0001113169-25-000015 | 10-Q | XBRL Viewer

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FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	$ 77.6	$ 62.5

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2025
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING. We have one reportable segment: investment management services. We derive our revenue and net income globally and manage business activities on a consolidated basis. We derive our revenues and net income globally from investment advisory services provided to individual and institutional investors globally. We also provide certain ancillary administrative services, including mutual fund transfer agent, fund and portfolio accounting, distribution, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; and other advisory services. Our revenues and net income depend largely on the total value and composition of our assets under management, as such, the consideration for our services is generally variable and recognized over time. Our chief operating decision maker (CODM) is the chief executive officer. The CODM utilizes consolidated net income attributable to T. Rowe Price as reported on the consolidated income statement and certain non-GAAP metrics to assess performance and allocate resources. Based on this metric, the CODM decides either to reinvest profits into the business based on our strategic priorities and/or return cash to stockholders through dividends and share repurchases. We determined there are no significant segment expenses that require a separate disclosure, as the major categories of expenses regularly reviewed by the CODM to manage operations are disclosed in the consolidated statements of income. Quarterly reviews of expenses highlight those influenced by financial markets, such as distribution and servicing costs, as well as those that are both qualitatively and quantitatively significant. The measure of segment assets is reported on the balance sheet as total consolidated assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:


(in millions)	3/31/2025		12/31/2024
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	86.0		86.0
Indefinite-lived intangible assets - investment advisory agreements	65.6		65.6
Definite-lived intangible assets - investment advisory agreements	192.1		216.5
Total	$	2,986.5	$	3,010.9

Amortization and impairment expense for the definite-lived intangible assets for the first quarter was $24.4 million in 2025 and $25.5 million in 2024. Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is as follows:


(in millions)
Remaining 2025	$	58.9
2026	59.9
2027	41.1
2028	11.8
2029	8.8

We evaluate the carrying amount of goodwill and indefinite-lived intangible assets for possible impairment on an annual basis in the fourth quarter or if triggering events occur that require us to evaluate for impairment earlier. No triggering events arose during the three months ended March 31, 2025.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price Group, Inc. has committed $357 million for investment in future OHA product launches through 2026. CONTINGENCIES. Contingent Consideration As part of the purchase consideration for our acquisition of OHA in December 2021, there is contingent consideration in the amount of up to $900 million, payable in cash, that may be due as part of an earnout payment in 2026 and 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis from 2022 thru 2026. About 22% of the earnout is conditioned upon continued service with T. Rowe Price Group, Inc. and was excluded from the purchase consideration and deemed compensatory. The fair value of the earnout is remeasured each reporting period and was valued at zero as of March 31, 2025 and December 31, 2024. Other Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

LONG-TERM INCENTIVE COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - Restricted stock units - shares	Mar. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	5,962,399	6,001,579
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	359,941
Nonvested shares where performance threshold has been met (in shares)	102,345

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Concentration Risk [Line Items]
Net revenues	$ 1,763.9	$ 1,750.2
Accounts receivable	934.6		$ 877.4
Sponsored investment portfolios
Concentration Risk [Line Items]
Net revenues	1,471.3	$ 1,443.6
Accounts receivable	$ 638.2		$ 602.0
Investment advisory fees \| Assets under management \| Geographic concentration \| Outside U.S.
Concentration Risk [Line Items]
Concentration risk	8.70%		8.80%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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+ Details

CONSOLIDATED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,836.7	$ 2,649.8
Investments	3,240.3	3,000.5
Other assets	784.4	685.6
Total assets	13,993.7	13,472.0
Liabilities	2,461.4	2,021.9
Attributable to redeemable non-controlling interests	977.2	944.0	$ 676.7	$ 594.1
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group, Inc.	775.2	1,037.9
Attributable to redeemable non-controlling interests		944.0
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group, Inc.	73.6	348.5
Attributable to redeemable non-controlling interests	19.0	124.0
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	446.5	467.7
Liabilities	0.6	0.4
Attributable to T. Rowe Price Group, Inc.	701.6	689.4
Attributable to redeemable non-controlling interests	958.2	820.0
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	50.8	63.1
Investments	1,721.3	1,936.2
Other assets	22.3	44.7
Total assets	1,794.4	2,044.0
Liabilities	42.0	62.1
Net assets	1,752.4	1,981.9
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	9.6	9.3
Reportable entities \| Consolidated T. Rowe Price investment products \| Money Market Funds \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.2	4.9
Reportable entities \| Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.4	7.2
Investments	92.9	470.8
Other assets	0.5	10.4
Total assets	93.8	488.4
Liabilities	1.2	15.9
Net assets	92.6	472.5
Reportable entities \| Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	50.4	55.9
Investments	1,628.4	1,465.4
Other assets	21.8	34.3
Total assets	1,700.6	1,555.6
Liabilities	40.8	46.2
Net assets	$ 1,659.8	$ 1,509.4

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table summarizes our investments and liabilities that are recognized in our unaudited consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments

held by the consolidated investment products which are presented separately in our unaudited consolidated balance sheets and are detailed in Note 5.


	3/31/2025				12/31/2024
(in millions)	Level 1		Level 2			Level 1		Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds	$	2,467.1	$	—		$	2,309.8	$	—
Discretionary investments	440.4		—			258.8		—
Seed capital	466.0		49.9			209.4		53.4
Deferred compensation liabilities economic hedges	1,004.2		—			992.8		—
Other investments	1.4		—			0.1		—
Investments in affiliated collateralized loan obligations	—		4.8			—		6.3
Total	$	4,379.1	$	54.7		$	3,770.9	$	59.7

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

3 Months Ended

Mar. 31, 2025

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Net revenues earned in the first quarter of 2025 and 2024, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn investment advisory fees.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Investment advisory fees
Equity	$	959.2	$	932.5
Fixed income, including money market	103.6		100.2
Multi-asset	454.7		429.7
Alternatives	80.9		74.0
Total investment advisory fees	$	1,598.4	$	1,536.4
Performance-based advisory fees	10.4		17.6
Capital allocation-based income	(1.2)		47.1
Administrative, distribution, services, and other fees	156.3		149.1
Net revenues	$	1,763.9	$	1,750.2

Average AUM (in billions):
Equity	$	826.3	$	770.4
Fixed income, including money market	191.6		169.5
Multi-asset	549.7		497.0
Alternatives	52.7		47.5
Average AUM	$	1,620.3	$	1,484.4

Total net revenues earned from sponsored investment products totaled $1,471.3 million and $1,443.6 million for the three months ended March 31, 2025 and 2024, respectively. Accounts receivable from these products totaled $638.2 million at March 31, 2025 and $602.0 million at December 31, 2024.

