Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Fees rose while clients took money out
Advisory fees grew 5.8% because markets lifted assets; client money and the product mix both pulled the other way.
For investorsWhat has to hold for advisory fees to keep growing
For foundersHow a default option turns one decision into years of inflow
Money shifting to cheaper products cut the fee rate, so assets must grow faster just to keep revenue level.
Restructuring, acquisition and deferred pay charges fell; excluding them, as the company does, costs rose about as fast as revenue.
Operating income grew 19.7%, yet rising interest rates shrank investment gains so sharply that net income to shareholders fell 5.2%.
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Business Lens describes T. Rowe Price from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
