What T. Rowe Price Group, Inc. told the SEC could break it.

More than 90% of T. Rowe Price's net revenue comes from AUM-based investment advisory fees (nearly 55% from U.S. mutual funds), so market declines, net outflows or fee compression directly reduce revenue and net income.

“More than 90% of our net revenues are related to investment advisory fees. Total net revenues were $7,314.8 million in 2025, a 3.1% increase compared to $7,093.6 million in 2024. The increase was driven primarily by higher investment advisory fees on higher average assets under management”

T. Rowe Price is subject to extensive financial regulation — SEC/Advisers Act, CFTC (CTA/CPO) rules limiting derivative use, subsidiary net-capital requirements, and evolving federal/state standard-of-care (fiduciary) rules that can raise costs.

“There has been substantial regulatory and legislative activity at federal and state levels regarding standards of care for financial services firms, related to both retirement and taxable accounts. Actions taken by applicable regulatory or legislative bodies may impact our business activities and increase our costs. The Commodity Futures Trading Commission (CFTC) regulations may limit the ability of certain investment products to use futures, swaps, and other derivatives.”

T. Rowe Price relies on third-party service providers for execution/delivery of services and on intermediaries/financial professionals for distribution; failures or loss of these relationships could disrupt operations or asset gathering.

“In certain cases, we rely on third-party service providers for the execution and delivery of these services. There can be no assurance that these service providers will properly perform these processes or that there will not be interruptions in services from these third parties.”