0001628280-26-051335
SEC filingQ2 2026 营收与净利双位数增长，AUM 创新高，但净流出持续。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Net revenues | $1,907.4M | $1,723.3M | +10.7% |
| Investment advisory fees | $1,744.8M | $1,567.6M | +11.3% |
| Operating expenses | $1,366.9M | $1,245.0M | +9.8% |
| Net operating income | $540.5M | $478.3M | +13.0% |
| Operating margin | 28.3% | 27.8% | +50 bps |
| Net income attributable to T. Rowe Price Group | $632.0M | $505.2M | +25.1% |
| Diluted EPS | $2.88 | $2.24 | +28.6% |
| Adjusted operating expenses (Non-GAAP) | $1,203.2M | $1,147.2M | +4.9% |
| Adjusted net income (Non-GAAP) | $565.0M | $506.8M | +11.5% |
| Adjusted diluted EPS (Non-GAAP) | $2.57 | $2.24 | +14.7% |
| Operating cash flow (H1) | $1,341.6M | $1,162.8M | +15.4% |
| Free cash flow (H1) | $1,213.2M | $1,018.6M | +19.1% |
Q2 2026 营收增长主要由市场上涨驱动，平均 AUM 同比 +15.7% 至 $1,837.7B，带动 Investment advisory fees 增长 11.3%。然而，净现金流出 $6.5B，其中 Equity 流出 $13.5B，部分抵消了市场增值。有效费率 (EFR) 同比下降 1.5 bps 至 38.1 bps，反映资产组合向低费率产品倾斜。
经营利润率同比提升 50 bps 至 28.3%，主要由于营收增速 (10.7%) 快于费用增速 (9.8%)。Non-GAAP 调整后经营费用仅增长 4.9%，显示费用管理计划初见成效。盈利质量方面，GAAP 净利增长 25.1%，主要受投资净收益 $237.4M 推动，但剔除一次性项目后，调整后净利增长 11.5%，反映核心业务盈利能力提升。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Equity | $1,011.9M | +9.6% | 市场上涨，但净流出 $13.5B |
| Fixed income, including money market | $113.5M | +7.6% | 净流入 $4.6B |
| Multi-asset | $529.5M | +16.1% | 目标日期基金净流入 $1.7B |
| Alternatives | $89.9M | +8.8% | 净流入 $2.0B |
| 项目 | 本期 (6/30/2026) | 上期 (12/31/2025) |
|---|---|---|
| Cash and cash equivalents | $3,234.3M | $3,378.2M |
| Investments | $4,090.2M | $3,325.2M |
| Total assets | $15,357.2M | $14,341.8M |
| Total liabilities | $3,184.4M | $2,288.6M |
| Operating cash flow (H1) | $1,341.6M | $1,162.8M |
| Capex (H1) | $128.4M | $144.2M |
| Free cash flow (H1) | $1,213.2M | $1,018.6M |
资本配置：Q2 回购 1.57M 股，耗资 $157.1M，平均价 $99.19。股息提高至 $1.30/股，同比 +2.4%。上半年累计回购 5.3M 股，耗资 $497.5M。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Effective tax rate | 23.0%-26.0% | GAAP & Adjusted |
| FY26 | Capex | approximately $270M | — |
关注点：Q2 确认 $6.7M 重组费用，上半年累计 $16.7M，用于费用管理计划。OHA 收购的或有对价已确定无需支付。资金净流出，尤其是 Equity 流出 $13.5B，是持续关注的风险。