T. Rowe Price Group, Inc. (TROW) Earnings Call Transcripts
T. Rowe Price Group, Inc.'s Latest Earnings Call - Q2 FY2026
In Q2 2026, T. Rowe Price reported adjusted diluted earnings per share of $2.57, reflecting a 15% increase year-over-year, driven by higher average assets under management (AUM) and investment advisory revenue. However, the firm faced $6.5 billion in net outflows, primarily in active equity, which management expects to continue in the second half of the year. Despite these challenges, T. Rowe Price anticipates a record year for gross flows, supported by strong demand for lower tracking error strategies and active ETFs.
Reported metrics
| Metric | Value |
|---|---|
| Adjusted EPS | $2.57 (beat) |
| Net Outflows | $6.5 billion (negative) |
| Net Revenue | $1.9 billion (beat) |
| AUM | $1.9 trillion (negative) |
| Operating Expenses | $1.2 billion (negative) |
| ETF AUM | $30 billion (positive) |
Guidance from management
Management expects full-year adjusted operating expenses to increase by 4% to 7% over 2025, while anticipating that net flows in the second half will be more challenging due to ongoing outflows in active equity.
What management said
No. The only thing I might say, from an economic perspective, I mean we designed this so that we were each contributing both from an investment management perspective and from a distribution perspective, so that it would be fair and balanced in terms of the economics that are shared between the 2 firms.
Yes, I do think we have some complementary strengths, which was one of the reasons that made Goldman Sachs an attractive partner here. There are a number of places in wealth where we have very deep relationships, in a number of places where Goldman has very deep relationships. So I think together, we should be able to drive adoption and get more attention than either of us would be able to individually.
What analysts pressed on
Analysts expressed concerns about the sustainability of AUM growth given the significant net outflows and the pressure on active equity strategies. There were also questions regarding the pace of expense growth and how T. Rowe Price plans to manage costs while investing in growth areas.
Main topics on the call
- Net Outflows — T. Rowe Price experienced $6.5 billion in net outflows during Q2, with management noting, "fundamental active equity remains under pressure, and we expect that to continue in the second half of the year." This trend rais...
- ETF Growth — The firm reported $4.4 billion in net inflows into its ETF business, which has grown to 34 funds and $30 billion in AUM. Management stated, "active ETFs are...in relative early innings, has a very long runway and very su...
- Expense Management — Adjusted operating expenses rose 4.2% from Q1 2026, with management guiding for a 4% to 7% increase in full-year expenses. Jen Dardis noted, "we have been focused on purposeful expense management, looking at ways to driv...
- Investment Performance — Over half of T. Rowe Price's funds outperformed their peer groups for the 1-, 3-, and 10-year periods. Eric Veiel mentioned, "our investment platform remains strong with deep research capabilities," which supports the fi...
Read the full T. Rowe Price Group, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About T. Rowe Price Group, Inc.
T. Rowe Price Group, Inc. (TROW) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 24 calls on record spanning February 19, 2020 to July 31, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 24 T. Rowe Price Group, Inc. earnings call transcripts on record, spanning February 19, 2020 to July 31, 2026. Based on this history, T. Rowe Price Group, Inc. reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- TROW
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 24
- First call
- February 19, 2020
- Most recent
- July 31, 2026
- Reporting cadence
- quarterly