KabuDo

NYSE: IVZ · Asset Management & Custody Banks

Invesco

Invesco is an independent global investment manager based in Atlanta with about 7,500 employees and $2,169.9 billion of assets under management at the end of 2025, including the Invesco QQQ ETF ($407.2 billion), other ETFs and index products ($630.2 billion) and a China joint venture, Invesco Great Wall ($132.5 billion). Nearly all revenue comes from investment management, service and distribution fees, so results move with markets and flows; 2025 operating revenues were $6,377 million. 2025 showed a net loss to common shareholders (diluted EPS −$1.60) because of a $1,794.9 million non-cash impairment of management contracts for U.S. retail mutual funds and the cost of repurchasing $1.5 billion of Series A preferred stock from MassMutual, which owns about 18.3% of Invesco’s common stock. AUM reached $2,470.3 billion at June 30, 2026.

Last updated

Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:05 (SEC EDGAR) · Source 10-K filed: February 24, 2026

Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

01

At a glanceFrom SEC data

Eight headline measures, each placed among the companies covered on this site.

Revenue growth
0.7%

Higher than 2% of 44 financial companies

Average yearly growth over the years shown

Net margin
-2.7%

Higher than 0% of 45 financial companies

Latest fiscal year (FY2025)

Return on equity
-1.3%

Higher than 0% of 45 financial companies

Latest fiscal year (FY2025)

Equity ratio
45.1%

Higher than 96% of 45 financial companies

Equity ÷ total assets

Cash conversion
—

Operating cash flow ÷ net income

Dividend raises
4 of 5

Years the dividend per share rose, of the last 5

P/E today
—

Latest close 2026-11-04; trailing 12 months to 2026-09-30

Beta
1.21

Above 1 = moves more than the market

Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.

02

Valuation todayFrom SEC data

Price-based measures at the latest close, next to the same measures at the last fiscal year-end.

Share price$28.75close on 2026-11-04

Market cap$12.77B

P/E today
—

At FY2025 year-end: —

Earnings: trailing 12 months to 2026-09-30

P/B today
1.0x

At FY2025 year-end: 1.0x

Book value at FY2025 year-end

EV/EBITDA today
—

At FY2025 year-end: —

EBITDA for FY2025

FCF yield today
—

At FY2025 year-end: 12.4%

Free cash flow for FY2025

Dividend yield today
2.9%

Dividends per share for FY2025

“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.

03

What changed since last earningsFrom SEC data

The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.

Quarter ended Sep 30, 2026.

  • Revenue↑ +14.2%$1.64B → $1.87B (vs. a year earlier)
  • Operating margin↑ +6.8 pts16.5% → 23.3% (vs. a year earlier)
  • Net income→ −0.2%$356M → $356M (vs. a year earlier)
  • Diluted EPS↓ −1.5%$0.66 → $0.65 (vs. a year earlier)
  • Cash↑ +5.5%$915M → $966M (vs. previous quarter-end)
  • Long-term debt↓ −21.1%$1.62B → $1.28B (vs. previous quarter-end)

Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.

From the earnings release of Oct 27, 2026.

Key changes

  • Net long-term inflows of $35.1B. Source sentence
    $35.1 billion of net long-term inflows for the quarter, primarily driven by ETFs and Index, QQQ, Multi-Asset/Other and China JV, with ending AUM of $2.5 trillion
  • Operating margin 23.3%; adjusted 40.7%. Source sentence
    23.3% operating margin in Q3 2026; 40.7% adjusted operating margin - an increase of 340 basis points and 320 basis points, respectively, from the prior quarter (1)
  • Repurchased $1.5B of Series A preferred stock held by MassMutual. Source sentence
    Repurchased $1.5 billion of the company's outstanding Series A Preferred Stock held by MassMutual on October 26, 2026, funded through a $1.5 billion five-year floating-rate bank term loan

Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗

04

Company profileFrom SEC dataShow

Legal name
Invesco Ltd.
Headquarters
ATLANTA, GA
Incorporated in
Bermuda
Fiscal year end
12/31
Exchange & ticker
NYSE: IVZ
Industry
Asset Management & Custody Banks
CIK
914208

Workforce (as of FY2025 year-end)

  • Employees

    7,499

Source: Form 10-K (FY2025) cover page and business description

05

Earnings calendarFrom SEC dataShow

When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.

