Filing Flows › Price T Rowe Group (TROW) › Q3 2025
Price T Rowe Group (TROW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Price T Rowe Group (TROW) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +10% from the quarter before. Operating margin was 34.0%, net earnings $646M (34.1% of revenue).
Price T Rowe Group, Q3 2025: revenue $1.9B (+6% year over year), operating margin 34.0%, net earnings $646M, operating cash flow $609M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +10% | +6% |
| Operating profit | $643M | +34% | +5% |
| Net earnings | $646M | +28% | +7% |
| Operating cash flow | $609M | +15% | -7% |
| Free cash flow | $546M | +17% | -0.3% |
What changed
Revenue was $1.9B in Q3 2025, up 6% year over year and up 10% from the previous quarter. Investment advisory fees was the largest line at 90% of revenue. Investment advisory fees added $0.07B year over year (up 4%), 66% of the total change. Administrative, distribution, services, and other fees declined 1%.
Operating profit was $0.64B, a 34.0% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, below the 34% margin then. Total costs grew 7% against revenue growth of 6%. Net earnings were $0.65B, up 7% year over year. The effective tax rate was 22.1%. Non-operating items added $0.24B, 27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.61B (down 7% year over year), 89% of net income including minority interests. Non-cash charges added back $0.04B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.06B left free cash flow of $0.55B.
Questions
What was Price T Rowe Group's revenue in the third quarter 2025?
Price T Rowe Group (TROW) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +10% from the quarter before.
Was Price T Rowe Group profitable in the third quarter 2025?
Operating profit was $643M (34.0% of revenue) and net earnings $646M.
Source: Price T Rowe Group 10-Q on SEC EDGAR.