Q2 26 EPS
$2.57
BEAT +2.05%
Est. $2.52
Q2 26 Revenue
$1.91B
MISS 0.55%
Est. $1.92B
vs S&P Since Q2 26
-9.0%
TRAILING MARKET
TROW -6.5% vs S&P +2.5%
Market Reaction
Did TROW Beat Earnings? Q2 2026 Results
T. Rowe Price Group posted a mixed but broadly solid second quarter for fiscal 2026, beating on earnings while falling just short on the top line as record assets under management helped underpin growth. Adjusted diluted EPS came in at $2.57, edging … Read more T. Rowe Price Group posted a mixed but broadly solid second quarter for fiscal 2026, beating on earnings while falling just short on the top line as record assets under management helped underpin growth. Adjusted diluted EPS came in at $2.57, edging past the $2.52 consensus estimate by 2.05%, while net revenues of $1.91 billion rose 10.7% year-over-year but trailed the $1.92 billion analyst expectation by a narrow 0.55%. The headline driver was a 15.7% rise in average AUM to $1.84 trillion, propelled by $190.20 billion in net market appreciation that lifted ending AUM to a record $1.89 trillion, even as $6.50 billion in net client outflows remained a persistent concern. Encouragingly, the firm saw positive client flows in May and June, lending support to management's confidence in growth initiatives across ETFs and separately managed accounts. With the effective tax rate for full-year 2026 guided to a range of 23% to 26%, and adjusted operating expenses growing at a measured 4.9%, T. Rowe Price appears focused on disciplined cost management as it navigates ongoing pressure in fundamental active equity strategies.
Key Takeaways
- • Record $1.9 trillion in ending AUM, up 12.9% year-over-year
- • Average AUM increased 15.7% year-over-year to $1.84 trillion
- • Multi-asset advisory fees grew 16.1% YoY, the fastest-growing segment
- • Net market appreciation of $190.2 billion during the quarter
- • Positive client flows in May and June
- • Non-operating income of $369.1 million driven by investment gains and consolidated investment products
TROW Forward Guidance & Outlook
The firm estimates its effective tax rate for full year 2026, on both a U.S. GAAP and adjusted basis, will be in the range of 23.0% to 26.0%. Management is continuing a broad, ongoing expense management program to reduce expense growth and realign resources. While fundamental active equity remains under pressure, the firm is investing for growth in ETFs, SMAs, and strategic partnerships.
TROW YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
TROW Revenue by Segment
With YoY comparisons, source: SEC Filings
“We ended the quarter with a record $1.9 trillion in assets under management and positive flows in May and June reflected client demand in areas where we are investing for growth. We continue to expand our ETF and SMA business and advance our strategic partnerships. While fundamental active equity remains under pressure, I am confident that the progress we are making positions us to deliver long-term value for clients and stockholders.”
— Rob Sharps, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.52 | $2.57 | +2.05% | $1.91B | -0.55% |
| 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% |