Results

T. Rowe Price Index Trust Inc.

02/23/2026 | Press release | Distributed by Public on 02/23/2026 11:24

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05986

T. Rowe Price Index Trust, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2025

Equity Index 500 Fund

Investor Class (PREIX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Investor Class
$21
0.19%

What drove fund performance during the past 12 months?

  • Major U.S. stock market indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and software companies performed very well during the year, as NVIDIA and Microsoft were two of the top-performing companies in the portfolio.

  • No sectors detracted from absolute returns during the reporting period.

  • The trajectories of the economy, corporate earnings, and interest rates are unpredictable, and investor sentiment toward the broad market and various market segments could change without warning. Our main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Investor Class
Regulatory/Strategy Benchmark
2015
10,000
10,000
2016
10,127
10,135
2016
10,370
10,384
2016
10,765
10,784
2016
11,170
11,196
2017
11,841
11,875
2017
12,197
12,242
2017
12,737
12,790
2017
13,577
13,640
2018
13,466
13,537
2018
13,922
14,002
2018
14,988
15,081
2018
12,955
13,042
2019
14,716
14,822
2019
15,343
15,460
2019
15,593
15,723
2019
17,000
17,149
2020
13,662
13,788
2020
16,461
16,620
2020
17,923
18,105
2020
20,093
20,304
2021
21,325
21,558
2021
23,138
23,401
2021
23,264
23,537
2021
25,820
26,132
2022
24,621
24,931
2022
20,646
20,916
2022
19,627
19,895
2022
21,100
21,399
2023
22,674
23,004
2023
24,643
25,015
2023
23,825
24,196
2023
26,598
27,025
2024
29,394
29,878
2024
30,638
31,157
2024
32,424
32,992
2024
33,190
33,786
2025
31,758
32,343
2025
35,212
35,882
2025
38,056
38,797
2025
39,047
39,827

202501-4140694, 202601-5112642

F50-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Equity Index 500 Fund (Investor Class)
17.65%
14.21%
14.59%
S&P 500 Index (Regulatory/Strategy Benchmark)
17.88
14.42
14.82

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$37,898,759
  • Number of Portfolio Holdings506
  • Investment Advisory Fees Paid (000s)$6,207
  • Portfolio Turnover Rate3.2%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology
34.3%
Financials
13.4
Communication Services
10.7
Consumer Discretionary
10.3
Health Care
9.5
Industrials & Business Services
8.2
Consumer Staples
4.7
Energy
2.8
Utilities
2.2
Other
3.9

Top Ten Holdings(as a % of Net Assets)

NVIDIA
7.7%
Apple
6.9
Microsoft
6.1
Alphabet
5.6
Amazon.com
3.8
Broadcom
2.8
Meta Platforms
2.5
Tesla
2.2
Berkshire Hathaway
1.6
JPMorgan Chase
1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund

Investor Class (PREIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

Equity Index 500 Fund

I Class (PRUIX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - I Class
$5
0.05%

What drove fund performance during the past 12 months?

  • Major U.S. stock market indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and software companies performed very well during the year, as NVIDIA and Microsoft were two of the top-performing companies in the portfolio.

  • No sectors detracted from absolute returns during the reporting period.

  • The trajectories of the economy, corporate earnings, and interest rates are unpredictable, and investor sentiment toward the broad market and various market segments could change without warning. Our main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025

I Class
Regulatory/Strategy Benchmark
2015
500,000
500,000
2016
506,648
506,739
2016
518,978
519,181
2016
538,822
539,180
2016
559,355
559,800
2017
593,136
593,758
2017
611,239
612,094
2017
638,578
639,518
2017
680,880
682,013
2018
675,595
676,835
2018
698,691
700,077
2018
752,439
754,058
2018
650,662
652,111
2019
739,330
741,111
2019
771,098
773,007
2019
783,990
786,135
2019
854,915
857,437
2020
687,359
689,397
2020
828,337
831,021
2020
902,200
905,227
2020
1,011,692
1,015,195
2021
1,074,032
1,077,883
2021
1,165,640
1,170,030
2021
1,172,274
1,176,840
2021
1,301,389
1,306,611
2022
1,241,488
1,246,526
2022
1,041,336
1,045,822
2022
990,411
994,758
2022
1,065,217
1,069,973
2023
1,145,024
1,150,189
2023
1,244,904
1,250,740
2023
1,203,982
1,209,798
2023
1,344,621
1,351,243
2024
1,486,347
1,493,879
2024
1,549,806
1,557,874
2024
1,640,708
1,649,579
2024
1,680,128
1,689,320
2025
1,608,074
1,617,149
2025
1,783,741
1,794,104
2025
1,928,308
1,939,867
2025
1,979,312
1,991,370

202501-4140694, 202601-5112642

F528-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Equity Index 500 Fund (I Class)
17.81%
14.37%
14.75%
S&P 500 Index (Regulatory/Strategy Benchmark)
17.88
14.42
14.82

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$37,898,759
  • Number of Portfolio Holdings506
  • Investment Advisory Fees Paid (000s)$6,207
  • Portfolio Turnover Rate3.2%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology
34.3%
Financials
13.4
Communication Services
10.7
Consumer Discretionary
10.3
Health Care
9.5
Industrials & Business Services
8.2
Consumer Staples
4.7
Energy
2.8
Utilities
2.2
Other
3.9

Top Ten Holdings(as a % of Net Assets)

NVIDIA
7.7%
Apple
6.9
Microsoft
6.1
Alphabet
5.6
Amazon.com
3.8
Broadcom
2.8
Meta Platforms
2.5
Tesla
2.2
Berkshire Hathaway
1.6
JPMorgan Chase
1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund

I Class (PRUIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

Equity Index 500 Fund

Z Class (TRHZX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Z Class
$0
0.00%

What drove fund performance during the past 12 months?

  • Major U.S. stock market indexes rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and software companies performed very well during the year, as NVIDIA and Microsoft were two of the top-performing companies in the portfolio.

  • No sectors detracted from absolute returns during the reporting period.

  • The trajectories of the economy, corporate earnings, and interest rates are unpredictable, and investor sentiment toward the broad market and various market segments could change without warning. Our main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Z Class
Regulatory/Strategy Benchmark
3/16/20
10,000
10,000
3/31/20
10,840
10,839
6/30/20
13,066
13,066
9/30/20
14,233
14,233
12/31/20
15,962
15,962
3/31/21
16,948
16,947
6/30/21
18,397
18,396
9/30/21
18,503
18,503
12/31/21
20,544
20,544
3/31/22
19,599
19,599
6/30/22
16,443
16,443
9/30/22
15,640
15,640
12/31/22
16,824
16,823
3/31/23
18,087
18,084
6/30/23
19,667
19,665
9/30/23
19,023
19,021
12/31/23
21,248
21,245
3/31/24
23,488
23,488
6/30/24
24,494
24,494
9/30/24
25,936
25,936
12/31/24
26,561
26,561
3/31/25
25,426
25,426
6/30/25
28,206
28,208
9/30/25
30,498
30,500
12/31/25
31,308
31,310

