What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-13 compared with 2025-02-14 · 104 added, 115 removed, 209 unchanged (51% of the section changed)

2 unchanged sentences

Rowe Price, the firm, we, us, or our) is a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide.

We are driven by our purpose:

to identify and actively invest in opportunities to help people thrive in an evolving world.

With more than 85 years of experience, we provide a broad range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities for clients around the world— from individuals to advisors to institutions to retirement plan sponsors.

We identify and actively invest in opportunities to help people thrive in an evolving world.

As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, multi-asset, and alternatives capabilities to individuals, advisors, institutions, and retirement plan sponsors.

We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services;

1 unchanged sentence

trust services;

and non-discretionary advisory services through model delivery.

and other advisory services.

We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership, so our clients can feel more confident.

2 unchanged sentences

was first offered to the public in 1986.

Rowe Price Group, Inc.

corporate holding company structure was established in 2000.

Rowe Price Group corporate holding company structure was established in 2000.

Our common stock trades on the NASDAQ Global Select Market under the symbol "TROW".

5 unchanged sentences

The other sponsored products include:

open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, an interval fund, and collateralized loan obligations.

The investment management industry has been evolving and industry participants are facing several challenging trends including passive investments taking market share from traditional active strategies;

continued downward fee pressure;

demand for new investment vehicles to meet client needs;

and an ever-changing regulatory landscape.

Despite these challenging trends, we believe there are significant opportunities that align to our core capabilities.

open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, business development companies, interval funds, models, and collateralized loan obligations (CLOs).

The investment management industry continues to evolve and face challenging trends, including the shift in market share from traditional active strategies to passive products, persistent downward fee pressure, demand for lower cost investment vehicles, and an ever-changing regulatory landscape.

Despite these trends, we believe there are significant opportunities that align to our core capabilities.

Our ongoing financial strength and discipline allows us to respond to these opportunities with several strategic, multi-year initiatives that are designed to strengthen our long-term competitive position and to:

• Sustain our leadership position in retirement.

• Deliver exceptional outcomes for clients while sustaining our leadership position in retirement.

Access growth of the U.S.

wealth management channel through improved vehicle capabilities, technology, specialist sales, and content.

• Focus on further global growth in select high-opportunity countries where we have existing business by investing more in resources, products, and marketing.

• Broaden our reach in the private and alternatives market by leveraging our distribution channels and expanding our investment capabilities.

• Enhance our relationships with clients and renew our individual investor base by investing in our ability to provide exceptional service and unique offerings.

• Focus on further global growth in select high-opportunity markets where we have existing business by investing more in resources, products, partnerships, and marketing.

• Broaden our reach in the private and alternatives market by leveraging our distribution channels, expanding our investment capabilities, and blending our traditional capabilities with alternatives.

• Grow and diversify our business through innovative global partnerships.

• Enhance our relationships with clients and renew our individual investor base by investing in our ability to provide exceptional service and unique solutions.

• Strengthen our distribution technology to enhance the digital client experience and client reporting.

• Attract and retain top talent and enable effective hybrid collaboration.

• Attract and retain top talent and enable effective collaboration.

• Nurture our brand globally and leverage it effectively across channels and geographies.

• Deliver strong financial results and balance sheet strength for our stockholders over the long term.

At the same time, we have developed a broad and ongoing plan to further align our expense growth with our anticipated revenue growth, which will allow us to realign resources and continue investing in existing and future capabilities.

In 2025, we took several steps to execute on this plan, including targeted role eliminations, outsourcing and expanding some of our technology capabilities through trusted vendor partnerships, and the decision to exit certain owned buildings with plans to dispose of the properties in 2026.

The impact of these actions has been recorded as a restructuring charge in the consolidated statements of income and is discussed in Item 7.

These measures also help offset ongoing inflationary pressures on compensation and contractual spending.

Our strategic investments include hiring investment and distribution professionals, adopting new technologies, offering new products, and growing and diversifying our business through innovative global partnerships.

ASSETS UNDER MANAGEMENT (AUM).