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.7% at March 31, 2025 and 8.8% December 31, 2024 of our assets under management.

CONSOLIDATED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (1,167.6)	$ (1,163.6)
Income before income taxes	667.0	775.5
Net income (loss) attributable to redeemable non-controlling interests	14.6	19.6
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	29.4	70.0
Net income (loss) attributable to T. Rowe Price Group, Inc.	14.8	50.4
Net income (loss) attributable to redeemable non-controlling interests	14.6	19.6
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.5)	(2.3)
Net investment income (loss) reflected in non-operating income (loss)	31.9	72.3
Income before income taxes	29.4	70.0
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	14.9	32.6
Net income (loss) attributable to T. Rowe Price Group, Inc.	10.2	25.8
Net income (loss) attributable to redeemable non-controlling interests	4.7	6.8
Voting interest entities \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.2)	(0.8)
Net investment income (loss) reflected in non-operating income (loss)	15.1	33.4
Income before income taxes	14.9	32.6
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	14.5	37.4
Net income (loss) attributable to T. Rowe Price Group, Inc.	4.6	24.6
Net income (loss) attributable to redeemable non-controlling interests	9.9	12.8
Variable interest entities \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.3)	(1.5)
Net investment income (loss) reflected in non-operating income (loss)	16.8	38.9
Income before income taxes	$ 14.5	$ 37.4

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment, Type [Extensible Enumeration]	Certificates of Deposit [Member]	Certificates of Deposit [Member]
Held to maturity	$ 45.2	$ 44.7
Total	3,240.3	3,000.5
U.S. Treasury note
Schedule of Equity Method Investments [Line Items]
Held to maturity	1.0	1.0
Discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	440.4	258.8
Equity method investments	20.0	60.8
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	515.9	262.8
Equity method investments	40.8	128.8
Deferred compensation liabilities economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	1,004.2	992.8
Equity method investments	50.2	88.4
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	79.0	62.6
Investments in affiliated collateralized loan obligations
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	4.8	6.3
Held to maturity	46.6	61.1
Investment in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investments	174.2	173.5
Investments in affiliated private investment funds - carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments	382.6	426.9
Investments in affiliated private investment funds - seed/co-investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	264.4	269.9
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 171.0	$ 162.1

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The changes in currency translation adjustments included in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and 2024 are presented in the table below.


	Three months ended 3/31/2025						Three months ended 3/31/2024

(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(49.5)	$	(2.2)	$	(51.7)	$	(51.9)	$	4.4	$	(47.5)
Other comprehensive income (loss) before reclassifications and income taxes	(4.3)		4.6		0.3		1.1		(4.0)		(2.9)


Net deferred tax benefits (income taxes)	0.6		(1.1)		(0.5)		(0.1)		0.9		0.8
Other comprehensive income (loss)	(3.7)		3.5		(0.2)		1.0		(3.1)		(2.1)
Balances at end of period	$	(53.2)	$	1.3	$	(51.9)	$	(50.9)	$	1.3	$	(49.6)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	000-32191
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	1307 Point Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21231
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common Stock, $0.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		220,316,088
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Central Index Key	0001113169
Amendment Flag	false

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Net increase (decrease) in assets of consolidated investment products	$ (422.7)	$ (35.4)
Net increase (decrease) in liabilities of consolidated investment products	(23.5)	0.0
Net increase (decrease) in redeemable non-controlling interests	$ (75.1)	$ (28.1)

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 1.27	$ 1.24

CONSOLIDATED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 1,167.6	$ 1,163.6
Net cash provided by (used in) financing activities	(411.4)	(267.8)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses	1.4	1.2
Net cash provided by (used in) financing activities	$ (42.2)	$ (19.4)

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 10,506.1	$ 9,697.1
Net deferred tax benefits (income taxes)	(0.5)	0.8
Total other comprehensive income (loss)	2.9	(3.7)
Balances at end of period	10,555.1	9,989.5
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(51.7)	(47.5)
Other comprehensive income (loss) before reclassifications and income taxes	0.3	(2.9)
Net deferred tax benefits (income taxes)	(0.5)	0.8
Total other comprehensive income (loss)	(0.2)	(2.1)
Balances at end of period	(51.9)	(49.6)
Currency translation adjustments \| Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(49.5)	(51.9)
Other comprehensive income (loss) before reclassifications and income taxes	(4.3)	1.1
Net deferred tax benefits (income taxes)	0.6	(0.1)
Total other comprehensive income (loss)	(3.7)	1.0
Balances at end of period	(53.2)	(50.9)
Currency translation adjustments \| Consolidated investment products - variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(2.2)	4.4
Other comprehensive income (loss) before reclassifications and income taxes	4.6	(4.0)
Net deferred tax benefits (income taxes)	(1.1)	0.9
Total other comprehensive income (loss)	3.5	(3.1)
Balances at end of period	$ 1.3	$ 1.3

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
OHA Acquisition
Other Commitments [Line Items]
Contingent consideration, maximum earnout payment			$ 900.0
Earnout 22% threshold			22.00%
Contingent consideration liability	$ 0.0	$ 0.0
OHA Commitments
Other Commitments [Line Items]
Investment commitment, amount	$ 357.0

LONG-TERM INCENTIVE COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Roll Forward of Stock Options

The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2025.


	Options	Weighted- average exercise price
Outstanding at December 31, 2024	661,377	$	73.76
Exercised	(314,509)	$	78.11
Expired	(1,560)	$	79.71
Outstanding and exercisable at March 31, 2025	345,308	$	69.77

Schedule of Roll Forward of Nonvested Restricted Stock Units

The following table summarizes the status of, and changes in, our nonvested restricted stock units during the three months ended March 31, 2025.


	Restricted stock units	Weighted-average fair value
Nonvested at December 31, 2024	6,001,579	$	124.73
Time-based grants	7,544	$	114.78


Vested	(7,554)	$	127.26
Forfeited	(39,170)	$	134.92
Nonvested at March 31, 2025	5,962,399	$	124.65

Below is a roll forward of the restricted fund units liability which is reported in deferred compensation liabilities on the consolidated balance sheet.


(in millions)	3/31/2025
Balance at beginning of year	$	14.7
Amortization of grant date value	11.8
Amortization of market appreciation (depreciation)	(0.5)


Balance at end of year	$	26.0

Schedule of Future Stock-based Compensation Expense

The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at March 31, 2025. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.