202501-4140694, 202601-5112642

F1251-052 2/26

Average Annual Total Returns

1 Year
5 Years
Since Inception 3/16/20
Equity Index 500 Fund (Z Class)
17.87%
14.42%
21.77%
S&P 500 Index (Regulatory/Strategy Benchmark)
17.88
14.42
21.77

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$37,898,759
  • Number of Portfolio Holdings506
  • Investment Advisory Fees Paid (000s)$6,207
  • Portfolio Turnover Rate3.2%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology
34.3%
Financials
13.4
Communication Services
10.7
Consumer Discretionary
10.3
Health Care
9.5
Industrials & Business Services
8.2
Consumer Staples
4.7
Energy
2.8
Utilities
2.2
Other
3.9

Top Ten Holdings(as a % of Net Assets)

NVIDIA
7.7%
Apple
6.9
Microsoft
6.1
Alphabet
5.6
Amazon.com
3.8
Broadcom
2.8
Meta Platforms
2.5
Tesla
2.2
Berkshire Hathaway
1.6
JPMorgan Chase
1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund

Z Class (TRHZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

2025

2024

                 

Audit Fees

$ 23,735 $ 23,525

Audit-Related Fees

- -

Tax Fees

125 -

All Other Fees

- -

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-ratashare of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-auditservices performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices requiring fees of a de minimis amount is not permitted.

