T. Rowe Price Small Cap Stock Fund Inc.
02/23/2026 | Press release | Distributed by Public on 02/23/2026 10:04
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: 811-00696
T. Rowe Price Small-CapStock Fund, 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
Small-Cap Stock Fund
Investor Class (OTCFX)
This annual shareholder report contains important information about Small-Cap Stock 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
|
|
|
Small-Cap Stock Fund - Investor Class
|
$96
|
0.92%
|
What drove fund performance during the past 12 months?
-
Small- cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year, stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year.
-
Versus the Russell 2000 Index, the leading contributor to relative performance was stock selection in energy. Shares of TechnipFMC, a global offshore oil field service and equipment company, were boosted by robust subsea orders amid increased offshore spending. The consumer discretionary sector, which recorded a negative return, also added value due to our underweight allocation.
-
On the negative side, stock selection in health care was the leading detractor from relative performance. Multiple headwinds, including potential tariff implications, weighed on shares of Masimo, a manufacturer of non-invasive medical monitoring technologies. Shares of surgical robotics company PROCEPT BioRobotics were pressured by factors including the departure of its CEO, softer robot placements, and the utilization rate per robot. The information technology sector also hindered relative results due to stock choices.
-
The fund seeks to opportunistically blend small-cap value and growth stocks to capitalize on valuation anomalies and produce strong and consistent returns. We take a contrarian approach in our assessment of value and growth opportunities, seeking situations in which our view of a company's prospects is distinctly different from the market's expectations.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
|
Investor Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2015
|
10,000
|
10,000
|
10,000
|
|
2016
|
9,984
|
10,097
|
9,848
|
|
2016
|
10,404
|
10,362
|
10,222
|
|
2016
|
11,039
|
10,818
|
11,146
|
|
2016
|
11,857
|
11,274
|
12,131
|
|
2017
|
12,272
|
11,921
|
12,430
|
|
2017
|
12,562
|
12,280
|
12,736
|
|
2017
|
13,214
|
12,842
|
13,458
|
|
2017
|
13,668
|
13,656
|
13,908
|
|
2018
|
13,923
|
13,568
|
13,896
|
|
2018
|
14,849
|
14,095
|
14,973
|
|
2018
|
15,780
|
15,099
|
15,509
|
|
2018
|
13,225
|
12,940
|
12,376
|
|
2019
|
15,547
|
14,757
|
14,181
|
|
2019
|
16,428
|
15,361
|
14,478
|
|
2019
|
16,444
|
15,540
|
14,130
|
|
2019
|
17,672
|
16,954
|
15,535
|
|
2020
|
13,044
|
13,410
|
10,779
|
|
2020
|
16,365
|
16,364
|
13,519
|
|
2020
|
17,730
|
17,871
|
14,185
|
|
2020
|
22,100
|
20,495
|
18,636
|
|
2021
|
23,957
|
21,796
|
21,002
|
|
2021
|
25,323
|
23,592
|
21,904
|
|
2021
|
25,074
|
23,568
|
20,949
|
|
2021
|
25,888
|
25,754
|
21,397
|
|
2022
|
22,937
|
24,395
|
19,787
|
|
2022
|
19,434
|
20,321
|
16,385
|
|
2022
|
19,018
|
19,413
|
16,026
|
|
2022
|
19,808
|
20,808
|
17,024
|
|
2023
|
20,487
|
22,302
|
17,491
|
|
2023
|
21,536
|
24,172
|
18,401
|
|
2023
|
20,298
|
23,386
|
17,457
|
|
2023
|
23,261
|
26,209
|
19,906
|
|
2024
|
24,556
|
28,835
|
20,938
|
|
2024
|
23,421
|
29,762
|
20,251
|
|
2024
|
25,599
|
31,616
|
22,129
|
|
2024
|
25,967
|
32,448
|
22,203
|
|
2025
|
24,452
|
30,916
|
20,099
|
|
2025
|
26,037
|
34,314
|
21,807
|
|
2025
|
27,746
|
37,120
|
24,510
|
|
2025
|
28,123
|
38,012
|
25,047
|
202501-4140694, 202601-5113174
F65-052 2/26
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
|
Small-Cap Stock Fund (Investor Class)
|
8.30%
|
4.94%
|
10.89%
|
|
Russell 3000 Index (Regulatory Benchmark)
|
17.15
|
13.15
|
14.29
|
|
Russell 2000 Index (Strategy Benchmark)
|
12.81
|
6.09
|
9.62
|
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)$8,111,869
- Number of Portfolio Holdings289
- Investment Advisory Fees Paid (000s)$41,255
- Portfolio Turnover Rate78.1%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
|
Health Care
|
22.2%
|
|
Industrials & Business Services
|
20.4
|
|
Financials
|
18.8
|
|
Information Technology
|
12.9
|
|
Consumer Discretionary
|
7.9
|
|
Materials
|
5.0
|
|
Real Estate
|
4.1
|
|
Energy
|
3.1
|
|
Utilities
|
2.7
|
|
Other
|
2.9
|
Top Ten Holdings(as a % of Net Assets)
|
Liberty Live Holdings
|
2.2%
|
|
VSE
|
1.8
|
|
Lattice Semiconductor
|
1.8
|
|
Esab
|
1.4
|
|
Immunome
|
1.4
|
|
PennyMac Financial Services
|
1.3
|
|
Dyne Therapeutics
|
1.3
|
|
Mirion Technologies
|
1.3
|
|
Elanco Animal Health
|
1.3
|
|
RBC Bearings
|
1.3
|
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.
Frank Russell Company "LSE" 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.
Small-Cap Stock Fund
Investor Class (OTCFX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
December 31, 2025
Small-Cap Stock Fund
Advisor Class (PASSX)
This annual shareholder report contains important information about Small-Cap Stock 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
|
|
|
Small-Cap Stock Fund - Advisor Class
|
$122
|
1.17%
|
What drove fund performance during the past 12 months?
-
Small- cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year, stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year.
-
Versus the Russell 2000 Index, the leading contributor to relative performance was stock selection in energy. Shares of TechnipFMC, a global offshore oil field service and equipment company, were boosted by robust subsea orders amid increased offshore spending. The consumer discretionary sector, which recorded a negative return, also added value due to our underweight allocation.
-
On the negative side, stock selection in health care was the leading detractor from relative performance. Multiple headwinds, including potential tariff implications, weighed on shares of Masimo, a manufacturer of non-invasive medical monitoring technologies. Shares of surgical robotics company PROCEPT BioRobotics were pressured by factors including the departure of its CEO, softer robot placements, and the utilization rate per robot. The information technology sector also hindered relative results due to stock choices.
