Q4 2025 T Rowe Price Group Inc Earnings Call Transcript
Key Points
- T. Rowe Price Group Inc (TROW) closed the year with $1.78 trillion in assets under management, up over 10% from the start of the year.
- The company generated over $2 billion of free cash flow in 2025 and returned nearly $1.8 billion of cash to stockholders.
- T. Rowe Price Group Inc (TROW) extended its history of increasing its regular dividend for the 39th consecutive year.
- The company launched 13 ETFs in 2025, growing assets under management to over $21 billion by year-end.
- T. Rowe Price Group Inc (TROW) established a strategic collaboration with Goldman Sachs to pursue opportunities in wealth and retirement.
- T. Rowe Price Group Inc (TROW) experienced $56.9 billion in net outflows for the year, concentrated in equity and mutual fund businesses.
- Performance shortfalls in certain strategies led to higher-than-anticipated redemptions.
- The company faced elevated redemptions from its legacy equity and mutual fund business.
- The decline in average effective fee rate continues to be driven by changes in asset and vehicle mix.
- Fully active target date funds are losing share to passive and blend options, posing a headwind for T. Rowe Price Group Inc (TROW).
Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.
Hello, and thank you for joining us today for our fourth quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.trowprice com. Today's call will last approximately 45 minutes. Our chair CEO and President, Rob Sharps and CFO, Jen Dardis, will discuss the company's results for about 15 minutes. Then we'll open it up to your questions. at which time we'll be joined by our Head of Global Investments, Eric Veiel. We ask that you limit it to one question per participant.
I'd like to remind you that during the
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