 (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-auditservices rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PREIX
Equity
Index
500
Fund
PRUIX
Equity
Index
500
Fund-
.
I Class
TRHZX
Equity
Index
500
Fund-
.
Z Class
T.
ROWE
PRICE
Equity
Index
500
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
154
.60‌
$
125
.41‌
$
100
.94‌
$
125
.31‌
$
99
.17‌
Investment
activities
Net
investment
income
(1)(2)
1
.74‌
1
.69‌
1
.65‌
1
.50‌
1
.36‌
Net
realized
and
unrealized
gain/loss
25
.42‌
29
.30‌
24
.48‌
(
24
.35‌
)
26
.74‌
Total
from
investment
activities
27
.16‌
30
.99‌
26
.13‌
(
22
.85‌
)
28
.10‌
Distributions
Net
investment
income
(
1
.75‌
)
(
1
.74‌
)
(
1
.66‌
)
(
1
.52‌
)
(
1
.44‌
)
Net
realized
gain
(
2
.38‌
)
(
0
.06‌
)
-‌
-‌
(
0
.52‌
)
Total
distributions
(
4
.13‌
)
(
1
.80‌
)
(
1
.66‌
)
(
1
.52‌
)
(
1
.96‌
)
NET
ASSET
VALUE
End
of
period
$
177
.63‌
$
154
.60‌
$
125
.41‌
$
100
.94‌
$
125
.31‌
Ratios/Supplemental
Data
Total
return
(2)(3)
17
.65‌
%
24
.78‌
%
26
.06‌
%
(
18
.28‌
)
%
28
.50‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.19‌
%
0
.18‌
%
0
.19‌
%
0
.20‌
%
0
.16‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.19‌
%
0
.18‌
%
0
.19‌
%
0
.20‌
%
0
.16‌
%
Net
investment
income
1
.07‌
%
1
.19‌
%
1
.46‌
%
1
.38‌
%
1
.21‌
%
Portfolio
turnover
rate
3
.2‌
%
3
.6‌
%
5
.8‌
%
3
.1‌
%
3
.1‌
%
Net
assets,
end
of
period
(in
millions)
$8,803
$8,258
$7,218
$5,704
$11,145
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Equity
Index
500
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
154
.62‌
$
125
.41‌
$
100
.93‌
$
125
.32‌
$
99
.16‌
Investment
activities
Net
investment
income
(1)(2)
1
.97‌
1
.89‌
1
.80‌
1
.68‌
1
.47‌
Net
realized
and
unrealized
gain/loss
25
.42‌
29
.30‌
24
.49‌
(
24
.36‌
)
26
.75‌
Total
from
investment
activities
27
.39‌
31
.19‌
26
.29‌
(
22
.68‌
)
28
.22‌
Distributions
Net
investment
income
(
1
.97‌
)
(
1
.92‌
)
(
1
.81‌
)
(
1
.71‌
)
(
1
.54‌
)
Net
realized
gain
(
2
.38‌
)
(
0
.06‌
)
-‌
-‌
(
0
.52‌
)
Total
distributions
(
4
.35‌
)
(
1
.98‌
)
(
1
.81‌
)
(
1
.71‌
)
(
2
.06‌
)
NET
ASSET
VALUE
End
of
period
$
177
.66‌
$
154
.62‌
$
125
.41‌
$
100
.93‌
$
125
.32‌
Ratios/Supplemental
Data
Total
return
(2)(3)
17
.81‌
%
24
.95‌
%
26
.23‌
%
(
18
.15‌
)
%
28
.63‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.08‌
%
0
.08‌
%
0
.08‌
%
0
.08‌
%
0
.10‌
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.05‌
%
0
.05‌
%
0
.05‌
%
0
.05‌
%
0
.06‌
%
Net
investment
income
1
.21‌
%
1
.32‌
%
1
.60‌
%
1
.57‌
%
1
.31‌
%
Portfolio
turnover
rate
3
.2‌
%
3
.6‌
%
5
.8‌
%
3
.1‌
%
3
.1‌
%
Net
assets,
end
of
period
(in
millions)
$13,202
$10,824
$7,970
$6,020
$3,507
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Equity
Index
500
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
154
.58‌
$
125
.38‌
$
100
.90‌
$
125
.27‌
$
99
.13‌
Investment
activities
Net
investment
income
(1)(2)
2
.05‌
1
.96‌
1
.86‌
1
.71‌
1
.54‌
Net
realized
and
unrealized
gain/loss
25
.42‌
29
.29‌
24
.48‌
(
24
.34‌
)
26
.73‌
Total
from
investment
activities
27
.47‌
31
.25‌
26
.34‌
(
22
.63‌
)
28
.27‌
Distributions
Net
investment
income
(
2
.04‌
)
(
1
.99‌
)
(
1
.86‌
)
(
1
.74‌
)
(
1
.61‌
)
Net
realized
gain
(
2
.38‌
)
(
0
.06‌
)
-‌
-‌
(
0
.52‌
)
Total
distributions
(
4
.42‌
)
(
2
.05‌
)
(
1
.86‌
)
(
1
.74‌
)
(
2
.13‌
)
NET
ASSET
VALUE
End
of
period
$
177
.63‌
$
154
.58‌
$
125
.38‌
$
100
.90‌
$
125
.27‌
Ratios/Supplemental
Data
Total
return
(2)(3)
17
.87‌
%
25
.01‌
%
26
.30‌
%
(
18
.11‌
)
%
28
.70‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.05‌
%
0
.05‌
%
0
.05‌
%
0
.05‌
%
0
.06‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
Net
investment
income
1
.26‌
%
1
.37‌
%
1
.65‌
%
1
.57‌
%
1
.37‌
%
Portfolio
turnover
rate
3
.2‌
%
3
.6‌
%
5
.8‌
%
3
.1‌
%
3
.1‌
%
Net
assets,
end
of
period
(in
millions)
$15,893
$14,975
$13,269
$11,283
$19,852
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2025
5
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.7%
COMMUNICATION
SERVICES
10.7%
Diversified
Telecommunication
Services
0.6%
AT&T
4,566,800‌
113,439‌
Verizon
Communications
2,729,413‌
111,169‌
224,608‌
Entertainment
1.4%
Electronic
Arts
146,050‌
29,842‌
Live
Nation
Entertainment (1)(2)
102,816‌
14,651‌
Netflix (1)
2,747,680‌
257,623‌
Take-Two
Interactive
Software (1)
111,812‌
28,627‌
TKO
Group
Holdings
43,834‌
9,161‌
Walt
Disney
1,150,699‌
130,915‌
Warner
Bros
Discovery (1)
1,599,357‌
46,094‌
516,913‌
Interactive
Media
&
Services
8.1%
Alphabet,
Class
A
3,763,545‌
1,177,989‌
Alphabet,
Class
C
3,007,077‌
943,621‌
Match
Group
156,854‌
5,065‌
Meta
Platforms,
Class
A
1,408,317‌
929,616‌
3,056,291‌
Media
0.4%
Charter
Communications,
Class
A (1)(2)
54,579‌
11,393‌
Comcast,
Class
A
2,335,311‌
69,803‌
Fox,
Class
A
135,283‌
9,885‌
Fox,
Class
B
86,632‌
5,625‌
News,
Class
A
244,150‌
6,377‌
News,
Class
B (2)
72,454‌
2,147‌
Omnicom
Group
207,814‌
16,781‌
Paramount
Skydance,
Class
B
204,019‌
2,734‌
Trade
Desk,
Class
A (1)
288,832‌
10,964‌
135,709‌
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S.
313,070‌
63,566‌
63,566‌
Total
Communication
Services
3,997,087‌
T.
ROWE
PRICE
Equity
Index
500
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
DISCRETIONARY
10.3%
Automobile
Components
0.0%
Aptiv (1)
141,352‌
10,755‌
10,755‌
Automobiles
2.4%
Ford
Motor
2,538,076‌
33,300‌
General
Motors
597,448‌
48,584‌
Tesla (1)
1,816,970‌
817,128‌
899,012‌
Broadline
Retail
3.9%
Amazon.com (1)
6,291,909‌
1,452,299‌
eBay
294,884‌
25,684‌
1,477,983‌
Distributors
0.0%
Genuine
Parts
90,627‌
11,143‌
Pool
21,104‌
4,828‌
15,971‌
Hotels,
Restaurants
&
Leisure
1.8%
Airbnb,
Class
A (1)
276,155‌
37,480‌
Booking
Holdings
20,765‌
111,203‌
Carnival (1)
692,415‌
21,146‌
Chipotle
Mexican
Grill (1)
870,621‌
32,213‌
Darden
Restaurants
76,255‌
14,033‌
Domino's
Pizza
20,154‌
8,401‌
DoorDash,
Class
A (1)
239,744‌
54,297‌
Expedia
Group
76,788‌
21,755‌
Hilton
Worldwide
Holdings
151,513‌
43,522‌
Las
Vegas
Sands
199,754‌
13,002‌
Marriott
International,
Class
A
145,911‌
45,268‌
McDonald's
462,030‌
141,210‌
MGM
Resorts
International (1)
132,620‌
4,839‌
Norwegian
Cruise
Line
Holdings (1)(2)
294,457‌
6,572‌
Royal
Caribbean
Cruises
163,289‌
45,545‌
Starbucks
736,751‌
62,042‌
Wynn
Resorts (2)
54,235‌
6,526‌
Yum!
Brands
179,139‌
27,100‌
696,154‌
Household
Durables
0.2%
DR
Horton
180,018‌
25,928‌
Garmin
106,001‌
21,502‌
Lennar,
Class
A
142,552‌
14,654‌
