Investment Advisory Fees was Price T Rowe’s largest product and service line in fiscal 2025, bringing in $3.92B of $4.64B (85%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Investment Advisory Fees | $3.76B | $3.44B | $3.86B | $3.92B | |||||
| Administrative, Distribution, Services, & Other Fees | — | $550.90M | $588.00M | $593.90M | |||||
| Administrative, Distribution, & Servicing Fees | $573.60M | — | — | — | |||||
| Administrative Service | — | — | — | — | |||||
| Distribution & Servicing Fees | — | — | — | — | |||||
| Capital Allocation-Based Income | -$54.30M | $161.90M | $46.60M | $81.20M | |||||
| Performance-Based Advisory Fees | $6.40M | $38.20M | $59.30M | $37.40M | |||||
| Total | $4.28B | $4.19B | $4.56B | $4.64B |
Price T Rowe brought in $4.64B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 1.7% from $4.56B in fiscal 2024. Investment Advisory Fees was the largest at $3.92B (84.6%), ahead of Administrative, Distribution, Services, & Other Fees at $593.90M (12.8%) and Capital Allocation-Based Income at $81.20M (1.8%). The remaining line, Performance-Based Advisory Fees, brought in $37.40M.
Compared with fiscal 2024, Investment Advisory Fees grew 1.5% to $3.92B and Administrative, Distribution, Services, & Other Fees grew 1.0% to $593.90M.
Price T Rowe began breaking out Administrative, Distribution, Services, & Other Fees in fiscal 2023, when it brought in $550.90M. Price T Rowe stopped reporting Administrative, Distribution, & Servicing Fees as a separate line after fiscal 2022, when it brought in $573.60M.
As Previously Reported was Price T Rowe’s largest revenue line in fiscal 2016, bringing in $3.73B of $3.79B (98%).
| Adjustments for New Accounting Pronouncements | FY 2016 |
|---|---|
| As Previously Reported | $3.73B |
| Restatement Adjustment | $61.90M |
| Total | $3.79B |
Price T Rowe brought in $3.79B from its two revenue lines in fiscal 2016, the year ended December 31, 2016. As Previously Reported was the largest at $3.73B (98.4%), ahead of Restatement Adjustment at $61.90M (1.6%).
Equity was Price T Rowe’s largest revenue line in fiscal 2019, bringing in $2.22B of $4.64B (48%).
| Investment Type | FY 2019 |
|---|---|
| Equity | $2.22B |
| Equity & Blended Assets | $1.03B |
| Multi-Asset | $953.30M |
| Fixed Income, Including Money Market | $433.80M |
| Total | $4.64B |
Price T Rowe brought in $4.64B from its four revenue lines in fiscal 2019, the year ended December 31, 2019. Equity was the largest at $2.22B (47.8%), ahead of Equity & Blended Assets at $1.03B (22.3%) and Multi-Asset at $953.30M (20.5%). The remaining revenue line, Fixed Income, Including Money Market, brought in $433.80M.
Price T Rowe (TROW) reports its revenue by product and service, by adjustments for new accounting pronouncements and by investment type. In fiscal 2025, Investment Advisory Fees was its largest product and service line, bringing in $3.92B (84.6% of the total), followed by Administrative, Distribution, Services, & Other Fees at $593.90M (12.8%).
Investment Advisory Fees was Price T Rowe's largest product and service line in fiscal 2025, bringing in $3.92B, or 84.6% of the $4.64B total across its four product and service lines.
As Previously Reported was Price T Rowe's largest revenue line in fiscal 2016, bringing in $3.73B, or 98.4% of the $3.79B total across its two revenue lines.
Investment Advisory Fees grew faster than Administrative, Distribution, Services, & Other Fees in fiscal 2025, up 1.5% from $3.86B to $3.92B. Administrative, Distribution, Services, & Other Fees grew 1.0% to $593.90M.
Every figure comes from Price T Rowe's annual financial filings, as reported. Each line keeps the name Price T Rowe gives it, and years follow its fiscal calendar.
Price T Rowe's revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.