-
The fund seeks to opportunistically blend small-cap value and growth stocks to capitalize on valuation anomalies and produce strong and consistent returns. We take a contrarian approach in our assessment of value and growth opportunities, seeking situations in which our view of a company's prospects is distinctly different from the market's expectations.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
|
Advisor Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2015
|
10,000
|
10,000
|
10,000
|
|
2016
|
9,976
|
10,097
|
9,848
|
|
2016
|
10,392
|
10,362
|
10,222
|
|
2016
|
11,017
|
10,818
|
11,146
|
|
2016
|
11,827
|
11,274
|
12,131
|
|
2017
|
12,234
|
11,921
|
12,430
|
|
2017
|
12,515
|
12,280
|
12,736
|
|
2017
|
13,155
|
12,842
|
13,458
|
|
2017
|
13,596
|
13,656
|
13,908
|
|
2018
|
13,843
|
13,568
|
13,896
|
|
2018
|
14,753
|
14,095
|
14,973
|
|
2018
|
15,665
|
15,099
|
15,509
|
|
2018
|
13,121
|
12,940
|
12,376
|
|
2019
|
15,416
|
14,757
|
14,181
|
|
2019
|
16,279
|
15,361
|
14,478
|
|
2019
|
16,282
|
15,540
|
14,130
|
|
2019
|
17,486
|
16,954
|
15,535
|
|
2020
|
12,896
|
13,410
|
10,779
|
|
2020
|
16,169
|
16,364
|
13,519
|
|
2020
|
17,506
|
17,871
|
14,185
|
|
2020
|
21,809
|
20,495
|
18,636
|
|
2021
|
23,619
|
21,796
|
21,002
|
|
2021
|
24,951
|
23,592
|
21,904
|
|
2021
|
24,689
|
23,568
|
20,949
|
|
2021
|
25,470
|
25,754
|
21,397
|
|
2022
|
22,550
|
24,395
|
19,787
|
|
2022
|
19,094
|
20,321
|
16,385
|
|
2022
|
18,677
|
19,413
|
16,026
|
|
2022
|
19,437
|
20,808
|
17,024
|
|
2023
|
20,093
|
22,302
|
17,491
|
|
2023
|
21,103
|
24,172
|
18,401
|
|
2023
|
19,874
|
23,386
|
17,457
|
|
2023
|
22,764
|
26,209
|
19,906
|
|
2024
|
24,016
|
28,835
|
20,938
|
|
2024
|
22,892
|
29,762
|
20,251
|
|
2024
|
25,004
|
31,616
|
22,129
|
|
2024
|
25,347
|
32,448
|
22,203
|
|
2025
|
23,855
|
30,916
|
20,099
|
|
2025
|
25,383
|
34,314
|
21,807
|
|
2025
|
27,032
|
37,120
|
24,510
|
|
2025
|
27,383
|
38,012
|
25,047
|
202501-4140694, 202601-5113174
F265-052 2/26
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
|
Small-Cap Stock Fund (Advisor Class)
|
8.04%
|
4.66%
|
10.60%
|
|
Russell 3000 Index (Regulatory Benchmark)
|
17.15
|
13.15
|
14.29
|
|
Russell 2000 Index (Strategy Benchmark)
|
12.81
|
6.09
|
9.62
|
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)$8,111,869
- Number of Portfolio Holdings289
- Investment Advisory Fees Paid (000s)$41,255
- Portfolio Turnover Rate78.1%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
|
Health Care
|
22.2%
|
|
Industrials & Business Services
|
20.4
|
|
Financials
|
18.8
|
|
Information Technology
|
12.9
|
|
Consumer Discretionary
|
7.9
|
|
Materials
|
5.0
|
|
Real Estate
|
4.1
|
|
Energy
|
3.1
|
|
Utilities
|
2.7
|
|
Other
|
2.9
|
Top Ten Holdings(as a % of Net Assets)
|
Liberty Live Holdings
|
2.2%
|
|
VSE
|
1.8
|
|
Lattice Semiconductor
|
1.8
|
|
Esab
|
1.4
|
|
Immunome
|
1.4
|
|
PennyMac Financial Services
|
1.3
|
|
Dyne Therapeutics
|
1.3
|
|
Mirion Technologies
|
1.3
|
|
Elanco Animal Health
|
1.3
|
|
RBC Bearings
|
1.3
|
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.
Frank Russell Company "LSE" 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.
Small-Cap Stock Fund
Advisor Class (PASSX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
December 31, 2025
Small-Cap Stock Fund
I Class (OTIIX)
This annual shareholder report contains important information about Small-Cap Stock 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
|
|
|
Small-Cap Stock Fund - I Class
|
$80
|
0.77%
|
What drove fund performance during the past 12 months?
-
Small- cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year, stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year.
-
Versus the Russell 2000 Index, the leading contributor to relative performance was stock selection in energy. Shares of TechnipFMC, a global offshore oil field service and equipment company, were boosted by robust subsea orders amid increased offshore spending. The consumer discretionary sector, which recorded a negative return, also added value due to our underweight allocation.
-
On the negative side, stock selection in health care was the leading detractor from relative performance. Multiple headwinds, including potential tariff implications, weighed on shares of Masimo, a manufacturer of non-invasive medical monitoring technologies. Shares of surgical robotics company PROCEPT BioRobotics were pressured by factors including the departure of its CEO, softer robot placements, and the utilization rate per robot. The information technology sector also hindered relative results due to stock choices.
-
The fund seeks to opportunistically blend small-cap value and growth stocks to capitalize on valuation anomalies and produce strong and consistent returns. We take a contrarian approach in our assessment of value and growth opportunities, seeking situations in which our view of a company's prospects is distinctly different from the market's expectations.
How has the fund performed?
Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
|
I Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2015
|
500,000
|
500,000
|
500,000
|
|
2016
|
499,353
|
504,841
|
492,407
|
|
2016
|
520,591
|
518,121
|
511,079
|
|
2016
|
552,577
|
540,907
|
557,310
|
|
2016
|
593,766
|
563,676
|
606,540
|
|
2017
|
614,774
|
596,049
|
621,496
|
|
2017
|
629,572
|
614,023
|
636,807
|
|
2017
|
662,338
|
642,092
|
672,905
|
|
2017
|
685,383
|
682,784
|
695,381
|
|
2018
|
698,456
|
678,383
|
694,796
|
|
2018
|
745,144
|
704,764
|
748,669
|
|
2018
|
792,120
|
754,971
|
775,443
|
|
2018
|
664,103
|
646,994
|
618,792
|
|
2019
|
780,900
|
737,854
|
709,037
|
|
2019
|
825,463
|
768,069
|
723,892
|
|
2019
|
826,589
|
776,999
|
706,513
|
|
2019
|
888,586
|
847,685
|
776,738
|
|
2020
|
656,205
|
670,521
|
538,942
|
|
2020
|
823,356
|
818,221
|
675,934
|
|
2020
|
892,323
|
893,559
|
709,270
|
|
2020
|
1,112,617
|
1,024,747
|
931,782
|
|
2021
|
1,206,437
|
1,089,787
|
1,050,109
|
|
2021
|
1,275,540
|
1,179,583
|
1,095,186
|
|
2021
|
1,263,356
|
1,178,384
|
1,047,432
|
|
2021
|
1,304,736
|
1,287,709
|
1,069,863
|
|
2022
|
1,156,420
|
1,219,738
|
989,346
|
|
2022
|
980,049
|
1,016,027
|
819,226
|
|
2022
|
959,475
|
970,666
|
801,309
|
|
2022
|
999,760
|
1,040,379
|
851,221
|
|
2023
|
1,034,214
|
1,115,082
|
874,525
|
|
2023
|
1,087,550
|
1,208,602
|
920,047
|
|
2023
|
1,025,260
|
1,169,276
|
872,866
|
|
2023
|
1,175,303
|
1,310,429
|
995,323
|
|
2024
|
1,241,127
|
1,441,725
|
1,046,882
|
|
2024
|
1,184,215
|
1,488,091
|
1,012,568
|
|
2024
|
1,294,798
|
1,580,787
|
1,106,461
|
|
2024
|
1,313,780
|
1,622,413
|
1,110,162
|
|
2025
|
1,237,846
|
1,545,804
|
1,004,930
|
|
2025
|
1,318,453
|
1,715,707
|
1,090,345
|
|
2025
|
1,405,602
|
1,855,986
|
1,225,491
|
|
2025
|
1,425,253
|
1,900,583
|
1,252,339
|
202501-4140694, 202601-5113174
F525-052 2/26
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
|
Small-Cap Stock Fund (I Class)
|
8.48%
|
5.08%
|
11.04%
|
|
Russell 3000 Index (Regulatory Benchmark)
|
17.15
|
13.15
|
14.29
|
|
Russell 2000 Index (Strategy Benchmark)
|
12.81
|
6.09
|
9.62
|
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)$8,111,869
- Number of Portfolio Holdings289
- Investment Advisory Fees Paid (000s)$41,255
- Portfolio Turnover Rate78.1%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
|
Health Care
|
22.2%
|
|
Industrials & Business Services
|
20.4
|
|
Financials
|
18.8
|
|
Information Technology
|
12.9
|
|
Consumer Discretionary
|
7.9
|
|
Materials
|
5.0
|
|
Real Estate
|
4.1
|
|
Energy
|
3.1
|
|
Utilities
|
2.7
|
|
Other
|
2.9
|
Top Ten Holdings(as a % of Net Assets)
|
Liberty Live Holdings
|
2.2%
|
|
VSE
|
1.8
|
|
Lattice Semiconductor
|
1.8
|
|
Esab
|
1.4
|
|
Immunome
|
1.4
|
|
PennyMac Financial Services
|
1.3
|
|
Dyne Therapeutics
|
1.3
|
|
Mirion Technologies
|
1.3
|
|
Elanco Animal Health
|
1.3
|
|
RBC Bearings
|
1.3
|
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.
