Short answer
T. Rowe Price (TROW) filed its Q3 2025 10-Q quarterly report on Oct 31, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.9B (up 6.0% year over year) with net income of $646M.
Q3 2025 key financials · XBRL
- Revenue
- $1.9B
- +6.0% YoY · +9.9% QoQ
- Net income
- $646M
- +7.1% YoY · +27.9% QoQ
- Operating margin
- 34.0%
- EPS (diluted)
- $2.87
- +9.1% YoY · +28.7% QoQ
Source: XBRL data from the T. Rowe Price (TROW) Q3 2025 10-Q on SEC EDGAR. USD.
T. Rowe Price Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $1,893.5M, up 6.0% YoY from $1,785.6M; investment advisory fees $1,698.7M, up 4.4% YoY
- Operating margin 34.0% Q3 2025 vs 34.4% Q3 2024; margin 31.9% YTD 2025 vs 33.5% YTD 2024
- Best segments: Alternatives fees +7.4% Q3 and +8.3% YTD; Worst: Performance-based fees down 42.0% Q3, 16.8M decrease YTD
- Cash and discretionary investments $4.28B vs $3.11B Dec 2024; operating cash flow $2.38B YTD, up $40.6M YoY; repurchased $483.8M shares YTD
- Management notes fee rate pressure, expense growth outpacing revenue YTD; ongoing expense reduction and resource realignment; full-year tax rate 23.0%-26.0% expected
Risk Factors
- Market volatility impacting asset valuations and fee revenue amid uncertain global economic conditions
- Regulatory changes in asset management compliance increasing operational costs and reporting requirements
- Cybersecurity threats targeting client data and disrupting online investment platforms
- Competitive pressure from low-cost index funds challenging fee-based revenue model
- Liquidity risk due to potential redemptions affecting fund stability and cash management
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
Other T. Rowe Price quarterly reports
Ask about this quarter
Compare quarters, check guidance or see what insiders and funds did around the report.