T Rowe Price : Q1 2025 Earnings Release Supplement

Published: 2025-05-02 08:39:55 ET TROW

Published on 05/02/2025 at 08:39

T. Rowe Price Group, Inc. May 2, 2025

A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of March 31, 2025, unless otherwise noted.

All figures are USD, unless otherwise noted.

Financial Highlights

Key Metric

Q1 2024

Q4 2024

Q1 2025

AUM, Flows, & Investment Advisory Effective Fee Rate (EFR)

Net Flows

($8.0B)

($19.3B)

($8.6B)

Assets Under Management (AUM)1

$1.54T

$1.61T

$1.57T

Average AUM

$1.48T

$1.64T

$1.62T

EFR without Performance-Based Fees

41.6 bps

40.5 bps

40.0 bps

EFR with Performance-Based Fees

42.1 bps

40.9 bps

40.3 bps

GAAP Basis

Net Revenues

$1,750.2M

$1,824.5M

$1,763.9M

Operating Expenses

$1,163.6M

$1,256.1M

$1,167.6M

Diluted Earnings per Share (EPS)

$2.49

$1.92

$2.15

Non-GAAP Basis

Adjusted Operating Expenses2

$1,071.4M

$1,222.6M

$1,135.1M

Adjusted EPS2

$2.38

$2.12

$2.23

Dividends

Dividend per share

$1.24

$1.24

$1.27

The financial results presented in this earnings release supplement are unaudited.

1Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.

2For the reconciliation between GAAP and adjusted (non-GAAP) expenses and EPS, see the current earnings release.

As of March 31, 2025

% of Funds/ Composites

U.S. Funds Outperforming Morningstar Median1,2

U.S. Funds Outperforming Morningstar Passive Peer Median1,3

Composites Outperforming Benchmarks4

1 year

3 years

5 years

10 years

1 year

3 years

5 years

10 years

1 year

3 years

5 years

10 years

Equity

56%

57%

58%

67%

37%

53%

55%

50%

22%

40%

34%

58%

Fixed Income

64%

50%

65%

62%

55%

52%

77%

62%

59%

39%

68%

75%

Multi-Asset

62%

75%

72%

76%

16%

63%

71%

55%

NA

NA

NA

NA

All

61%

61%

65%

68%

34%

56%

66%

55%

38%

39%

48%

64%

% of AUM

U.S. Funds Outperforming Morningstar Median1,2

U.S. Funds Outperforming Morningstar Passive Peer Median1,3

Composites Outperforming Benchmarks4

1 year

3 years

5 years

10 years

1 year

3 years

5 years

10 years

1 year

3 years

5 years

10 years

Equity

69%

69%

60%

86%

41%

50%

39%

49%

24%

41%

35%

48%

Fixed Income

74%

62%

72%

79%

53%

57%

92%

73%

72%

35%

71%

54%

Multi-Asset

34%

91%

92%

94%

7%

91%

95%

94%

NA

NA

NA

NA

All

61%

73%

68%

87%

34%

60%

57%

61%

33%

40%

41%

49%

Past performance is not a guarantee nor a reliable indicator of future results.

The investment performance reflects that of the T. Rowe Price-sponsored mutual funds, ETFs, and composites.

1Source: © 2025 Morningstar, Inc. All rights reserved. Please see page 16 for more information.

2Primary share class only. Excludes T. Rowe Price passive funds, funds that are clones of other funds, and fund categories not ranked by Morningstar.

3Primary share class only. Excludes T. Rowe Price passive funds and funds that are clones of other funds. Funds are measured against the most appropriate strategy benchmark used for portfolio manager evaluation, which may not always be the regulatory benchmark.

4Net returns for composites are calculated using the highest applicable separate account fee schedule and compared to official GIPS composite primary benchmark. Excludes money market composites.

U.S. $ billions

Ending AUM

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Mar 2025

+60.4

-6.6

+70.1

+127.6

+50.7

+14.7

+50.5

+166.3

-42.0

+231.3

+256.9

+198.9

-351.4

+251.6

+205.3

-31.7

+30.3

+14.1

+17.2

-12.0

+3.7

+1.6

-2.8

+14.0

+13.2

+13.2

+5.6

-28.5

-61.7

-81.8

-43.2

-8.6

Market Change

($B)

Net Flows

($B)

Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.

OHA's fee-basis AUM of $46.9B acquired on December 29, 2021, is reflected in 2021 ending AUM. All periods after 2021 reflect the related activity. Other acquisition of AUM is detailed in our quarterly releases and 10Qs. Distributions, net of reinvestments, are included in the market change figure. Manager-driven distributions related to our alternative products by year: 2022: $2.6B, 2023: $2.6B, 2024: $3.7B, YTD 2025: $0.7B

Disclaimer

T. Rowe Price Group Inc. published this content on May 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 02, 2025 at 12:35 UTC.