T. Rowe Price (TROW) · Q2 2026 results and valuation

At 4.1% growth a year (3-year revenue growth), the model's fair value is $121.44 a share — the stock trades 9% below it. Today's price assumes 2.6% growth a year.

1. Key theme

   Fixed income, multi-asset, and alternatives each delivered positive net flows in Q2, while the ETF business saw $4.4 billion in net inflows.

   Source quote

   “Fixed income, multi-asset, and alternatives each delivered positive net flows in Q2, continuing to demonstrate the breadth of client demand... We also saw positive flows from clients in both EMEA and APAC during the quarter. Within our growing ETF business, we had $4.4 billion in net inflows.”

2. Fading

   Retail products account for approximately 20% of the broader corporate private credit market, meaning current developments are unlikely to result in widespread selling of BDC assets.

   Source quote

   “Retail products only represent approximately 20% of the broader corporate private credit However, it's important to put these developments in context. That, combined with the cash flow generation of the underlying investments is therefore unlikely in our opinion, to result in widespread for selling of BDC assets.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“I mean, one, I think if you look at areas where we've got a very strong investment track record and we've been strong in mutual funds and where there's a...”

“This increase, coupled with ongoing savings efforts, will allow us to continue to invest in areas of future growth, including ETFs and SMAs, delivering outcome-oriented solutions for clients, enhancing our...”

“I'll start by saying that our investment platform remains strong with deep research capabilities, a long-term track record of outperformance, and expanding capabilities across equities, fixed income, multi-asset, and alternatives.”