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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Net revenues $ 1,733.3 $ 1,610.2 $ 3,483.5 $ 3,147.8 Close
Operating expenses        
Compensation and related costs 661.1 648.2 1,370.1 1,301.7
Distribution and servicing 87.7 67.8 169.6 139.3
Advertising and promotion 33.3 22.9 58.6 48.7
Product and recordkeeping related costs 73.0 77.7 148.0 149.8
Technology, occupancy, and facility costs 160.9 154.7 310.8 301.3
General, administrative, and other 108.7 100.0 201.3 207.5
Change in fair value of contingent consideration 0.0 (23.2) 0.0 (72.8)
Acquisition-related amortization and impairment costs 43.9 28.6 73.8 54.6
Total operating expenses 1,168.6 1,076.7 2,332.2 2,130.1 Close
Net operating income 564.7 533.5 1,151.3 1,017.7
Non-operating income (loss)        
Net gains (losses) on investments 78.0 89.1 199.5 183.0
Net gains (losses) on consolidated sponsored investment products 8.5 24.4 80.8 69.8
Other gains (losses), including foreign currency gains (losses) (6.2) (7.3) (11.1) (11.2)
Total non-operating income (loss) 80.3 106.2 269.2 241.6 Close
Income before income taxes 645.0 639.7 1,420.5 1,259.3 Close
Provision for income taxes 159.7 158.5 341.8 336.4 Close
Net income 485.3 481.2 1,078.7 922.9 Close
Less: net income (loss) attributable to redeemable non-controlling interests 1.9 4.8 21.5 25.0
Net income attributable to T. Rowe Price Group $ 483.4 $ 476.4 $ 1,057.2 $ 897.9
Earnings per share on common stock of T. Rowe Price Group        
Basic (in dollars per share) $ 2.11 $ 2.07 $ 4.61 $ 3.90
Diluted (in dollars per share) $ 2.11 $ 2.06 $ 4.60 $ 3.89
Investment advisory fees        
Revenues        
Net revenues $ 1,585.6 $ 1,430.8 $ 3,139.6 $ 2,822.6
Capital allocation-based income        
Revenues        
Net revenues 0.1 38.7 47.2 55.6
Administrative, distribution, and servicing fees        
Revenues        
Net revenues $ 147.6 $ 140.7 $ 296.7 $ 269.6