Frank Russell Company "LSE" 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.
Small-Cap Stock Fund
I Class (OTIIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
December 31, 2025
Small-Cap Stock Fund
Z Class (TRZZX)
This annual shareholder report contains important information about Small-Cap Stock 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
|
|
|
Small-Cap Stock Fund - Z Class
|
$0
|
0.00%
|
What drove fund performance during the past 12 months?
-
Small- cap stocks advanced, with growth names outperforming value peers. After a challenging start to the year, stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable and Congress passed tax legislation that should help stimulate the economy. In addition, the Federal Reserve cut interest rates three times in the latter part of the year.
-
Versus the Russell 2000 Index, the leading contributor to relative performance was stock selection in energy. Shares of TechnipFMC, a global offshore oil field service and equipment company, were boosted by robust subsea orders amid increased offshore spending. The consumer discretionary sector, which recorded a negative return, also added value due to our underweight allocation.
-
On the negative side, stock selection in health care was the leading detractor from relative performance. Multiple headwinds, including potential tariff implications, weighed on shares of Masimo, a manufacturer of non-invasive medical monitoring technologies. Shares of surgical robotics company PROCEPT BioRobotics were pressured by factors including the departure of its CEO, softer robot placements, and the utilization rate per robot. The information technology sector also hindered relative results due to stock choices.
-
The fund seeks to opportunistically blend small-cap value and growth stocks to capitalize on valuation anomalies and produce strong and consistent returns. We take a contrarian approach in our assessment of value and growth opportunities, seeking situations in which our view of a company's prospects is distinctly different from the market's expectations.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
|
Z Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
3/16/20
|
10,000
|
10,000
|
10,000
|
|
3/31/20
|
11,072
|
10,865
|
11,127
|
|
6/30/20
|
13,919
|
13,259
|
13,955
|
|
9/30/20
|
15,115
|
14,480
|
14,643
|
|
12/31/20
|
18,882
|
16,606
|
19,237
|
|
3/31/21
|
20,509
|
17,659
|
21,680
|
|
6/30/21
|
21,726
|
19,115
|
22,610
|
|
9/30/21
|
21,561
|
19,095
|
21,624
|
|
12/31/21
|
22,307
|
20,867
|
22,088
|
|
3/31/22
|
19,808
|
19,765
|
20,425
|
|
6/30/22
|
16,822
|
16,464
|
16,913
|
|
9/30/22
|
16,500
|
15,729
|
16,543
|
|
12/31/22
|
17,224
|
16,859
|
17,574
|
|
3/31/23
|
17,857
|
18,069
|
18,055
|
|
6/30/23
|
18,811
|
19,585
|
18,995
|
|
9/30/23
|
17,770
|
18,948
|
18,020
|
|
12/31/23
|
20,408
|
21,235
|
20,549
|
|
3/31/24
|
21,594
|
23,362
|
21,613
|
|
6/30/24
|
20,643
|
24,114
|
20,905
|
|
9/30/24
|
22,615
|
25,616
|
22,843
|
|
12/31/24
|
22,992
|
26,290
|
22,919
|
|
3/31/25
|
21,701
|
25,049
|
20,747
|
|
6/30/25
|
23,159
|
27,802
|
22,510
|
|
9/30/25
|
24,736
|
30,075
|
25,300
|
|
12/31/25
|
25,137
|
30,798
|
25,855
|
202501-4140694, 202601-5113174
F1268-052 2/26
Average Annual Total Returns
|
1 Year
|
5 Years
|
Since Inception 3/16/20
|
|
|
Small-Cap Stock Fund (Z Class)
|
9.33%
|
5.89%
|
17.24%
|
|
Russell 3000 Index (Regulatory Benchmark)
|
17.15
|
13.15
|
21.42
|
|
Russell 2000 Index (Strategy Benchmark)
|
12.81
|
6.09
|
17.81
|
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)$8,111,869
- Number of Portfolio Holdings289
- Investment Advisory Fees Paid (000s)$41,255
- Portfolio Turnover Rate78.1%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
|
Health Care
|
22.2%
|
|
Industrials & Business Services
|
20.4
|
|
Financials
|
18.8
|
|
Information Technology
|
12.9
|
|
Consumer Discretionary
|
7.9
|
|
Materials
|
5.0
|
|
Real Estate
|
4.1
|
|
Energy
|
3.1
|
|
Utilities
|
2.7
|
|
Other
|
2.9
|
Top Ten Holdings(as a % of Net Assets)
|
Liberty Live Holdings
|
2.2%
|
|
VSE
|
1.8
|
|
Lattice Semiconductor
|
1.8
|
|
Esab
|
1.4
|
|
Immunome
|
1.4
|
|
PennyMac Financial Services
|
1.3
|
|
Dyne Therapeutics
|
1.3
|
|
Mirion Technologies
|
1.3
|
|
Elanco Animal Health
|
1.3
|
|
RBC Bearings
|
1.3
|
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.
Frank Russell Company "LSE" 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.
Small-Cap Stock Fund
Z Class (TRZZX)
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 |
$ | 46,217 | $ | 46,029 | ||||||
|
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
OTCFX
Small-Cap
Stock
Fund
PASSX
Small-Cap
Stock
Fund
.
Advisor Class
OTIIX
Small-Cap
Stock
Fund
.
I Class
TRZZX
Small-Cap
Stock
Fund
.