1 unchanged sentence

Rowe Price Associates (TRPA), T.

Rowe Price Investment Management (TRPIM), Oak Hill Advisors (OHA), and T.

Rowe Price International Ltd (TRPIL).

Rowe Price Investment Management (TRPIM), T.

Rowe Price International Ltd (TRPIL), and Oak Hill Advisors (OHA).

Our revenues depend largely on the total value and composition of our assets under management.

2 unchanged sentences

This increase in assets under management was driven by market appreciation, net of distributions not reinvested, of $216.7 billion, offset by net cash outflows of $56.9 billion.

In 2024, our target date retirement products experienced net cash inflows of $16.3 billion.

The assets under management in our target date retirement products totaled $475.6 billion at December 31, 2024, or 29.6% of our managed assets at December 31, 2024, compared to 28.3% at the end of 2023.

Beginning on July 1, 2025, assets under management include managed account - model delivery portfolios assets, which had $9.2 billion in assets as of that date, and are reflected in the increase from December 31, 2024.

The following charts show our AUM (in billions) by asset class, client type, geography, and account type as of December 31 for the prior three years:

3 unchanged sentences

Alternatives (2)

(1) The underlying AUM of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income rows.

(1) The underlying AUM of the multi-asset products have been aggregated and presented in this category and not reported in the equity and fixed income rows.

(2) The alternatives asset class includes strategies authorized to invest more than 50% of its holdings in private credit, leveraged loans, mezzanine, real assets/CRE, structured products, stressed/distressed, non-investment grade CLOs, special situations, business development companies, or that have absolute return as its investment objective.

Generally, only those strategies with longer than daily liquidity are included.

Generally, only those strategies with longer than daily liquidity are

Unfunded capital commitments of $21.6 billion at December 31, 2025, $16.2 billion at December 31, 2024, and $11.6 billion at December 31, 2023 are not reflected in AUM above.

5 unchanged sentences

Other Accounts

In 2025, our target date retirement products experienced net cash inflows of $5.2 billion.

The assets under management in our target date retirement products totaled $561.4 billion at December 31, 2025, or 31.6% of our managed assets at December 31, 2025, compared to 29.6% at the end of 2024.

Additional information concerning our assets under management, results of operations, and financial condition during the past three years is contained in Part II, Item 7.

4 unchanged sentences

We manage a broad range of investment strategies in equity, fixed income, multi-asset, and alternatives across sectors, styles and regions.

Our strategies are designed to meet the varied and changing needs and objectives of investors and are delivered across a range of vehicles.

Our strategies are designed to meet the varied and changing needs of investors and are delivered across a range of vehicles.

We also offer specialized advisory services, including management of stable value investment contracts, customized multi-asset solutions, and a distribution management service for the disposition of equity securities our clients receive from third-party venture capital investment pools.

The following tables set forth our broad investment capabilities as of December 31, 2025.

Growth Core Value Concentrated Integrated (Quantitative & Fundamental) Impact

All-Cap, Large-Cap, Mid-Cap, Small-Cap, Sectors Large-Cap, Mid-Cap, Small-Cap Large-Cap, Mid-Cap, Small-Cap Large-Cap (Value) Large-Cap (Growth & Value, Lower Volatility), Multi-Cap, Small-Cap Large-Cap

Growth Core Value Concentrated Integrated (Quantitative, Fundamental, Custom Solutions) Impact

All-Cap, Large-Cap, Mid-Cap, Small-Cap, Sectors, Tax Efficient Large-Cap, Mid-Cap, Small-Cap, Tax Efficient Large-Cap, Mid-Cap, Small-Cap, Tax Efficient Large-Cap (Value) Large-Cap (Growth & Value, Lower Volatility), Multi-Cap, Small-Cap Large-Cap

Global / International:

All-Cap, Large-Cap, Small-Cap, Sectors, Regional Large-Cap Large-Cap, Regional Large-Cap, Regional Large-Cap (Core) Large-Cap

Cash Low Duration High Yield / Bank Loans Government Securitized Investment Grade Credit