T.
ROWE
PRICE
Equity
Index
500
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
NVR (1)
1,863‌
13,587‌
PulteGroup
128,177‌
15,030‌
90,701‌
Leisure
Products
0.0%
Hasbro
86,806‌
7,118‌
7,118‌
Specialty
Retail
1.7%
AutoZone (1)
10,859‌
36,828‌
Best
Buy
126,686‌
8,479‌
Carvana (1)
91,505‌
38,617‌
Home
Depot
643,281‌
221,353‌
Lowe's
362,527‌
87,427‌
O'Reilly
Automotive (1)
548,740‌
50,051‌
Ross
Stores
211,234‌
38,052‌
TJX
722,161‌
110,931‌
Tractor
Supply
341,279‌
17,067‌
Ulta
Beauty (1)
29,176‌
17,652‌
Williams-Sonoma
80,178‌
14,319‌
640,776‌
Textiles,
Apparel
&
Luxury
Goods
0.3%
Deckers
Outdoor (1)
96,021‌
9,955‌
Lululemon
Athletica (1)
70,602‌
14,672‌
NIKE,
Class
B
769,571‌
49,029‌
Ralph
Lauren
24,913‌
8,809‌
Tapestry
135,647‌
17,332‌
99,797‌
Total
Consumer
Discretionary
3,938,267‌
CONSUMER
STAPLES
4.7%
Beverages
1.0%
Brown-Forman,
Class
B (2)
114,771‌
2,991‌
Coca-Cola
2,508,128‌
175,343‌
Constellation
Brands,
Class
A
92,491‌
12,760‌
Keurig
Dr
Pepper
876,669‌
24,556‌
Molson
Coors
Beverage,
Class
B
109,500‌
5,111‌
Monster
Beverage (1)
458,633‌
35,163‌
PepsiCo
886,347‌
127,209‌
383,133‌
Consumer
Staples
Distribution
&
Retail
1.8%
Costco
Wholesale
286,752‌
247,277‌
Dollar
General
142,937‌
18,978‌
Dollar
Tree (1)
125,729‌
15,466‌
T.
ROWE
PRICE
Equity
Index
500
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Kroger
392,524‌
24,525‌
Sysco
308,021‌
22,698‌
Target
293,303‌
28,670‌
Walmart
2,838,603‌
316,249‌
673,863‌
Food
Products
0.4%
Archer-Daniels-Midland
313,053‌
17,997‌
Bunge
Global
88,577‌
7,891‌
Campbell's
Company
129,595‌
3,612‌
Conagra
Brands
314,171‌
5,438‌
General
Mills
347,348‌
16,152‌
Hershey
95,347‌
17,351‌
Hormel
Foods
192,013‌
4,551‌
J
M
Smucker
69,943‌
6,841‌
Kraft
Heinz
552,804‌
13,406‌
Lamb
Weston
Holdings
90,531‌
3,792‌
McCormick (2)
164,387‌
11,196‌
Mondelez
International,
Class
A
839,224‌
45,175‌
Tyson
Foods,
Class
A
185,394‌
10,868‌
164,270‌
Household
Products
0.8%
Church
&
Dwight
158,056‌
13,253‌
Clorox
79,729‌
8,039‌
Colgate-Palmolive
524,618‌
41,455‌
Kimberly-Clark
214,000‌
21,590‌
Procter
&
Gamble
1,514,378‌
217,026‌
301,363‌
Personal
Care
Products
0.1%
Estee
Lauder,
Class
A
159,689‌
16,723‌
Kenvue
1,248,956‌
21,544‌
38,267‌
Tobacco
0.6%
Altria
Group
1,086,710‌
62,660‌
Philip
Morris
International
1,007,856‌
161,660‌
224,320‌
Total
Consumer
Staples
1,785,216‌
ENERGY
2.8%
Energy
Equipment
&
Services
0.2%
Baker
Hughes
639,418‌
29,119‌
Halliburton
552,315‌
15,609‌
T.
ROWE
PRICE
Equity
Index
500
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SLB
963,477‌
36,978‌
81,706‌
Oil,
Gas
&
Consumable
Fuels
2.6%
APA (2)
231,453‌
5,661‌
Chevron
1,221,301‌
186,138‌
ConocoPhillips
794,238‌
74,349‌
Coterra
Energy
497,466‌
13,093‌
Devon
Energy
411,873‌
15,087‌
Diamondback
Energy
122,283‌
18,383‌
EOG
Resources
354,359‌
37,211‌
EQT
395,120‌
21,178‌
Expand
Energy
154,710‌
17,074‌
Exxon
Mobil
2,724,393‌
327,853‌
Kinder
Morgan
1,258,188‌
34,588‌
Marathon
Petroleum
196,776‌
32,002‌
Occidental
Petroleum
467,285‌
19,215‌
ONEOK
408,445‌
30,021‌
Phillips
66
260,972‌
33,676‌
Targa
Resources
138,878‌
25,623‌
Texas
Pacific
Land
37,383‌
10,737‌
Valero
Energy
199,905‌
32,543‌
Williams
789,172‌
47,437‌
981,869‌
Total
Energy
1,063,575‌
FINANCIALS
13.4%
Banks
3.6%
Bank
of
America
4,337,875‌
238,583‌
Citigroup
1,153,365‌
134,586‌
Citizens
Financial
Group
279,877‌
16,348‌
Fifth
Third
Bancorp (2)
430,403‌
20,147‌
Huntington
Bancshares
1,013,236‌
17,580‌
JPMorgan
Chase
1,759,820‌
567,049‌
KeyCorp
603,285‌
12,452‌
M&T
Bank
101,634‌
20,477‌
PNC
Financial
Services
Group
255,414‌
53,313‌
Regions
Financial
579,311‌
15,699‌
Truist
Financial
834,626‌
41,072‌
U.S.
Bancorp
1,009,309‌
53,857‌
Wells
Fargo
2,025,752‌
188,800‌
1,379,963‌
Capital
Markets
3.4%
Ameriprise
Financial
61,142‌
29,980‌
T.
ROWE
PRICE
Equity
Index
500
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ares
Management,
Class
A
132,843‌
21,471‌
Bank
of
New
York
Mellon
455,818‌
52,916‌
Blackrock
93,167‌
99,720‌
Blackstone
476,911‌
73,511‌
Cboe
Global
Markets
68,178‌
17,113‌
Charles
Schwab
1,075,638‌
107,467‌
CME
Group
233,592‌
63,789‌
Coinbase
Global,
Class
A (1)
146,080‌
33,035‌
FactSet
Research
Systems
24,560‌
7,127‌
Franklin
Resources
199,003‌
4,754‌
Goldman
Sachs
Group
193,504‌
170,090‌
Interactive
Brokers
Group,
Class
A
288,432‌
18,549‌
Intercontinental
Exchange
370,953‌
60,080‌
Invesco
289,717‌
7,611‌
KKR
443,720‌
56,565‌
Moody's
100,065‌
51,118‌
Morgan
Stanley
778,708‌
138,244‌
MSCI
47,748‌
27,395‌
Nasdaq
291,281‌
28,292‌
Northern
Trust
124,174‌
16,961‌
Raymond
James
Financial
115,406‌
18,533‌
Robinhood
Markets,
Class
A (1)
504,077‌
57,011‌
S&P
Global
199,615‌
104,317‌
State
Street
184,526‌
23,806‌
T.
Rowe
Price
Group (2)(3)
143,158‌
14,657‌
1,304,112‌
Consumer
Finance
0.7%
American
Express
346,347‌
128,131‌
Capital
One
Financial
413,701‌
100,265‌
Synchrony
Financial
227,101‌
18,947‌
247,343‌
Financial
Services
3.9%
Apollo
Global
Management
298,105‌
43,154‌
Berkshire
Hathaway,
Class
B (1)
1,186,218‌
596,252‌
Block (1)
354,456‌
23,072‌
Corpay (1)
46,090‌
13,870‌
Fidelity
National
Information
Services
339,973‌
22,595‌
Fiserv (1)
352,948‌
23,707‌
Global
Payments
157,491‌
12,190‌
Jack
Henry
&
Associates
47,304‌
8,632‌
Mastercard,
Class
A
529,668‌
302,377‌
PayPal
Holdings
597,180‌
34,863‌
T.
ROWE
PRICE
Equity
Index
500
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A
1,090,526‌
382,458‌
1,463,170‌
Insurance
1.8%
Aflac
309,713‌
34,152‌
Allstate
170,534‌
35,497‌
American
International
Group
343,385‌
29,377‌
Aon,
Class
A
139,850‌
49,350‌
Arch
Capital
Group (1)
228,484‌
21,916‌
Arthur
J
Gallagher
165,988‌
42,956‌
Assurant
32,780‌
7,895‌
Brown
&
Brown
190,240‌
15,162‌
Chubb
235,230‌
73,420‌
Cincinnati
Financial
101,919‌
16,646‌
Erie
Indemnity,
Class
A (2)
16,364‌
4,691‌
Everest
Group
27,072‌
9,187‌
Globe
Life
52,468‌
7,338‌
Hartford
Insurance
Group
181,421‌
25,000‌
Loews
110,013‌
11,586‌
Marsh
&
McLennan
318,593‌
59,105‌
MetLife
362,309‌
28,601‌
Principal
Financial
Group
131,111‌
11,565‌
Progressive
379,169‌
86,344‌
Prudential
Financial
227,164‌
25,642‌
Travelers
146,140‌
42,389‌
W
R
Berkley
195,294‌
13,694‌
Willis
Towers
Watson
63,457‌
20,852‌
672,365‌
Total
Financials
5,066,953‌
HEALTH
CARE
9.5%
Biotechnology
1.7%
AbbVie
1,142,277‌
260,999‌
Amgen
348,516‌
114,073‌
Biogen (1)
95,573‌
16,820‌
Gilead
Sciences
803,109‌
98,574‌
Incyte (1)
105,736‌