Next report

Q4 FY2026

Quarter end: December 2026. In past years, Q4 results were released 23–28 days after quarter end (Jan 27, 2026; Jan 28, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around December 31.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 22–28 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q3 FY2026Sep 30, 2026Oct 27, 2026 (+27 days)Nov 3, 2026 10-Q (+34 days)
Q2 FY2026Jun 30, 2026Jul 28, 2026 (+28 days)Aug 4, 2026 10-Q (+35 days)
Q1 FY2026Mar 31, 2026Apr 28, 2026 (+28 days)May 5, 2026 10-Q (+35 days)
Q4 FY2025Dec 31, 2025Jan 27, 2026 (+27 days)Feb 24, 2026 10-K (+55 days)
Q3 FY2025Sep 30, 2025Oct 28, 2025 (+28 days)Nov 4, 2025 10-Q (+35 days)
Q2 FY2025Jun 30, 2025Jul 22, 2025 (+22 days)Aug 1, 2025 10-Q (+32 days)
Q1 FY2025Mar 31, 2025Apr 22, 2025 (+22 days)Apr 28, 2025 10-Q (+28 days)
Q4 FY2024Dec 31, 2024Jan 28, 2025 (+28 days)Feb 25, 2025 10-K (+56 days)
Q3 FY2024Sep 30, 2024Oct 22, 2024 (+22 days)Oct 29, 2024 10-Q (+29 days)
Q2 FY2024Jun 30, 2024Jul 23, 2024 (+23 days)Jul 31, 2024 10-Q (+31 days)
Q1 FY2024Mar 31, 2024Apr 23, 2024 (+23 days)May 1, 2024 10-Q (+31 days)
Q4 FY2023Dec 31, 2023Jan 23, 2024 (+23 days)Feb 21, 2024 10-K (+52 days)

Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.

06

Flagship products & servicesSite analysis

  • ETFs and Index

    Invesco QQQ

    ETF tracking the Nasdaq-100 Index; $407.2B AUM at end-2025, converted to an open-end ETF in December 2025.

  • ETFs and Index

    ETFs and index products

    Passive and factor ETFs; $630.2B AUM excluding QQQ.

  • Active

    Fundamental fixed income and equities

    Actively managed bond and equity funds and mandates.

  • Alternatives

    Private markets

    Real estate, private credit and other alternatives; partnerships with Barings and LGT Capital Partners for private-markets products.

  • China

    Invesco Great Wall

    China joint venture, one of the largest asset managers in China ($132.5B AUM).

From the Form 10-K, FY2025.

U.S., worldwide and country/regional share of flagship products/services

Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.

  • Investment management (China)

    China asset management

    U.S. share

    —

    Not disclosed

    Worldwide share

    —

    Not disclosed

    China

    One of the largest

    Company-disclosed

    Invesco Great Wall, its China JV, is “one of the largest asset managers in China” with $132.5B AUM.

Sources:

Rank statement from the 10-K; no percentage share is given.

07

Recent strategic focusSite analysis

Recent developments.

  1. Capital simplification

    Repurchased $1.5B of MassMutual’s Series A preferred stock in 2025, leaving $2.5B; expanded the revolving credit facility to $2.5B through May 2030.

    Source: Form 10-K (FY2025)

  2. Private markets partnerships

    Strategic product and distribution partnership with Barings and a new partnership with LGT Capital Partners for multi-alternative private-markets products for U.S. wealth and retirement channels.

    Source: Form 10-K (FY2025)

  3. QQQ modernization

    Invesco QQQ Trust converted from a UIT to an open-end fund ETF on December 20, 2025, with a lower expense ratio.

    Source: Form 10-K (FY2025)

  4. First half 2026

    Net income attributable to Invesco Ltd. $583.1M versus $365.7M; ending AUM $2,470.3B versus $2,001.4B a year earlier.

    Source: Form 10-Q (quarter ended 2026-06-30)

Capex ÷ D&A (FY2025)

0.54x

Below depreciation — investment is being pared back

formulacapital expenditures ÷ depreciation & amortization

e.g.$84M ÷ $156M = 0.54x

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Where the money goes, over time

Unit: $M. Capex went from $115M in FY2020 to $84M in FY2025

  • Capex

formulacapital expenditures ÷ depreciation & amortization

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24

08

Key figures at a glanceFrom SEC data

FY2020–FY2025, 6 years.