Taxable Money, Tax-Exempt Money Stable Value, Short-Term Bond, Short Duration Income, Ultra-Short Term Bond Credit Opportunities, Floating Rate, High Yield Inflation Protection, Treasury Securitized Credit, CLO, GNMA Investment Grade, Corporate Income Bond

All-Cap, Large-Cap, Small-Cap, Sectors, Regional, Emerging Markets Large-Cap Large-Cap, Regional, Emerging Markets Large-Cap, Regional Large-Cap (Core) Large-Cap

Cash Low Duration High Yield / Bank Loans Government Securitized

Global / International:

N/O N/O Euro High Yield, High Income, Global High Yield Global Government Bond N/O Euro Investment Grade Corporate, Global Investment Grade Corporate

Multi-Sector Dynamic Suite Emerging Markets Municipal

N/O N/O Euro High Yield, High Income, Global High Yield Global Government Bond N/O

Investment Grade Credit Multi-Sector Emerging Markets Municipal

(Tax-Free) Impact

QM Bond, Core Bond, Core Plus, Investment Grade Core, Total Return N/O N/O High Yield, Intermediate Muni, Intermediate, Long-Term, Short/Intermediate N/O

Investment Grade, Corporate Income Bond QM Bond, Core Bond, Core Plus, Dynamic Credit, Investment Grade Core, Total Return N/O High Yield, Intermediate Muni, Intermediate, Long-Term, Short/Intermediate N/O

Global / International:

Global Multi-Sector, Global Aggregate, International Bond, Euro Aggregate Dynamic Credit, Dynamic Global Bond, Dynamic Global Bond Investment Grade, Dynamic Emerging Markets Bond Bond, Corporate, Corporate High Yield, Investment Grade, Local Currency, Asia Credit N/O Global Impact Credit

Euro Investment Grade Corporate, Global Investment Grade Corporate Dynamic Global Bond, Global Multi-Sector, Global Aggregate, International Bond, Euro Aggregate Bond, Corporate, Corporate High Yield, Dynamic Emerging Markets Bond, Investment Grade, Local Currency, Asia Credit N/O Global Impact Credit

N/O - Not offered

6 unchanged sentences

Our research staff conducts fundamental and quantitative security analysis primarily from offices located in the U.S.

with additional staff based in Australia, China, Hong Kong, Japan, and Singapore.

We also use research provided by brokerage firms and security analysts in a supportive capacity and information received from private economists, political observers, commentators, government experts, and market analysts.

We introduce new strategies, investment vehicles, or other products to complement and expand our investment offerings, to respond to competitive developments in the financial marketplace, and to meet the changing needs of our clients.

A new strategy is solely dependent on our belief we have the appropriate investment management expertise and its objective will be useful to investors over a long period.

We typically provide seed capital for certain investment products to begin building an investment performance history in advance of the portfolio receiving sustainable client assets.

The length of time we hold our seed capital investment will vary for each investment product as it is highly dependent on how long it takes to generate cash flows into the product from unrelated investors or, in the case of certain alternative products, the investment term.

Generally, we ensure the investment product has a sustainable level of assets from unrelated shareholders before we consider redemption of our seed capital investment in order to maintain the product's net asset value or its performance record.

with additional staff based in Australia, Hong Kong, Japan, and Singapore.

We also use external research

in a supportive capacity as well as data, analysis, and commentary from private economists, political observers, government experts, and market analysts.

We introduce new strategies, investment vehicles, and other products to complement and expand our investment offerings, to respond to competitive developments in the financial marketplace, and to meet the changing needs of our clients.

Before we introduce a new strategy, we must be confident we have the appropriate investment management expertise and its objective will be useful to investors over a long period.

We typically provide seed capital for certain investment products to begin building an investment performance history in advance of the product receiving client assets.

Generally, we ensure the investment product has a sustainable level of assets from unrelated investors before we consider redemption of our seed capital investment in order to maintain the product's net asset value and its performance record.

At December 31, 2025, we had seed capital investments in our products of $1.1 billion.

Additionally, we invest our capital in certain alternative products we manage to further align our interest with those of our clients.

