TROW羅派斯第二季淨收入19.07億美元升10.7% 盈利大增25.1%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 
FORM 10-Q 
______________________________________ 

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to 

Commission File Number: 000-32191 
______________________________________ 
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)

Maryland52-2264646
(State of incorporation)(I.R.S. Employer Identification No.)

1307 Point Street, Baltimore, Maryland 21231
(Address, including Zip Code, of principal executive offices)
(410) 345-2000 
(Registrant’s telephone number, including area code)
________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par value per shareTROWThe NASDAQ Stock Market LLC

______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒
Accelerated filer ☐

Non-accelerated filer☐
Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐  Yes    ☒  No
The number of shares outstanding of the issuer’s common stock ($0.20 par value), as of the latest practicable date, July 29, 2026, is 213,315,850.
The exhibit index is at Item 6 on page 45.

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements.

UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except share data) 

6/30/202612/31/2025
ASSETS
Cash and cash equivalents$3,234.3 $3,378.2 
Accounts receivable and accrued revenue941.6 931.2 
Investments4,090.2 3,325.2 
Assets of consolidated investment products ($1,906.6 million at June 30, 2026 and $1,596.1 million at December 31, 2025, related to variable interest entities)
2,477.2 1,951.0 
Operating lease assets369.8 382.9 
Property, equipment and software, net813.5 845.3 
Intangible assets, net245.4 274.2 
Goodwill2,642.8 2,642.8 
Other assets542.4 611.0 
Total assets$15,357.2 $14,341.8 

LIABILITIES
Accounts payable and accrued expenses$402.4 $352.7 
Debt and liabilities of consolidated investment products ($414.6 million at June 30, 2026 and $14.2 million at December 31, 2025, related to variable interest entities)
452.5 21.3 
Operating lease liabilities429.4 447.2 
Accrued compensation and related costs600.4 235.7 
Deferred compensation liabilities1,268.5 1,176.8 

Income taxes payable31.2 54.9 
Total liabilities3,184.4 2,288.6 

Commitments and contingent liabilities

Redeemable non-controlling interests1,009.3 1,036.0 

STOCKHOLDERS' EQUITY
Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares
— — 
Common stock, $0.20 par value — authorized 750,000,000; issued 213,312,000 shares at June 30, 2026 and 218,565,000 at December 31, 2025
42.7 43.8 
Additional capital in excess of par value— — 
Retained earnings11,018.0 10,866.8 
Accumulated other comprehensive loss(58.2)(50.5)
Total stockholders' equity attributable to T. Rowe Price Group11,002.5 10,860.1 
Non-controlling interests in consolidated entities161.0 157.1 
Total permanent stockholders' equity11,163.5 11,017.2 
Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity$15,357.2 $14,341.8 

The accompanying notes are an integral part of these statements.
Page 2

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)

Three months endedSix months ended
6/30/20266/30/20256/30/20266/30/2025
Revenues
Investment advisory fees$1,744.8 $1,567.6 $3,427.8 $3,166.0 
Performance-based advisory fees6.5 6.4 14.0 16.8 
Capital allocation-based income11.9 (0.4)40.0 (1.6)
Administrative, distribution, servicing, and other fees144.2 149.7 282.6 306.0 
Net revenues1,907.4 1,723.3 3,764.4 3,487.2 

Operating expenses
Compensation and related costs823.4 727.7 1,483.1 1,392.2 
Distribution and servicing costs106.1 92.5 205.4 186.1 
Advertising and promotion costs20.3 29.9 38.7 56.0 
Product and recordkeeping related costs83.1 74.8 157.4 158.6 
Technology, occupancy, and facility costs205.9 195.0 410.3 376.2 
General, administrative, and other costs104.9 93.9 197.3 183.6 

Acquisition-related amortization and impairment costs16.5 31.2 34.5 59.9 
Restructuring charge6.7 — 16.7 — 
Total operating expenses1,366.9 1,245.0 2,543.4 2,412.6 

Net operating income540.5 478.3 1,221.0 1,074.6 

Non-operating income
Net gains on investments237.4 165.9 231.3 197.8 
Net gains on consolidated investment products132.6 78.6 91.2 110.5 
Other losses, including foreign currency losses(0.9)(9.0)(1.7)(2.1)
Total non-operating income369.1 235.5 320.8 306.2 

Income before income taxes909.6 713.8 1,541.8 1,380.8 
Provision for income taxes214.2 157.7 362.3 319.6 
Net income695.4 556.1 1,179.5 1,061.2 
Less: net income attributable to redeemable non-controlling interests63.4 50.9 49.3 65.5 
Net income attributable to T. Rowe Price Group, Inc.$632.0 $505.2 $1,130.2 $995.7 