Z Class
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
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
$
56.21
$
58.00
$
51.34
$
69.75
$
63.91
Investment
activities
Net
investment
income
(loss)
(1)(2)
(0.06)
(0.01)
0.08
(0.03)
(0.13)
Net
realized
and
unrealized
gain/loss
4.85
7.21
8.79
(16.26)
10.91
Total
from
investment
activities
4.79
7.20
8.87
(16.29)
10.78
Distributions
Net
investment
income
(0.28)
(0.13)
Net
realized
gain
(4.06)
(8.71)
(2.08)
(2.12)
(4.94)
Total
distributions
(4.06)
(8.99)
(2.21)
(2.12)
(4.94)
NET
ASSET
VALUE
End
of
period
$
56.94
$
56.21
$
58.00
$
51.34
$
69.75
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Financial
Highlights
3
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
Ratios/Supplemental
Data
Total
return
(2)(3)
8.30%
11.64%
17.43%
(23.49)%
17.14%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.92%
0.90%
0.90%
0.91%
0.85%
Net
expenses
after
waivers/payments
by
Price
Associates
0.92%
0.90%
0.90%
0.91%
0.85%
Net
investment
income
(loss)
(0.10)%
(0.01)%
0.15%
(0.05)%
(0.18)%
Portfolio
turnover
rate
78.1%
58.7%
28.2%
24.3%
14.9%
Net
assets,
end
of
period
(in
millions)
$2,245
$2,440
$2,676
$2,394
$5,249
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
Small-Cap
Stock
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
55.21
$
57.13
$
50.62
$
68.99
$
63.23
Investment
activities
Net
investment
loss
(1)(2)
(0.20)
(0.16)
(0.07)
(0.17)
(0.34)
Net
realized
and
unrealized
gain/loss
4.76
7.09
8.66
(16.08)
10.79
Total
from
investment
activities
4.56
6.93
8.59
(16.25)
10.45
Distributions
Net
investment
income
(0.14)
Net
realized
gain
(4.06)
(8.71)
(2.08)
(2.12)
(4.69)
Total
distributions
(4.06)
(8.85)
(2.08)
(2.12)
(4.69)
NET
ASSET
VALUE
End
of
period
$
55.71
$
55.21
$
57.13
$
50.62
$
68.99
Ratios/Supplemental
Data
Total
return
(2)(3)
8.04%
11.34%
17.12%
(23.69)%
16.79%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
1.17%
1.15%
1.17%
1.17%
1.15%
Net
expenses
after
waivers/payments
by
Price
Associates
1.17%
1.15%
1.17%
1.17%
1.15%
Net
investment
loss
(0.35)%
(0.27)%
(0.13)%
(0.31)%
(0.48)%
Portfolio
turnover
rate
78.1%
58.7%
28.2%
24.3%
14.9%
Net
assets,
end
of
period
(in
thousands)
$38,426
$46,955
$57,626
$65,259
$105,183
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
Small-Cap
Stock
Fund
Financial
Highlights
5
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
$
56.23
$
58.03
$
51.36
$
69.76
$
63.92
Investment
activities
Net
investment
income
(loss)
(1)(2)
0.03
0.07
0.15
0.07
(0.05)
Net
realized
and
unrealized
gain/loss
4.86
7.22
8.78
(16.28)
10.91
Total
from
investment
activities
4.89
7.29
8.93
(16.21)
10.86
Distributions
Net
investment
income
(0.02)
(0.38)
(0.18)
(0.07)
Net
realized
gain
(4.06)
(8.71)
(2.08)
(2.12)
(5.02)
Total
distributions
(4.08)
(9.09)
(2.26)
(2.19)
(5.02)
NET
ASSET
VALUE
End
of
period
$
57.04
$
56.23
$
58.03
$
51.36
$
69.76
Ratios/Supplemental
Data
Total
return
(2)(3)
8.48%
11.78%
17.56%
(23.37)%
17.27%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.77%
0.77%
0.78%
0.77%
0.75%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.77%
0.77%
0.78%
0.77%
0.75%
Net
investment
income
(loss)
0.05%
0.12%
0.27%
0.12%
(0.08)%
Portfolio
turnover
rate
78.1%
58.7%
28.2%
24.3%
14.9%
Net
assets,
end
of
period
(in
millions)
$3,419
$3,448
$3,340
$2,987
$2,385
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
Small-Cap
Stock
Fund
Financial
Highlights
6
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
$
56.45
$
58.16
$
51.43
$
69.79
$
63.93
Investment
activities
Net
investment
income
(1)(2)
0.47
0.54
0.57
0.50
0.48
Net
realized
and
unrealized
gain/loss
4.93
7.30
8.84
(16.29)
10.92
Total
from
investment
activities
5.40
7.84
9.41
(15.79)
11.40
Distributions
Net
investment
income
(0.45)
(0.84)
(0.60)
(0.45)
(0.30)
Net
realized
gain
(4.06)
(8.71)
(2.08)
(2.12)
(5.24)
Total
distributions
(4.51)
(9.55)
(2.68)
(2.57)
(5.54)
NET
ASSET
VALUE
End
of
period
$
57.34
$
56.45
$
58.16
$
51.43
$
69.79
Ratios/Supplemental
Data
Total
return
(2)(3)
9.33%
12.66%
18.49%
(22.79)%
18.14%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.74%
0.74%
0.74%
0.74%
0.74%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
0.00%
0.00%
0.00%
0.00%
Net
investment
income
0.82%
0.89%
1.05%
0.87%
0.67%
Portfolio
turnover
rate
78.1%
58.7%
28.2%
24.3%
14.9%
Net
assets,
end
of
period
(in
millions)
$2,410
$2,558
$3,389
$2,971
$3,983
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
Small-Cap
Stock
Fund
December
31,
2025
7
Portfolio
of
Investments
Shares
$
Value
(Cost
and
value
in
$000s)
COMMON
STOCKS
96.7%
COMMUNICATION
SERVICES
1.3%
Diversified
Telecommunication
Services
0.5%
GCI
Liberty,
Class
C (1)
115,000
4,279
Uniti
Group (1)
5,284,782
37,046
41,325
Entertainment
0.8%
Atlanta
Braves
Holdings,
Class
C (1)
680,192
26,834
Madison
Square
Garden
Sports (1)
151,209
39,110
65,944
Interactive
Media
&
Services
0.0%
Reddit,
Class
A (1)
4,451
1,023
1,023
Total
Communication
Services
108,292
CONSUMER
DISCRETIONARY
7.9%
Automobile
Components
0.1%
Patrick
Industries
94,257
10,220
10,220
Broadline
Retail
0.3%
Savers
Value
Village (1)
2,868,340
26,790
26,790
Diversified
Consumer
Services
2.2%
Duolingo (1)
4,289
753
Liberty
Live
Holdings,
Class
C (1)
2,134,886
177,537
178,290
Hotels,
Restaurants
&
Leisure
3.3%
Black
Rock
Coffee
Bar,
Class
A (1)
345,544
7,688
Cava
Group (1)
15,696
921
Dutch
Bros,
Class
A (1)
441,480
27,028
Life
Time
Group
Holdings (1)
1,075,404
28,584
Planet
Fitness,
Class
A (1)
885,966
96,101
Red
Rock
Resorts,
Class
A
142,832
8,849
Sportradar
Group,
Class
A (1)
1,209,797
28,757
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $33,027 (1)(2)(3)(4)(5)
3,862,836
13,056
Wingstop
126,170
30,090
Wyndham
Hotels
&
Resorts
376,972
28,484
269,558
Household
Durables
0.3%
Installed
Building
Products
102,260
26,525
26,525
Specialty
Retail
1.0%
Boot
Barn
Holdings (1)
87,900
15,512
Burlington
Stores (1)
92,105
26,605
Floor
&
Decor
Holdings,
Class
A (1)
460,789
28,057
Urban
Outfitters (1)
173,483
13,056
83,230
Textiles,
Apparel
&
Luxury
Goods
0.7%
Birkenstock
Holding (1)
1,120,691
45,836
Kontoor
Brands
164,692
10,061
55,897
Total
Consumer
Discretionary
650,510
CONSUMER
STAPLES
1.4%
Consumer
Staples
Distribution
&
Retail
1.0%
BJ's
Wholesale
Club
Holdings (1)
299,389
26,954
Grocery
Outlet
Holding (1)