10,443‌
Moderna (1)
224,217‌
6,612‌
Regeneron
Pharmaceuticals
65,826‌
50,809‌
Vertex
Pharmaceuticals (1)
165,480‌
75,022‌
633,352‌
Health
Care
Equipment
&
Supplies
2.0%
Abbott
Laboratories
1,126,861‌
141,184‌
Align
Technology (1)
43,628‌
6,813‌
T.
ROWE
PRICE
Equity
Index
500
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Baxter
International
338,232‌
6,464‌
Becton
Dickinson
&
Company
185,494‌
35,999‌
Boston
Scientific (1)
958,494‌
91,392‌
Cooper (1)
129,400‌
10,606‌
Dexcom (1)
255,632‌
16,966‌
Edwards
Lifesciences (1)
380,780‌
32,461‌
GE
HealthCare
Technologies
294,457‌
24,151‌
Hologic (1)
144,920‌
10,795‌
IDEXX
Laboratories (1)
51,793‌
35,040‌
Insulet (1)
45,886‌
13,043‌
Intuitive
Surgical (1)
228,495‌
129,410‌
Medtronic
828,748‌
79,610‌
ResMed
94,469‌
22,755‌
Solventum (1)
96,707‌
7,663‌
STERIS
63,996‌
16,224‌
Stryker
222,537‌
78,215‌
Zimmer
Biomet
Holdings
128,574‌
11,561‌
770,352‌
Health
Care
Providers
&
Services
1.6%
Cardinal
Health
154,218‌
31,692‌
Cencora
125,577‌
42,414‌
Centene (1)
301,421‌
12,403‌
Cigna
Group
173,123‌
47,649‌
CVS
Health
820,438‌
65,110‌
DaVita (1)
22,419‌
2,547‌
Elevance
Health
145,511‌
51,009‌
HCA
Healthcare
102,306‌
47,762‌
Henry
Schein (1)(2)
65,600‌
4,958‌
Humana
78,239‌
20,039‌
Labcorp
Holdings
53,926‌
13,529‌
McKesson
80,466‌
66,005‌
Molina
Healthcare (1)
35,617‌
6,181‌
Quest
Diagnostics
72,815‌
12,636‌
UnitedHealth
Group
585,502‌
193,280‌
Universal
Health
Services,
Class
B
36,552‌
7,969‌
625,183‌
Life
Sciences
Tools
&
Services
0.9%
Agilent
Technologies
183,378‌
24,952‌
Bio-Techne (2)
102,818‌
6,047‌
Charles
River
Laboratories
International (1)
32,190‌
6,421‌
Danaher
404,555‌
92,611‌
IQVIA
Holdings (1)
108,354‌
24,424‌
Mettler-Toledo
International (1)
13,382‌
18,657‌
T.
ROWE
PRICE
Equity
Index
500
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Revvity (2)
75,190‌
7,275‌
Thermo
Fisher
Scientific
242,212‌
140,350‌
Waters (1)
38,801‌
14,738‌
West
Pharmaceutical
Services
46,690‌
12,846‌
348,321‌
Pharmaceuticals
3.3%
Bristol-Myers
Squibb
1,319,289‌
71,162‌
Eli
Lilly
514,271‌
552,677‌
Johnson
&
Johnson
1,557,520‌
322,329‌
Merck
1,600,995‌
168,521‌
Pfizer
3,678,057‌
91,583‌
Viatris
759,994‌
9,462‌
Zoetis
286,836‌
36,090‌
1,251,824‌
Total
Health
Care
3,629,032‌
INDUSTRIALS
&
BUSINESS
SERVICES
8.2%
Aerospace
&
Defense
2.2%
Axon
Enterprise (1)
50,915‌
28,916‌
Boeing (1)
503,907‌
109,408‌
General
Dynamics
163,289‌
54,973‌
General
Electric
680,850‌
209,722‌
Howmet
Aerospace
259,900‌
53,285‌
Huntington
Ingalls
Industries
25,735‌
8,752‌
L3Harris
Technologies
120,410‌
35,349‌
Lockheed
Martin
130,713‌
63,222‌
Northrop
Grumman
87,293‌
49,775‌
RTX
866,670‌
158,947‌
Textron
115,105‌
10,034‌
TransDigm
Group
36,416‌
48,428‌
830,811‌
Air
Freight
&
Logistics
0.3%
CH
Robinson
Worldwide
76,979‌
12,375‌
Expeditors
International
of
Washington
88,456‌
13,181‌
FedEx
140,170‌
40,489‌
United
Parcel
Service,
Class
B
474,380‌
47,054‌
113,099‌
Building
Products
0.4%
A.O.
Smith (2)
73,839‌
4,938‌
Allegion
55,679‌
8,865‌
Builders
FirstSource (1)
70,730‌
7,278‌
Carrier
Global
518,836‌
27,415‌
T.
ROWE
PRICE
Equity
Index
500
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Johnson
Controls
International
391,251‌
46,852‌
Lennox
International
20,764‌
10,083‌
Masco
136,477‌
8,661‌
Trane
Technologies
144,206‌
56,125‌
170,217‌
Commercial
Services
&
Supplies
0.5%
Cintas
222,335‌
41,814‌
Copart (1)
573,807‌
22,465‌
Republic
Services
131,622‌
27,895‌
Rollins
182,409‌
10,948‌
Veralto
161,768‌
16,141‌
Waste
Management
239,519‌
52,625‌
171,888‌
Construction
&
Engineering
0.2%
Comfort
Systems
USA
22,770‌
21,251‌
EMCOR
Group
29,080‌
17,791‌
Quanta
Services
96,483‌
40,721‌
79,763‌
Electrical
Equipment
0.9%
AMETEK
149,791‌
30,754‌
Eaton
251,808‌
80,203‌
Emerson
Electric
364,526‌
48,380‌
GE
Vernova
176,217‌
115,170‌
Generac
Holdings (1)
38,055‌
5,190‌
Hubbell
34,489‌
15,317‌
Rockwell
Automation
72,921‌
28,371‌
323,385‌
Ground
Transportation
0.8%
CSX
1,201,197‌
43,543‌
JB
Hunt
Transport
Services
49,114‌
9,545‌
Norfolk
Southern
144,530‌
41,729‌
Old
Dominion
Freight
Line
120,148‌
18,839‌
Uber
Technologies (1)
1,350,065‌
110,314‌
Union
Pacific
383,623‌
88,740‌
312,710‌
Industrial
Conglomerates
0.4%
3M
344,508‌
55,156‌
Honeywell
International
410,624‌
80,108‌
135,264‌
Machinery
1.6%
Caterpillar
302,841‌
173,489‌
T.
ROWE
PRICE
Equity
Index
500
Fund
15
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Cummins
88,793‌
45,324‌
Deere
162,900‌
75,841‌
Dover
89,351‌
17,445‌
Fortive
196,519‌
10,850‌
IDEX
48,805‌
8,684‌
Illinois
Tool
Works
170,906‌
42,094‌
Ingersoll
Rand
235,096‌
18,624‌
Nordson
34,994‌
8,414‌
Otis
Worldwide
255,464‌
22,315‌
PACCAR
339,126‌
37,138‌
Parker-Hannifin
81,081‌
71,267‌
Pentair
106,861‌
11,128‌
Snap-on
33,987‌
11,712‌
Stanley
Black
&
Decker
101,464‌
7,537‌
Westinghouse
Air
Brake
Technologies
110,876‌
23,666‌
Xylem
157,002‌
21,381‌
606,909‌
Passenger
Airlines
0.2%
Delta
Air
Lines
418,770‌
29,063‌
Southwest
Airlines (2)
339,787‌
14,043‌
United
Airlines
Holdings (1)
210,667‌
23,557‌
66,663‌
Professional
Services
0.5%
Automatic
Data
Processing
262,047‌
67,406‌
Broadridge
Financial
Solutions
76,137‌
16,992‌
Dayforce (1)
104,940‌
7,258‌
Equifax
80,539‌
17,475‌
Jacobs
Solutions
77,599‌
10,279‌
Leidos
Holdings
83,618‌
15,085‌
Paychex
209,176‌
23,465‌
Paycom
Software
31,582‌
5,033‌
Verisk
Analytics
90,927‌
20,339‌
183,332‌
Trading
Companies
&
Distributors
0.2%
Fastenal
745,148‌
29,903‌
United
Rentals
41,629‌
33,691‌
W.W.
Grainger
28,540‌
28,798‌
92,392‌
Total
Industrials
&
Business
Services
3,086,433‌
T.
ROWE
PRICE
Equity
Index
500
Fund
16
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
34.3%
Communications
Equipment
0.9%
Arista
Networks (1)
666,660‌
87,353‌
Cisco
Systems
2,543,376‌
195,916‌
F5 (1)
37,320‌
9,526‌
Motorola
Solutions
108,139‌
41,452‌
334,247‌
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol,
Class
A
790,324‌
106,805‌
CDW
85,083‌
11,588‌
Corning
502,425‌
43,992‌
Jabil
69,958‌
15,952‌
Keysight
Technologies (1)
111,909‌
22,739‌
TE
Connectivity
190,397‌
43,317‌
Teledyne
Technologies (1)
30,462‌
15,558‌
Zebra
Technologies,
Class
A (1)
33,013‌
8,016‌
267,967‌
IT
Services
1.0%
Accenture,
Class
A
403,178‌
108,173‌
Akamai
Technologies (1)
92,943‌
8,109‌
Cognizant
Technology
Solutions,
Class
A
315,003‌
26,145‌
EPAM
Systems (1)
36,065‌
7,389‌
Gartner (1)
44,668‌
11,269‌
GoDaddy,