Additionally, we invest our capital in certain alternatives products we manage to further align our interest with those of our clients.

These investments are commonly referred to as co-investments and totaled $0.3 billion at December 31, 2025.

We may also close or limit investments to new investors across investment products in order to maintain the integrity of the investment strategy and to protect the interests of its existing shareholders and investors.

At present, the following strategies, which represent about 7% of total assets under management at December 31, 2024, are generally closed to new investors:

Strategy Year closed

Small-Cap Core 2013

Capital Appreciation 2014

The Capital Appreciation Strategy has been closed to new investors since 2014 and represents about 6% of total assets under management at December 31, 2025.

Distribution Channels and Products

4 unchanged sentences

Investors domiciled outside the U.S.

represented about 9% of total assets under management at the end of 2024.

The following table outlines the five distribution channels and products through which our assets under management are sourced as of December 31, 2024.

represented nearly 9% of total assets under management at the end of 2025.

The following table outlines the five distribution channels and vehicles through which our assets under management are sourced as of December 31, 2025.

Vehicle Retail Institutional

3 unchanged sentences

Mutual Funds x x x x

Collective Investment Trusts x x

Collective Investment Trusts x x x

Exchange-Traded Funds x x x

2 unchanged sentences

Separately Managed Accounts (SMAs) (1)

Subadvised Accounts x x

Separate Accounts x x x

Subadvised Accounts x x x x

Separate Accounts x x x x x

SICAVs (2) / FCPs (3)

5 unchanged sentences

Business Development Company (BDC) x x

Interval Funds x x

(1) Includes both model delivery and manager traded SMAs, .

4 unchanged sentences

mutual funds, with the remaining investment advisory fees earned from our collective investment trusts, subadvised funds, separately managed accounts, and other sponsored products.

The other sponsored investment portfolios include:

The other sponsored investment products include:

open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., exchange traded funds, affiliated private investment funds, business development companies, and sponsored collateralized loan obligations.

3 unchanged sentences

For example, fee rates are typically higher for equities and alternatives compared to multi-asset and fixed income products.

Additionally, fees rates are typically higher for commingled vehicles including U.S.

Additionally, fee rates are typically higher for commingled vehicles including U.S.

mutual funds, private investment funds and collective investment trusts compared to separately managed accounts and subadvised funds.

4 unchanged sentences

Additionally, fund shareholders must approve material changes to these investment management agreements.

Each agreement automatically terminates in the event of its assignment (as defined in the Investment Company Act) and, generally, either party may terminate the agreement without penalty after a 60-day notice.

Each fund agreement automatically terminates in the event of its assignment (as defined in the Investment Company Act) and, generally, either party may terminate the agreement without penalty after a 60-day notice.

The termination of one or more of the U.S.

1 unchanged sentence

We also earn performance-based investment advisory fees on certain separately managed accounts and affiliated private investment funds.

These performance-based fees are recognized and reported separately in the consolidated income statement when performance returns exceed the stated hurdle at the end of the performance period, which can lead to an uneven recognition pattern in a given year.

We distribute certain of our sponsored products outside the U.S.

through distribution agents and other financial intermediaries.

These performance-based fees are recognized and reported separately in the consolidated statement of income when performance returns exceed the stated hurdle at the end of the performance period, which can lead to an uneven recognition pattern year-to-year.

We distribute certain of our sponsored products through distribution agents and financial intermediaries.

The fees we earn for distributing and marketing these products are part of the investment advisory fees earned for managing the product assets.

1 unchanged sentence

CAPITAL ALLOCATION-BASED INCOME.

We recognize income earned from general partner interests in certain affiliated private investment funds that are entitled to a disproportionate allocation of income, also referred to as carried interest.

We earn income from general partner interests in certain affiliated private investment funds that are entitled to a disproportionate allocation of income, also referred to as carried interest.

We record our proportionate share of the investment funds' income assuming the funds were liquidated at each reporting date pursuant to each investment fund's governing agreements.

The income will fluctuate period-to-period and the realization of accrued carried interest occurs over a number of years.

