T. Rowe Price Group, Inc. Q3 2026 Earnings Recap

T. Rowe Price’s shares rose 2.5%, a roughly flat reaction, as the quarter paired $28.3 billion in net outflows with improving investment performance and an expectation that outflows will moderate—but remain elevated—in Q4. Fixed income inflows and new distribution initiatives offered offsets, though the transcript does not indicate that overall flows have turned around.

Key Takeaways

• Assets under management ended the quarter at $1.86 trillion; net outflows were $28.3 billion. Management expects sequential improvement in Q4 flows, with outflows moderating from Q3 but remaining elevated.
• More than 50% of fund assets outperformed peers over the 1-, 3- and 10-year periods, while 44% did so over five years. Fixed income results were stronger, with 74% to 85% of assets outperforming across the reported time periods.
• Fixed income attracted $3.4 billion in net inflows, contrasting with the firmwide outflows. T. Rowe Price also announced a planned acquisition of F/m Investments, which has approximately $20 billion in AUM; closing is expected in early 2027.
• The firm reported progress in ETFs, models and partnerships, including launching two interval funds with Goldman Sachs and adding a sixth model. These initiatives add distribution avenues but do not yet resolve the elevated outflows.