Class
A (1)
89,740‌
11,135‌
International
Business
Machines
602,927‌
178,593‌
VeriSign
54,801‌
13,314‌
364,127‌
Semiconductors
&
Semiconductor
Equipment
14.1%
Advanced
Micro
Devices (1)
1,050,634‌
225,004‌
Analog
Devices
316,517‌
85,839‌
Applied
Materials
513,524‌
131,971‌
Broadcom
3,053,795‌
1,056,919‌
First
Solar (1)
68,695‌
17,945‌
Intel (1)
2,885,639‌
106,480‌
KLA
85,417‌
103,789‌
Lam
Research
809,685‌
138,602‌
Microchip
Technology
348,128‌
22,183‌
Micron
Technology
724,669‌
206,828‌
Monolithic
Power
Systems
31,061‌
28,152‌
NVIDIA
15,720,023‌
2,931,784‌
NXP
Semiconductors
162,817‌
35,341‌
ON
Semiconductor (1)
265,118‌
14,356‌
T.
ROWE
PRICE
Equity
Index
500
Fund
17
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Qnity
Electronics
135,784‌
11,087‌
QUALCOMM
690,156‌
118,051‌
Skyworks
Solutions
96,755‌
6,135‌
Teradyne
102,574‌
19,854‌
Texas
Instruments
588,485‌
102,096‌
5,362,416‌
Software
10.3%
Adobe (1)
269,454‌
94,306‌
AppLovin,
Class
A (1)
175,256‌
118,091‌
Autodesk (1)
138,907‌
41,118‌
Cadence
Design
Systems (1)
176,554‌
55,187‌
Crowdstrike
Holdings,
Class
A (1)
161,214‌
75,571‌
Datadog,
Class
A (1)
209,147‌
28,442‌
Fair
Isaac (1)
15,496‌
26,198‌
Fortinet (1)
402,824‌
31,988‌
Gen
Digital
360,707‌
9,808‌
Intuit
180,584‌
119,622‌
Microsoft
4,809,584‌
2,326,011‌
Oracle
1,085,161‌
211,509‌
Palantir
Technologies,
Class
A (1)
1,475,007‌
262,182‌
Palo
Alto
Networks (1)
439,532‌
80,962‌
PTC (1)
77,800‌
13,553‌
Roper
Technologies
69,872‌
31,102‌
Salesforce
614,068‌
162,673‌
ServiceNow (1)
673,240‌
103,134‌
Synopsys (1)
119,679‌
56,216‌
Trimble (1)
155,124‌
12,154‌
Tyler
Technologies (1)
28,124‌
12,767‌
Workday,
Class
A (1)
140,246‌
30,122‌
3,902,716‌
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple
9,558,941‌
2,598,694‌
Dell
Technologies,
Class
C
196,648‌
24,754‌
Hewlett
Packard
Enterprise
853,635‌
20,504‌
HP
610,164‌
13,594‌
NetApp
129,933‌
13,914‌
Sandisk (1)
89,770‌
21,310‌
Seagate
Technology
Holdings
138,940‌
38,263‌
Super
Micro
Computer (1)(2)
325,277‌
9,521‌
Western
Digital
218,246‌
37,597‌
2,778,151‌
Total
Information
Technology
13,009,624‌
T.
ROWE
PRICE
Equity
Index
500
Fund
18
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
1.9%
Chemicals
1.0%
Air
Products
&
Chemicals
144,040‌
35,581‌
Albemarle
75,414‌
10,667‌
CF
Industries
Holdings
105,051‌
8,125‌
Corteva
440,448‌
29,523‌
Dow
460,496‌
10,766‌
DuPont
de
Nemours
271,569‌
10,917‌
Ecolab
165,319‌
43,400‌
International
Flavors
&
Fragrances
166,495‌
11,220‌
Linde
300,964‌
128,328‌
LyondellBasell
Industries,
Class
A
169,260‌
7,329‌
Mosaic
209,051‌
5,036‌
PPG
Industries
146,539‌
15,014‌
Sherwin-Williams
149,465‌
48,431‌
364,337‌
Construction
Materials
0.3%
CRH
433,686‌
54,124‌
Martin
Marietta
Materials
38,913‌
24,229‌
Vulcan
Materials
85,267‌
24,320‌
102,673‌
Containers
&
Packaging
0.2%
Amcor
1,495,186‌
12,470‌
Avery
Dennison
50,566‌
9,197‌
Ball
175,545‌
9,298‌
International
Paper
342,845‌
13,505‌
Packaging
Corp.
of
America
58,011‌
11,963‌
Smurfit
WestRock
326,988‌
12,645‌
69,078‌
Metals
&
Mining
0.4%
Freeport-McMoRan
927,523‌
47,109‌
Newmont
710,599‌
70,953‌
Nucor
149,328‌
24,357‌
Steel
Dynamics
89,865‌
15,228‌
157,647‌
Total
Materials
693,735‌
REAL
ESTATE
1.7%
Health
Care
Real
Estate
Investment
Trusts
0.3%
Alexandria
Real
Estate
Equities,
REIT
101,086‌
4,947‌
Healthpeak
Properties,
REIT
451,453‌
7,260‌
Ventas,
REIT
296,831‌
22,969‌
T.
ROWE
PRICE
Equity
Index
500
Fund
19
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Welltower,
REIT
441,066‌
81,866‌
117,042‌
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Host
Hotels
&
Resorts,
REIT
411,298‌
7,292‌
7,292‌
Industrial
Real
Estate
Investment
Trusts
0.2%
Prologis,
REIT
600,211‌
76,623‌
76,623‌
Office
Real
Estate
Investment
Trusts
0.0%
BXP,
REIT (2)
95,784‌
6,464‌
6,464‌
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Class
A (1)
190,304‌
30,599‌
CoStar
Group (1)
273,030‌
18,359‌
48,958‌
Residential
Real
Estate
Investment
Trusts
0.2%
AvalonBay
Communities,
REIT
92,657‌
16,800‌
Camden
Property
Trust,
REIT
70,167‌
7,724‌
Equity
Residential,
REIT
225,466‌
14,213‌
Essex
Property
Trust,
REIT
41,796‌
10,937‌
Invitation
Homes,
REIT
364,838‌
10,139‌
Mid-America
Apartment
Communities,
REIT
75,948‌
10,550‌
UDR,
REIT
192,543‌
7,062‌
77,425‌
Retail
Real
Estate
Investment
Trusts
0.2%
Federal
Realty
Investment
Trust,
REIT
50,572‌
5,098‌
Kimco
Realty,
REIT
439,939‌
8,917‌
Realty
Income,
REIT
588,287‌
33,162‌
Regency
Centers,
REIT
105,975‌
7,315‌
Simon
Property
Group,
REIT
211,349‌
39,123‌
93,615‌
Specialized
Real
Estate
Investment
Trusts
0.7%
American
Tower,
REIT
302,831‌
53,168‌
Crown
Castle,
REIT
281,023‌
24,974‌
Digital
Realty
Trust,
REIT
207,093‌
32,039‌
Equinix,
REIT
63,391‌
48,568‌
Extra
Space
Storage,
REIT
136,654‌
17,795‌
Iron
Mountain,
REIT
192,496‌
15,968‌
Public
Storage,
REIT
102,415‌
26,577‌
SBA
Communications,
REIT
69,997‌
13,540‌
T.
ROWE
PRICE
Equity
Index
500
Fund
20
Shares
$
Value
(Cost
and
value
in
$000s)
‡
VICI
Properties,
REIT
692,762‌
19,480‌
Weyerhaeuser,
REIT
468,208‌
11,092‌
263,201‌
Total
Real
Estate
690,620‌
UTILITIES
2.2%
Electric
Utilities
1.5%
Alliant
Energy (2)
166,785‌
10,843‌
American
Electric
Power
346,276‌
39,929‌
Constellation
Energy
201,633‌
71,231‌
Duke
Energy
504,000‌
59,074‌
Edison
International
250,860‌
15,057‌
Entergy
288,180‌
26,636‌
Evergy
149,960‌
10,871‌
Eversource
Energy
238,967‌
16,090‌
Exelon
655,054‌
28,554‌
FirstEnergy
338,693‌
15,163‌
NextEra
Energy
1,340,539‌
107,618‌
NRG
Energy
125,819‌
20,035‌
PG&E
1,417,517‌
22,779‌
Pinnacle
West
Capital (2)
78,451‌
6,959‌
PPL
481,988‌
16,879‌
Southern
711,591‌
62,051‌
Xcel
Energy
380,385‌
28,095‌
557,864‌
Gas
Utilities
0.0%
Atmos
Energy
104,295‌
17,483‌
17,483‌
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
469,087‌
6,726‌
Vistra
206,705‌
33,348‌
40,074‌
Multi-Utilities
0.6%
Ameren
176,243‌
17,600‌
CenterPoint
Energy
425,383‌
16,309‌
CMS
Energy
195,126‌
13,645‌
Consolidated
Edison
232,636‌
23,105‌
Dominion
Energy
554,429‌
32,484‌
DTE
Energy
135,298‌
17,451‌
NiSource
306,935‌
12,818‌
Public
Service
Enterprise
Group
322,129‌
25,867‌
T.
ROWE
PRICE
Equity
Index
500
Fund
21
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Sempra
422,375‌
37,291‌
WEC
Energy
Group
208,620‌
22,001‌
218,571‌
Water
Utilities
0.0%
American
Water
Works
127,158‌
16,594‌
16,594‌
Total
Utilities
850,586‌
Total
Common
