T. Rowe Price’s third quarter reflected moderate growth, with results surpassing Wall Street’s expectations for both revenue and adjusted earnings. Management attributed the company’s performance to a combination of solid investment returns across equity and fixed income, as well as progress in its exchange-traded fund (ETF) business and alternative investment strategies. CEO Rob Sharps pointed to an improvement in one-year fund performance and highlighted positive momentum in the firm’s retirement-focused products, noting, “We’re encouraged by this improvement and the momentum we are building.”

Is now the time to buy TROW? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From T. Rowe Price’s Q3 Earnings Call

• Michael Cyprys (Morgan Stanley) asked about T. Rowe Price’s digital asset strategy and expected demand. Head of Global Investments Eric Veiel explained the company’s focus on building internal expertise and gradual product rollout, noting increasing adviser interest.
• Ben Budish (Barclays) inquired about the economics of the Goldman Sachs partnership. CEO Rob Sharps described the economics as balanced, highlighting shared incentives and collaborative product development but declined to provide specific financial details.
• Dan Fannon (Jefferies) sought clarity on flow trends and outlook. Sharps acknowledged weaker near-term flows due to higher equity redemptions and noted that positive momentum in alternatives and retirement products needs to scale further to offset outflows.
• Craig Siegenthaler (Bank of America) pressed for details on the timeline and client adoption of co-branded Target Date products. Sharps said initial launches are planned for mid-2026, but client uptake among large plans may be slow given regulatory and fee concerns.
• Brennan Hawken (BMO) questioned recent investment performance relative to benchmarks. Veiel attributed underperformance to a narrow, risk-seeking market environment and acknowledged some stock selection missteps, noting recent portfolio management changes.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the pace and scale of product rollouts from the Goldman Sachs partnership, (2) the effectiveness of expense management initiatives in supporting margin stability, and (3) improvements in net flows across key product categories, especially ETFs and alternative investments. We will also track regulatory developments impacting retirement product adoption and the trajectory of active fund performance relative to passive benchmarks.

T. Rowe Price currently trades at $102.44, in line with $102.15 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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