Invesco Ltd.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
IVZ$27.080.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000914208-25-000366
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0000914208-26-000106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 220 previous paragraphs and 192 current paragraphs.
100 unchanged; 72 reworded; 20 added; 48 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 33 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Our diversified platform, global scale, and breadth of products were integral to continued strong net long-term inflows of $21.8 billion for the quarter, primarily driven by ETFs and Index, China JV, Fundamental Fixed income, and Multi-Asset/Other. We also had $11.5 billion of net inflows into money market funds. Average AUM were $2.2 trillion for the quarter, an increase of $338.1 billion, or 18%, compared to the same quarter in the prior year.
Current report
(1)For three months ended March 31, 2026, Net long-term flows include Invesco QQQ Trust’s (QQQ) flows due to its conversion to an open-end fund ETF on December 20, 2025. For the three months ended March 31, 2025, Net flows in non-management fee earning AUM include QQQ’s flows.
Current report
(4)Net revenue yield is equal to Net revenues divided by Average AUM during the reporting period. For the three months ended March 31, 2026, QQQ’s net revenues and average AUM are included in the calculation of Net revenue yield. For the three months ended March 31, 2025, the calculation of Net revenue yield includes QQQ’s average AUM but does not include QQQ’s net revenues.
Current report
Total AUM by Channel (1)
Current report
Total AUM by Client Domicile (2)
Current report
See accompanying notes immediately following these AUM tables.
Current report
Footnotes to the Assets Under Management Tables
Current report
(8) China JV includes AUM managed by IGW. Comparative period has been recast to align with the current period’s investment capability presentation.
Current report
(11) QQQ includes only Invesco QQQ Trust.
Current report
For the three months ended March 31, 2026, Service and distribution fees were $301.8 million as compared to $370.9 million for the three months ended March 31, 2025. The decrease was primarily due to the elimination of QQQ's pass-through service revenues after its conversion and the sale of the intelliflo business in the fourth quarter of 2025.
Current report
For the three months ended March 31, 2026, Performance fees were $11.3 million as compared to $3.5 million for the three months ended March 31, 2025 and were earned primarily from fundamental fixed income, private markets and multi-asset/other products.
Current report
Investment management and Performance fees earned from CIP were $10.4 million for the three months ended March 31, 2026 (three months ended March 31, 2025: $10.3 million).
Current report
Third-party distribution, service and advisory expenses were $601.4 million for the three months ended March 31, 2026 as compared to $509.0 million for the three months ended March 31, 2025. After allowing for foreign exchange rate changes, Third-party distribution, service and advisory expenses increased $82.1 million, primarily due to the new third-party costs for QQQ and higher average AUM.
Current report
Employee compensation was $512.7 million for the three months ended March 31, 2026 as compared to $464.6 million for the three months ended March 31, 2025. After allowing for foreign exchange rate changes, Employee compensation expenses increased $38.9 million. The increase was primarily due to the acceleration of $33.0 million of expense related to newly granted common share-based awards and other long-term awards to retirement-eligible employees and an $8.6 million increase related to the mark-to-market adjustment on deferred compensation liabilities.
Current report
Marketing expenses were $37.4 million for the three months ended March 31, 2026 as compared to $17.0 million for the three months ended March 31, 2025. The increase was primarily due to higher advertising costs, including advertising for QQQ following its conversion to an open-end fund ETF.
Current report
General and administrative expenses were $147.1 million for the three months ended March 31, 2026 as compared to $137.3 million for the three months ended March 31, 2025. After allowing for foreign exchange movements, General and administrative expenses increased $6.6 million.
Current report
Interest and dividend income was $9.2 million for the three months ended March 31, 2026 as compared to $11.3 million for the three months ended March 31, 2025.
Current report
Interest expense increased to $24.3 million for the three months ended March 31, 2026 from $13.1 million for the three months ended March 31, 2025, due to higher borrowings on the Revolving Credit Agreement and the five-year Term Loan Agreement entered into in the second quarter of 2025, which was partially offset by a reduction in interest expense following the redemption of the $500.0 million of senior notes which matured on January 15, 2026.