Stocks
(Cost
$9,164,816)
37,811,128‌
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.77% (3)(4)
176,227,567‌
176,228‌
Total
Short-Term
Investments
(Cost
$176,228)
176,228‌
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.1%
Money
Market
Funds 0.1%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (3)(4)
32,266,409‌
32,266‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
32,266‌
Total
Securities
Lending
Collateral
(Cost
$32,266)
32,266‌
Total
Investments
in
Securities
100.3%
of
Net
Assets
(Cost
$9,373,310)
$
38,019,622‌
‡
Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2025.
(3)
Affiliated
Companies
(4)
Seven-day
yield
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Index
500
Fund
22
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
255
S&P
500
E-Mini
Index
contracts
3/26
87,879
$
(366‌)
Net
payments
(receipts)
of
variation
margin
to
date
(1,118‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(1,484‌)
T.
ROWE
PRICE
Equity
Index
500
Fund
23
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Group
$
419‌
$
(2,077‌)
$
747‌
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
-‌
-‌
1,965‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
-‌
-‌++
Totals
$
419‌#
$
(2,077‌)
$
2,712‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
12/31/25
T.
Rowe
Price
Group
$
17,184‌
$
-‌
$
450‌
$
14,657‌
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
116,950‌
¤
¤
176,228‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
¤
¤
32,266‌
Total
$
223,151‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$2,712
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$214,752.
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
24
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$9,373,310)
$
38,019,622‌
Dividends
receivable
19,261‌
Receivable
for
shares
sold
14,759‌
Cash
deposits
on
futures
contracts
12,904‌
Due
from
affiliates
406‌
Other
assets
161‌
Total
assets
38,067,113‌
Liabilities
Payable
for
shares
redeemed
132,077‌
Obligation
to
return
securities
lending
collateral
32,266‌
Investment
management
fees
payable
1,615‌
Variation
margin
payable
on
futures
contracts
1,484‌
Payable
to
directors
27‌
Other
liabilities
885‌
Total
liabilities
168,354‌
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
37,898,759‌
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
25
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
28,792,464‌
Paid-in
capital
applicable
to
213,347,711
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
9,106,295‌
NET
ASSETS
$
37,898,759‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$8,803,383;
Shares
outstanding:
49,560,662)
$
177.63‌
I
Class
(Net
assets:
$13,202,318;
Shares
outstanding:
74,313,430)
$
177.66‌
Z
Class
(Net
assets:
$15,893,058;
Shares
outstanding:
89,473,619)
$
177.63‌
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Operations
26
($000s)
Year
Ended
12/31/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$117)
$
441,252‌
Securities
lending
747‌
Other
211‌
Total
income
442,210‌
Expenses
Investment
management
17,582‌
Shareholder
servicing
Investor
Class
$
11,183‌
I
Class
2,847‌
14,030‌
Prospectus
and
shareholder
reports
Investor
Class
111‌
I
Class
25‌
Z
Class
3‌
139‌
Custody
and
accounting
763‌
Registration
197‌
Directors
109‌
Legal
and
audit
34‌
Miscellaneous
96‌
Waived
/
paid
by
Price
Associates
(
11,375‌
)
Total
expenses
21,575‌
Net
investment
income
420,635‌
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Operations
27
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
1,303,796‌
Futures
7,861‌
Net
realized
gain
1,311,657‌
Change
in
net
unrealized
gain
/
loss
Securities
4,105,082‌
Futures
1,907‌
Change
in
net
unrealized
gain
/
loss
4,106,989‌
Net
realized
and
unrealized
gain
/
loss
5,418,646‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
5,839,281‌
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Changes
in
Net
Assets
28
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
420,635‌
$
418,521‌
Net
realized
gain
1,311,657‌
776,523‌
Change
in
net
unrealized
gain
/
loss
4,106,989‌
5,770,942‌
Increase
in
net
assets
from
operations
5,839,281‌
6,965,986‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
204,000‌
)
(
98,418‌
)
I
Class
(
313,945‌
)
(
134,132‌
)
Z
Class
(
397,587‌
)
(
205,466‌
)
Decrease
in
net
assets
from
distributions
(
915,532‌
)
(
438,016‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
1,427,333‌
1,449,435‌
I
Class
1,796,114‌
1,875,658‌
Z
Class
1,679,941‌
1,694,234‌
Distributions
reinvested
Investor
Class
193,051‌
93,564‌
I
Class
293,207‌
124,990‌
Z
Class
397,587‌
205,466‌
Shares
redeemed
Investor
Class
(
2,236,742‌
)
(
2,116,744‌
)
I
Class
(
1,349,019‌
)
(
1,085,103‌
)
Z
Class
(
3,283,496‌
)
(
3,168,940‌
)
Decrease
in
net
assets
from
capital
share
transactions
(
1,082,024‌
)
(
927,440‌
)
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Changes
in
Net
Assets
29
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Net
Assets
Increase
during
period
3,841,725‌
5,600,530‌
Beginning
of
period
34,057,034‌
28,456,504‌
End
of
period
$
37,898,759‌
$
34,057,034‌
*Share
information
(000s)
Shares
sold
Investor
Class
8,817‌
10,205‌
I
Class
10,971‌
13,170‌
Z
Class
10,330‌
12,363‌
Distributions
reinvested
Investor
Class
1,115‌
632‌
I
Class
1,694‌
843‌
Z
Class
2,306‌
1,389‌
Shares
redeemed
Investor
Class
(
13,786‌
)
(
14,976‌
)
I
Class
(
8,353‌
)
(
7,566‌
)
Z
Class
(
20,037‌
)
(
22,705‌
)
Decrease
in
shares
outstanding
(
6,943‌
)
(
6,645‌
)
T.
ROWE
PRICE
Equity
Index
500
Fund
NOTES
TO
FINANCIAL
STATEMENTS
30
T.
Rowe
Price
Index
Trust,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Equity
Index
500
Fund
(the
fund)
is
an
open-end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
large-capitalization
U.S.
stocks.
The
fund
has three classes
of
shares:
the
Equity
Index
500
Fund
(Investor
Class),
the
Equity
Index
500
Fund-I
Class
(I
Class)
and
the
Equity
Index
500
Fund-Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
T.
ROWE
PRICE
Equity
Index
500
Fund
31
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund's
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
year ended
December
31,
2025,
the
fund
realized
$279,779,000 of
net
gain
on
$351,690,000
of
in-kind
redemptions.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
T.
ROWE
PRICE
Equity
Index
500
Fund
32