(in millions)

Second quarter 2025	$	51.8
Third quarter 2025	51.2
Fourth quarter 2025	44.5
2026	100.0
2027 through 2030	67.1
Total	$	314.6

Schedule of Future Stock-based Compensation Expense to be Recognized over the Remaining Vesting Periods of the Restricted Fund Unit Awards

The following table presents the compensation expense to be recognized over the remaining vesting periods of the restricted fund units outstanding at March 31, 2025. Estimated future compensation expense will change to reflect future grants, changes in the market value of the restricted fund units which is based on selected hypothetical investments, and adjustments for actual forfeitures. The grants outstanding will vest by 2029.


(in millions)

Second quarter 2025	$	11.0
Third quarter 2025	10.9
Fourth quarter 2025	8.9
2026	22.3
2027 through 2029	21.0
Total	$	74.1

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized (loss) gain on T. Rowe Price investments product recognized in nonoperating income	$ (27.3)	$ 64.5
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements	$ 44.5		€ 41.2	$ 59.1	€ 56.9
Investments in affiliated collateralized loan obligations \| Minimum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.15%		1.15%
Investments in affiliated collateralized loan obligations \| Maximum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	11.61%		11.61%

- Definition

Rate of interest on investment.

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+ Details

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 206.4	$ 202.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EARNINGS PER SHARE CALCULATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

The following table presents the reconciliation of net income attributable to T. Rowe Price Group, Inc. to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No outstanding stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Net income attributable to T. Rowe Price Group, Inc.	$	490.5	$	573.8
Less: net income allocated to outstanding restricted stock and stock unit holders	12.4		15.8
Net income allocated to common stockholders	$	478.1	$	558.0

Weighted-average common shares
Outstanding	222.3		223.6
Outstanding assuming dilution	222.6		224.2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Assets of consolidated T. Rowe Price investment products	$ 1,794.4	$ 2,044.0
Liabilities of consolidated T. Rowe Price investment products	$ 42.0	$ 62.1
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	221,061,000	222,966,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 1,700.6	$ 1,555.6
Liabilities of consolidated T. Rowe Price investment products	$ 40.8	$ 46.2

LONG-TERM INCENTIVE COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Mar. 31, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
Second quarter 2025	$ 51.8
Third quarter 2025	51.2
Fourth quarter 2025	44.5
2026	100.0
2027 through 2030	67.1
Total	$ 314.6

INVESTMENTS

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of our investments that are not consolidated investment products are as follows:


(in millions)	3/31/2025		12/31/2024

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	440.4	$	258.8
Seed capital	515.9		262.8
Deferred compensation liabilities economic hedges	1,004.2		992.8
Investment partnerships and other investments	79.0		62.6
Investments in affiliated collateralized loan obligations	4.8		6.3
Equity method investments
T. Rowe Price investment products
Discretionary investments	20.0		60.8
Seed capital	40.8		128.8
Deferred compensation liabilities economic hedges	50.2		88.4
Investment in UTI Asset Management Company Limited (India)	174.2		173.5
Investments in affiliated private investment funds - carried interest	382.6		426.9
Investments in affiliated private investment funds - seed/co-investment	264.4		269.9
Investment partnerships and other investments	171.0		162.1
Held to maturity
Investments in affiliated collateralized loan obligations	46.6		61.1
Certificates of deposit	45.2		44.7
U.S. Treasury note	1.0		1.0
Total	$	3,240.3	$	3,000.5

The investment partnerships held at fair value are valued using net asset value (“NAV”) per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant transferability restrictions. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate.

During the three months ended March 31, 2025, net gains on investments included $27.3 million of net unrealized losses related to investments carried at fair value that were still held at March 31, 2025. For the same period of 2024, net gains on investments included $64.5 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2024.

During the three months ended March 31, 2025 and 2024, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we report our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. The net impact on our unaudited consolidated balance sheets and statements of income as of the dates the products were deconsolidated is detailed below.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Net increase (decrease) in assets of consolidated investment products	$	(422.7)	$	(35.4)
Net increase (decrease) in liabilities of consolidated investment products	$	(23.5)	$	—
Net increase (decrease) in redeemable non-controlling interests	$	(75.1)	$	(28.1)

VARIABLE INTEREST ENTITIES.

Our fair value and equity method investments at March 31, 2025 and December 31, 2024 include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:


(in millions)	3/31/2025		12/31/2024
Investment carrying values	$	911.1	$	955.9
Unfunded capital commitments	206.4		202.5
Accounts receivable	107.4		96.2
	$	1,224.9	$	1,254.6

We have unfunded capital commitments, totaling $206.4 million at March 31, 2025 and $202.5 million at December 31, 2024, related primarily to the affiliated private investment funds and the investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.

Investments in affiliated private investment funds - carried interest represent interests in the general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income, also known as carried interest. The entities that hold these interests (”carried interest entities”) are considered variable interest entities and are consolidated as T. Rowe Price is determined to be the primary beneficiary. The total assets, liabilities and non-controlling interests of these carried interest entities as of March 31, 2025 and December 31, 2024 are as follows:


(in millions)	3/31/2025		12/31/2024
Assets	$	446.5	$	467.7
Liabilities	$	0.6	$	0.4
Non-controlling interest	$	160.4	$	160.7

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our investments in affiliated collateralized loan obligations (“CLOs”). The debt relates to outstanding repurchase agreements of €41.2 million at March 31, 2025 and €56.9 million at December 31, 2024 (equivalent to $44.5 million at March 31, 2025 and $59.1 million at December 31, 2024 at the respective EUR spot rates) that are collateralized by the CLO investments and reported in accounts payable and accrued expenses in our consolidated balance sheets. These repurchase agreements bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 11.61% as of March 31, 2025. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

CONSOLIDATED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 632.9	$ 637.3
Net cash provided by (used in) investing activities	(47.8)	(8.6)
Net cash provided by (used in) financing activities	(411.4)	(267.8)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	0.9	(0.8)
Net change in cash and cash equivalents during period	174.6	360.1
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	2,712.9	2,143.8
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	2,887.5	2,503.9
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	63.1	77.2
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	50.8	87.4
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(137.1)	(95.7)
Net cash provided by (used in) investing activities	3.7	(0.1)
Net cash provided by (used in) financing activities	120.2	106.8
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	0.9	(0.8)
Net change in cash and cash equivalents during period	(12.3)	10.2
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	63.1	77.2
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	50.8	87.4
Reportable entities \| Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(79.6)	(61.8)
Net cash provided by (used in) investing activities	0.7	0.0
Net cash provided by (used in) financing activities	72.1	72.7
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	0.0	0.0
Net change in cash and cash equivalents during period	(6.8)	10.9
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	7.2	25.7
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	0.4	36.6
Reportable entities \| Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(57.5)	(33.9)
Net cash provided by (used in) investing activities	3.0	(0.1)
Net cash provided by (used in) financing activities	48.1	34.1
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	0.9	(0.8)
Net change in cash and cash equivalents during period	(5.5)	(0.7)
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	55.9	51.5
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	$ 50.4	$ 50.8