Current report
Our effective tax rate increased to 27.0% for the three months ended March 31, 2026 (three months ended March 31, 2025: 22.5%). The increase in the effective tax rate in the first quarter of 2026 was primarily due to the unfavorable impacts of the net loss attributable to non-controlling interest in consolidated entities in the first quarter of 2026 and the change in the mix of income across tax jurisdictions, which was partially offset by the excess tax benefits related to the vesting of common share based awards recognized in the first quarter of 2026.
Current report
(1) Includes the $1,794.9 million non-cash impairment of our indefinite-lived intangible assets in the fourth quarter of 2025 and the impairment of software implementation costs in the second quarter of 2025.
Removed paragraphs (48)
Previous report
Financial markets ended the third quarter with strong momentum as key indices reached new highs. This favorable environment broadened investor demand across product lines, culminating in $2.1 trillion in AUM in the third quarter of 2025 with net long-term inflows of $28.9 billion - an annualized organic growth rate of 7.9%.
Previous report
During the third quarter of 2025, we entered into an agreement to sell intelliflo, our cloud-based practice management software business. The sale is expected to close in the fourth quarter. Additionally, on October 31, 2025, we completed the sale of 60% of our interest in our wholly owned subsidiary, Invesco Asset Management (India) Private Limited, to IndusInd International Holdings Limited.
Previous report
The following presentation and discussion of AUM includes Passive and Active AUM. Passive AUM includes index-based exchange-traded funds (ETFs), UITs, non-management fee earning AUM and other passive mandates. Active AUM is total AUM less Passive AUM. Non-management fee earning AUM includes non-management fee earning ETFs, UITs and product leverage.
Previous report
Total AUM by Channel(1)
Previous report
Total AUM by Client Domicile(2)
Previous report
Active AUM by Channel(1)
Previous report
Active AUM by Client Domicile(2)
Previous report
Passive AUM by Channel(1)
Previous report
Passive AUM by Client Domicile(2)
Previous report
(8) Beginning in the first quarter of 2025, products managed by Invesco Great Wall and Invesco Asset Management (India) Private Limited are included in the newly defined China JV & India investment capability. Other products previously categorized under the APAC Managed investment capability are included in the other investment capabilities based on their investment strategies. Beginning assets as of January 1, 2025 and the comparative period reflect the current period presentation.
Previous report
(11) QQQ represents assets held within Invesco QQQ Trust.
Previous report
Investment management fees were $3,385.9 million for the nine months ended September 30, 2025 as compared to $3,215.0 million for the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $19.8 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $151.1 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. See discussion above on how AUM changes impact our Investment management fees.
Previous report
For the three months ended September 30, 2025, Service and distribution fees were $400.7 million as compared to $360.3 million for the three months ended September 30, 2024. The increase was primarily due to higher distribution fees of $39.8 million resulting from higher AUM.
Previous report
For the nine months ended September 30, 2025, Service and distribution fees were $1,135.4 million as compared to $1,098.9 million for the nine months ended September 30, 2024. The increase was primarily driven by higher distribution fees of $59.5 million resulting from higher average AUM, partially offset by lower administrative fees of $24.5 million resulting from lower fund-related service fees.
Previous report
Performance fees were $6.5 million and $12.6 million for the three and nine months ended September 30, 2025, respectively, and were primarily generated from private markets products.
Previous report
Performance fees were $2.8 million and $12.3 million for the three and nine months ended September 30, 2024, respectively, and were primarily generated from private markets products.
Previous report
For the nine months ended September 30, 2025, Other revenues were $151.2 million as compared to $147.8 million for the nine months ended September 30, 2024.
Previous report
Net revenues from IGW were $251.7 million and average AUM was $103.3 billion for the nine months ended September 30, 2025 (Net revenues were $237.7 million and average AUM was $87.0 billion for the nine months ended September 30, 2024). The increase in IGW revenue was primarily due to higher average AUM.
