T. Rowe Price reported second quarter 2026 net revenues of $1.91 billion and adjusted diluted EPS of $2.57, beating analyst estimates on earnings but missing slightly on revenue. The firm's assets under management grew to a record $1.9 trillion, although it continued to experience net client outflows.

Key Highlights

  • Net client outflows were $6.5 billion in the second quarter, in line with expectations, driven primarily by $13.5 billion in outflows from equity strategies.
  • Assets under management (AUM) reached a record $1.9 trillion at the end of the quarter, up 12.9% from the prior year, primarily due to market appreciation.
  • Second quarter net revenue increased 10.7% year-over-year, driven by a 15.7% increase in average AUM, though this was partially offset by a decline in the effective fee rate.
  • Adjusted diluted EPS grew 14.7% to $2.57 from $2.24 in the prior-year quarter, benefiting from higher revenues.