Total revenue (FY2025)

$6.38B

As reported in the 10-K

Revenue CAGR (5 years)

+0.7%

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

e.g.($6,377M ÷ $6,146M) ^ (1÷5) − 1 = 0.7%

termsCAGR · ^ (exponent) · Revenue (net sales)

ROE (FY2025)

-1.3%▼caution

6-year average: 2.9%

As reported in the 10-K

P/B (FY2025 end)

0.95x

Below 1x (price below book value per share)

formulafiscal year-end closing price ÷ book value per share

e.g.$26.27 ÷ $27.55 = 0.95x

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

  • ―

    Revenue grew +0.7% a year over 5 years (modest growth)

    From $6.15B in FY2020 to $6.38B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.

  • ▲

    Free cash flow was positive in 6 of 6 years

    Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.

  • ▼

    ROE averaged 2.9% over 6 years (latest: -1.3%)

    How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.

09

Business modelSite analysis

Manages active, passive and alternative strategies — ETFs and index funds, mutual funds, fixed income, equities, private markets and money market funds — for retail and institutional clients in more than 120 countries, earning fees mostly as a percentage of assets under management.

How money and goods flow at Invesco
  1. 01 what it draws on

    Inputs & resources

    • About 7,500 employees in more than 20 countries
    • Investment teams across asset classes
    • Brands such as Invesco QQQ
  2. 02 what it does

    Activities

    • ETFs and index products (incl. QQQ)
    • Fundamental fixed income and equities
    • Private markets
    • Global liquidity (money market)
    • China JV (Invesco Great Wall)
  3. 03 who it serves

    Customers

    • Retail investors via intermediaries ($1,515.7B AUM)
    • Institutional clients ($654.2B AUM)
  4. 04 how money comes in

    How it earns

    • Investment management fees
    • Service and distribution fees
    • Performance fees and other

How the business makes money

  • AUM by client domicile at end-2025: Americas $1,492.4B, EMEA $356.5B, APAC $321.0B.
  • Net long-term flows of $81.2B in 2025 (2024: $65.1B).
  • Invesco QQQ Trust converted from a unit investment trust to an open-end ETF on December 20, 2025.

Government & regulation around the business

Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.

Invesco must hold regulatory capital and is exposed to sanctions and trade changes.

  • Approvals & licenses

    Bank capital and supervision

    Minimum regulatory capital requirement of $309.9M at end-2025.

    Constrains the businessTouches: Activities

    Source: Form 10-K (FY2025)

  • Trade & export rules

    Sanctions and tariffs

    Geopolitics may bring sanctions, trade restrictions and tariff changes that affect markets.

    Constrains the businessTouches: How it earns

    Source: Form 10-K (FY2025)

Revenue by segment (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • ETFs and Index

    630.2 (29%)
  • QQQ

    407.2 (19%)
  • Fundamental Fixed Income

    311.5 (14%)
  • Fundamental Equities

    298.4 (14%)
  • Global Liquidity

    189.7 (9%)
  • China JV

    132.5 (6%)
  • Private Markets

    130.7 (6%)
  • Multi-Asset/Other

    69.7 (3%)

Source: Form 10-K (FY2025) AUM by investment capability, $ billions (not revenue). Invesco reports one operating segment.

10

Contract structureSite analysisShow

Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.

11

Customers & suppliersSite analysis

Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.

Customers

Retail investors through intermediaries and institutional clients worldwide.

Named by the company

The 10-K names no customer accounting for a material share of revenue.

Suppliers

Third-party distributors, index providers and service providers.

Named by the company

No material supplier is named.

12

Competitors & peersSite analysis

Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.

The 10-K says Invesco competes with many investment managers, banks, broker-dealers, insurers and technology firms without naming them; the performance graph uses an Asset Manager Index of the peers below.

Competitors named in the 10-K

Peer group the company chose

Asset Manager Index (10-K performance graph), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.

Peer investment management companies used for the five-year shareholder return comparison.

Source: Proxy statement (2026)

Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.

13

Six years of financialsFrom SEC data

Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.