LONG-TERM INCENTIVE COMPENSATION - Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Weighted-average fair value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 124.73
Time-based grants (in dollars per share) \| $ / shares	114.78
Vested (in dollars per share) \| $ / shares	127.26
Forfeited (in dollars per share) \| $ / shares	134.92
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 124.65
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares) \| shares	6,001,579
Time-based grants (in shares) \| shares	7,544
Vested (in shares) \| shares	(7,554)
Forfeited (in shares) \| shares	(39,170)
Nonvested, ending balance (in shares) \| shares	5,962,399

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net income	$ 505.1	$ 593.4
Currency translation adjustments
Other comprehensive income (loss) before income taxes	3.4	(4.5)
Net deferred tax (expense) benefit	(0.5)	0.8
Total other comprehensive income (loss)	2.9	(3.7)
Total comprehensive income	508.0	589.7
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	17.7	18.0
Comprehensive income attributable to T. Rowe Price Group, Inc.	490.3	571.7
Variable interest entities
Currency translation adjustments
Investments	7.7	(5.6)
Equity method investments
Currency translation adjustments
Investments	$ (4.3)	$ 1.1

FAIR VALUE MEASUREMENTS - Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 440.4	$ 258.8
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	515.9	262.8
Level 1 \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	2,467.1	2,309.8
Other investments	1.4	0.1
Investments in affiliated collateralized loan obligations	0.0	0.0
Total	4,379.1	3,770.9
Level 1 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	440.4	258.8
Level 1 \| Fair value, measurements, recurring \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	466.0	209.4
Level 1 \| Fair value, measurements, recurring \| Deferred compensation liabilities economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	1,004.2	992.8
Level 2 \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0.0	0.0
Other investments	0.0	0.0
Investments in affiliated collateralized loan obligations	4.8	6.3
Total	54.7	59.7
Level 2 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0.0	0.0
Level 2 \| Fair value, measurements, recurring \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	49.9	53.4
Level 2 \| Fair value, measurements, recurring \| Deferred compensation liabilities economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 0.0	$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

3 Months Ended

Mar. 31, 2025

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory Services


	Three months ended
(in millions)	3/31/2025		3/31/2024
Investment advisory fees
Equity	$	959.2	$	932.5
Fixed income, including money market	103.6		100.2
Multi-asset	454.7		429.7
Alternatives	80.9		74.0
Total investment advisory fees	$	1,598.4	$	1,536.4
Performance-based advisory fees	10.4		17.6
Capital allocation-based income	(1.2)		47.1
Administrative, distribution, services, and other fees	156.3		149.1
Net revenues	$	1,763.9	$	1,750.2

Average AUM (in billions):
Equity	$	826.3	$	770.4
Fixed income, including money market	191.6		169.5
Multi-asset	549.7		497.0
Alternatives	52.7		47.5
Average AUM	$	1,620.3	$	1,484.4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	$ 3.1	$ (1.6)

LONG-TERM INCENTIVE COMPENSATION - Restricted Fund Units Liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	$ 1,020.7
Balance at end of year	976.9
Restricted Fund Units
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	14.7
Amortization of grant date value	11.8
Amortization of market appreciation (depreciation)	(0.5)
Balance at end of year	$ 26.0

THE COMPANY AND BASIS OF PREPARATION	3 Months Ended
THE COMPANY AND BASIS OF PREPARATION	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND BASIS OF PREPARATION	THE COMPANY AND BASIS OF PREPARATION. T. Rowe Price Group, Inc. derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors that invest in a broad range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services. The investment solutions are provided in a number of vehicles including the T. Rowe Price U.S. mutual funds ("U.S. mutual funds"), subadvised funds, separately managed accounts, collective investment trusts, exchange-traded funds, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, an interval fund, and collateralized loan obligations. Investment advisory fees depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PRESENTATION. These unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. We are reporting performance-based advisory fees in a separate line of the consolidated income statement to increase transparency. As such, investment advisory fees for prior periods were recast to reflect the new presentation and ensure comparability. The unaudited financial information contained in these consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2024 Annual Report. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for our 2025 annual disclosures. We do not believe the additional disclosure requirements will have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact that the adoption will have on our financial statements and have not yet determined our transition approach. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

CONSOLIDATED INVESTMENT PRODUCTS (Tables)

3 Months Ended

Mar. 31, 2025

Consolidated Sponsored Investment Portfolios [Abstract]

Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios

The following table details the net assets of the consolidated investment products:


	3/31/2025						12/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	0.4	$	50.4	$	50.8	$	7.2	$	55.9	$	63.1
Investments(2)	92.9		1,628.4		1,721.3		470.8		1,465.4		1,936.2
Other assets	0.5		21.8		22.3		10.4		34.3		44.7
Total assets	93.8		1,700.6		1,794.4		488.4		1,555.6		2,044.0
Liabilities	1.2		40.8		42.0		15.9		46.2		62.1
Net assets	$	92.6	$	1,659.8	$	1,752.4	$	472.5	$	1,509.4	$	1,981.9

Attributable to T. Rowe Price Group, Inc.	$	73.6	$	701.6	$	775.2	$	348.5	$	689.4	$	1,037.9
Attributable to redeemable non-controlling interests	19.0		958.2		977.2		124.0		820.0		944.0
	$	92.6	$	1,659.8	$	1,752.4	$	472.5	$	1,509.4	$	1,981.9

(1) Cash and cash equivalents includes $0.2 million at March 31, 2025, and $4.9 million at December 31, 2024, of investments in T. Rowe Price money market mutual funds.

(2) Investments include $9.6 million at March 31, 2025, and $9.3 million at December 31, 2024 of other T. Rowe Price investment products.

Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios

The operating results of the consolidated investment products for the three months ended March 31, 2025 and 2024, are reflected in our unaudited consolidated statements of income as follows:


	Three months ended
	3/31/2025						3/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.2)	$	(2.3)	$	(2.5)	$	(0.8)	$	(1.5)	$	(2.3)
Net investment income (loss) reflected in non-operating income (loss)	15.1		16.8		31.9		33.4		38.9		72.3
Impact on income before taxes	$	14.9	$	14.5	$	29.4	$	32.6	$	37.4	$	70.0

Net income (loss) attributable to T. Rowe Price Group, Inc.	$	10.2	$	4.6	$	14.8	$	25.8	$	24.6	$	50.4
Net income (loss) attributable to redeemable non-controlling interests	4.7		9.9		14.6		6.8		12.8		19.6
	$	14.9	$	14.5	$	29.4	$	32.6	$	37.4	$	70.0

Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios

The table below details the impact of these consolidated investment products on the individual lines of our unaudited consolidated statements of cash flows for the three months ended March 31, 2025 and 2024.


	Three months ended
	3/31/2025						3/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(79.6)	$	(57.5)	$	(137.1)	$	(61.8)	$	(33.9)	$	(95.7)
Net cash provided by (used in) investing activities	0.7		3.0		3.7		—		(0.1)		(0.1)
Net cash provided by (used in) financing activities	72.1		48.1		120.2		72.7		34.1		106.8
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	—		0.9		0.9		—		(0.8)		(0.8)
Net change in cash and cash equivalents during period	(6.8)		(5.5)		(12.3)		10.9		(0.7)		10.2
Cash and cash equivalents at beginning of year	7.2		55.9		63.1		25.7		51.5		77.2
Cash and cash equivalents at end of period	$	0.4	$	50.4	$	50.8	$	36.6	$	50.8	$	87.4

Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios

The following table summarizes the investment holdings held by our consolidated investment products using fair value measurements determined based on the differing levels of inputs.


	3/31/2025				12/31/2024
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	0.2	$	—		$	6.3	$	—
Equity securities	396.6		205.4			452.3		285.4
Fixed income securities	—		1,090.5			—		1,173.5
Other investments	1.2		27.6			1.6		23.4
	$	398.0	$	1,323.5		$	460.2	$	1,482.3

Liabilities	$	(0.6)	$	(11.3)		$	(1.7)	$	(14.5)

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Unconsolidated Investments

The carrying values of our investments that are not consolidated investment products are as follows:


(in millions)	3/31/2025		12/31/2024

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	440.4	$	258.8
Seed capital	515.9		262.8
Deferred compensation liabilities economic hedges	1,004.2		992.8
Investment partnerships and other investments	79.0		62.6
Investments in affiliated collateralized loan obligations	4.8		6.3
Equity method investments
T. Rowe Price investment products
Discretionary investments	20.0		60.8
Seed capital	40.8		128.8
Deferred compensation liabilities economic hedges	50.2		88.4
Investment in UTI Asset Management Company Limited (India)	174.2		173.5
Investments in affiliated private investment funds - carried interest	382.6		426.9
Investments in affiliated private investment funds - seed/co-investment	264.4		269.9
Investment partnerships and other investments	171.0		162.1
Held to maturity
Investments in affiliated collateralized loan obligations	46.6		61.1
Certificates of deposit	45.2		44.7
U.S. Treasury note	1.0		1.0
Total	$	3,240.3	$	3,000.5

Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements

The net impact on our unaudited consolidated balance sheets and statements of income as of the dates the products were deconsolidated is detailed below.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Net increase (decrease) in assets of consolidated investment products	$	(422.7)	$	(35.4)
Net increase (decrease) in liabilities of consolidated investment products	$	(23.5)	$	—
Net increase (decrease) in redeemable non-controlling interests	$	(75.1)	$	(28.1)

Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities


(in millions)	3/31/2025		12/31/2024
Investment carrying values	$	911.1	$	955.9
Unfunded capital commitments	206.4		202.5
Accounts receivable	107.4		96.2
	$	1,224.9	$	1,254.6

Schedule of Total Assets, Liabilities and Non-controlling Interests of Consolidated Variable Interest Entities

The total assets, liabilities and non-controlling interests of these carried interest entities as of March 31, 2025 and December 31, 2024 are as follows:


(in millions)	3/31/2025		12/31/2024
Assets	$	446.5	$	467.7
Liabilities	$	0.6	$	0.4
Non-controlling interest	$	160.4	$	160.7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments held at fair value using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments and liabilities that are recognized in our unaudited consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments

held by the consolidated investment products which are presented separately in our unaudited consolidated balance sheets and are detailed in Note 5.


	3/31/2025				12/31/2024
(in millions)	Level 1		Level 2			Level 1		Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds	$	2,467.1	$	—		$	2,309.8	$	—
Discretionary investments	440.4		—			258.8		—
Seed capital	466.0		49.9			209.4		53.4
Deferred compensation liabilities economic hedges	1,004.2		—			992.8		—
Other investments	1.4		—			0.1		—
Investments in affiliated collateralized loan obligations	—		4.8			—		6.3
Total	$	4,379.1	$	54.7		$	3,770.9	$	59.7

The fair value hierarchy level table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient or using the measurement alternative. The carrying value of these investments as disclosed in Note 3 were $77.6 million at March 31, 2025, and $62.5 million at December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 13,993.7	$ 13,472.0
Liabilities	2,461.4	2,021.9
Non-controlling interest	160.4	160.7
Variable interest entities
Subsidiary or Equity Method Investee [Line Items]
Assets	446.5	467.7
Liabilities	$ 0.6	$ 0.4

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

LONG-TERM INCENTIVE COMPENSATION - Stock Options (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Options
Outstanding, beginning balance (in shares) \| shares	661,377
Exercised (in shares) \| shares	(314,509)
Expired (in shares) \| shares	(1,560)
Outstanding, ending balance (in shares) \| shares	345,308
Exercisable (in shares) \| shares	345,308
Weighted- average exercise price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 73.76
Exercised (in dollars per share) \| $ / shares	78.11
Expired (in dollars per share) \| $ / shares	79.71
Outstanding, ending balance (in dollars per share) \| $ / shares	69.77
Exercisable (in dollars per share) \| $ / shares	$ 69.77