4,654,840
47,014
PriceSmart
75,991
9,322
83,290
Food
Products
0.1%
BRC,
Class
A (1)
3,563,154
3,955
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $10,490 (1)(2)(5)
568,149
Simply
Good
Foods (1)
269,828
5,418
9,373
Personal
Care
Products
0.2%
Olaplex
Holdings (1)
10,222,402
13,698
13,698
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Tobacco
0.1%
Turning
Point
Brands
63,600
6,894
6,894
Total
Consumer
Staples
113,255
ENERGY
3.1%
Energy
Equipment
&
Services
1.2%
Cactus,
Class
A
195,891
8,948
National
Energy
Services
Reunited (1)
181,100
2,836
TechnipFMC
1,342,550
59,824
Weatherford
International
347,363
27,185
98,793
Oil,
Gas
&
Consumable
Fuels
1.9%
Cenovus
Energy
(CAD)
3,022,718
51,137
Denison
Mines
(CAD) (1)
274,300
727
Golar
LNG
1,052,863
39,177
Range
Resources
25,064
884
Secure
Waste
Infrastructure
(CAD)
2,217,216
27,898
Uranium
Energy (1)
634,800
7,414
Viper
Energy,
Class
A
693,648
26,796
154,033
Total
Energy
252,826
FINANCIALS
18.7%
Banks
9.9%
Atlantic
Union
Bankshares
352,800
12,454
Banc
of
California
2,971,256
57,316
Blue
Foundry
Bancorp (1)
536,577
6,670
Columbia
Banking
System
2,189,992
61,210
CRB
Group,
Acquisition
Date:
4/14/22
-
8/26/25,
Cost $4,372 (1)(2)(5)
52,102
5,478
Dime
Community
Bancshares
988,391
29,741
East
West
Bancorp
686,325
77,136
Eastern
Bankshares
3,173,355
58,485
Equity
Bancshares,
Class
A
663,705
29,634
FB
Financial
678,320
37,850
Five
Star
Bancorp
890,156
31,850
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Flagstar
Bank
2,309,986
29,083
Home
BancShares
957,065
26,587
Kearny
Financial
1,198,686
8,882
Live
Oak
Bancshares
968,147
33,256
OceanFirst
Financial
970,500
17,421
Pinnacle
Financial
Partners
421,264
40,193
Prosperity
Bancshares
597,413
41,287
Renasant
574,763
20,243
SOUTHSTATE
BANK
666,362
62,711
Texas
Capital
Bancshares (1)
627,372
56,802
USCB
Financial
Holdings
591,014
10,887
Western
Alliance
Bancorp
559,477
47,035
802,211
Capital
Markets
3.3%
Cboe
Global
Markets
161,982
40,657
Etoro
Group,
Class
A (1)
526,682
18,502
Hamilton
Lane,
Class
A
303,221
40,726
iCapital,
Acquisition
Date:
3/10/25
-
4/17/25,
Cost $11,753 (1)
(2)(5)
839,506
11,753
Miami
International
Holdings (1)
1,058,300
46,967
PJT
Partners,
Class
A
66,693
11,151
StepStone
Group,
Class
A
194,363
12,472
Stifel
Financial
6,832
856
StoneX
Group (1)
400,502
38,100
TMX
Group
(CAD)
1,087,102
41,368
Wealthfront (1)
482,045
6,551
269,103
Financial
Services
2.7%
HA
Sustainable
Infrastructure
Capital
831,370
26,130
Marqeta,
Class
A (1)
8,299,732
39,424
PennyMac
Financial
Services
818,053
107,852
Rocket,
Class
A
2,419,286
46,837
220,243
Insurance
2.8%
Definity
Financial
(CAD)
557,276
30,829
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Goosehead
Insurance,
Class
A
641,934
47,278
Hagerty,
Class
A (1)
1,173,847
15,776
Neptune
Insurance
Holdings,
Class
A (1)
1,452,742
42,362
RLI
306,969
19,640
Root,
Class
A (1)
263,901
19,062
TWFG (1)
888,845
25,572
White
Mountains
Insurance
Group
13,114
27,251
227,770
Total
Financials
1,519,327
HEALTH
CARE
20.8%
Biotechnology
10.6%
Apogee
Therapeutics (1)
276,353
20,859
Arcellx (1)
917,838
59,843
Bicara
Therapeutics (1)
1,414,538
23,807
Black
Diamond
Therapeutics (1)
2,650,444
6,441
Caris
Life
Sciences (1)
1,583,517
42,723
CG
oncology (1)
151,800
6,303
Cytokinetics (1)
1,550,222
98,501
Denali
Therapeutics (1)
2,179,111
35,977
Dyne
Therapeutics (1)
5,438,301
106,373
Erasca (1)
3,024,888
11,253
Immatics (1)
5,218,305
54,792
Immunocore
Holdings,
ADR (1)
2,086,875
72,435
Immunome (1)
5,127,736
110,144
Immunovant (1)
1,738,969
44,205
Ionis
Pharmaceuticals (1)
101,823
8,055
Kodiak
Sciences (1)
181,157
5,065
Kymera
Therapeutics (1)
240,660
18,726
MapLight
Therapeutics (1)
487,752
8,567
Nuvalent,
Class
A (1)
353,459
35,555
Perceptive
Capital
Solutions
SPAC/Freenome
Holdings
PIPE,
Acquisition
Date:
12/5/25,
Cost $11,340 (1)(5)(6)
1,133,948
13,298
Praxis
Precision
Medicines (1)
114,739
33,818
Prime
Medicine (1)
1,223,042
4,244
Revolution
Medicines (1)
106,844
8,510
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
Treeline
Biosciences,
Warrants,
8/21/35,
Acquisition
Date:
11/7/25,
Cost $ (1)(2)(5)
143,009
1,042
Vaxcyte (1)
358,199
16,527
Xenon
Pharmaceuticals (1)
210,906
9,453
856,516
Health
Care
Equipment
&
Supplies
2.6%
iRadimed
52,917
5,148
Masimo (1)
667,080
86,760
Neogen (1)
2,520,125
17,616
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $13,938 (1)
(2)(5)
3,701,604
1,148
Penumbra (1)
1,481
460
PROCEPT
BioRobotics (1)
1,321,545
41,576
QuidelOrtho (1)
1,554,039
44,383
Ypsomed
Holding
(CHF)
41,897
17,237
214,328
Health
Care
Providers
&
Services
3.5%
Alignment
Healthcare (1)
4,046,539
79,919
Billiontoone,
Class
A (1)
45,122
3,693
BrightSpring
Health
Services (1)
1,768,769
66,240
Ensign
Group
88,300
15,382
GeneDx
Holdings (1)
165,098
21,473
HealthEquity (1)
4,780
438
Lumexa
Imaging
Holdings (1)
894,890
16,555
Molina
Healthcare (1)
144,066
25,001
Oscar
Health,
Class
A (1)
1,728,513
24,839
RadNet (1)
345,862
24,677
Surgery
Partners (1)
211,100
3,262
281,479
Life
Sciences
Tools
&
Services
2.8%
BioLife
Solutions (1)
2,180,840
52,733
Bio-Rad
Laboratories,
Class
A (1)
25,420
7,702
Bio-Techne
428,009
25,171
Maravai
LifeSciences
Holdings,
Class
A (1)
2,160,853
7,023
Personalis (1)
3,557,793
28,320
Repligen (1)
249,889
40,947
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
Sotera
Health (1)
2,230,898
39,353
Stevanato
Group
1,186,962
23,881
225,130
Pharmaceuticals
1.3%
Axsome
Therapeutics (1)
4,298
785
Elanco
Animal
Health (1)
4,569,352
103,404
104,189
Total
Health
Care
1,681,642
INDUSTRIALS
&
BUSINESS
SERVICES
20.1%
Aerospace
&
Defense
4.0%
Beta
Technologies,
Class
A (1)
561,623
15,843
Karman
Holdings (1)
353,218
25,845
Kratos
Defense
&
Security
Solutions (1)
278,916
21,173
Leonardo
DRS
191,209
6,518
Loar
Holdings (1)
1,055,790
71,794
Mercury
Systems (1)
435,296
31,781
VSE
865,302
149,498
322,452
Building
Products
1.4%
Advanced
Drainage
Systems
54,282
7,862
AZZ
548,696
58,809
CSW
Industrials
119,306
35,020
Simpson
Manufacturing
48,143
7,773
109,464
Commercial
Services
&
Supplies
1.2%
Casella
Waste
Systems,
Class
A (1)
505,280
49,487
MSA
Safety
169,345
27,119
OPENLANE (1)
657,528
19,581
96,187
Construction
&
Engineering
2.4%
API
Group (1)
2,643,620
101,145
Arcosa
456,868
48,574
MYR
Group (1)
79,881
17,454
T.
