TROW · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
PRICE T ROWE GROUP INC · 2026-10-29 · Importance 42 · Surprise 14 · From source text
Net revenues rose 5.9% year over year to $2,004.9 million in Q3 2026 and increased 7.2% to $5,769.3 million for the first nine months. Investment advisory fees, which generated about 90% of quarterly revenue, grew 5.8% in Q3 and 7.4% year to date, as average AUM increased 9.5% and 11.5%, respectively. Year-to-date advisory fee growth was led by multi-asset fees, up 12.4% to $1,576.2 million; equity fees rose 4.8% to $3,034.0 million, fixed-income fees 7.8% to $344.0 million, and alternatives fees 8.8% to $270.0 million. The annualized effective fee rate with performance-based fees declined 3.6% in Q3 and 3.8% year to date, reflecting client flows and transfers toward lower-fee products and asset classes, partly offset by equity-market appreciation.
Key facts
- Investment advisory fees were $1,796.4 million in Q3 2026, up 5.8% from Q3 2025; higher overall markets increased average AUM by 9.5%, and capital allocation-based income was higher. source
- Investment advisory fees increased 7.4% in the nine months ended September 30, 2026 as average AUM increased 11.5%. source
- Net revenues were $2,004.9 million in Q3 2026, up 5.9% from $1,893.5 million in Q3 2025. source
- Net revenues were $5,769.3 million in the nine months ended September 30, 2026, up 7.2% from $5,380.7 million in 2025. source
- Q3 2026 change in accrued carried interest increased net revenues by $63.1 million, compared with $56.2 million in Q3 2025, reflecting inclusion of a late-stage venture fund not included in 2025. source
- In Q3 2026 the average annualized effective fee rate was 37.8 basis points without performance-based fees and 37.9 basis points with performance-based fees, down 3.3% and 3.6%, respectively, from Q3 2025. source
- In Q3 2026 investment advisory fees were 90% of net revenues, and more than 90% of nine-month 2026 net revenues were investment advisory fees. source
- About 90% of net revenues in Q3 2026 were related to investment advisory fees. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +19.4% | Net revenues were $5,769.3 million in the nine months ended September 30, 2026, up 7.2% from $5,380.7 million in 2025. |
| revenue | positive | realized | +5.6% | Net revenues were $2,004.9 million in Q3 2026, up 5.9% from $1,893.5 million in Q3 2025. |
| revenue | positive | realized | +3.1% | Q3 2026 change in accrued carried interest increased net revenues by $63.1 million, compared with $56.2 million in Q3 2025, reflecting… |
| revenue | negative | realized | — | In Q3 2026 the average annualized effective fee rate was 37.8 basis points without performance-based fees and 37.9 basis points with… |