Analyst Consensus ?
ConsensusHold37 ratings
Bullish821.6%
Neutral2362.2%
Bearish616.2%
T. Rowe Price Group, Inc. · TROW · FY2026 Q1 · Calendar Q2 2026
T. Rowe Price Q1 2026: EPS Beats on ETF Strength, OHA Expansion
T. Rowe Price delivered a solid Q1 2026 with adjusted EPS up 13% year-over-year to $2.52, beating consensus of $2.33 by 8.2%. Revenue of $1.857 billion narrowly topped estimates. AUM stood at $1.71 trillion, down from $1.78 trillion at year-end 2025, as market depreciation and $13.7 billion of net outflows partially offset gross sales growth. The active ETF platform is gaining real traction: $2.8 billion of net inflows brought ETF AUM above $25 billion across 32 tickers. The OHA alternatives business scaled to $112 billion in assets with $30 billion in dry powder, expanding into wealth-distribution products. Management accelerated share repurchases to $340 million in the quarter. Guidance was maintained with expense growth projected at 3-6% above 2025 levels. The stock reacted positively, gaining 1.4% on the event day on volume 2.1x baseline, and drifted an additional 1.6% higher…
Reported Before market openNASDAQFinancial Services
$25.47B market cap
100quality score
Company context
Snapshot as of publicationT. Rowe Price Group, Inc. operates as a publicly traded entity specializing in investment management. The firm extends its financial expertise to a diverse range of clients, including individual investors, institutional organizations, retirement benefit plans, and financial intermediaries. It is responsible for the establishment and ongoing management of both equity and fixed income mutual funds. The company's investment activities encompass public stock and bond markets worldwide. Employing a bottom-up methodology, the firm integrates both fundamental and quantitative analysis, leveraging insights from both internal research capabilities and external sources for its investment decisions. A core tenet of its investment philosophy is socially responsible investing, with a significant emphasis on environmental, social, and governance (ESG) factors. Furthermore, T.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.52
Consensus $2
EPS surprise
+8.2%
Reported versus consensus
Reported revenue
$1.86B
Consensus $1.85B
Revenue surprise
+0.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$119.28Current
$87Low
$119.4Average
$215High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Jul 20, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jul 14, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 10, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 10, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 26, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Apr 24, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 10, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 7, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Oct 2, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 11, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Apr 14, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| UBS | Sell | Sell | Maintain | Apr 12, 2024 |
| Jefferies | Hold | Hold | Maintain | Oct 10, 2023 |
| Stifel | Hold | Hold | Maintain | Oct 5, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 5, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 30, 2023 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | May 10, 2020 |
| CFRA | Buy | Strong Buy | Downgrade | Mar 31, 2020 |
| Berenberg | Hold | Hold | Maintain | Nov 15, 2019 |
| Bernstein | Underperform | Market Perform | Downgrade | Nov 13, 2018 |
| Stephens & Co. | Overweight | Overweight | Maintain | Aug 21, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Jan 8, 2018 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 30, 2017 |
| Argus Research | Hold | Buy | Downgrade | Apr 26, 2017 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 14, 2016 |
| Susquehanna | Positive | Positive | Maintain | Sep 3, 2015 |
| PiperJaffray | Neutral | Neutral | Maintain | Jun 3, 2015 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Jul 10, 2014 |
| KeyBanc | Hold | Buy | Downgrade | Jun 18, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Apr 25, 2014 |
| Piper Sandler | Buy | Hold | Upgrade | Apr 25, 2014 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Dec 18, 2013 |
| Edward Jones | Hold | Hold | Maintain | Dec 14, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 24, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $119.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $116 | $120.39 | -2.7% | Jul 29, 2026 |
| Barclays | Benjamin Budish | $108 | $113.65 | -9.5% | Jul 14, 2026 |
| Evercore ISI | Analyst unavailable | $121 | $119.04 | +1.4% | Jul 10, 2026 |
| Morgan Stanley | Michael Cyprys | $109 | $109.08 | -8.6% | Jun 26, 2026 |
| Evercore ISI | Glenn Schorr | $111 | $106.29 | -6.9% | Jun 8, 2026 |
| Evercore ISI | Glenn Schorr | $104 | $103.71 | -12.8% | May 1, 2026 |
| Barclays | Benjamin Budish | $89 | $102.88 | -25.4% | May 1, 2026 |
| Morgan Stanley | Michael Cyprys | $105 | $99.38 | -12.0% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $87 | $95.75 | -27.1% | Apr 17, 2026 |