Earnings per share on common stock of T. Rowe Price Group, Inc.
Basic$2.88 $2.24 $5.11 $4.39 
Diluted$2.88 $2.24 $5.10 $4.38 

The accompanying notes are an integral part of these statements.
Page 3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)

Three months endedSix months ended
6/30/20266/30/20256/30/20266/30/2025
Net income$695.4 $556.1 $1,179.5 $1,061.2 
Other comprehensive income (loss)
Currency translation adjustments
Consolidated investment products—variable interest entities(0.8)19.8 (2.2)27.5 
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain investment products— (3.1)(0.2)(3.1)
Total currency translation adjustments of consolidated investment products—variable interest entities(0.8)16.7 (2.4)24.4 
Equity method investments(7.8)0.8 (8.4)(3.5)

Other comprehensive income (loss) before income taxes(8.6)17.5 (10.8)20.9 
Net deferred tax (expense) benefit1.1 (2.3)1.5 (2.8)
Total other comprehensive income (loss)(7.5)15.2 (9.3)18.1 
Total comprehensive income687.9 571.3 1,170.2 1,079.3 
Less: comprehensive income (loss) attributable to redeemable non-controlling interests62.5 58.8 47.7 76.5 
Comprehensive income attributable to T. Rowe Price Group$625.4 $512.5 $1,122.5 $1,002.8 

The accompanying notes are an integral part of these statements.
Page 4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

Six months ended
6/30/20266/30/2025
Cash flows from operating activities
Net income$1,179.5 $1,061.2 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software139.3 132.9 
Amortization and impairment of acquisition-related assets and retention arrangements66.4 116.4 

Stock-based compensation expense89.8 96.9 

Net gains recognized on investments(196.7)(173.8)
Net redemptions in investment products used to economically hedge deferred compensation liabilities54.8 71.3 
Net change in securities held by consolidated investment products(547.4)(409.5)
Other changes in assets and liabilities555.9 267.4 
Net cash provided by operating activities1,341.6 1,162.8 

Cash flows from investing activities
Purchases of sponsored investment products(728.4)(114.0)
Dispositions of sponsored investment products169.5 223.5 
Net cash of investment products upon deconsolidation(0.7)(1.1)
Additions to property, equipment and software(128.4)(144.2)

Other investing activity(29.4)(21.0)
Net cash used in investing activities(717.4)(56.8)

Cash flows from financing activities
Repurchases of common stock(500.8)(328.3)
Common share issuances under stock-based compensation plans(0.1)16.5 
Dividends paid to common stockholders and equity-unit holders(571.2)(575.1)
Borrowings of debt of consolidated products217.8 — 
Net distributions to non-controlling interests in consolidated entities(14.3)(5.5)
Net subscriptions from redeemable non-controlling interest holders138.0 205.1 
Net cash used in financing activities(730.6)(687.3)

Effect of exchange rate changes on cash and cash equivalents of consolidated investment products(1.3)(1.1)

Net change in cash and cash equivalents during period(107.7)417.6 
Cash and cash equivalents at beginning of period, including $39.1 million at December 31, 2025, and $63.1 million at December 31, 2024, held by consolidated investment products
3,417.3 2,712.9 
Cash and cash equivalents at end of period, including $75.3 million at June 30, 2026, and $71.6 million at June 30, 2025, held by consolidated investment products
$3,309.6 $3,130.5 

The accompanying notes are an integral part of these statements.
Page 5

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 
(shares in thousands; dollars in millions)

Three months ended 6/30/2026
Common shares outstandingCommon stockAdditional capital in excess of par valueRetained earningsAOCI(1)
Total stockholders’ equity attributable to T. Rowe Price GroupNon-controlling interests in consolidated entitiesTotal permanent stockholders' equityRedeemable non-controlling interests
Balances at March 31, 2026214,880 $43.1 $— $10,786.1 $(51.6)$10,777.6 $157.6 $10,935.2 $940.2 
Net income— — — 632.0 — 632.0 6.8 638.8 63.4 
Other comprehensive loss, net of tax— — — — (6.6)(6.6)— (6.6)(0.9)
Dividends declared ($1.30 per share)
— — — (283.9)— (283.9)— (283.9)— 

Common stock-based compensation plans activity:
Shares issued upon option exercises9 — 0.6 — — 0.6 — 0.6 — 
Restricted shares issued, net of shares withheld for taxes5 — (0.3)— — (0.3)— (0.3)— 