ROWE
PRICE
Small-Cap
Stock
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
WillScot
Holdings
1,480,100
27,870
195,043
Ground
Transportation
0.5%
Saia (1)
136,095
44,438
44,438
Machinery
7.3%
Albany
International,
Class
A
91,300
4,629
Alliance
Laundry
Holdings (1)
512,054
10,420
Atmus
Filtration
Technologies
724,391
37,603
CECO
Environmental (1)
323,493
19,361
Crane
132,303
24,401
Enpro
181,487
38,862
Esab
1,038,008
115,966
ESCO
Technologies
73,343
14,331
Federal
Signal
167,479
18,187
Flowserve
252,600
17,525
Graco
331,512
27,174
JBT
Marel
179,100
26,985
Kadant
34,211
9,751
Middleby (1)
232,900
34,625
RBC
Bearings (1)
226,518
101,577
Spirax
Group
(GBP)
291,218
26,616
SPX
Technologies (1)
144,969
29,003
Standex
International
71,242
15,479
Weir
Group
(GBP)
431,612
16,498
588,993
Professional
Services
1.0%
Booz
Allen
Hamilton
Holding
166,600
14,055
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $4,339 (1)(2)
(5)
568,563
5,060
Parsons (1)
681,235
42,100
UL
Solutions,
Class
A
233,700
18,430
79,645
Trading
Companies
&
Distributors
2.3%
Diploma
(GBP)
362,137
25,766
T.
ROWE
PRICE
Small-Cap
Stock
Fund
15
Shares
$
Value
(Cost
and
value
in
$000s)
FTAI
Aviation
154,622
30,437
QXO (1)
2,905,951
56,056
Rush
Enterprises,
Class
A
176,169
9,503
SiteOne
Landscape
Supply (1)
461,297
57,459
Xometry,
Class
A (1)
119,191
7,088
186,309
Total
Industrials
&
Business
Services
1,622,531
INFORMATION
TECHNOLOGY
12.1%
Electronic
Equipment,
Instruments
&
Components
2.8%
Advanced
Energy
Industries
108,196
22,653
Bel
Fuse,
Class
B
157,084
26,646
Fabrinet (1)
10,160
4,626
Littelfuse
110,100
27,847
Mirion
Technologies (1)
4,459,456
104,440
Ralliant
253,900
12,926
Teledyne
Technologies (1)
53,903
27,530
226,668
IT
Services
0.3%
Applied
Digital (1)
1,046,747
25,666
25,666
Semiconductors
&
Semiconductor
Equipment
5.1%
Entegris
666,439
56,147
Impinj (1)
74,757
13,008
Lattice
Semiconductor (1)
1,934,023
142,305
MACOM
Technology
Solutions
Holdings (1)
447,861
76,710
Onto
Innovation (1)
121,300
19,148
Rambus (1)
305,679
28,089
Semtech (1)
626,136
46,140
SiTime (1)
61,521
21,729
Tower
Semiconductor (1)
70,470
8,275
411,551
Software
3.9%
Aurora
Innovation (1)
4,555,743
17,494
CCC
Intelligent
Solutions
Holdings (1)
3,306,243
26,285
T.
ROWE
PRICE
Small-Cap
Stock
Fund
16
Shares
$
Value
(Cost
and
value
in
$000s)
Cellebrite
DI (1)
3,288,536
59,292
Cipher
Mining (1)
785,200
11,589
I3
Verticals,
Class
A (1)
903,940
22,770
InterDigital
76,398
24,324
JFrog (1)
561,074
35,045
nCino (1)
417,096
10,694
Netskope,
Class
A (1)
215,489
3,780
Onestream (1)
891,354
16,383
PAR
Technology (1)
2,058,923
74,698
Riot
Platforms (1)
48,168
610
Workiva (1)
142,328
12,276
315,240
Technology
Hardware,
Storage
&
Peripherals
0.0%
CompoSecure,
Class
A (1)
23,703
457
IonQ (1)
11,224
504
961
Total
Information
Technology
980,086
MATERIALS
4.5%
Chemicals
0.9%
Element
Solutions
2,814,198
70,327
70,327
Construction
Materials
0.5%
Knife
River (1)
344,959
24,268
United
States
Lime
&
Minerals
144,709
17,327
41,595
Containers
&
Packaging
0.8%
AptarGroup
66,900
8,159
International
Paper
1,352,568
53,278
61,437
Metals
&
Mining
2.0%
Capstone
Copper
(CAD) (1)
2,722,643
27,335
OR
Royalties
2,321,173
82,146
Royal
Gold
119,367
26,534
T.
ROWE
PRICE
Small-Cap
Stock
Fund
17
Shares
$
Value
(Cost
and
value
in
$000s)
Warrior
Met
Coal
302,798
26,698
162,713
Paper
&
Forest
Products
0.3%
Louisiana-Pacific
255,862
20,663
20,663
Total
Materials
356,735
REAL
ESTATE
4.1%
Health
Care
Real
Estate
Investment
Trusts
0.4%
CareTrust
REIT,
REIT
951,870
34,420
34,420
Industrial
Real
Estate
Investment
Trusts
0.8%
EastGroup
Properties,
REIT
126,006
22,447
Terreno
Realty,
REIT
664,144
38,992
61,439
Real
Estate
Management
&
Development
0.8%
Colliers
International
Group
285,200
41,927
FirstService
171,324
26,646
68,573
Residential
Real
Estate
Investment
Trusts
0.7%
Flagship
Communities
REIT (4)
1,323,339
26,467
Independence
Realty
Trust,
REIT
1,543,926
26,988
53,455
Retail
Real
Estate
Investment
Trusts
1.1%
Curbline
Properties,
REIT
3,223,887
74,826
Macerich,
REIT
753,991
13,919
88,745
Specialized
Real
Estate
Investment
Trusts
0.3%
CubeSmart,
REIT
727,952
26,243
26,243
Total
Real
Estate
332,875
UTILITIES
2.7%
Electric
Utilities
1.3%
IDACORP
438,036
55,438
OGE
Energy
1,189,247
50,781
T.
ROWE
PRICE
Small-Cap
Stock
Fund
18
Shares
$
Value
(Cost
and
value
in
$000s)
TXNM
Energy
14,559
857
107,076
Gas
Utilities
0.8%
Chesapeake
Utilities
540,044
67,376
67,376
Water
Utilities
0.6%
California
Water
Service
Group
732,208
31,726
Middlesex
Water
380,894
19,205
50,931
Total
Utilities
225,383
Total
Common
Stocks
(Cost
$6,044,315)
7,843,462
CONVERTIBLE
PREFERRED
STOCKS
3.1%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $6,813 (1)
(2)(3)(4)(5)
758,455
2,564
2,564
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10,756 (1)(2)
(5)
1,848,191
1,571
1,571
Total
Consumer
Discretionary
4,135
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3,841 (1)(2)(5)
208,032
Total
Consumer
Staples
FINANCIALS
0.1%
Banks
0.1%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $9,075 (1)(2)(5)
86,312
9,075
Total
Financials
9,075
T.