Total revenue over time

Unit: $M

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24

Profit over time (operating → net)

Unit: $M

  • Operating income
  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24

Cash flow over time

Unit: $M (below zero = cash went out)

  • Operating CF
  • Investing CF
  • Free CF

formulacash flow from operations − capital expenditures

termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24

Financial stability & capital efficiency

Unit: %

  • Equity ratio
  • ROE

formulatotal equity ÷ total assets × 100 (as reported in the 10-K)

termsStockholders’ equity · Total assets

formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)

termsNet income (attributable to the company) · Stockholders’ equity

Earnings per share (EPS) and dividend per share

Unit: $

  • EPS
  • Dividend per share

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24

Line itemFY2020In next year’s 10-KFY202110-K on EDGAR ↗FY202210-K on EDGAR ↗FY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗
Income statement ($M)
Revenue6,1466,8956,0495,7166,0676,377
Operating income9201,7881,318-435832-696
Pretax income1,0692,5011,248-2381,005-379
Net income (attributable)5251,393684-334538-175
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—12.2%-12.3%-5.5%6.1%5.1%
Operating margincalcoperating income ÷ revenue × 10015.0%25.9%21.8%-7.6%13.7%-10.9%
Net margincalcnet income attributable to the company ÷ revenue × 1008.5%20.2%11.3%-5.8%8.9%-2.7%
Balance sheet ($M)
Total assets36,50432,68629,75728,93427,00927,094
Total equity14,80916,16815,84415,17015,12412,930
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable2,0832,0851,4881,4908911,825
Equity ratio39.3%47.4%51.1%50.5%53.9%45.1%
ROE3.7%9.3%4.5%-2.2%3.7%-1.3%
Cash flow ($M)
Operating CF1,2301,0787031,3011,1901,525
Investing CF-860-848-376-24468-974
Financing CF-286117-967-585-1,662-149
Free cash flowcalccash flow from operations − capital expenditures1,1159695101,1371,1211,441
Cash and equivalents1,4081,8961,2351,4699871,038
Per share & other
EPS ($)1.132.991.49-0.731.18-1.60
BVPS ($)31.2833.6033.4532.4832.5027.55
Dividend per share ($)0.780.670.730.790.820.84
Payout ratiocalcdividend per share ÷ diluted EPS × 10069.0%22.4%49.0%—69.1%—
P/E (x)15.47.712.1—14.8—
EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)7.75.45.6—7.6—
P/B (x)calcfiscal year-end closing price ÷ book value per share0.560.690.540.550.540.95

P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.

Last 8 quarters

Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.

Quarter endedRevenueOperating incomeNet incomeDiluted EPS
2026-09-30$1.87B+14.2%$437M+61.1%$356M-0.2%$0.65
2026-06-30$1.83B+20.5%$364M+70.0%$339M+71.7%$0.76
2026-03-31$1.74B+14.1%$333M+20.2%$219M-18.0%$0.51
2025-12-31 †$1.69B+6.2%−$1.46B-567.8%−$996M-517.2%—
2025-09-30$1.64B$271M$356M$0.66
2025-06-30$1.52B$214M$197M$-0.03
2025-03-31$1.53B$277M$267M$0.38
2024-12-31 †$1.59B$312M$239M—

† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.

14

Measures that fit this businessFrom SEC data

ROIC and free cash flow don’t suit an asset manager, so these are the usual yardsticks instead.

Assets under management
$2,169.9 billion

December 31, 2025

As stated by the company: Form 10-K (FY2025)

MeasureFY2020FY2021FY2022FY2023FY2024FY2025
Return on equityNet income ÷ stockholders’ equity.3.7%9.3%4.5%-2.2%3.7%-1.3%
Net marginNet income ÷ revenue.8.5%20.2%11.3%-5.8%8.9%-2.7%
Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them.39.3%47.4%51.1%50.5%53.9%45.1%

Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.

15

Is ROIC above WACC?From SEC data

ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.

Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.

16

What the price implies (DCF)From SEC data

A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.

Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.

17

Earnings qualityFrom SEC dataShow

The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.

Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.

18

Who holds the sharesFrom SEC dataShow

How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.

Institutions, insiders and everyone else, 13F holdings as of 2026-06-30

“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.

Held by 13F filers
96.3%
Directors & officers (shares)
1.4%
Everyone else (est.)
2.3%

individuals and other non-13F holders

Directors & officers (voting power)
1.4%

no separate voting figure; shown as shares

Institutional-ownership rank
105 of 416

1 = most institutional; 25% of covered companies have more

Beta (adjusted)
1.21

above 1 = swings more than the market

  • 425.1M shares reported by 668 13F filers ÷ 441.5M shares outstanding on 2026-06-30. Option positions are excluded.
  • Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
  • A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.

Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-02 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)

19

Strengths & weaknessesSite analysis

Strengths

  1. 1. Scale in ETFs

    ETFs and Index AUM of $630.2B plus QQQ at $407.2B, both up strongly in 2025 (+30.0% and +27.7%).

    Evidence: Form 10-K (FY2025)

  2. 2. Positive flows

    Net long-term inflows of $81.2B in 2025 and $65.1B in 2024.

    Evidence: Form 10-K (FY2025)

  3. 3. Diversified client base

    Clients in more than 120 countries; EMEA and APAC AUM grew 37.0% and 18.8% in 2025.

    Evidence: Form 10-K (FY2025)

Weaknesses

  1. 1. Repeated impairments

    A $1,794.9M impairment of U.S. retail mutual fund management contracts in 2025 led to an operating loss of $696M; 2023 also showed an operating loss.

    Evidence: Form 10-K (FY2025)

  2. 2. Fee pressure

    The 10-K cites ongoing fee pressure, including from low-fee passive products competing with active products.

    Evidence: Form 10-K (FY2025)

  3. 3. Preferred stock cost

    Repurchasing $1.5B of Series A preferred stock in 2025 included premiums (e.g., $240.0M paid in cash), contributing to diluted EPS of −$1.60.

    Evidence: Form 10-K (FY2025)

20

What draws investors to itSite analysis

Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.

P/E (FY2025)

—

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2025)

3.18%

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2025)

—

Dividends per share ÷ diluted EPS

  1. 1. ETF and QQQ growth

    Passive AUM growing quickly with positive flows.

    What has to hold
    Markets and flows stay supportive.
    The other side
    Passive products carry lower fees.

    Evidence: Form 10-K (FY2025)

  2. 2. Adjusted earnings growth

    Adjusted diluted EPS (non-GAAP) of $2.03 in 2025 versus $1.71 in 2024.

    What has to hold
    Impairments and preferred repurchase costs are one-offs.
    The other side
    GAAP EPS was −$1.60.

    Evidence: Form 10-K (FY2025)

Operating income is GAAP and includes the $1,794.9M impairment in 2025. Debt excludes debt of consolidated investment products (CIP).

21

ResilienceSite analysisShow

How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.

1. Financial buffer (FY2025)

For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
Revenue-12.3% in FY2022 ($6.89B → $6.05B)Not yet, as of FY2025
Net income-148.8% in FY2023 ($684M → −$334M)Not yet, as of FY2025

Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.

3. Business resilience (from the 10-K)

  • Revenue held up

    Operating revenues were $5,716M–$6,894M every year 2020–2025 despite market swings.

    Source: Form 10-K (FY2025)

23

Risks (including geopolitical)Site analysis

Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.

Risk map

Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).

Impact
High
12
Med
345
Low
LowMedHigh

Likelihood →

"Company disclosure" vs. "this site’s assessment"

The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.

Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.

  1. 1Demand & macro

    Market levels and flows

    Company disclosure (summarized from the 10-K)
    Declines in market value or net outflows reduce AUM and therefore fees.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact High / Likelihood High
  2. 2Competition & technology shift

    Fee compression

    Company disclosure (summarized from the 10-K)
    Competes with many managers, banks and technology firms; low-fee passive products pressure active fees.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact High / Likelihood High
  3. 3Governance & key people

    MassMutual influence

    Company disclosure (summarized from the 10-K)
    MassMutual owns about 18.3% of the common stock and the $2.5B of preferred shares and can significantly influence the business.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  4. 4Law & regulation

    Regulation

    Company disclosure (summarized from the 10-K)
    Operates in a highly regulated industry in most countries.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  5. 5Geopolitics & supply chain

    China and geopolitics

    Company disclosure (summarized from the 10-K)
    Geopolitical developments can create market volatility; a large JV operates in China.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med

24

What changed in the risk factorsFrom SEC data

Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.

New or substantially reworded (6)

  • • In the event that market values of companies involved directly in AI or exposed to AI trends, including those that are part of the Nasdaq-100 Index, decline, we may suffer declines in AUM and revenue, particularly relating to products we advise that track the Nasdaq-100 Index, such as the Invesco QQQ Trust and the Invesco NASDAQ 100 ETF.