Net shares issued upon vesting of restricted stock units9 — (0.5)— — (0.5)— (0.5)— 
Forfeiture of restricted awards(18)— — — — — — — — 
Stock-based compensation expense— — 40.7 — — 40.7 — 40.7 — 
Restricted stock units issued as dividend equivalents— — 0.1 (0.1)— — — — — 
Common shares repurchased(1,573)(0.4)(40.6)(116.1)— (157.1)— (157.1)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (3.4)(3.4)— 

Net subscriptions into T. Rowe Price investment products— — — — — — — — 11.4 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (4.8)
Balances at June 30, 2026213,312 $42.7 $— $11,018.0 $(58.2)$11,002.5 $161.0 $11,163.5 $1,009.3 

Three months ended 6/30/2025
Common shares outstandingCommon stockAdditional capital in excess of par valueRetained earningsAOCI(1)
Total stockholders’ equity attributable to T. Rowe Price GroupNon-controlling interests in consolidated entitiesTotal permanent stockholders' equityRedeemable non-controlling interests
Balances at March 31, 2025221,061 $44.2 $160.2 $10,242.2 $(51.9)$10,394.7 $160.4 $10,555.1 $977.2 
Net income (loss)— — — 505.2 — 505.2 (1.5)503.7 50.9 
Other comprehensive income, net of tax— — — — 7.3 7.3 — 7.3 7.9 
Dividends declared ($1.27 per share)
— — — (286.1)— (286.1)— (286.1)— 

Common stock-based compensation plans activity:
Shares issued upon option exercises33 0.1 1.9 — — 2.0 — 2.0 — 
Restricted shares issued, net of shares withheld for taxes8 — (0.2)— — (0.2)— (0.2)— 

Net shares issued upon vesting of restricted stock units10 — (0.4)— — (0.4)— (0.4)— 

Stock-based compensation expense— — 46.6 — — 46.6 — 46.6 — 

Common shares repurchased(1,210)(0.3)(108.3)— — (108.6)— (108.6)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (5.6)(5.6)— 

Net subscriptions into T. Rowe Price investment products— — — — — — — — 169.1 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (106.0)
Balances at June 30, 2025219,902 $44.0 $99.8 $10,461.3 $(44.6)$10,560.5 $153.3 $10,713.8 $1,099.1 

The accompanying notes are an integral part of these statements.
Page 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)

Six months ended 6/30/2026
Common shares outstandingCommon stockAdditional capital in excess of par valueRetained earningsAOCI(1)
Total stockholders’ equity attributable to T. Rowe Price GroupNon-controlling interests in consolidated entitiesTotal permanent stockholders' equityRedeemable non-controlling interests
Balances at December 31, 2025218,565 $43.8 $— $10,866.8 $(50.5)$10,860.1 $157.1 $11,017.2 $1,036.0 
Net income— — — 1,130.2 — 1,130.2 18.2 1,148.4 49.3 
Other comprehensive loss, net of tax— — — — (7.7)(7.7)— (7.7)(1.6)
Dividends declared ($2.60 per share)
— — — (572.3)— (572.3)— (572.3)— 

Common stock-based compensation plans activity:
Shares issued upon option exercises13 — 0.9 — — 0.9 — 0.9 — 
Restricted shares issued, net of shares withheld for taxes5 — (0.3)— — (0.3)— (0.3)— 

Net shares issued upon vesting of restricted stock units14 — (0.7)— — (0.7)— (0.7)— 
Forfeiture of restricted awards(18)— — — — — — — 
Stock-based compensation expense— — 89.8 — — 89.8 — 89.8 — 
Restricted stock units issued as dividend equivalents— — 0.3 (0.3)— — — — — 
Common shares repurchased(5,267)(1.1)(90.0)(406.4)— (497.5)— (497.5)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (14.3)(14.3)— 

Net subscriptions into T. Rowe Price investment products— — — — — — — — 128.5 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (202.9)
Balances at June 30, 2026213,312$42.7 $— $11,018.0 $(58.2)$11,002.5 $161.0 $11,163.5 $1,009.3 

Six months ended 6/30/2025
Common shares outstandingCommon stockAdditional capital in excess of par valueRetained earningsAOCI(1)
Total stockholders’ equity attributable to T. Rowe Price GroupNon-controlling interests in consolidated entitiesTotal permanent stockholders' equityRedeemable non-controlling interests
Balances at December 31, 2024222,966 $44.6 $311.9 $10,040.6 $(51.7)$10,345.4 $160.7 $10,506.1 $944.0 
Net income (loss)— — — 995.7 — 995.7 (1.9)993.8 65.5 
Other comprehensive income, net of tax— — — — 7.1 7.1 — 7.1 11.0 
Dividends declared ($2.54 per share)
— — — (574.9)— (574.9)— (574.9)— 