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 505.1	$ 593.4
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	63.6	62.6
Amortization and impairment of acquisition-related assets and retention arrangements	49.0	50.8
Stock-based compensation expense	50.3	58.4
Net gains recognized on investments	(8.3)	(147.0)
Net redemptions in investment products used to economically hedge deferred compensation liabilities	45.9	15.1
Net change in securities held by consolidated investment products	(163.0)	(158.3)
Other changes in assets and liabilities	90.3	162.3
Net cash provided by operating activities	632.9	637.3
Cash flows from investing activities
Purchases of sponsored investment products	(73.6)	(4.5)
Dispositions of sponsored investment products	119.8	95.7
Net cash of investment products upon consolidation (deconsolidation)	3.7	(0.1)
Additions to property, equipment and software	(82.0)	(102.5)
Other investing activity	(15.7)	2.8
Net cash used in investing activities	(47.8)	(8.6)
Cash flows from financing activities
Repurchases of common stock	(215.2)	(83.1)
Common share issuances under stock-based compensation plans	15.2	14.2
Dividends paid to common stockholders and equity-unit holders	(289.5)	(286.5)
Net contributions to non-controlling interests in consolidated entities	0.1	0.2
Net subscriptions from redeemable non-controlling interest holders	78.0	87.4
Net cash used in financing activities	(411.4)	(267.8)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	0.9	(0.8)
Net change in cash and cash equivalents during period	174.6	360.1
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products	2,712.9	2,143.8
Cash and cash equivalents at end of period, including $50.8 million at March 31, 2025, and $87.4 million at March 31, 2024, held by consolidated investment products	$ 2,887.5	$ 2,503.9

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.

The changes in currency translation adjustments included in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and 2024 are presented in the table below.


	Three months ended 3/31/2025						Three months ended 3/31/2024

(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(49.5)	$	(2.2)	$	(51.7)	$	(51.9)	$	4.4	$	(47.5)
Other comprehensive income (loss) before reclassifications and income taxes	(4.3)		4.6		0.3		1.1		(4.0)		(2.9)


Net deferred tax benefits (income taxes)	0.6		(1.1)		(0.5)		(0.1)		0.9		0.8
Other comprehensive income (loss)	(3.7)		3.5		(0.2)		1.0		(3.1)		(2.1)
Balances at end of period	$	(53.2)	$	1.3	$	(51.9)	$	(50.9)	$	1.3	$	(49.6)

The other comprehensive income (loss) in the table above excludes other comprehensive gains of $3.1 million for the three months ended March 31, 2025, and other comprehensive losses of $1.6 million for the three months ended March 31, 2024 related to redeemable non-controlling interests held in our consolidated products.

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 2,836.7	$ 2,649.8
Accounts receivable and accrued revenue	934.6	877.4
Investments	3,240.3	3,000.5
Assets of consolidated investment products ($1,700.6 million at March 31, 2025 and $1,555.6 million at December 31, 2024, related to variable interest entities)	1,794.4	2,044.0
Operating lease assets	421.3	226.8
Property, equipment and software, net	995.5	977.0
Intangible assets, net	343.7	368.1
Goodwill	2,642.8	2,642.8
Other assets	784.4	685.6
Total assets	13,993.7	13,472.0
LIABILITIES
Accounts payable and accrued expenses	347.1	353.5
Liabilities of consolidated investment products ($40.8 million at March 31, 2025 and $46.2 million at December 31, 2024, related to variable interest entities)	42.0	62.1
Operating lease liabilities	472.1	278.7
Accrued compensation and related costs	328.2	219.8
Deferred compensation liabilities	976.9	1,020.7
Income taxes payable	295.1	87.1
Total liabilities	2,461.4	2,021.9
Commitments and contingent liabilities
Redeemable non-controlling interests	977.2	944.0
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $0.20 par value – authorized and unissued 20,000,000 shares	0.0	0.0
Common stock, $0.20 par value—authorized 750,000,000; issued 221,061,000 shares at March 31, 2025 and 222,966,000 at December 31, 2024	44.2	44.6
Additional capital in excess of par value	160.2	311.9
Retained earnings	10,242.2	10,040.6
Accumulated other comprehensive loss	(51.9)	(51.7)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.	10,394.7	10,345.4
Non-controlling interests in consolidated entities	160.4	160.7
Total permanent stockholders’ equity	10,555.1	10,506.1
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 13,993.7	$ 13,472.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue and Services [Line Items]
Net revenues	$ 1,763.9	$ 1,750.2
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,598.4	1,536.4
Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	1,620,300.0	1,484,400.0
Performance-based advisory fees
Revenue and Services [Line Items]
Net revenues	10.4	17.6
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	(1.2)	47.1
Administrative, distribution, services, and other fees
Revenue and Services [Line Items]
Net revenues	156.3	149.1
Equity \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	826,300.0	770,400.0
Fixed income, including money market \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	191,600.0	169,500.0
Multi-asset \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	549,700.0	497,000.0
Alternatives \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	52,700.0	47,500.0
Investment advisory fees \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,598.4	1,536.4
Investment advisory fees \| Equity \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	959.2	932.5
Investment advisory fees \| Fixed income, including money market \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	103.6	100.2
Investment advisory fees \| Multi-asset \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	454.7	429.7
Investment advisory fees \| Alternatives \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	$ 80.9	$ 74.0

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Intangible Assets and Goodwill [Line Items]
Goodwill	$ 2,642.8	$ 2,642.8
Total	2,986.5	3,010.9
Investment Advisory Agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Definite-lived intangible assets - investment advisory agreements	192.1	216.5
Trade Name
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets	86.0	86.0
Investment Advisory Agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets	$ 65.6	$ 65.6

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Topic 210
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-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 2,887.5	$ 2,712.9	$ 2,503.9	$ 2,143.8
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 50.8	$ 63.1	$ 87.4	$ 77.2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Definite-Lived Intangible Assets, Future Amortization Expense (Details) - Investment Advisory Agreements $ in Millions	Mar. 31, 2025 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remaining 2025	$ 58.9
2026	59.9
2027	41.1
2028	11.8
2029	$ 8.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Investment carrying values	$ 911.1	$ 955.9
Unfunded capital commitments	206.4	202.5
Accounts receivable	107.4	96.2
Maximum risk of loss related to nonconsolidated variable interest entities	$ 1,224.9	$ 1,254.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


(in millions)	3/31/2025		12/31/2024
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	86.0		86.0
Indefinite-lived intangible assets - investment advisory agreements	65.6		65.6
Definite-lived intangible assets - investment advisory agreements	192.1		216.5
Total	$	2,986.5	$	3,010.9

Schedule of Definite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is as follows:


(in millions)
Remaining 2025	$	58.9
2026	59.9
2027	41.1
2028	11.8
2029	8.8

EARNINGS PER SHARE CALCULATIONS

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.


	Three months ended
(in millions)	3/31/2025		3/31/2024
Net income attributable to T. Rowe Price Group, Inc.	$	490.5	$	573.8
Less: net income allocated to outstanding restricted stock and stock unit holders	12.4		15.8
Net income allocated to common stockholders	$	478.1	$	558.0

Weighted-average common shares
Outstanding	222.3		223.6
Outstanding assuming dilution	222.6		224.2

LONG-TERM INCENTIVE COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE COMPENSATION

LONG-TERM INCENTIVE COMPENSATION.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2025.