Previous report
Management and Performance fees earned from CIP were $9.9 million for the three months ended September 30, 2025 (three months ended September 30, 2024: $11.6 million).
Previous report
Management and Performance fees earned from CIP were $30.8 million for the nine months ended September 30, 2025 (nine months ended September 30, 2024: $30.6 million).
Previous report
During the nine months ended September 30, 2025, Operating expenses decreased $30.9 million compared to the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $19.7 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous report
Third-party distribution, service and advisory expenses were $558.3 million for the three months ended September 30, 2025 as compared to $499.6 million for the three months ended September 30, 2024. The increase was due to an increase in Investment management fees and pass-through Service and distribution costs resulting from higher average AUM.
Previous report
Third-party distribution, service and advisory expenses were $1,568.0 million for the nine months ended September 30, 2025 as compared to $1,499.0 million for the nine months ended September 30, 2024. The increase was due to an increase in Investment management fees and pass-through Service and distribution costs resulting from higher average AUM.
Previous report
Employee compensation was $521.6 million for the three months ended September 30, 2025 as compared to $625.4 million for the three months ended September 30, 2024. The decrease was primarily due to a one-time acceleration of $147.6 million in expense during the third quarter of 2024 resulting from changes to the retirement criteria for vesting of outstanding common share-based awards and other long-term awards (collectively, Long-term awards), partially offset by higher benefits and other compensation costs of $13.9 million and higher variable compensation costs of $29.2 million primarily driven by improved operating results.
Previous report
Employee compensation was $1,496.6 million for the nine months ended September 30, 2025 as compared to $1,550.4 million for the nine months ended September 30, 2024. The impact of foreign exchange rate movements increased Employee compensation by $8.1 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. After allowing for foreign exchange rate changes, there was a decrease in Employee compensation of $61.9 million. The decrease was primarily due to the above noted acceleration of expense for outstanding Long-term awards of $147.6 million during 2024, partially offset by $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams, an increase of $12.5 million in benefits and other compensation costs, and an increase of $55.4 million in variable compensation costs primarily driven by improved operating results.
Previous report
Marketing expenses were $20.1 million for the three months ended September 30, 2025 as compared to $18.9 million for the three months ended September 30, 2024.
Previous report
Marketing expenses were $60.2 million for the nine months ended September 30, 2025 as compared to $57.6 million for the nine months ended September 30, 2024.
Previous report
Property, office and technology expenses were $109.2 million for the three months ended September 30, 2025 as compared to $119.0 million for the three months ended September 30, 2024. The decrease was due to lower property and office costs of $5.2 million as well as lower technology costs of $4.6 million.
Previous report
General and administrative expenses were $151.3 million for the three months ended September 30, 2025 as compared to $140.8 million for the three months ended September 30, 2024. The increase was primarily due to higher costs of $14.6 million related to newly launched CIP, partially offset by lower professional fees.
Previous report
General and administrative expenses were $427.8 million for the nine months ended September 30, 2025 as compared to $459.7 million for the nine months ended September 30, 2024. The decrease was primarily due to the expense related to the accrual of a $50 million liability related to the settlement of certain regulatory matters in the second quarter of 2024, partially offset by higher costs of $27.9 million related to newly launched CIP. The decrease was also driven by lower professional fees.
Previous report
Equity in earnings of unconsolidated affiliates increased to $79.4 million for the nine months ended September 30, 2025 as compared to $22.9 million for the nine months ended September 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Previous report
Interest and dividend income was $10.5 million for the three months ended September 30, 2025 as compared to $10.9 million for the three months ended September 30, 2024.
Previous report
Interest and dividend income was $32.3 million for the nine months ended September 30, 2025 as compared to $34.3 million for the nine months ended September 30, 2024.
Previous report
Interest expense was $25.7 million for the three months ended September 30, 2025 as compared to $13.4 million for the three months ended September 30, 2024. The three months ended September 30, 2025 includes interest expense related to the new bank term loans entered into on May 16, 2025.