Common stock-based compensation plans activity:
Shares issued upon option exercises264 0.1 17.1 — — 17.2 — 17.2 — 
Restricted shares issued, net of shares withheld for taxes8 — (0.2)— — (0.2)— (0.2)— 

Net shares issued upon vesting of restricted stock units15 — (0.6)— — (0.6)— (0.6)— 

Stock-based compensation expense— — 96.9 — — 96.9 — 96.9 — 
Restricted stock units issued as dividend equivalents— — 0.1 (0.1)— — — — — 
Common shares repurchased(3,351)(0.7)(325.4)— — (326.1)— (326.1)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (5.5)(5.5)— 

Net subscriptions into T. Rowe Price investment products— — — — — — — — 259.7 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (181.1)
Balances at June 30, 2025219,902 $44.0 $99.8 $10,461.3 $(44.6)$10,560.5 $153.3 $10,713.8 $1,099.1 

(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 7

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

T. Rowe Price Group derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide globally to individual and institutional investors that invest in a broad range of investment solutions across equity, fixed income, multi-asset, and alternatives capabilities. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services. 

The investment solutions are provided in a number of vehicles including the T. Rowe Price U.S. mutual funds (U.S. mutual funds), subadvised funds, separately managed accounts, collective investment trusts, exchange-traded funds, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, an interval fund, and collateralized loan obligations. 

Investment advisory fees depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

BASIS OF PREPARATION.

These unaudited consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States and include the accounts of the Company and its controlled subsidiaries. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.

Certain prior‑period technology-related professional fees and servicing costs have been reclassified from general, administrative, and other costs to technology, occupancy, and facilities costs to conform with current year presentation. The new presentation better aligns the nature of the expenses following our decision to outsource and expand certain technology capabilities through trusted vendor partnerships. The amounts reclassified for the three- and six- months ended June 30, 2025 were $15.5 million and $29.1 million. While the presentation of certain expense categories changed, the reclassifications did not impact previously reported total operating expenses, operating income, net income, or cash flows. 

The unaudited financial information contained in these consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2025 Annual Report. 

CONSOLIDATION.

Our consolidated financial statements include the accounts of all wholly-owned subsidiaries, majority-owned entities that are entitled to a disproportionate allocation of income, or carried interest, and investment products in which we have a controlling interest. 

During the three months ended June 30, 2026, we closed a collateralized loan obligation (CLO) offering. Prior to closing, the CLO issuer acquired debt investments that became collateral for the CLO at closing. These debt investments were financed primarily using a warehouse credit facility and were repaid using proceeds from notes the CLO issued to third-party investors at close. We retain a controlling economic interest in the CLO issuer through our ownership of subordinated notes and provide investment management services. We evaluated the CLO under the consolidation guidance of ASC 810, Consolidation, and determined that the CLO is a variable interest entity for which we are the primary beneficiary. Accordingly, the CLO is being consolidated in our financial statements and reported with our other consolidated investment products. We recognize and report the CLO’s financial information in our consolidated financial statements on a three-month reporting lag as the information is not available in a timely manner. As such, our financial statements and related footnotes as of June 30, 2026, reflect the assets, liabilities and related activities of the CLO issuer as of March 31, 2026. 

20
Page 8

We have determined that the consolidated CLO meets the definition of an investment company under ASC 946, Financial Services—Investment Companies. We have also elected the fair value option pursuant to ASC 825, Financial Instruments, for measuring the warehouse facility and the notes issued by the CLO to eliminate inconsistencies that would otherwise arise from using different accounting bases. To determine fair value, we elected the collateralized financing entity measurement alternative, under which both the assets and liabilities of the CLO would be measured based on the fair value of the CLO’s assets, since they have the more observable fair value. Gains and losses related to changes in the fair value of the assets and liabilities of the consolidated CLOs are recognized in net gains (losses) on consolidated investment products in the consolidated statements of Income and are largely offset within that line item. Additionally, net income (loss) attributable to T. Rowe Price Group, Inc. reflects only changes in the fair value of its retained economic interests in the consolidated CLOs due to the elimination of income (loss) attributable to noncontrolling interests.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact the adoption will have on our financial statements and have not yet determined our transition approach.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06 - Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the existing internal-use software guidance. The amendment eliminates the project stage model and clarifies that capitalization of internal-use software costs commences when management has authorized and committed funding for the project and it is probable