T. Rowe Price Group, Inc. Q2 2026 Earnings Recap

T. Rowe Price shares fell 6.3% following the quarter as investors reacted to ongoing net outflows and a cautious outlook pointing to continued pressure on fundamental active equity, overshadowing modest positive inflows in select strategies.

Key Takeaways

• Assets under management ended at $1.9 trillion with $6.5 billion of net outflows in Q2, reflecting persistent pressure in fundamental active equity.
• Positive inflows in May and June driven by a large defined contribution win and sub-advisory gains, partially offsetting early-quarter outflows.
• Growth areas include integrated equity and fixed income strategies combining fundamental and quantitative research, totaling $200 billion AUM and adding $16 billion net inflows year-to-date.
• Active ETFs and SMAs are expanding, with 34 ETFs managing $30 billion and 43 SMAs managing $20 billion.
• Management signaled ongoing challenges in fundamental equity but highlighted progress in AI integration and new product launches without providing encouraging guidance for near-term recovery.