EarningsQ2 2026 Earnings Report
MX:TROW Q2 2026 EPS Results
Actual EPS$45.57
Consensus EPS$44.56
Beat/MissBeat by +$1.01
One Year Ago EPS$39.72
MX:TROW Q2 2026 Revenue Results
Actual Revenue$33.82B
Expected Revenue$33.60B
Beat/MissBeat by +$227.82M
YoY Revenue Growth+10.68%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:TROW Upcoming Earnings
T Rowe Price's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:TROW Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: the firm delivered revenue and EPS growth, expanded ETFs/SMAs, advanced strategic partnerships, and scaled AI adoption while returning capital and maintaining a strong balance sheet. Offsetting these positives are ongoing net outflows, continued pressure in active equity, modest declines in effective fees, higher operating expenses with guidance for mid-single-digit growth, and mixed near-term performance in parts of the portfolio. Management highlighted meaningful strategic progress (product launches, Goldman collaboration, alternatives expansion) but warned that flows will be more challenging in the second half.Company Guidance
Assets Under Management and Scale
Ended the quarter with $1.9 trillion AUM; integrated active approaches account for about $200 billion of AUM.
Adjusted EPS Improvement
Q2 adjusted diluted EPS of $2.57, up from $2.24 a year ago (+14.7% year-over-year) and up modestly from $2.52 in Q1 2026 (+2.0% quarter-over-quarter).
Revenue Growth
Q2 adjusted net revenue was $1.9 billion, up 8.5% year-over-year and up 2.7% from Q1 2026; investment advisory revenue was $1.7 billion.
ETF and SMA Business Momentum
ETF business grew to 34 funds and $30 billion AUM with $4.4 billion of net inflows in Q2; SMA platform now includes 43 products and $20 billion AUM.
Net Inflows into Strategic Offerings
Integrated equity/fixed income approaches (fundamental + quant) and other growth areas account for ~$200 billion in AUM and have added $16 billion of net inflows year-to-date.
Capital Return and Strong Liquidity
Share repurchases of $157 million in Q2 and over $497 million YTD (~2.5% of outstanding shares); year-end share count 213.3 million; $4.4 billion in cash and discretionary investments on balance sheet.
Long-Term Investment Performance
On a 10-year, asset-weighted basis, 79% of funds outperformed peers; target date franchise long-term outperformance strong (98% of AUM outperforming peers on a 10-year basis).
Product and Strategic Expansion
Launched new ETFs including T. Rowe Price Capital Appreciation Market Opportunities ETF and T. Rowe Price Active Crypto ETF; launched first interval fund with Goldman Sachs and progressing additional collaborative funds.
AI Deployment and Adoption
Deployed more than 130 AI solutions across the firm with over 70% associate adoption; embedding AI into workflows to improve research, sales, and operations.
MX:TROW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed