T. Rowe Price
Active investment manager spanning retirement portfolios, public markets, and alternative credit.
Something off on this page? Send us feedback.
Profile
Offers active equity, fixed income, multi-asset, target-date retirement, and alternative-credit strategies through funds, ETFs, trusts, and managed accounts, alongside retirement-plan services. Advisory fees tied to managed-asset values drive the business; retirement-related accounts represent most assets, while Oak Hill Advisors extends the platform into private credit.
Manages active equity, fixed income, multi-asset, and alternative strategies for individuals, advisers, institutions, and retirement plan sponsors. Products reach clients through mutual funds, ETFs, collective trusts, separate accounts, subadvised mandates, private funds, interval funds, and CLOs; related services include workplace-plan recordkeeping, distribution, brokerage, trust, and fund administration.
Uses proprietary fundamental research across the public-market platform, while Oak Hill Advisors operates as a standalone alternative-credit arm. Target-date products and retirement-plan services anchor the platform, and retirement-related accounts represent most managed assets. Most clients are in the United States, with additional business across Europe, Asia-Pacific, and Canada.
Substantially all net revenue comes from investment advisory fees, generally calculated from managed-asset values. Results therefore depend on market levels, asset mix, investment performance, client flows, fee pressure, and regulation, including ERISA for retirement services.
Company facts
Categories
Key statistics
Year to date +6.3% · Average volume (30d) 1.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Evercore ISI | Target | $121 | $118 | |
| Aug 3, 2026 | Deutsche Bank | Reiterate | Hold | $113 | $109 |
| Aug 3, 2026 | BMO Capital | Reiterate | Market Perform | $98 | $120 |
| Jul 29, 2026 | Morgan Stanley | Target | $109 | $116 | |
| Jul 14, 2026 | Barclays | Reiterate | Underweight | $89 | $108 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | $2.51 | $2.57 | +2.4% | $1.89B | $1.91B | +0.7% | −6.31% |
| Apr 30, 2026Q1 FY26 | $2.33 | $2.52 | +8.2% | $1.85B | $1.86B | +0.1% | +0.52% |
| Feb 4, 2026Q4 FY25 | $2.46 | $2.44 | −0.8% | $1.93B | $1.93B | +0.3% | −5.15% |
| Oct 31, 2025Q3 FY25 | $2.54 | $2.81 | +10.6% | $1.88B | $1.89B | +0.6% | −0.80% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.76B | $1.72B | $1.89B | $1.93B | $1.86B | $1.91B | |
| Gross profit | $922.0M | $828.3M | $1.00B | $1.83B | $1.45B | $1.08B | |
| Operating income | $596.3M | $478.3M | $643.2M | $471.0M | $643.4M | $540.5M | |
| Net income | $490.5M | $505.2M | $646.1M | $445.3M | $498.2M | $632.0M | |
| Diluted EPS | $2.15 | $2.24 | $2.87 | $1.99 | $2.23 | $2.88 | |
| Gross margin | 52.3% | 48.1% | 53.1% | 94.6% | 78.3% | 56.8% | |
| Operating margin | 33.8% | 27.8% | 34.0% | 24.4% | 34.6% | 28.3% |
Fiscal years (4-quarter sums)FY21 $7.67B · FY22 $6.49B · FY23 $6.46B · FY24 $7.09B · FY25 $7.31B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $3.23B · Total debt $429.4M · Total assets $15.36B · Shareholders' equity $11.00B
Dividends
Raised for 38 straight years — most recently to $1.30 from $1.27 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 29 | $1.30 | |
| Mar 16, 2026 | Mar 16 | Mar 30 | $1.30 | raised from $1.27 |
| Dec 15, 2025 | Dec 15 | Dec 30 | $1.27 | |
| Sep 15, 2025 | Sep 15 | Sep 29 | $1.27 | |
| Jun 13, 2025 | Jun 13 | Jun 27 | $1.27 | |
| Mar 14, 2025 | Mar 14 | Mar 28 | $1.27 | raised from $1.24 |
| Dec 13, 2024 | Dec 13 | Dec 27 | $1.24 | |
| Sep 13, 2024 | Sep 13 | Sep 27 | $1.24 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 214.27M · Float 210.36M · 98.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 24.00M | 11.20% | 13F | Aug 7, 2026 |
| State Street Corp | 14.65M | 6.84% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 13.97M | 6.52% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 10.04M | 4.69% | 13F | Aug 13, 2026 |
| Goldman Sachs Group Inc | 8.45M | 3.95% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Joshua B. Nelson | officer: Vice President | −10,000 | $111.82 |
| May 13, 2026 | Stephon A. Jackson | officer: Vice President | −3,000 | $102.56 |
| Dec 10, 2025 | Arif Husain | other: VP | −4,260 | $101.96 |
| Sep 22, 2025 | Robert F. MacLellan | director | −3,090 | $105.01 |
Peers
- BlackRock
Scale pressure across ETFs, active funds, target-date, and alternatives
- Franklin Templeton
Active-manager peer across funds, target-risk, alternatives, and SMAs
- Invesco
ETF scale and active teams overlap across major asset classes
- State Street
SPDR and institutional mandates pressure passive and multi-asset channels
- Principal Financial Group
Retirement platform and target-date franchise compete for DC assets
- Ameriprise Financial
Columbia Threadneedle and wealth channels overlap in active management
- Northern Trust
Institutional and wealth mandates overlap in active/passive portfolios
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| T. Rowe Price | $111.60 | +0.32% | $23.84B | 11.2 | 10.8 | 3.1 | +10.7% |
| BlackRock | $1,163.84 | −0.03% | $180.49B | 27.8 | 19.5 | 6.6 | +30.6% |
| Franklin Templeton | $35.05 | +1.15% | $18.01B | 23.1 | 11.3 | 1.9 | −12.0% |
| Invesco | $32.86 | +0.05% | $14.57B | — | 10.8 | 2.1 | −12.3% |
| State Street | $193.32 | +0.01% | $53.51B | 17.1 | 13.5 | 2.3 | −30.2% |
| Principal Financial Group | $111.41 | 0.00% | $23.85B | 15.8 | 11.2 | 1.5 | +8.8% |
| Ameriprise Financial | $564.76 | +0.97% | $50.28B | 13.5 | 11.4 | 2.5 | +14.6% |
| Northern Trust | $186.79 | +0.01% | $34.17B | 16.0 | 15.7 | 2.3 | −24.9% |
| Median | 16.5 | 11.4 | 2.3 | −12.0% |