197 207 246 275 285 266 247 217 218
Free cash flow after stock pay 313 525 767 722 1,013 1,084 1,230 −139 −109 1,254 1,112 1,458 2,938 1,836 646 1,015 1,262 1,380
Balance sheet
Cash 743 813 898 879 1,398 1,506 1,172 1,205 1,903 1,425 1,782 2,152 1,523 1,756 2,067 2,650 3,378 3,774
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −743 −813 −898 −879 −1,398 −1,506 −1,172 −1,205 −1,903 −1,425 −1,782 −2,152 −1,523 −1,756 −2,067 −2,650 −3,378 −3,774
Diluted shares 262m 265m 263m 261m 266m 267m 261m 250m 245m 247m 239m 231m 229m 227m 225m 223m 220m 216m
Returned to shareholders
Dividends 257 279 318 603 397 462 1,059 541 563 694 734 846 1,702 1,107 1,122 1,136 1,143 1,141
Buybacks 71 240 480 135 14 416 988 677 458 1,090 706 1,202 1,139 850 254 337 621 640
Total returned 328 519 798 739 411 878 2,047 1,218 1,021 1,785 1,440 2,048 2,840 1,957 1,376 1,473 1,764 1,781

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$640M
Dividends (TTM)
$1.1B
Returned to shareholders
111%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−2.4%
year over year
Total shareholder yield
7.9%
dividends 5.0% + buybacks 2.8% of market value
Dividend payout ratio
52%
of net income paid out

Competitors: side by side with peers

Closest by revenue in asset management & custody banks
Last 12 months unless stated TROW IVZ BEN BAM ARES TPG Median
Revenue, last 12 months $7.7bn $6.9bn $9.3bn $5.7bn $5.3bn $5.1bn $858m
Revenue growth, last 12 months 6.9% 12.2% 7.9% 31.9% 28.5% 30.1% 17.2%
Revenue growth, 3-year average 6.7% 6.3% 6.1% — 18.9% 31.0% 10.2%
Revenue growth, latest quarter 5.9% 20.5% 14.3% 60.8% 24.3% 100.0% 14.4%
Operating margin 32.0% −7.1% 9.7% — — — 25.8%
Operating margin, 3-year average 31.6% 0.1% 8.3% — — — 18.8%
Net margin 28.4% −4.5% 8.7% 53.4% 12.0% 4.7% 15.2%
Cash from operations / revenue 24.2% 29.1% 3.0% 40.7% 17.2% 19.2% 26.4%
Free-cash-flow margin 20.7% 27.8% 1.7% 40.3% 17.2% 16.0% 21.9%
Free-cash-flow margin, 3-year average 19.2% 23.4% 10.4% 51.0% 47.3% 16.6% 17.6%
Stock pay / revenue 2.8% 1.5% 1.6% 2.4% 13.3% 17.5% 3.7%
Change in share count −2.4% −0.6% −0.2% — — 3.9% −0.2%

Median of all 43 companies we cover in asset management & custody banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 asset management & custody banks companies
Measure Company Peer median Rank
Revenue growth Growth 6.9% 17.2% 35 of 43
Change in growth rate Growth -0.1pp +1.0pp 29 of 43
Operating margin Profitability 32.0% 23.7% 7 of 27
Net margin Profitability 28.4% 15.2% 7 of 43
Stock pay as % of revenue Cash generation 2.8% 4.3% 16 of 40
Change in share count Balance sheet -2.4% -0.3% 12 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Asset Management1 $6.6B 90.3% ▲ 3.2%
Administrative Distribution Servicing and Other Fee Revenue $594M 8.1% ▲ 1.0%
Capital Allocation Based Income $81.2M 1.1% ▲ 74.2%
Performance Based Advisory Fees $37.4M 0.5% ▼ 36.9%

From T. Rowe Price's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.6B
Institutions reporting
1,147
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
145 / 80

Top buyers and sellers, Q2 2026: 575 institutions bought and 480 sold ; the biggest buyer was Blackrock, Inc (+1.2M shares) and the biggest seller Voloridge Investment Management, LLC (−591K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.7B 24.0M 12.6% ▲ 5.4%
State Street Corp $1.7B 14.7M 7.7% ▲ 2.7%
Vanguard Capital Management LLC $1.6B 14.0M 7.4% ▼ 1.3%
Vanguard Portfolio Management LLC $1.1B 10.0M 5.3% ▼ 1.2%
Goldman Sachs Group Inc $961M 8.5M 4.5% 0.0%
Charles Schwab Investment Management Inc $814M 7.2M 3.8% ▲ 8.3%
Geode Capital Management, LLC $710M 6.3M 3.3% ▼ 0.4%
Morgan Stanley $468M 4.1M 2.2% ▲ 6.2%
Invesco Ltd. $450M 4.0M 2.1% ▼ 3.9%
Fayez Sarofim & Co $446M 3.9M 2.1% ▼ 11.5%
First Trust Advisors LP $444M 3.9M 2.1% ▲ 5.6%
Northern Trust Corp $363M 3.2M 1.7% ▲ 3.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not T. Rowe Price's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.9M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.9M net selling
Insider Date Trade Shares Price Value
Nelson Joshua B Vice President August 25, 2026 Sell 10,000 $111.82 $1.1M
Jackson Stephon A. Vice President May 13, 2026 Sell 3,000 $102.56 $307,680
Husain Arif 10% owner December 10, 2025 Sell 4,260 $101.96 $434,350

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of T. Rowe Price shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded March 20, 2026, filed April 3, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 1, 2025, filed May 14, 2025
  • Michael K. Simpson(R-ID 2):Purchase, $15,001 - $50,000, traded August 3, 2022, filed May 12, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 31, 2026
  • April 30, 2026
  • February 4, 2026
  • October 31, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on T. Rowe Price was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

T. Rowe Price in brief

What does T. Rowe Price do?
T. Rowe Price is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What is T. Rowe Price's stock ticker?
T. Rowe Price trades under the ticker TROW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is T. Rowe Price's revenue, and how fast is it growing?
Over its most recent trailing twelve months, T. Rowe Price reported revenue of $7.7B, 6.9% higher than a year earlier, according to its SEC filings.
What is T. Rowe Price's free cash flow?
T. Rowe Price's free-cash-flow margin is 20.7% of revenue over the trailing twelve months.
Who are T. Rowe Price's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is T. Rowe Price buying back stock, and does it pay a dividend?
T. Rowe Price spent $640M on share repurchases over the trailing twelve months, and its diluted share count fell 2.4% over the year.
What is T. Rowe Price's market cap?
On November 2, 2026, T. Rowe Price's market capitalisation was about $22.9B, with a price-to-earnings ratio of 10.4 and net debt of -$3.8B. Market figures come from third-party market data and may be delayed.
Does T. Rowe Price pay a dividend?
Yes: T. Rowe Price paid $1.1B in dividends over the trailing twelve months, a dividend yield of 5.05% and a payout ratio of 52.2%.
Who are T. Rowe Price's competitors?
In our Asset Management & Custody Banks peer group, the companies closest to T. Rowe Price are Invesco, Franklin Resources, Brookfield Asset Management Ltd., Ares Management and TPG Inc. The side-by-side comparison below sets their revenue, margins and growth against T. Rowe Price's.
Are insiders buying or selling T. Rowe Price stock?
Over the last 12 months, T. Rowe Price's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is T. Rowe Price's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — T. Rowe Price announces its own schedule.