Previous report
Interest expense was $59.5 million for the nine months ended September 30, 2025 as compared to $45.6 million for the nine months ended September 30, 2024. The nine months ended September 30, 2025 includes interest expense related to the new bank term loans entered into on May 16, 2025.
Previous report
Other gain and losses, net was a gain of $34.6 million for the nine months ended September 30, 2025 as compared to a net gain of $67.8 million for the nine months ended September 30, 2024. The net gains for the nine months ended September 30, 2025 included net market gains of $57.0 million on deferred compensation related investments and hedging instruments and $11.5 million on other investments, partially offset by the above noted non-cash impairment charge of $35.9 million related to the planned sale of the intelliflo business.
Previous report
For the nine months ended September 30, 2025, Other income/(expense) of CIP, net was net income of $116.8 million (nine months ended September 30, 2024: net income of $88.1 million). Interest and dividend income of CIP decreased $7.0 million to $388.2 million (nine months ended September 30, 2024: $395.2 million). Interest expense of CIP increased $14.2 million to $299.1 million (nine months ended September 30, 2024: $284.9 million). Unrealized gains/(losses) of CIP were a net gain of $27.7 million (nine months ended September 30, 2024: net losses of $22.2 million).
Previous report
Our effective tax rate decreased to (2.8)% for the three months ended September 30, 2025 (three months ended September 30, 2024: 28.6%). The decrease in the effective tax rate for the three months ended September 30, 2025 was primarily due to the favorable resolution of a tax matter, including the impact of a decrease in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Previous report
Our effective tax rate decreased to 15.0% for the nine months ended September 30, 2025 (nine months ended September 30, 2024: 25.3%). The decrease in the effective tax rate for the nine months ended September 30, 2025 was primarily due to the favorable resolution of a tax matter, including the impact of a decrease in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Previous report
(6) One-time acceleration of compensation expense for outstanding Long-term awards: In the third quarter of 2024, the company recorded a one-time acceleration of Compensation expense of $147.6 million resulting from changes to the retirement criteria for vesting of outstanding Long-term awards. Due to the non-recurring nature of this item, the company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS as this will aid comparability of our results period to period.
Showing the first 40 of 48 passages. Open the source sections for the rest.
Reworded paragraphs (72)
Previous wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and nine months ended September 30, 2025 and 2024:
Current wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2026 and 2025:
Previous wording
We remain prudent and diligent in our approach to capital management. Our priorities are balanced with a focus on supporting future growth and maintaining the strength of our balance sheet, while returning excess cash to shareholders. In addition to paying a $0.21 dividend per common share during the third quarter of 2025, the company repurchased 1.2 million common shares for $25 million in the open market. Additionally, in the third quarter, we repaid $260 million of the $500 million three-year bank term loan due on May 16, 2028 and repaid the remaining balance of $240 million in October 2025. We ended the quarter with a zero balance on our Revolving credit agreement.
Current wording
We remain prudent and diligent in our approach to capital management. Our priorities are balanced with a focus on supporting future growth and maintaining the strength of our balance sheet, while returning excess cash to shareholders. During the quarter, the Board approved an increase in our quarterly dividend from $0.21 to $0.215 per share beginning with the dividend that will be paid to holders of common shares in the second quarter of 2026. Additionally, the company repurchased 1.6 million common shares for $40.0 million in the open market. On February 18, 2026, the Board authorized the repurchase of up to $1.0 billion of the company’s outstanding common stock with no stated time limit or expiration date. Also, we redeemed the $500.0 million of senior notes that matured on January 15, 2026.
Previous wording
The majority of the company’s CIP balances are related to collateralized loan obligations (CLOs). The collateral assets of the CLOs are held solely to satisfy the obligations of the CLOs. The company has no right to the benefits from, nor does it bear the risks associated with, the collateral assets held by the CLOs beyond the company’s direct investments in, and management and performance fees generated from, the CLOs. If the company were to liquidate, the collateral assets would not be available to the general creditors of the company, and as a result, the company does not consider these assets to be company assets. Likewise, the investors in the CLOs have no recourse to the general credit of the company for the notes issued by the CLOs. The company therefore does not consider this debt to be a company liability.
