T. Rowe Price (TROW) Q2 2026: Record AUM Drives EPS Beat
As seen on the 24/7 Wall St. homepage on July 31, 2026.
T. Rowe Price beat earnings expectations on the back of record $1.89 trillion in assets under management, though net revenues fell just short of consensus as fundamental active equity strategies continue to hemorrhage outflows. Record ending AUM and positive client flows in May and June hint the firm's push into ETFs and separately managed accounts is gaining traction.
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T. Rowe Price reported Q2 2026 earnings per share of $2.57, edging past the $2.52 consensus estimate by about 2%. The result was anchored by a record $1.89 trillion in assets under management, a milestone that reflects both market appreciation and a turn in client flow trends, with net inflows recorded in May and June. Revenue came in at $1.91 billion, falling just short of the $1.92 billion estimate by roughly half a percent.
The tension in the story is between the headline AUM record and the ongoing pressure on T. Rowe's core business. Fundamental active equity strategies continued to see outflows during the quarter, a pattern that has dogged the firm and much of the traditional active management industry for several years. The firm's effort to diversify into exchange-traded funds and separately managed accounts appears to be picking up momentum, and positive flows in the back half of the quarter suggest that pivot may be starting to move the needle.
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Looking at the recent earnings history, TROW has now beaten EPS estimates in six of the past eight quarters, including a strong $2.81 print in Q3 2025. The Q2 2026 figure of $2.57 matches the Q3 2024 reported number exactly, though the estimated bar has risen over that span, reflecting growing analyst confidence in the business. Investors will likely focus on whether the ETF and SMA push can fully offset active equity outflows in coming quarters.
Mentioned: TROW