Q3 25 EPS
$2.81
BEAT +10.50%
Est. $2.54
Q3 25 Revenue
$1.89B
MISS 0.25%
Est. $1.90B
vs S&P Since Q3 25
-1.9%
TRAILING MARKET
TROW +3.7% vs S&P +5.7%
Market Reaction
Did TROW Beat Earnings? Q3 2025 Results
T. Rowe Price capped a solid third quarter with adjusted diluted EPS of $2.81, clearing the $2.54 consensus estimate by 10.50%, even as revenue of $1.89 billion came in fractionally below the $1.90 billion forecast, a miss of just 0.25%. The top line… Read more T. Rowe Price capped a solid third quarter with adjusted diluted EPS of $2.81, clearing the $2.54 consensus estimate by 10.50%, even as revenue of $1.89 billion came in fractionally below the $1.90 billion forecast, a miss of just 0.25%. The top line still grew 6.0% year-over-year, powered by higher investment advisory fees tied to an 8.4% rise in average AUM to $1.72 trillion, with quarter-end AUM reaching a record $1.77 trillion. The standout driver was capital allocation-based income, which surged to $42.00 million from $4.60 million a year ago on stronger carried interest returns, providing a meaningful lift to the bottom line. Net client outflows of $7.90 billion remained a persistent headwind, keeping some pressure on the fee base as the annualized effective fee rate slipped to 39.1 basis points from 40.7 a year ago. Looking ahead, T. Rowe guided its full-year 2025 GAAP tax rate to 23.0% to 26.0%, while continuing to invest in new capabilities through its recently announced strategic collaboration with Goldman Sachs.
Key Takeaways
- • Record quarter-end AUM of $1.77 trillion driven by market appreciation
- • Average AUM increased 8.4% YoY to $1.723 trillion
- • Capital allocation-based income surged to $42.0 million from $4.6 million YoY due to higher market returns
- • Equity advisory fees grew 3.4% YoY to $1.01 billion
- • Fixed income average AUM grew 11.2% YoY
- • Inclusion of managed account - model delivery assets beginning July 1, 2025
TROW YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
TROW Revenue by Segment
With YoY comparisons, source: SEC Filings
“We reached an end of period high with $1.77 trillion in AUM as of September 30 and created an opportunity to bring innovative new solutions to market for our clients with our recently announced strategic collaboration with Goldman Sachs.”
— Rob Sharps, Q3 2025 Earnings Press Release
TROW Earnings Trends
TROW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TROW EPS Trend
Earnings per share: estimate vs actual
TROW Revenue Trend
Quarterly revenue: estimate vs actual
TROW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.52 | — | $1.86B | +0.22% |
| Q4 25 MISS FY | $2.46 | $2.44 | -0.81% | $1.93B | -4.00% |
| FY Full Year | $9.70 | $9.72 | +0.16% | $7.31B | -1.09% |
| Q3 25 BEAT | $2.54 | $2.81 | +10.50% | $1.89B | -0.25% |
| Q2 25 BEAT | $2.13 | $2.24 | +4.94% | $1.72B | -1.37% |
| Q1 25 BEAT | $2.13 | $2.23 | +4.68% | $1.76B | -0.70% |