A portion of this income is allocated to certain employees that have non-controlling interests in the entities that hold the general partner's investments.

ADMINISTRATIVE, DISTRIBUTION, AND SERVICING FEES.

A portion of this income is allocated to certain employees that have non-controlling interests in the entities that hold the general partner's investments, and is recognized as compensation expense in the consolidated statement of income.

ADMINISTRATIVE, DISTRIBUTION, SERVICING, AND OTHER FEES.

Administrative Services

We provide certain ancillary administrative services to our investment advisory clients.

These administrative services are provided by several of our subsidiaries and include mutual fund transfer agent, fund/portfolio accounting, distribution, and shareholder services;

We provide certain ancillary administrative services to a range of clients, some of whom may engage us solely for these services.

These administrative services are provided by several of our subsidiaries and include mutual fund

transfer agent, fund/product accounting, distribution, and shareholder services;

recordkeeping services for defined contribution retirement plans investing in our sponsored vehicles and vehicles outside the T.

3 unchanged sentences

trust services;

and non-discretionary advisory services.

Distribution and Servicing

and other advisory services.

Distribution and Servicing Fees

Our subsidiary, T.

14 unchanged sentences

and/or non-U.S.

We are subject to various securities/financial services, compliance, corporate governance, disclosure, privacy, cybersecurity, technology, anti-bribery and anti-corruption, anti-money laundering, anti-terrorist financing, and economic, trade and sanctions laws and regulations, both domestically and internationally, as well as to various cross-border rules and regulations, and the data

protection laws and regulations of numerous jurisdictions, including the General Data Protection Regulation (“GDPR”) of the European Union (“EU”) and the California Consumer Privacy Act (“CCPA”).

We are subject to various securities/financial services, compliance, corporate governance, disclosure, privacy, cybersecurity, technology and artificial intelligence, anti-bribery and anti-corruption, anti-money laundering, anti-terrorist financing, and economic, trade and sanctions laws and regulations, both domestically and internationally, as well as to various cross-border rules and regulations, and the data protection laws and regulations of numerous jurisdictions.

We also must comply with complex and changing tax regimes in the jurisdictions where we operate our business.

17 unchanged sentences

Rowe Price Trust Company

Rowe Price Entity

Outside the U.S.

Financial Conduct Authority - T.

Rowe Price International

Rowe Price UK

- Oak Hill Advisors (Europe)

Rowe Price International - Oak Hill Advisors (Europe)

Rowe Price UK - OHA (UK)

Securities and Futures Commission - T.

Rowe Price Hong Kong

- Oak Hill Advisors (Hong Kong)

Rowe Price Hong Kong - Oak Hill Advisors (Hong Kong)

Monetary Authority of Singapore - T.

6 unchanged sentences

Australian Securities and Investments Commission - T.

Rowe Price Australia

- Oak Hill Advisors (Australia) Pty

Rowe Price Australia - Oak Hill Advisors (Australia) Pty

Japan Financial Services Agency - T.

2 unchanged sentences

Rowe Price (Switzerland)

Isle of Man Financial Services Authority - T.

Rowe Price Investment Management

Serving the needs of retirement savers is an important focus of our business.

6 unchanged sentences

Rowe Price Investment Services (TRPIS) is an SEC registered introducing broker-dealer and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation.

subsidiary is the principal underwriter and distributor for our sponsored U.S.

This subsidiary is the principal underwriter and distributor for our sponsored U.S.

mutual funds and exchange-traded funds, and may also offer and make recommendations for certain funds that are not offered to the general public such as privately placed funds.

9 unchanged sentences

A significant number of proprietary and other sponsors’ investment products are sold to the public by other investment management firms, broker-dealers, mutual fund companies, banks, and insurance companies.

We compete with brokerage and investment banking firms, insurance companies, banks, traditional and alternative asset management companies, hedge funds, and other financial institutions and funds in all aspects of our business and in every country in which we offer our products and services.

We compete with brokerage and investment banking firms, insurance companies, banks, traditional and alternatives asset management companies, hedge funds, and other financial institutions and funds in all aspects of our business and in every country in which we offer our products and services.