Current wording
The majority of the company’s CIP balances are related to collateralized loan obligations (CLOs). The collateral assets of the CLOs are held solely to satisfy the obligations of the CLOs. The company has no right to the benefits from, nor does it bear the risks associated with, the collateral assets held by the CLOs beyond the company’s direct investments in, and management and performance fees generated from, the CLOs. If the company were to liquidate, the collateral assets would not be available to the general creditors of the company, and as a result, the company does not consider these assets to be company assets. Likewise, the investors in the CLOs have no recourse to the general credit of the company for the notes issued by the CLOs. The company therefore does not consider any of the CLO debt to be a company liability.
Previous wording
Due to the significant impact that CIP has on the presentation of the company’s Consolidated Financial Statements, the company has elected to deconsolidate these products in its non-GAAP disclosures (among other adjustments). See "Schedule of Non-GAAP Information" for additional information regarding these adjustments. The following discussion therefore combines the results presented under U.S. GAAP with the company’s non-GAAP presentation.
Current wording
Due to the significant impact that CIP has on the presentation of the company’s Condensed Consolidated Financial Statements, the company has elected to deconsolidate these products in its non-GAAP disclosures (among other adjustments). See "Schedule of Non-GAAP Information" for additional information regarding these adjustments. The following discussion therefore combines the results presented under U.S. GAAP with the company’s non-GAAP presentation.
Previous wording
Summary operating information for three and nine months ended September 30, 2025 and 2024 is presented in the table below:
Current wording
Summary operating information for three months ended March 31, 2026 and 2025 is presented in the table below:
Previous wording
(1)Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS) are non-GAAP financial measures, based on methodologies other than U.S. GAAP. See “Schedule of Non-GAAP Information” for a reconciliation of the most directly comparable U.S. GAAP measures to the non-GAAP measures.
Current wording
(1)Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income (and by calculation, Adjusted diluted EPS) are non-GAAP financial measures, based on methodologies other than U.S. GAAP. See “Schedule of Non-GAAP Information” for a reconciliation of the most directly comparable U.S. GAAP measures to the non-GAAP measures.
Previous wording
AUM measured in the one, three and five year quartile rankings represents 35%, 35% and 35% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 45%, 45%, and 44% of total Invesco AUM as of 9/30/2025. Peer group rankings are sourced from a widely-used third-party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.
Current wording
AUM measured in the one, three and five year quartile rankings represents 35%, 35% and 34% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 46%, 44%, and 43% of total Invesco AUM as of 3/31/2026. Peer group rankings are sourced from a widely-used third-party ranking agency in each fund’s market (Morningstar, IA, Lipper, eVestment, Mercer, Galaxy, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings are calculated against all funds in each peer group. Rankings for the primary share class of the most representative fund in each composite are applied to all products within each composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.
Previous wording
Changes in Active and Passive AUM were as follows:
Current wording
Changes in AUM were as follows:
Previous wording
(1)U.S. GAAP Gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding Invesco Great Wall Fund Management Company Limited (Invesco Great Wall or IGW) AUM. The average AUM for IGW in the three and nine months ended September 30, 2025 was $113.7 billion and $103.3 billion (three and nine months ended September 30, 2024: $90.0 billion and $87.0 billion). It is appropriate to exclude the average AUM of IGW as the revenues resulting from these AUM are not presented in our Operating revenues. The U.S. GAAP Gross revenue yield is not a good measure because the numerator excludes the management fees earned from CIP; however, the denominator of the measure includes the AUM of these investment products. Net revenue yield metrics include the Net revenues and Average AUM of IGW and CIP. See “Schedule of Non-GAAP Information” for a reconciliation of Operating revenues to Net revenues.