	Options	Weighted- average exercise price
Outstanding at December 31, 2024	661,377	$	73.76
Exercised	(314,509)	$	78.11
Expired	(1,560)	$	79.71
Outstanding and exercisable at March 31, 2025	345,308	$	69.77

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted stock units during the three months ended March 31, 2025.


	Restricted stock units	Weighted-average fair value
Nonvested at December 31, 2024	6,001,579	$	124.73
Time-based grants	7,544	$	114.78


Vested	(7,554)	$	127.26
Forfeited	(39,170)	$	134.92
Nonvested at March 31, 2025	5,962,399	$	124.65

Nonvested at March 31, 2025 includes performance-based restricted stock units of 359,941. These nonvested performance-based restricted stock units include 102,345 units for which the performance period has lapsed, and the performance threshold has been met.

FUTURE STOCK-BASED COMPENSATION EXPENSE.


(in millions)

Second quarter 2025	$	51.8
Third quarter 2025	51.2
Fourth quarter 2025	44.5
2026	100.0
2027 through 2030	67.1
Total	$	314.6

RESTRICTED FUND UNITS.

Below is a roll forward of the restricted fund units liability which is reported in deferred compensation liabilities on the consolidated balance sheet.


(in millions)	3/31/2025
Balance at beginning of year	$	14.7
Amortization of grant date value	11.8
Amortization of market appreciation (depreciation)	(0.5)


Balance at end of year	$	26.0


(in millions)

Second quarter 2025	$	11.0
Third quarter 2025	10.9
Fourth quarter 2025	8.9
2026	22.3
2027 through 2029	21.0
Total	$	74.1

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Net revenues	$ 1,763.9	$ 1,750.2
Operating expenses
Compensation and related costs	664.5	709.0
Distribution and servicing	93.6	81.9
Advertising and promotion	26.1	25.3
Product and recordkeeping related costs	83.8	75.0
Technology, occupancy, and facility costs	167.6	149.9
General, administrative, and other	103.3	92.6
Acquisition-related amortization and impairment costs	28.7	29.9
Total operating expenses	1,167.6	1,163.6
Net operating income	596.3	586.6
Non-operating income (loss)
Net gains (losses) on investments	31.9	121.5
Net gains (losses) on consolidated investment products	31.9	72.3
Other gains (losses), including foreign currency gains (losses)	6.9	(4.9)
Total non-operating income (loss)	70.7	188.9
Income before income taxes	667.0	775.5
Provision for income taxes	161.9	182.1
Net income	505.1	593.4
Less: net income (loss) attributable to redeemable non-controlling interests	14.6	19.6
Net income attributable to T. Rowe Price Group, Inc.	$ 490.5	$ 573.8
Earnings per share on common stock of T. Rowe Price Group, Inc.
Basic (in dollars per share)	$ 2.15	$ 2.50
Diluted (in dollars per share)	$ 2.15	$ 2.49
Investment advisory fees
Revenues
Net revenues	$ 1,598.4	$ 1,536.4
Performance-based advisory fees
Revenues
Net revenues	10.4	17.6
Capital allocation-based income
Revenues
Net revenues	(1.2)	47.1
Administrative, distribution, services, and other fees
Revenues
Net revenues	$ 156.3	$ 149.1

CONSOLIDATED INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 2,467.1	$ 2,309.8
Other investments	1.4	0.1
Total	4,379.1	3,770.9
Level 1 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.2	6.3
Equity securities	396.6	452.3
Fixed income securities	0.0	0.0
Other investments	1.2	1.6
Total	398.0	460.2
Liabilities	(0.6)	(1.7)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Other investments	0.0	0.0
Total	54.7	59.7
Level 2 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Equity securities	205.4	285.4
Fixed income securities	1,090.5	1,173.5
Other investments	27.6	23.4
Total	1,323.5	1,482.3
Liabilities	(11.3)	$ (14.5)
Level 3 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0.0

LONG-TERM INCENTIVE COMPENSATION - Restricted Fund Units Liability Compensation Expense (Details) $ in Millions	Mar. 31, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
Second quarter 2025	$ 11.0
Third quarter 2025	10.9
Fourth quarter 2025	8.9
2026	22.3
2027 through 2029	21.0
Total	$ 74.1

Segment Reporting (Details)	3 Months Ended
Segment Reporting (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0
Net income attributable to T. Rowe Price Group, Inc.	$ 490.5	$ 573.8
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	12.4	15.8
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	12.4	15.8
Net income allocated to common stockholders (basic)	478.1	558.0
Net income allocated to common stockholders (diluted)	$ 478.1	$ 558.0
Weighted-average common shares
Outstanding (in shares)	222,300,000	223,600,000
Outstanding assuming dilution (in shares)	222,600,000	224,200,000

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Total  stockholders’ equity attributable to T. Rowe Price Group, Inc.

Common stock

Additional capital in excess of par value

Retained earnings

AOCI

^[1]

Non-controlling interests in consolidated entities

Beginning balance (in shares) at Dec. 31, 2023

223,938,000

Balances at beginning of period at Dec. 31, 2023

$ 9,697.1

$ 9,505.1

$ 44.8

$ 431.7

$ 9,076.1

$ (47.5)

$ 192.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

587.0

573.8

13.2

Other comprehensive income (loss), net of tax

(2.1)

Dividends declared

(285.0)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

246,000

Shares issued upon option exercises

15.4

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes (in shares)

27,000

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes

(1.4)

Stock-based compensation expense

58.4

Restricted stock units issued as dividend equivalents

0.0

0.1

(0.1)

Common shares repurchased (in shares)

(717,000)

Common shares repurchased

(80.1)

$ (0.1)

(80.0)

Net contributions to non-controlling interests in consolidated entities

0.2

Ending balance (in shares) at Mar. 31, 2024

223,494,000

Balances at end of period at Mar. 31, 2024

9,989.5

9,784.1

$ 44.7

424.2

9,364.8

(49.6)

205.4

Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2023

594.1

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss)

19.6

Other comprehensive income (loss), net of tax

(1.6)

Net subscriptions into T. Rowe Price investment products

92.7

Net deconsolidations of T. Rowe Price investment products

(28.1)

Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2024

676.7

Beginning balance (in shares) at Dec. 31, 2024

222,966,000

Balances at beginning of period at Dec. 31, 2024

10,506.1

10,345.4

$ 44.6

311.9

10,040.6

(51.7)

