A global asset manager that invests for retirement savers and institutions, managing actively chosen stocks, bonds, and target-date funds for clients in dozens of countries. Founded in Baltimore in 1937 by Thomas Rowe Price Jr., it bears his name and helped pioneer the "growth stock" style of investing. Fun fact: Price's first mutual fund, launched in 1950, was one of the earliest no-load funds, charging no sales commissions to buyers.
Net outflows slowed to $6.5B as Q2 revenue rose 10.7% to $1,907.4M
Net outflows slowed to $6.5B, the smallest in five quarters. rose 10.7% to $1,907.4M and rose 28.6% to $2.88 as grew 15.7% and market gains lifted fee income. The firm's asset base is growing on markets even as clients keep pulling money.
Key takeaways
Net outflows were $6.5B in Q2 2026, down from $13.7B in Q1 and the smallest quarterly outflow since 2021, with $190.2B in market appreciation lifting ending to $1,893.4B.
rose 10.7% to $1,907.4M, driven by an 11.3% increase in investment advisory fees as grew 15.7% to $1,837.7B.
rose 28.6% to $2.88 and rose 14.7% to $2.57, reflecting higher and a lower share count from buybacks.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 11% on higher AUM from market gains, while adjusted operating expenses grew 5%, expanding margins.
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Total net revenues increased 10.7% to $1,907.4 million, driven by an 11.3% rise in investment advisory fees as average grew 15.7% to $1,837.7 billion.
The annualized declined 3.8% to 38.1 due to client flows shifting assets toward lower-fee products, partially offset by market appreciation.
The declined 3.8% to 38.1 as client flows shifted assets toward lower-fee products, partially offset by market appreciation.
operating expenses rose 9.8% to $1,366.9M, with about half the increase from higher tied to market gains; grew 4.9% to $1,203.2M.
The company returned $1,069.8M to shareholders in H1 2026 through $497.5M in repurchases and $572.3M in dividends, remaining debt-free with $3,234.3M in cash.
What changed
Q2 2026 net cash flows: flagged to watch whether target date and OHA alternative-credit products turn the $13.7B Q1 outflow toward zero — outflows fell to $6.5B but stayed negative for a sixth consecutive quarter.
: flagged to watch if it stabilizes or falls further below 39.6 — it fell to 38.1 bps, extending the multi-year decline.
Full-year 2026 operating expense growth against the 3%-6% guide as the $177.3M 2025 annualizes: Q2 grew 4.9% to $1,203.2M, within guide.
Capital allocation-based income: Q1 2026 flagged to see if disclosed and whether it reverts toward prior-year lows — the Q2 filing does not report it.
Versus Q2 2025, rose 10.7% (from $1,723.3M) and rose 25.1% to $632.0M as outflows narrowed from $14.9B to $6.5B and market gains returned.
What to watch
Q3 2026 net cash flows by fund type to see if target date and OHA alternative-credit products turn the $6.5B outflow to zero or positive.
Q3 2026 to see if it stabilizes above 38.1 or falls further.
Q3 2026 capital allocation-based income disclosure to see if it is reported and whether it reverts toward prior-year lows.
Full-year 2026 operating expense growth against the 3%-6% guide as the 2025 annualizes.
operating expenses rose 9.8% to $1,366.9 million, with about half the increase from higher tied to market gains; adjusted operating expenses grew 4.9% to $1,203.2 million.
increased 28.6% to $2.88, while adjusted diluted EPS rose 14.7% to $2.57, reflecting higher and lower share count.
ended at $1,893.4 billion, up $183.7 billion sequentially, driven by $190.2 billion in market appreciation, partially offset by $6.5 billion in net outflows.
The company repurchased $497.5 million in stock and paid $572.3 million in dividends during the first half, returning $1,069.8 million to shareholders.
For information about our legal proceedings, please see our Commitments and Contingencies footnote to our unaudited consolidated financial statements in Part 1 of this Form 10-Q.
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For information about our legal proceedings, please see our Commitments and Contingencies footnote to our unaudited consolidated financial statements in Part 1 of this Form 10-Q.