T. Rowe Price Q2 Earnings: The Business Keeps Hemorrhaging But The Dividend Remains Covered

TROW's Q2-2025 saw continued net outflows, with no clear catalyst for a turnaround, keeping the stock stagnant, despite attractive valuation. Operating income declined due to rising expenses, and positive EPS was driven by non-operating gains, masking underlying business weakness. ETF inflows are a bright spot, but they are lower margin and not enough to offset persistent outflows from actively managed products.