Investment Advisory Fees was Price T Rowe’s largest product and service line in fiscal 2025, bringing in $6.60B of $7.31B (90%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Advisory Fees | $5.96B | $5.71B | $6.40B | $6.60B | ||||||
| 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 | $6.49B | $6.46B | $7.09B | $7.31B |
Price T Rowe brought in $7.31B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 3.1% from $7.09B in fiscal 2024. Investment Advisory Fees was the largest at $6.60B (90.3%), ahead of Administrative, Distribution, Services, & Other Fees at $593.90M (8.1%) and Capital Allocation-Based Income at $81.20M (1.1%). The remaining line, Performance-Based Advisory Fees, brought in $37.40M.
Compared with fiscal 2024, Investment Advisory Fees grew 3.2% to $6.60B 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.
U.S. Mutual Funds was Price T Rowe’s largest revenue line in fiscal 2020, bringing in $4.04B of $6.21B (65%).
| Customer | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 |
|---|---|---|---|---|---|
| U.S. Mutual Funds | $3.56B | $3.82B | $3.85B | $4.04B | |
| T. Rowe Price U.S. Mutual Funds | — | — | — | — | |
| Subadvised Funds, Separate Accounts, Collective Investment Trusts, & Other Investment Products | — | $1.48B | $1.66B | $2.05B | |
| Subadvised & Separate Accounts And Other Investment Products | $1.22B | — | — | — | |
| Subadvised & Separate Accounts And Other Investment Product | — | — | — | — | |
| Other Clients | $78.50M | $81.80M | $103.60M | $111.00M | |
| Total | $4.85B | $5.37B | $5.62B | $6.21B |
Price T Rowe brought in $6.21B from its three revenue lines in fiscal 2020, the year ended December 31, 2020. That was up 10.5% from $5.62B in fiscal 2019. U.S. Mutual Funds was the largest at $4.04B (65.1%), ahead of Subadvised Funds, Separate Accounts, Collective Investment Trusts, & Other Investment Products at $2.05B (33.1%) and Other Clients at $111.00M (1.8%).
Compared with fiscal 2019, Subadvised Funds, Separate Accounts, Collective Investment Trusts, & Other Investment Products grew 23.7% to $2.05B and U.S. Mutual Funds grew 4.9% to $4.04B.
Price T Rowe began breaking out Subadvised Funds, Separate Accounts, Collective Investment Trusts, & Other Investment Products in fiscal 2018, when it brought in $1.48B. Price T Rowe stopped reporting Subadvised & Separate Accounts And Other Investment Products as a separate revenue line after fiscal 2017, when it brought in $1.22B.
Price T Rowe (TROW) reports its revenue by product and service and by customer. In fiscal 2025, Investment Advisory Fees was its largest product and service line, bringing in $6.60B (90.3% of the total), followed by Administrative, Distribution, Services, & Other Fees at $593.90M (8.1%).
Investment Advisory Fees was Price T Rowe's largest product and service line in fiscal 2025, bringing in $6.60B, or 90.3% of the $7.31B total across its four product and service lines.
U.S. Mutual Funds was Price T Rowe's largest revenue line in fiscal 2020, bringing in $4.04B, or 65.1% of the $6.21B total across its three revenue lines.
Investment Advisory Fees grew faster than Administrative, Distribution, Services, & Other Fees in fiscal 2025, up 3.2% from $6.40B to $6.60B. 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 2016, 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.