Research · Sep 3, 2026
[TROW] T. Rowe Price Thesis 2026: AUM Recovery and Goldman Partnership Define Comeback Year
T. Rowe Price Group FY25 revenue $7.31B (+3%); op income $2.19B (-6%); NI $2.09B (-1%); EPS $9.25 (+1%). AUM at record $1.78T (+10% YoY) despite $56.9B net outflows. Outflow concentration: $75B equity + $64B mutual funds. Offset: fixed income + alternatives positive flows + ETF $10.5B FY25 net inflows ($1.8B Q4) + target date $5.2B FY25 net inflows. Q4 investment advisory revenue $1.7B (+4.2% YoY / +2.3% QoQ). Gross sales >40% above 2023. Strategic collaboration with Goldman Sachs launched (co-branded model portfolios + retirement leadership globally). 13 ETFs launched FY25. OHA second consecutive record fundraising year. AI integration advanced. FY26 guide: adj operating expenses (ex carried interest) +3-6% above $4.6B FY25. Op margin sensitivity to equity market return is biggest factor.