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
T.
ROWE
PRICE
Equity
Index
500
Fund
33
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
T.
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PRICE
Equity
Index
500
Fund
34
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
December
31,
2025
,
all
of
the
fund's
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
December
31,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
T.
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Equity
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35
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
*
Liabilities
Equity
derivatives
Futures
$
366‌
Total
$
366‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
7,861‌
Total
$
7,861‌
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
1,907‌
Total
$
1,907‌
T.
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PRICE
Equity
Index
500
Fund
36
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2025,
cash
of $12,904,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
year ended
December
31,
2025,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
T.
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PRICE
Equity
Index
500
Fund
37
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2025,
the
value
of
loaned
securities
was
$89,116,000;
the
aggregate
value
of
collateral
was
$91,424,000
and
consisted
of
cash
collateral
and
related
investments
of
$32,266,000
and
U.S.
government
securities
of
$59,158,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,123,982,000 and
$2,323,389,000,
respectively,
for
the
year ended
December
31,
2025.
T.
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PRICE
Equity
Index
500
Fund
38
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
redemptions
in
kind
and
deemed
distributions
on
shareholder
redemptions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2025
December
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
416,726‌
$
437,444‌
Long-term
capital
gain
498,806‌
572‌
Total
distributions
$
915,532‌
$
438,016‌
T.
ROWE
PRICE
Equity
Index
500
Fund
39
At
December
31,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2025,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
Other
temporary
differences
relate
primarily
to
differences
in
treatment
of
corporate
actions.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
($000s)
Cost
of
investments
$
9,465,240‌
Unrealized
appreciation
$
29,083,031‌
Unrealized
depreciation
(528,649‌)
Net
unrealized
appreciation
(depreciation)
$
28,554,382‌
($000s)
Undistributed
ordinary
income
$
1,348‌
Undistributed
long-term
capital
gain
236,788‌
Net
unrealized
appreciation
(depreciation)
28,554,382‌
Other
temporary
differences
(54‌)
Total
distributable
earnings
(loss)
$
28,792,464‌
T.
ROWE
PRICE
Equity
Index
500
Fund
40
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.05%
of
the
fund's
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
T.
ROWE
PRICE
Equity
Index
500
Fund
41
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class'
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund's
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the year
ended December
31,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $7,625,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.21%
0.00%
0.00%
Expense
limitation
date
02/29/28
02/29/28
N/A
(Waived)/repaid
during
the
period
($000s)
$-
$(3,262)
$(8,113)
T.
ROWE
PRICE
Equity
Index
500
Fund
42
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
year
ended
December
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$124,000
for
Price
Associates;
$6,575,000
for
T.
Rowe
Price
Services,
Inc.;
and
$2,014,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund's
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund's
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
year ended
December
31,
2025,
the
fund
was
charged $994,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$252,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
December
31,
2025,
approximately
22%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
December
31,
2025, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
Consistent
with
its
investment
objective,
the
fund
may
invest
in
T.
Rowe
Price
Group,
Inc.
Additionally,
the fund
may
invest
its
cash
reserves
in
certain
open-
end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
T.
ROWE
PRICE
Equity
Index
500
Fund
43
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
T.
ROWE
PRICE
Equity
Index
500
Fund
44
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Equity
Index
500
Fund
45
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Index
Trust,
Inc.
and
Shareholders
of
T.
Rowe
Price
Equity
Index
500
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Equity
Index
500
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Index
Trust,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Equity
Index
500
Fund
46
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
18,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Equity
Index
500
Fund
47
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/25
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included
$784,287,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$415,241,000
of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$397,634,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
For
individuals
and
certain
trusts
and
estates
which
are
entitled
to
claim
a
deduction
of
up
to
20%
of
their
combined
qualified
real
estate
investment
trust
(REIT)
dividends,
$19,114,000
of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F50-050
2/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

 (2)

Listing standards relating to recovery of erroneously awarded compensation: not applicable.

 (3)

Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)

A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Index Trust, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  February 18, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  February 18, 2026
By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date  February 18, 2026
T. Rowe Price Index Trust Inc. published this content on February 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 23, 2026 at 17:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]