ROWE
PRICE
Small-Cap
Stock
Fund
19
Shares
$
Value
(Cost
and
value
in
$000s)
HEALTH
CARE
1.4%
Biotechnology
0.3%
Kardigan,
Series
B,
Acquisition
Date:
9/4/25,
Cost $8,232 (1)
(2)(5)
385,333
8,233
Mirador
Therapeutics,
Series
B,
Acquisition
Date:
7/31/25,
Cost $8,197 (1)(2)(5)
2,483,812
8,197
Treeline
Biosciences,
Series
A-2,
Acquisition
Date:
11/7/25,
Cost $8,209 (1)(2)(5)
953,390
6,947
23,377
Health
Care
Equipment
&
Supplies
0.2%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5,415 (1)
(2)(5)
5,330,753
4,411
Kardium,
Series
D-7,
Acquisition
Date:
6/9/25,
Cost $5,246 (1)
(2)(5)
10,806,506
6,994
Kardium,
Series
D-8,
Acquisition
Date:
6/6/25,
Cost $4,351 (1)
(2)(5)
6,722,576
4,351
15,756
Health
Care
Providers
&
Services
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $9,397 (1)(2)(5)
3,902,227
5,229
5,229
Life
Sciences
Tools
&
Services
0.8%
Bruker,
6.38%,
9/1/28
90,832
33,244
Cellares,
Series
D,
Acquisition
Date:
12/12/25,
Cost $9,058 (1)
(2)(5)
755,640
9,058
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $4,754 (1)(2)
(5)
403,512
7,082
Manus
Bio,
Series
One-6,
Acquisition
Date:
3/30/21,
Cost $5,808 (1)(2)(5)
553,678
1,661
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $6,793 (1)(2)(5)
497,323
7,992
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $11,631 (1)(2)(5)
261,906
4,209
63,246
Total
Health
Care
107,608
INDUSTRIALS
&
BUSINESS
SERVICES
0.3%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $5,882 (1)(2)(5)
148,209
33
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11,512 (1)
(2)(5)
2,061,623
7,463
T.
ROWE
PRICE
Small-Cap
Stock
Fund
20
Shares
$
Value
(Cost
and
value
in
$000s)
Epirus,
Series
D,
Acquisition
Date:
1/21/25,
Cost $1,132 (1)(2)
(5)
408,092
1,477
8,973
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,112 (1)(2)
(5)
420,147
1,227
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3,033 (1)(2)(5)
148,715
553
1,780
Electrical
Equipment
0.0%
CelLink,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5,620 (1)
(2)(5)
269,870
173
173
Professional
Services
0.2%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $3,881 (1)(2)
(5)
852,879
7,590
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $11,857 (1)(2)
(5)
1,176,033
10,467
18,057
Total
Industrials
&
Business
Services
28,983
INFORMATION
TECHNOLOGY
0.8%
Electronic
Equipment,
Instruments
&
Components
0.4%
Novanta,
6.50%,
11/1/28
532,364
29,269
29,269
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4,277 (1)(2)(5)
293,317
428
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $1,811 (1)
(2)(5)
95,996
140
568
Semiconductors
&
Semiconductor
Equipment
0.1%
Lightmatter,
Series
D,
Acquisition
Date:
10/11/24,
Cost $9,108 (1)(2)(5)
113,529
9,676
9,676
Software
0.3%
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $11,576 (1)(2)(5)
886,735
13,390
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5,450 (1)(2)
(5)
261,432
3,997
T.
ROWE
PRICE
Small-Cap
Stock
Fund
21
Shares
$
Value
(Cost
and
value
in
$000s)
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5,397 (1)(2)(5)
1,068,639
3,676
21,063
Total
Information
Technology
60,576
MATERIALS
0.5%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $7,078 (1)(2)(5)
149,321
7,028
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $9,813 (1)
(2)(5)
237,759
4,332
11,360
Metals
&
Mining
0.4%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $5,885 (1)(2)(5)
214,677
24,175
Kobold
Metals,
Series
C-1,
Acquisition
Date:
9/20/24,
Cost $9,035 (1)(2)(5)
106,359
11,977
36,152
Total
Materials
47,512
Total
Convertible
Preferred
Stocks
(Cost
$284,361)
257,889
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
3.77% (4)(7)
28,495,708
28,496
Total
Short-Term
Investments
(Cost
$28,496)
28,496
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$6,357,172)
$
8,129,847
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(4)
Affiliated
Companies
T.
ROWE
PRICE
Small-Cap
Stock
Fund
22
.
.
.
.
.
.
.
.
.
.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$246,211
and
represents
3.0%
of
net
assets.
(6)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
December
31,
2025,
was
$11,340
and
was
valued
at
$13,298
(0.2%
of
net
assets).
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
CHF
Swiss
Franc
GBP
British
Pound
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
Small-Cap
Stock
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
Flagship
Communities
REIT
$
35
$
6,023
$
653
PAR
Technology
1,944
(55,538)
Torchys
Holdings
(258)
Torchys
Holdings,
Class
A
(1,314)
TWFG
80
(1,238)
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
689
Totals
$
2,059#
$
(52,325)
$
1,342+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
12/31/25
Flagship
Communities
REIT
$
15,192
$
5,397
$
145
$
26,467
PAR
Technology
*
44,502
2,110
74,698
Torchys
Holdings
2,822
2,564
Torchys
Holdings,
Class
A
14,370
13,056
TWFG
*
9,345
110
25,572
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
56,752
28,496
Total
$
170,853^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1,342
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
$201,551.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
24
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$6,357,172)
$
8,129,847
Receivable
for
investment
securities
sold
35,901
Dividends
and
interest
receivable
4,145
Receivable
for
shares
sold
3,227
Due
from
affiliates
1,303
Foreign
currency
(cost
$518)
517
Other
assets
154
Total
assets
8,175,094
Liabilities
Payable
for
shares
redeemed
45,835
Payable
for
investment
securities
purchased
11,574
Investment
management
fees
payable
5,186
Payable
to
directors
6
Other
liabilities
624
Total
liabilities
63,225
NET
ASSETS
$
8,111,869
T.
ROWE
PRICE
Small-Cap
Stock
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)
$
1,922,723
Paid-in
capital
applicable
to
142,074,207
shares
of
$0.50
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
6,189,146
NET
ASSETS
$
8,111,869
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$2,244,776;
Shares
outstanding:
39,420,082)
$
56.94
Advisor
Class
(Net
assets:
$38,426;
Shares
outstanding:
689,685)
$
55.71
I
Class
(Net
assets:
$3,419,029;
Shares
outstanding:
59,939,952)
$
57.04
Z
Class
(Net
assets:
$2,409,638;
Shares
outstanding:
42,024,488)
$
57.34
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Statement
of
Operations
26
($000s)
Year
Ended
12/31/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$676)
$
66,096
.
Interest
191
Other
8
Total
income
66,295
Expenses
Investment
management
59,462
Shareholder
servicing
Investor
Class
$
3,887
Advisor
Class
68
I
Class
860
4,815
Rule
12b-1
fees
Advisor
Class
97
Prospectus
and
shareholder
reports
Investor
Class
46
I
Class
31
Z
Class
3
80
Custody
and
accounting
426
Registration
100
Legal
and
audit
59
Directors
26
Miscellaneous
169
Waived
/
paid
by
Price
Associates
(18,207)
Total
expenses
47,027
Net
investment
income
19,268
T.
ROWE
PRICE
Small-Cap
Stock
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
809,807
Foreign
currency
transactions
(81)
Net
realized
gain
809,726
Change
in
net
unrealized
gain
/
loss
Securities
(156,929)
Other
assets
and
liabilities
denominated
in
foreign
currencies
14
Change
in
net
unrealized
gain
/
loss
(156,915)
Net
realized
and
unrealized
gain
/
loss
652,811
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
672,079
T.
ROWE
PRICE
Small-Cap
Stock
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
$
19,268
$
31,472
Net
realized
gain
809,726
1,964,656
Change
in
net
unrealized
gain
/
loss
(156,915)
(933,185)
Increase
in
net
assets
from
operations
672,079
1,062,943
Distributions
to
shareholders
Net
earnings
Investor
Class
(153,162)
(345,084)
Advisor
Class
(2,615)
(6,620)
I
Class
(230,457)
(492,595)
Z
Class
(179,561)
(448,668)
Decrease
in
net
assets
from
distributions
(565,795)
(1,292,967)
Capital
share
transactions
*
Shares
sold
Investor
Class
132,762
181,172
Advisor
Class
4,527
8,342
I
Class
267,293
430,922
Z
Class
48,949
126,730
Distributions
reinvested
Investor
Class
146,227
327,294
Advisor
Class
2,613
6,601
I
Class
210,765
450,683
Z
Class
179,561
448,668
Shares
redeemed
Investor
Class
(501,005)
(678,914)
Advisor
Class
(15,924)
(23,972)
I
Class
(547,240)
(663,718)
Z
Class
(416,505)
(1,352,998)
Decrease
in
net
assets
from
capital
share
transactions
(487,977)
(739,190)
T.