| Evercore ISI | Glenn Schorr | $96 | $91.97 | -19.5% | Apr 10, 2026 |
| BMO Capital | Analyst unavailable | $98 | $91.97 | -17.8% | Apr 10, 2026 |
| Morgan Stanley | Analyst unavailable | $115 | $97.27 | -3.6% | Feb 10, 2026 |
| Evercore ISI | Analyst unavailable | $106 | $92.94 | -11.1% | Feb 5, 2026 |
| KBW | Analyst unavailable | $110 | $93.43 | -7.8% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $94 | $97.02 | -21.2% | Feb 5, 2026 |
| Morgan Stanley | Michael Cyprys | $123 | $105.98 | +3.1% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $128 | $105.9 | +7.3% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $102 | $104.96 | -14.5% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $101 | $102.53 | -15.3% | Nov 3, 2025 |
| Morgan Stanley | Michael Cyprys | $126 | $105.34 | +5.6% | Oct 27, 2025 |
| Barclays | Benjamin Budish | $103 | $104.24 | -13.6% | Oct 21, 2025 |
| Morgan Stanley | Analyst unavailable | $125 | $103.28 | +4.8% | Oct 6, 2025 |
| Evercore ISI | Analyst unavailable | $115 | $108.16 | -3.6% | Sep 5, 2025 |
| Barclays | Benjamin Budish | $90 | $91.43 | -24.5% | May 5, 2025 |
| Citigroup | Chris Allen | $125 | $115.49 | +4.8% | Jul 26, 2024 |
| Goldman Sachs | Alexander Blostein | $113 | $118.39 | -5.3% | Jun 12, 2024 |
| Evercore ISI | Glenn Schorr | $116 | $114.49 | -2.7% | Jun 12, 2024 |
| Evercore ISI | Glenn Schorr | $107 | $112.08 | -10.3% | Apr 30, 2024 |
| Deutsche Bank | Brian Bedell | $113 | $116.26 | -5.3% | Apr 5, 2024 |
| Evercore ISI | Glenn Schorr | $108 | $117.85 | -9.5% | Mar 12, 2024 |
| BMO Capital | James Fotheringham | $115 | $127.77 | -3.6% | Aug 9, 2022 |
| BMO Capital | James Fotheringham | $135 | $114.85 | +13.2% | Jun 13, 2022 |
| Morgan Stanley | Analyst unavailable | $155 | $125.28 | +29.9% | May 2, 2022 |
| BMO Capital | Analyst unavailable | $160 | $122.98 | +34.1% | May 2, 2022 |
| Citigroup | Analyst unavailable | $90 | $127.3 | -24.5% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $170 | $135.36 | +42.5% | Apr 25, 2022 |
| Morgan Stanley | Michael Cyprys | $178 | $143.07 | +49.2% | Apr 11, 2022 |
| Deutsche Bank | Brian Bedell | $159 | $143.47 | +33.3% | Feb 20, 2022 |
| Barclays | Jeremy Campbell | $160 | $170.01 | +34.1% | Apr 19, 2021 |
| Wells Fargo | Christopher Harris | $215 | $167.98 | +80.2% | Apr 14, 2021 |
Track every rating change on TROW the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.4%
Event window
SPY move
+1.0%
Same window
Abnormal move
+1.4%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+1.6%
Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Compared to the prior quarter, net outflows narrowed sharply from $56.9 billion to $13.7 billion, though AUM still declined from $1.78 trillion to $1.71 trillion reflecting market depreciation. ETF momentum accelerated with $2.8 billion of net inflows and total ETF AUM crossing $25 billion across 32 tickers. OHA alternatives grew assets to $112 billion with $30 billion in dry powder, up from $88 billion at year-end 2024. Share repurchases accelerated to $340 million in Q1. New product launches were announced including the OFlex multi-strategy interval fund, a new target-date sister series, and the firm's first European ETFs. Geopolitical risk from the Iran conflict emerged as a new concern. The crypto ETF and tokenization initiatives highlighted in the prior quarter were not prominently featured this period.
Guidance delta
Guidance was maintained. The 2026 expense growth outlook remains at 3-6% above 2025 levels, unchanged from the prior quarter. Management tone remained confident, and no new financial guidance metrics were introduced or revised.
Key takeaways
- Adjusted EPS of $2.52 beat consensus of $2.33 by 8.2%, up 13% year-over-year.
- AUM of $1.71 trillion, down from $1.78 trillion at year-end 2025, as market depreciation and $13.7 billion of net outflows offset gross sales.
- Active ETF platform added $2.8 billion in net inflows, pushing ETF AUM above $25 billion across 32 tickers.
- OHA alternatives business grew to $112 billion in assets with $30 billion in dry powder, launching new wealth-focused products including the OCREDIT BDC and OFlex interval fund.
- Share repurchases accelerated to $340 million in the quarter.
- Equity mutual fund outflows of $13.7 billion persisted, though multi-asset, fixed income, and alternatives saw net inflows.
Management priorities
- Expand active ETF platform with new tickers and a planned European ETF launch later in 2026.
- Scale OHA alternatives into wealth distribution with the OCREDIT BDC and OFlex multi-strategy interval fund.
- Activate the First Abu Dhabi Bank partnership in mid-2026 for Middle East distribution.
- Continue disciplined expense management within the 3-6% growth range.
- Introduce a new target-date sister series later in the year.
- Evaluate opportunistic M&A and further product development.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T19:12:04.122840+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T19:12:04.120028+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.