T. Rowe Price Q2 net revenues fall 0.6% to $1.72 billion; GAAP EPS rises 6.2%
T. Rowe Price reported second-quarter 2025 results on August 1, 2025. Net revenues were $1.72 billion, down 0.6% from a year earlier, while GAAP diluted EPS rose 6.2% to $2.24, helped by higher non-operating income. Adjusted diluted EPS of $2.24 was down 0.9% from $2.26, and the firm had net client outflows of $14.9 billion, so shareholders see mixed headline results.
Key points
- Net revenues of $1,723.3 million, down 0.6% from $1,733.3 million in Q2 2024
- GAAP diluted EPS of $2.24 versus $2.11 a year earlier; adjusted diluted EPS of $2.24 versus $2.26
- Operating expenses rose 6.5% to $1,245.0 million, while ending AUM reached $1.68 trillion
- Full-year 2025 GAAP effective tax rate estimated at 23.5% to 27.5%
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 01, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.