  • Current and anticipated regulatory developments include requirements related to AI, cybersecurity, and digital operational resilience, as well as evolving ESG disclosure standards and cross-border data transfer restrictions. Read more

    Global divergence in these regulations could create conflicting obligations and increase compliance complexity. These changes may require significant investment of management time and resources, impact product design and distribution, and materially increase compliance costs or capital requirements. Failure to comply with these evolving requirements could result in enforcement actions, reputational harm, and restrictions on our ability to operate in certain jurisdictions.

  • • More rigorous laws and regulations applicable to asset managers with respect to anti-money laundering and the financing of terrorism (AML/CFT), which may increase our compliance costs and regulatory enforcement risk. Read more

    For example, recent amendments to regulations under the U.S. Bank Secrecy Act will require our subsidiaries that are U.S. registered investment advisers to implement reasonably designed AML/CFT programs, file suspicious activity reports with the Financial Crimes Enforcement Network, maintain certain associated records and fulfill certain other obligations, similar to requirements imposed on banks and broker-dealers in the U.S.

  • • Regulations promulgated from time-to-time to mitigate cybersecurity and information, technology and communication (ICT) risks, including regulations that could require asset managers and certain types of investment funds to adopt and implement procedures that are reasonably designed to address cybersecurity and ICT risks and to promptly report significant cybersecurity and ICT-related incidents to relevant regulators or even publicly. New cybersecurity and ICT-related requirements may raise our compliance costs, while compelled disclosure of cybersecurity or ICT-related incidents could cause us reputational harm.

  • We face inherent risks of loss or liability arising from client claims, third-party actions, regulatory proceedings, and operational failures, including cyber incidents. Read more

    To mitigate these risks, we purchase insurance in amounts and at deductible levels we consider appropriate, where coverage is available at reasonable cost. However, there is no assurance that a claim will be covered, that coverage limits will be sufficient, that insurers will fulfill their obligations, or that coverage will remain available on cost-effective terms. Insurance costs are influenced by market conditions, claims experience, and our risk profile,

  • and may rise sharply over short periods. In some cases, coverage may be unavailable or only obtainable at prohibitive cost. Read more

    Renewals may also result in higher premiums, increased deductibles, or greater co-insurance obligations, which could adversely affect our liquidity and financial condition.

No longer in the text (4)

  • • Regulations promulgated to address perceptions that the asset management industry, or certain products or services provided by the industry, pose systematic risks to the financial system, which could impede our ability to provide certain products or services or subject us, certain of our activities or products to heightened regulation or increased liquidity or capital adequacy requirements.

  • • Regulations aimed at the use of leverage by funds (in particular, leverage attained through derivatives), an example of which is the SEC’s 2020 rules with respect to the use of derivatives by U.S. Read more

    registered funds. New or further regulations in this area could negatively impact our existing products that employ leverage or derivatives, impede our ability to bring new products to market and raise our compliance costs associated with sponsoring and managing products that employ leverage or derivatives.

  • • Enhanced licensing and qualification requirements for key personnel of financial services firms, including asset managers, such as the U.K. Read more

    Senior Managers and Certification Regime and the SFC's Manager-in-Charge Regime, which could make it more difficult for the company to hire and retain key personnel.

  • • Strengthened laws and regulations applicable to asset managers with respect to preventing money laundering and the financing of terrorism, which may increase our compliance costs and burdens and regulatory enforcement risk. Read more

    In June 2024, the EU introduced a new set of measures that resulted in the establishment of the Anti Money Laundering Authority (AMLA), which will gradually assume the supervision and regulatory responsibilities for anti-money laundering within the EU.

4 more paragraphs differ; the filings below have the full text.

Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.

25

What to watch going forwardSite analysis

  • Net long-term flows and AUM (reached $2,470.3B at June 30, 2026).
  • Further impairments of management contracts.
  • Remaining $2.5B Series A preferred held by MassMutual.
  • QQQ growth after its conversion to an open-end ETF.

26

Source documentsShow

This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.

Last updated

Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:05 (SEC EDGAR) · Source 10-K filed: February 24, 2026

Built on10-K FY2025 · filed 2026-02-24Proxy statement (2026)

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

This page is this site’s own analysis based on public information, and does not represent Invesco’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.