Financial Firms Report Q3 Scale, While Outflows Temper the Picture
Rocket Companies, WTW, Raymond James and Ares Management each reported large third-quarter totals, yet T. Rowe Price's own call showed 28.3 billion dollars in net outflows alongside rising exchange-traded fund assets.
- Rocket Companies Q3 2026 revenue of 3.28 billion dollars and GAAP net income of 709 million dollars, the company says. Self-reported m:…7071
- WTW Q3 2026 revenue of 2.5 billion dollars, up 8 percent, with adjusted diluted EPS of 3.63 dollars, up 18 percent. Self-reported m:…4630
- Ares Management Q3 2026 total AUM of 691 billion dollars, up 16 percent year over year, with 31 billion dollars raised. Self-reported m:…6176
- T. Rowe Price Q3 2026 AUM of 1.86 trillion dollars alongside 28.3 billion dollars in net outflows. Self-reported m:…0989
Mortgage and advisory results
Rocket Companies reported total revenue of 3.28 billion dollars for the third quarter of 2026 and GAAP net income of 709 million dollars, with adjusted EBITDA of 748 million dollars, the company says in its filing. m:…7071
The company also reported total liquidity of 11.4 billion dollars as of 30 September 2026 and said it expects adjusted revenue between 2.1 billion and 2.3 billion dollars for the fourth quarter of 2026. m:…7071
WTW reported revenue up 8 percent from the prior year to 2.5 billion dollars for the third quarter, with adjusted diluted earnings per share of 3.63 dollars, up 18 percent, and an adjusted operating margin of 21.9 percent, up 150 basis points. m:…4630
Where the growth sits
WTW said its Health, Wealth and Career segment revenue rose 7 percent to 1.35 billion dollars and its Risks and Broking segment revenue rose 8 percent to 1.09 billion dollars, with organic revenue growth of 4 percent overall. m:…4630
Ares Management reported total assets under management of 691 billion dollars in the third quarter, up 16 percent year over year, with fee-paying assets of 416 billion dollars, up 13 percent, and management fees up 10 percent to 1.1 billion dollars. m:…6176
Ares also reported 31 billion dollars in gross capital raised during the quarter, wealth management assets of 82 billion dollars, up 41 percent year over year, and a quarterly dividend increased by more than 20 percent compared with the same quarter a year ago. m:…6176
The offsetting detail
T. Rowe Price reported 1.86 trillion dollars in assets under management for the third quarter and adjusted diluted earnings per share of 2.86 dollars, up 1.8 percent year over year, alongside 28.3 billion dollars in net outflows during the quarter. m:…0989
The same call showed exchange-traded fund assets growing to 33.8 billion dollars, up from 6.9 billion dollars two years ago, and separately managed account funded accounts rising by more than 50 percent compared with the prior year. m:…0989
Read together, the four reports describe financial firms expanding in some channels while facing pressure in others, which is why the headline totals alone do not settle whether the quarter was strong across the board for every firm in the set. m:…4630 m:…0989
Moves inside the firms
Rocket Companies also reported board and product moves in the quarter, appointing Sarah Watterson as an independent director in August 2026 and Alessio Sanfilippo as chief executive of Redfin in the same month, while Rocket Mortgage adopted VantageScore 4.0 as its preferred credit scoring model in September 2026. m:…7071
WTW repurchased 687,386 shares for 220 million dollars during the third quarter and said it expects share repurchases in excess of 1.0 billion dollars for 2026, subject to market conditions, while also noting that its Newfront acquisition is expected to be approximately 0.10 dollars dilutive to adjusted earnings per share in 2026. m:…4630
Ares said it expects the acquisition of MidCap Financial Investment Corporation to close in the first half of 2027, that 83 percent of debt assets in its credit group are floating rate, and that a slower transaction environment has delayed European-style waterfall payments for some funds by a year or more. m:…6176
What is still unresolved
- How much of the reported growth persists into the fourth quarter, given Rocket's lower expected adjusted revenue range.
- Whether T. Rowe Price's exchange-traded fund and managed account growth offsets continued active equity outflows.
- How Ares deploys the capital raised in the quarter, and how quickly fee-paying assets follow.
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