ROWE
PRICE
Small-Cap
Stock
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
Decrease
during
period
(381,693)
(969,214)
Beginning
of
period
8,493,562
9,462,776
End
of
period
$
8,111,869
$
8,493,562
*Share
information
(000s)
Shares
sold
Investor
Class
2,348
2,970
Advisor
Class
81
139
I
Class
4,698
7,117
Z
Class
869
2,139
Distributions
reinvested
Investor
Class
2,492
5,529
Advisor
Class
46
114
I
Class
3,586
7,610
Z
Class
3,041
7,551
Shares
redeemed
Investor
Class
(8,828)
(11,231)
Advisor
Class
(288)
(411)
I
Class
(9,671)
(10,960)
Z
Class
(7,208)
(22,639)
Decrease
in
shares
outstanding
(8,834)
(12,072)
T.
ROWE
PRICE
Small-Cap
Stock
Fund
NOTES
TO
FINANCIAL
STATEMENTS
30
T.
Rowe
Price
Small-Cap
Stock
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Small-Cap
Stock
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
long-term
capital
growth
by
investing
primarily
in
stocks
of
small
companies.
The
fund
has four classes
of
shares:
the
Small-Cap
Stock
Fund,
Inc.
(Investor
Class),
the
Small-Cap
Stock
Fund Advisor
Class
(Advisor
Class),
the
Small-Cap
Stock
Fund I
Class
(I
Class)
and
the
Small-Cap
Stock
Fund Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
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.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. 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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
31
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
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 annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
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.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class s
average
daily
net
assets.
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
$25,135,000 of
net
gain
on
$63,718,000
of
in-kind
redemptions.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
32
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.
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
33
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
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
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
T.
ROWE
PRICE
Small-Cap
Stock
Fund
34
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund s
closing
NAV
per
share
on
the
day
of
valuation.
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
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.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
35
Valuation
Inputs
The
following
table
summarizes
the
fund s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund s
Level
3
holdings
for
the
year ended
December
31,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
December
31,
2025,
totaled $(4,267,000) for
the
year ended
December
31,
2025.
Additionally,
during
the
period,
transfers
into
and/or
out
of
Level
3
include
securities
acquired
or
exchanged
as
a
result
of
a
corporate
action.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,527,216
$
278,709
$
37,537
$
7,843,462
Convertible
Preferred
Stocks
62,513
195,376
257,889
Short-Term
Investments
28,496
28,496
Total
$
7,618,225
$
278,709
$
232,913
$
8,129,847
($000s)
Beginning
Balance
12/31/24
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level 3
Transfer
Out
of
Level
3
Ending
Balance
12/31/25
Investment
in
Securities
Common
Stocks
$
45,386
$
700
$
13,543
$
(18,290)
$
$
(3,802)
$
37,537
Convertible
Bonds
4,745
501
(5,246)
Convertible
Preferred
Stocks
177,746
(3,430)
50,233
(32,975)
3,802
195,376
Total
$
227,877
$
(2,229)
$
63,776
$
(56,511)
$
3,802
$
(3,802)
$
232,913
T.
ROWE
PRICE
Small-Cap
Stock
Fund
36
NOTE
3
-
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.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Private
Investments
Issued
by
Special
Purpose
Acquisition
Companies
Special purpose
acquisition
companies
(SPACs)
are
shell
companies
that
have
no
operations
but
are
formed
to
raise
capital
with
the
intention
of
merging
with
or
acquiring
a
company
with
the
proceeds
of
the
SPAC s
initial
public
offering
(IPO).
The
fund
may
enter
into
a
contingent
commitment
with
a
SPAC
to
purchase
private
investments
in
public
equity
(PIPE)
if
and
when
the
SPAC
completes
its
merger
or
acquisition.
The
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
the
PIPE.
However,
if
the
commitment
expires,
then
no
shares
are
purchased.
Purchased
PIPE
shares
will
be
restricted
from
trading
until
the
registration
statement
for
the
shares
is
declared
effective.
Upon
registration,
the
shares
can
be
freely
sold;
however,
in
certain
circumstances,
the
issuer
may
have
the
right
to
temporarily
suspend
trading
of
the
shares
in
the
first
year
after
the
merger
or
acquisition.
The
securities
issued
by
a
SPAC
may
be
considered
illiquid,
more
difficult
to
value,
and/or
be
subject
to
restrictions
on
resale.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $6,338,430,000 and
$7,302,985,000,
respectively,
for
the
year ended
December
31,
2025.
NOTE
4
-
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.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
37
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,
deemed
distributions
on
shareholder
redemptions
and
the
character
of
income
on
passive
foreign
investment
companies.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
($000s)
December
31,
2025
December
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
19,208
$
72,112
Long-term
capital
gain
546,587
1,220,855
Total
distributions
$
565,795
$
1,292,967
($000s)
Cost
of
investments
$
6,377,333
Unrealized
appreciation
$
2,093,421
Unrealized
depreciation
(340,908)
Net
unrealized
appreciation
(depreciation)
$
1,752,513
T.
ROWE
PRICE
Small-Cap
Stock
Fund
38
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
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
NOTE
5
-
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
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.
($000s)
Undistributed
long-term
capital
gain
$
170,210
Net
unrealized
appreciation
(depreciation)
1,752,513
Total
distributable
earnings
(loss)
$
1,922,723
T.
ROWE
PRICE
Small-Cap
Stock
Fund
39
NOTE
6
-
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,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.45%
of
the
fund s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund s
average
daily
net
assets. At
December
31,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
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.
Each
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
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
T.
ROWE
PRICE
Small-Cap
Stock
Fund
40
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.
At
December
31,
2025,
there
were
no
amounts
subject
to
repayment
by
the
fund. 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
shareholder
and
administrative
services
in
its
capacity
as
the
fund s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
1.09%
1.34%
0.05%
0.00%
Expense
limitation
date
02/29/28
02/29/28
02/29/28
N/A
(Waived)/repaid
during
the
period
($000s)
$
$
$
$(18,207)
T.
ROWE
PRICE
Small-Cap
Stock
Fund
41
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
year
ended
December
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$123,000
for
Price
Associates;
$2,292,000
for
T.
Rowe
Price
Services,
Inc.;
and
$263,000
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 $176,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$28,000
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
15%
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.
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
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
42
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.
Price
Associates
has voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
brokerage
commissions
embedded
in
the
cost
of
the
fund s
foreign
currency
transactions. This
agreement
may
be
rescinded
at
any
time. For
the
year ended
December
31,
2025,
this
reimbursement
amounted
to
$192,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
7
-
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
T.
ROWE
PRICE
Small-Cap
Stock
Fund
43
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.
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
8
-
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
Small-Cap
Stock
Fund
44
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
Small-Cap
Stock
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Small-Cap
Stock
Fund,
Inc.
(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
Small-Cap
Stock
Fund
45
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
custodians,
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
Small-Cap
Stock
Fund
46
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
$697,892,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$58,454,000
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,
$50,250,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
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.
F65-050
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) |
N-CSR |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
|
| (3) |
30a-2(a) |
|
| (b) |
30a-2(b) |
|
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 Small-CapStock Fund, 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 Small Cap Stock Fund 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 16:04 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]