160.7

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

490.1

490.5

(0.4)

Other comprehensive income (loss), net of tax

(0.2)

Dividends declared

$ (288.8)

(288.8)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

314,509

231,000

Shares issued upon option exercises

$ 15.2

15.2

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes (in shares)

5,000

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes

(0.2)

Stock-based compensation expense

50.3

Restricted stock units issued as dividend equivalents

0.0

0.1

(0.1)

Common shares repurchased (in shares)

(2,141,000)

Common shares repurchased

(217.5)

$ (0.4)

(217.1)

Net contributions to non-controlling interests in consolidated entities

0.1

Ending balance (in shares) at Mar. 31, 2025

221,061,000

Balances at end of period at Mar. 31, 2025

10,555.1

$ 10,394.7

$ 44.2

$ 160.2

$ 10,242.2

$ (51.9)

$ 160.4

Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2024

944.0

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss)

14.6

Other comprehensive income (loss), net of tax

3.1

Net subscriptions into T. Rowe Price investment products

90.6

Net deconsolidations of T. Rowe Price investment products

(75.1)

Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2025

$ 977.2

[1]	Accumulated other comprehensive income

THE COMPANY AND BASIS OF PREPARATION (Policies)	3 Months Ended
THE COMPANY AND BASIS OF PREPARATION (Policies)	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	These unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States.
Use of estimates	These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. We are reporting performance-based advisory fees in a separate line of the consolidated income statement to increase transparency. As such, investment advisory fees for prior periods were recast to reflect the new presentation and ensure comparability.
Newly issued but not yet adopted accounting guidance	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for our 2025 annual disclosures. We do not believe the additional disclosure requirements will have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact that the adoption will have on our financial statements and have not yet determined our transition approach. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

CONSOLIDATED INVESTMENT PRODUCTS

3 Months Ended

Mar. 31, 2025

Consolidated Sponsored Investment Portfolios [Abstract]

CONSOLIDATED INVESTMENT PRODUCTS

CONSOLIDATED INVESTMENT PRODUCTS.

The investment products that we consolidate in our consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds and certain other products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.

The following table details the net assets of the consolidated investment products:


	3/31/2025						12/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	0.4	$	50.4	$	50.8	$	7.2	$	55.9	$	63.1
Investments(2)	92.9		1,628.4		1,721.3		470.8		1,465.4		1,936.2
Other assets	0.5		21.8		22.3		10.4		34.3		44.7
Total assets	93.8		1,700.6		1,794.4		488.4		1,555.6		2,044.0
Liabilities	1.2		40.8		42.0		15.9		46.2		62.1
Net assets	$	92.6	$	1,659.8	$	1,752.4	$	472.5	$	1,509.4	$	1,981.9

Attributable to T. Rowe Price Group, Inc.	$	73.6	$	701.6	$	775.2	$	348.5	$	689.4	$	1,037.9
Attributable to redeemable non-controlling interests	19.0		958.2		977.2		124.0		820.0		944.0
	$	92.6	$	1,659.8	$	1,752.4	$	472.5	$	1,509.4	$	1,981.9

(1) Cash and cash equivalents includes $0.2 million at March 31, 2025, and $4.9 million at December 31, 2024, of investments in T. Rowe Price money market mutual funds.

(2) Investments include $9.6 million at March 31, 2025, and $9.3 million at December 31, 2024 of other T. Rowe Price investment products.

Although we can generally redeem our net interest in the consolidated investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors.

Since third-party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated investment products is limited to valuation changes associated with our net interest.

However, we are required to recognize the valuation changes associated with all underlying investments held by these products in our consolidated statements of income and disclose the portion attributable to unrelated third-party investors as net income attributable to redeemable non-controlling interests.

The operating results of the consolidated investment products for the three months ended March 31, 2025 and 2024, are reflected in our unaudited consolidated statements of income as follows:


	Three months ended
	3/31/2025						3/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.2)	$	(2.3)	$	(2.5)	$	(0.8)	$	(1.5)	$	(2.3)
Net investment income (loss) reflected in non-operating income (loss)	15.1		16.8		31.9		33.4		38.9		72.3
Impact on income before taxes	$	14.9	$	14.5	$	29.4	$	32.6	$	37.4	$	70.0

Net income (loss) attributable to T. Rowe Price Group, Inc.	$	10.2	$	4.6	$	14.8	$	25.8	$	24.6	$	50.4
Net income (loss) attributable to redeemable non-controlling interests	4.7		9.9		14.6		6.8		12.8		19.6
	$	14.9	$	14.5	$	29.4	$	32.6	$	37.4	$	70.0

The operating expenses of these consolidated products are reflected in general, administrative and other expenses. In preparing our unaudited consolidated financial statements, we eliminated operating expenses of $1.4 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively, against the investment advisory and administrative fees earned from these products. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as realized and unrealized gains and losses on the underlying securities held by the consolidated investment products.


	Three months ended
	3/31/2025						3/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(79.6)	$	(57.5)	$	(137.1)	$	(61.8)	$	(33.9)	$	(95.7)
Net cash provided by (used in) investing activities	0.7		3.0		3.7		—		(0.1)		(0.1)
Net cash provided by (used in) financing activities	72.1		48.1		120.2		72.7		34.1		106.8
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	—		0.9		0.9		—		(0.8)		(0.8)
Net change in cash and cash equivalents during period	(6.8)		(5.5)		(12.3)		10.9		(0.7)		10.2
Cash and cash equivalents at beginning of year	7.2		55.9		63.1		25.7		51.5		77.2
Cash and cash equivalents at end of period	$	0.4	$	50.4	$	50.8	$	36.6	$	50.8	$	87.4

For the three months ended March 31, 2025, the net cash provided by (used in) financing activities includes $42.2 million of net subscriptions we made into the consolidated investment products, net of dividends received. For the three months ended March 31, 2024, the net cash provided by (used in) financing activities included $19.4 million of net subscriptions we made into the consolidated investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated investment products using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated investment products using fair value measurements determined based on the differing levels of inputs.


	3/31/2025				12/31/2024
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	0.2	$	—		$	6.3	$	—
Equity securities	396.6		205.4			452.3		285.4
Fixed income securities	—		1,090.5			—		1,173.5
Other investments	1.2		27.6			1.6		23.4
	$	398.0	$	1,323.5		$	460.2	$	1,482.3

Liabilities	$	(0.6)	$	(11.3)		$	(1.7)	$	(14.5)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 490.5	$ 573.8

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition-related amortization and impairment costs	$ 24.4	$ 25.5