TROW · 8-K · 20261029PR000003

Revenue Performance and Mix

PRICE T ROWE GROUP INC · 2026-10-29 · Importance 36 · Surprise 14 · No source text

Q3 2026 net revenues were $2,004.9 million, up 5.9% year over year and 5.1% sequentially. Investment advisory fees increased 5.8% year over year to $1,796.4 million; multi-asset fees rose 9.2% to $537.6 million, alternatives rose 9.4% to $92.7 million, fixed income rose 7.8% to $118.7 million, and equity rose 3.5% to $1,047.4 million. Average AUM increased 9.5% year over year to $1,887.2 billion, while the advisory effective fee rate excluding performance fees declined to 37.8 basis points from 39.1 basis points, reflecting a shift toward lower-fee products and asset classes, partly offset by equity market appreciation. Net client outflows were $28.3 billion in Q3, led by $25.6 billion in equity and $7.6 billion in multi-asset, partly offset by $3.4 billion of fixed-income inflows and $1.5 billion of alternatives inflows.

Key facts

• Q3 2026 net revenues were $2,004.9 million, up 5.9% from Q3 2025 and 5.1% from Q2 2026. source
• Q3 2026 investment advisory fees were $1,796.4 million, up 5.8% year over year and 3.0% sequentially. source
• Q3 2026 capital allocation-based income was $59.9 million, compared with $42.0 million in Q3 2025 and $11.9 million in Q2 2026. source
• Q3 2026 change in accrued carried interest was $63.1 million, versus $56.2 million in Q3 2025 and $15.2 million in Q2 2026. source
• Q3 2026 administrative, distribution, servicing, and other fees were $141.3 million, down $5.1 million from Q3 2025 and $2.9 million from Q2 2026. source
• The Q3 2026 investment advisory annualized effective fee rate excluding performance-based fees was 37.8 basis points, compared with 39.1 basis points in Q3 2025 and 38.1 basis points in Q2 2026. source
• Lower recordkeeping fees and transfer agent services primarily drove the decrease in administrative, distribution, servicing, and other fees from Q3 2025. source

Impact estimates