$TROW

PRICE T ROWE GROUP INC

CIK:0001113169|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net revenues	$ 1,907.4	$ 1,723.3	$ 3,764.4	$ 3,487.2
Operating expenses
Compensation and related costs	823.4	727.7	1,483.1	1,392.2
Distribution and servicing costs	106.1	92.5	205.4	186.1
Advertising and promotion costs	20.3	29.9	38.7	56.0
Product and recordkeeping related costs	83.1	74.8	157.4	158.6
Technology, occupancy, and facility costs	205.9	195.0	410.3	376.2
General, administrative, and other costs	104.9	93.9	197.3	183.6
Acquisition-related amortization and impairment costs	16.5	31.2	34.5	59.9
Restructuring charge	6.7	0.0	16.7	0.0
Total operating expenses	1,366.9	1,245.0	2,543.4	2,412.6
Net operating income	540.5	478.3	1,221.0	1,074.6
Non-operating income
Net gains on investments	237.4	165.9	231.3	197.8
Net gains on consolidated investment products	132.6	78.6	91.2	110.5
Other losses, including foreign currency losses	(0.9)	(9.0)	(1.7)	(2.1)
Total non-operating income	369.1	235.5	320.8	306.2
Income before income taxes	909.6	713.8	1,541.8	1,380.8
Provision for income taxes	214.2	157.7	362.3	319.6
Net income	695.4	556.1	1,179.5	1,061.2
Less: net income attributable to redeemable non-controlling interests	63.4	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 (in dollars per share)	$ 2.88	$ 2.24	$ 5.11	$ 4.39
Diluted (in dollars per share)	$ 2.88	$ 2.24	$ 5.10	$ 4.38
Investment advisory fees
Revenues
Net revenues	$ 1,744.8	$ 1,567.6	$ 3,427.8	$ 3,166.0
Performance-based advisory fees
Revenues
Net revenues	6.5	6.4	14.0	16.8
Capital allocation-based income
Revenues
Net revenues	11.9	(0.4)	40.0	(1.6)
Administrative, distribution, servicing, and other fees
Revenues
Net revenues	$ 144.2	$ 149.7	$ 282.6	$ 306.0

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 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 software	139.3	132.9
Amortization and impairment of acquisition-related assets and retention arrangements	66.4	116.4
Stock-based compensation expense	89.8	96.9
Net gains recognized on investments	(196.7)	(173.8)
Net redemptions in investment products used to economically hedge deferred compensation liabilities	54.8	71.3
Net change in securities held by consolidated investment products	(547.4)	(409.5)
Other changes in assets and liabilities	555.9	267.4
Net cash provided by operating activities	1,341.6	1,162.8
Cash flows from investing activities
Purchases of sponsored investment products	(728.4)	(114.0)
Dispositions of sponsored investment products	169.5	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 products	217.8	0.0
Net distributions to non-controlling interests in consolidated entities	(14.3)	(5.5)
Net subscriptions from redeemable non-controlling interest holders	138.0	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 year	3,417.3	2,712.9
Cash and cash equivalents at end of period	$ 3,309.6	$ 3,130.5

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 3,234.3	$ 3,378.2
Accounts receivable and accrued revenue	941.6	931.2
Investments	4,090.2	3,325.2
Assets of consolidated investment products ($1,906.6 million at June 30, 2026 and $1,596.1 million at June 30, 2025, related to variable interest entities)	2,477.2	1,951.0
Operating lease assets	369.8	382.9
Property, equipment and software, net	813.5	845.3
Intangible assets, net	245.4	274.2
Goodwill	2,642.8	2,642.8
Other assets	542.4	611.0
Total assets	15,357.2	14,341.8
LIABILITIES
Accounts payable and accrued expenses	402.4	352.7
Liabilities of consolidated investment products ($414.6 million at June 30, 2026 and $14.2 million at June 30, 2025, related to variable interest entities)	452.5	21.3
Operating lease liabilities	429.4	447.2
Accrued compensation and related costs	600.4	235.7
Deferred compensation liabilities	1,268.5	1,176.8
Income taxes payable	31.2	54.9
Total liabilities	3,184.4	2,288.6
Commitments and contingent liabilities
Redeemable non-controlling interests	1,009.3	1,036.0
STOCKHOLDERS' EQUITY
Preferred stock, undesignated, $0.20 par value — authorized and unissued 20,000,000 shares	0.0	0.0
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	0.0	0.0
Retained earnings	11,018.0	10,866.8
Accumulated other comprehensive loss	(58.2)	(50.5)
Total stockholders' equity attributable to T. Rowe Price Group	11,002.5	10,860.1
Non-controlling interests in consolidated entities	161.0	157.1
Total permanent stockholders' equity	11,163.5	11,017.2
Total liabilities, redeemable non-controlling interests, and permanent stockholders' equity	$ 15,357.2	$ 14,341.8