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T. Rowe Price Group manages investment portfolios for individuals, institutions and retirement plans, primarily through actively managed funds and client accounts. Its funds and advisory clients pay investment management fees, which supply nearly all revenue. The company’s own U.S. mutual funds generate most of those fees; other funds and separately managed accounts provide the remainder. It also handles related administration, such as fund accounting and retirement-plan recordkeeping.
Fees generally depend on the market value of managed assets and the rate agreed with each fund or client. Revenue therefore moves with markets, client deposits and withdrawals, and the mix of investments, since fee rates differ across products. Investment performance affects whether clients stay or move their money. The company also relies on outside financial intermediaries to distribute its products, but they can recommend competing investments.
Its U.S. mutual-fund boards must approve management agreements and review fees annually, and shareholders must approve material agreement changes. These agreements can generally be ended without penalty on short notice, so keeping the funds’ business requires continuing approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Franklin Templeton competes with T. Rowe Price to manage money for individual and institutional investors, and both earn most of their revenue from fees tied to the assets they manage. Changes in Franklin’s managed assets and management fees offer a comparison for T. Rowe Price’s fee growth.
Invesco competes with T. Rowe Price to manage investors’ money in stock, bond and mixed-asset products, while also offering a substantial range of funds that track markets rather than select investments actively. Watch its mix of active and passive assets: T. Rowe Price says passive strategies have taken market share from active managers.
BlackRock competes with T. Rowe Price for investors’ assets through both actively selected portfolios and index-tracking products, generally charging fees based on the money managed. Its index-product asset growth is especially worth watching for the market-share pressure T. Rowe Price faces from passive investing.
AllianceBernstein Holding competes with T. Rowe Price to manage retail and institutional investors’ money through research-driven funds and dedicated accounts. Its retail and institutional asset flows are the useful comparison, since clients can generally end these arrangements at any time or on short notice.
ARTISAN PARTNERS ASSET MANAGEMENT INC. competes with T. Rowe Price for clients who pay managers to actively select investments, particularly in equities, which are T. Rowe Price’s largest advisory-fee category. Watch assets in Artisan’s International Value and Global Value strategies, its two largest, for a comparison of demand for active equity management.
Virtus Investment Partners competes with T. Rowe Price for individual and institutional investors’ money in funds and managed accounts, with both earning fees tied to managed assets. Virtus’s retail separate accounts provide a specific comparison for demand beyond mutual funds.
Affiliated Managers Group’s affiliated firms compete with T. Rowe Price to manage clients’ money through funds and separate accounts investing in equities, multiple asset classes and alternatives. Their equity and multi-asset holdings are the closer comparison for T. Rowe Price than AMG’s overall asset total.
Goldman Sachs is both an asset-management rival and a planned partner for T. Rowe Price in serving retirement and wealth clients. In September 2025, it agreed to collaborate on public- and private-market investment solutions and invest up to $1 billion in T. Rowe Price stock; watch progress on that collaboration rather than Goldman’s group-wide earnings.
Principal Financial Group competes with T. Rowe Price to provide retirement services and manage investments for retirement, retail and institutional clients. Watch its workplace retirement business: T. Rowe Price’s target-date retirement products represented 31.6% of managed assets at December 31, 2025.
Voya Financial competes with T. Rowe Price both to manage investors’ money and to keep retirement-plan account records and provide advice. Watch retirement participant net deposits and asset retention at Voya, which help determine the assets supporting its retirement fees.
Ameriprise Financial’s asset-management business competes with T. Rowe Price, but its overall earnings are a less direct comparison because its business centers on advisors providing wealth services to retail clients. Compare its Asset Management segment rather than total earnings, which also include financial-planning and managed-account fees from wealth clients.
Cohen & Steers Inc. competes with T. Rowe Price to manage money through funds and institutional accounts, but its results reflect a much stronger concentration in real estate securities. Those strategies held approximately 63.8% of its managed assets at December 31, 2025, so their asset changes are a narrower comparison than broad active-fund demand.
Federated Hermes competes with T. Rowe Price for investment assets and earns mainly asset-based advisory fees, but its predominantly money-market business gives it very different market exposure. Watch its institutional cash-management assets separately from T. Rowe Price’s much larger equity and multi-asset businesses.
Principal Financial Group, Inc. earningsPFG
Principal's workplace retirement business will show how much retirement money employers and workers entrust to it, a market where T. Rowe Price also competes for plan assets.
Look at asset retention and net flows in Principal's workplace retirement business. Steady retention and inflows show employers and workers are keeping retirement savings in these plans, supporting demand in the market where T. Rowe Price competes for plan assets. Asset losses or weaker inflows would point to greater difficulty holding those relationships.
ARTISAN PARTNERS ASSET MANAGEMENT INC. earningsAPAM
Artisan Partners' report will show asset changes in its International Value and Global Value strategies, offering a read on demand for active equity management in a market it shares with T. Rowe Price.
Look at asset changes in Artisan Partners' International Value and Global Value strategies, alongside flows to distinguish client demand from market movements. Inflows would show that active equity strategies are still attracting clients; outflows would signal weaker demand and more competitive pressure on T. Rowe Price's largest advisory-fee category, equities.
T Rowe Price Group Inc earningsThis company
T. Rowe Price earns most of its revenue from fees on managed assets, and this report will show how client flows and the mix of those assets affect that income.
Read average assets under management, net flows and advisory-fee revenue together. Net inflows alongside rising fees show that client money and the assets generating fees are both supporting growth. Outflows, or fee growth lagging managed assets, suggest withdrawals or a shift toward lower-fee products, leaving the business more reliant on market gains.