Some of these financial institutions have greater resources, may have more developed brand awareness in particular markets, or offer additional services to clients than we do.

We compete with other providers of investment advisory services based primarily on the availability and objectives of the investment products offered, investment performance, fees and related expenses, and the scope and quality of investment advice and other client services.

We have and will continue to face significant competition from passive oriented investment strategies.

As a result, such products have taken market share from active managers.

While we cannot predict how much market share these competitors will continue to gain, we believe there will always be demand for good active management investment products.

We have and will continue to face significant competition from passive-oriented investment strategies, which have taken market share from active managers.

While we cannot predict how much market share passive competitors will continue to gain, we believe there will always be demand for good active management.

At the same time, we have broadened our offerings to include options that incorporate passive components, giving clients greater choice and flexibility to meet their unique goals.

In order to maintain and enhance our competitive position, we may review acquisition and venture opportunities and, if appropriate, engage in discussions and negotiations that could lead to an acquisition transaction or other financial relationships with another entity.

1 unchanged sentence

Rowe Price, our people are our greatest asset.

Our culture of collaboration, diversity and inclusion enables us to identify and challenge our best ideas to arrive at well-informed decisions for our clients.

To attract and retain the highest quality talent, we invest in the associate experience and develop talent and succession plans;

deliver individual and firmwide training and development opportunities for our associates to learn and grow;

and provide strong, competitive, and regionally specific benefits and programs that promote the health and wellness of our associates.

As of December 31, 2024, we employed 8,158 associates, an increase of 3.2% from the 7,906 associates employed at the end of 2023.

We add temporary and part-time personnel to complement our staff from time to time to meet periodic and special project demands, primarily for technology and collective investment fund administrative services.

Our culture of collaboration and inclusion enables us to identify and challenge our best ideas to arrive at well-informed decisions for our clients.

To attract and retain top talent, we invest in the associate experience by creating individual and firmwide training and development opportunities and providing competitive and regionally specific benefits and programs that promote our associates’ health and wellness.

As of December 31, 2025, we employed 7,773 associates, a decrease of 4.7% from the 8,158 associates employed at the end of 2024.

We also add temporary and part-time personnel to meet periodic and special project demands.

Investing in Our People

To help our clients achieve their long-term investment goals, we help our associates achieve their long-term career goals.

We continuously seek to identify new opportunities for our associates to expand their experience and grow their skills while cultivating an environment that allows them to be and bring their best selves to work every day.

As a result of our associates developing these skills, we can promote from within.

We fill approximately one-third of our open positions with internal applicants, and most of our portfolio managers have been promoted from within.

We facilitate the professional development of our associates by advancing their knowledge, skills, and experience;

providing them access to in-person, virtual, and online training programs;

and offering a generous tuition reimbursement program.

Our comprehensive learning platform allows associates to grow in ways that matter to them, while offering customized and bespoke learning paths to build critical capabilities that advance our business priorities.

We encourage associates to participate in one of the four mentorship programs offered by the firm, which include mentoring, reciprocal mentoring, and mentor circle programs.

Launched in 2022 and continuously enhanced, T.

Rowe Price’s mentorship program enrollment has grown across the firm.

We believe a critical driver of our firm’s future growth is our ability to cultivate leaders.

Our leaders balance business credibility, accountability, and leadership capability to maximize potential, drive client value, and activate our culture.

Reflecting this, we offer leadership experiences that include a series of leadership speaker events and access to virtual and in-person leadership development programs led by professors at leading universities and institutions.

We empower our associates to achieve their goals and advance their careers by offering comprehensive, tailored learning opportunities that build essential skills and support our business priorities.

Through various development opportunities—including in-person, virtual, and online training, as well as a tuition reimbursement program—we cultivate an environment where associates grow in ways that matter to them.

We also foster leadership and strengthen our firm’s culture through robust mentorship and leadership development programs, with participation in our mentorship programs growing steadily since their formal launch in 2022.

Additionally, associates can access a range of leadership development opportunities, including speaker events and development programs facilitated by industry experts.

