Q4 25 EPS
$2.44
MISS 0.81%
Est. $2.46
Q4 25 Revenue
$1.93B
MISS 4.00%
Est. $2.01B
vs S&P Since Q4 25
+2.0%
BEATING MARKET
TROW +8.3% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$9.72
BEAT +0.16%
Est. $9.70
FY 25 Revenue
$7.31B
MISS 1.09%
Est. $7.40B
Market Reaction
Did TROW Beat Earnings? Q4 2025 Results
T. Rowe Price closed out the fourth quarter of 2025 with a modest earnings miss, as a hefty restructuring charge weighed on results and persistent client outflows continued to cloud the asset manager's growth story. The firm posted adjusted EPS of $2… Read more T. Rowe Price closed out the fourth quarter of 2025 with a modest earnings miss, as a hefty restructuring charge weighed on results and persistent client outflows continued to cloud the asset manager's growth story. The firm posted adjusted EPS of $2.44, falling just short of the $2.46 consensus estimate, while revenue of $1.93 billion trailed expectations by 4.00%, even as it climbed 6.0% year-over-year on the back of higher average assets under management. The headline drag came from a $148.80 million restructuring charge, largely tied to accelerated depreciation and impairment on owned real estate, bringing the full-year restructuring total to $177.30 million as the firm presses ahead with a broader expense realignment program. Net client outflows reached $25.50 billion in the quarter and $56.90 billion for the full year, with flows continuing to shift toward lower-fee products, compressing the investment advisory effective fee rate to 38.8 basis points from 40.5 a year ago. Looking ahead, T. Rowe Price guided its 2026 adjusted effective tax rate to a range of 24.00% to 27.00%, as management works to bring expense growth under tighter control.
Key Takeaways
- • Higher average AUM of $1,774.8 billion, up 8.3% YoY, driving increased advisory fee revenue
- • Market appreciation added $33.9 billion to AUM in Q4 2025
- • Investment advisory fee rate compression to 38.8 bps from 40.5 bps YoY due to mix shift toward lower-fee products
- • Net client outflows of $25.5 billion in Q4 and $56.9 billion for the full year
- • Capital allocation-based income of $40.8 million versus a loss of $5.2 million in Q4 2024
TROW YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
TROW Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, we made solid progress across our strategic initiatives. We entered new partnerships to extend our reach and grew our ETFs and alternatives business to position the firm for long‑term success.”
— Rob Sharps, Q4 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% |