Rowe Price Leadership Academies further support our associates’ growth by building key capabilities aligned with our leadership framework—Lead Outcomes, Lead Change, and Lead People and Culture—ensuring we maximize potential;

drive client value;

and build an engaged, accountable workforce.

Our commitment to helping associates reach their full potential enables us to achieve a high level of internal mobility, with approximately one-third of open positions filled by current associates.

Attracting and Retaining Talent

We recruit and engage candidates with different backgrounds and experiences who bring new perspectives.

Our talent acquisition team continually enhances our recruitment and outreach strategies for all qualified applicants.

Our talent strategy has garnered recognitions, including Forbes’ World’s Best Employers, World's Most Admired Companies from Fortune, Top Workplaces Culture Excellence from Energage, and America's Most Responsible Companies from Newsweek, among others.

We publish our Equal Employment Opportunity ("EEO") data on our website at https://www.troweprice.com/content/dam/trowecorp/Pdfs/eeo-fact-sheet.pdf.

In addition, we publish our annual sustainability report, which includes transparency into our data, a copy of which can be found on our website at https://www.troweprice.com/corporate/us/en/what-we-do/esg-approach/esg-corporate.html.

Our talent acquisition team is continually strengthening our recruitment strategies to ensure we attract highly qualified candidates from diverse backgrounds and with a wide range of perspectives.

We also engage and retain

associates by offering opportunities for them to expand their experience and grow their skills, while fostering an environment that allows them to be and bring their best selves to work every day.

Our talent strategy has garnered recognition, including being named among Fortune ’s World’s Most Admired Companies, America’s Greatest Companies by Newsweek , and USA Today ’s Top Places to Work in the U.S.

By sharing our Equal Employment Opportunity (EEO) data and our annual sustainability report publicly, we demonstrate our ongoing commitment to transparency and accountability in our workforce and sustainability initiatives.

Offering Benefits to Further Our Commitment

We offer employee benefit solutions, including both health care and retirement benefits, where applicable;

fitness club reimbursement;

life insurance;

and an Employee Assistance Program to support well-being.

Benefit competitiveness and design is assessed for a given country, and offerings reflect our global principles and local market practice.

For example, retirement programs are uniquely designed to support associates in meeting retirement goals while also reflecting regional and country-specific practices in APAC, EMEA, and North America.

We offer robust programs and resources to enrich our associates’ lives.

This includes providing health care and retirement benefits, fitness club reimbursement, life insurance, and an Employee Assistance Program to promote well-being.

We assess benefit competitiveness for each country in which we operate, and our offerings reflect our global principles and local market practices.

Our Employee Assistance Program provides access to global mental health apps, access to a well-being platform, and on-site counselors at some U.S.

Additionally, in countries where we are able, we offer an associate relief fund to support associates who are navigating difficult personal situations.

Focus on Family

We have always emphasized the importance of spending quality time away from work.

In addition to generous vacation time, the firm offers fully paid maternity leave for birth mothers and fully paid parental leave to all new mothers and fathers.

We also provide adoption assistance to associates looking to expand their families.

In the U.S., the UK, and Canada, we offer our associates backup childcare and elder care.

We also launched an APAC Family Program working group designed to support working parents and caregivers throughout the region in the workplace.

We recognize the importance of spending quality time away from work.

We provide resources and benefits that support associates’ work-life balance to ensure a supportive workplace for all.

In addition to generous vacation time, our firm offers fully paid leave to all new parents, as well as adoption assistance for associates looking to expand their families.

In the U.S., the UK, and Canada, we offer associates backup childcare and eldercare, and in the APAC region, a working group provides support for working parents and caregivers.

AVAILABLE INFORMATION.

1 unchanged sentence

These disclosures will be included in the Investor Relations section of our website, investors.troweprice.com.

We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to

Section 13(a) of the Exchange Act, available free of charge in this section of our website as soon as reasonably practicable after they have been filed with the SEC.

We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, available free of charge in this section of our website as soon as reasonably practicable after they have been filed with the SEC.

In addition, our website includes the following information:

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business