Current wording
(2)U.S. GAAP gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding Invesco Great Wall Fund Management Company Limited’s (Invesco Great Wall or IGW) AUM. The average AUM for IGW in thethree months ended March 31, 2026 is$142.3 billion (three months ended March 31, 2025: $96.5 billion). It is appropriate to exclude the average AUM of IGW as the revenues resulting from these AUM are not presented in our U.S. GAAP operating revenues. The U.S. GAAP gross revenue yieldis not a good measure because the numerator excludes the management fees earned from CIP, although the denominator of the measure includes the AUM of these investment products. Net revenue yield metrics include the Net revenues and average AUM of IGW and CIP. See “Schedule of Non-GAAP Information” for a reconciliation of operating revenues to net revenues.
Previous wording
(2) Performance fees are earned when certain performance metrics are achieved; Invesco QQQ Trust does not earn net revenues. Therefore, net revenue yield is calculated excluding performance fees and Invesco QQQ Trust AUM. Passive net revenue yield is calculated excluding Invesco QQQ Trust AUM.
Current wording
(3)Performance fees are earned when defined performance metrics are achieved and vary period over period. Therefore, net revenue yield is calculated excluding performance fees.
Previous wording
There are numerous drivers of AUM inflows and outflows, including individual investor decisions to change investments, fiduciaries and other gatekeepers making broad asset allocation decisions on behalf of their clients, and reallocation of investments within portfolios. We are not a party to these asset allocation decisions, as the company does not generally have access to the underlying investors’ decision-making process, including their risk appetite or liquidity needs. Therefore, the company is not in a position to provide meaningful information regarding the drivers of inflows and outflows.
Current wording
There are numerous drivers of AUM inflows and outflows, including individual investor decisions to change investment preferences, fiduciaries and other gatekeepers making broad asset allocation decisions on behalf of their clients, and reallocation of investments within portfolios. We are not a party to these asset allocation decisions, as the company does not generally have access to the underlying investors’ decision-making process, including their risk appetite or liquidity needs. Therefore, the company is not in a position to provide meaningful information regarding the drivers of inflows and outflows.
Previous wording
Market gains and losses include the net change in AUM resulting from changes in market values of the underlying securities from period to period. The table in the “Executive Overview” section of this Management’s Discussion and Analysis summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and nine months ended September 30, 2025 and 2024.
Current wording
Market gains and losses include the net change in AUM resulting from changes in market values of the underlying securities from period to period. The table in the “Executive Overview” section of this Management’s Discussion and Analysis summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2026 and 2025.
Previous wording
During the three and nine months ended September 30, 2025, we experienced a decrease in AUM of $2.7 billion and an increase in AUM of $18.7 billion, respectively, due to changes in foreign exchange rates (three and nine months ended September 30, 2024, AUM increased by $16.3 billion and $4.2 billion, respectively).
Current wording
During the three months ended March 31, 2026, we experienced a decrease in AUM of $2.1 billion, due to changes in foreign exchange rates (three months ended March 31, 2025, AUM increased $7.4 billion).
Previous wording
(4) ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ Trust.
Current wording
(4) ETFs and Index includes ETFs and Indexed Strategies and excludes QQQ.
Previous wording
(9) Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, intelliflo, and UITs, including certain ETFs managed within this capability.
Current wording
(9) Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs managed within this capability, and AUM managed by Invesco Asset Management (India) Private Limited until the October 31, 2025 sale.
Previous wording
(10) Global Liquidity is comprised mainly of Money Market funds.
Current wording
(10)Global Liquidity is comprised mainly of Money Market funds.
Previous wording
Results of Operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024
Current wording
Results of Operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025
Previous wording
(1) Total Revenue Adjustments remove pass through investment management fees, service and distribution fees, and other revenues and equal the same amount as the Third-party distribution, service and advisory expenses.
Current wording
(1)Total Revenue Adjustments remove pass through investment management fees, service and distribution fees, and other revenues and equal the same amount as the Third-party distribution, service and advisory expenses.
Previous wording
Our revenues are directly influenced by the level and composition of our AUM. Therefore, movements in global capital market levels, net inflows (or outflows), and changes in the mix of investment products between and within asset classes and geographies may materially affect our revenues from period to period. See the company’s disclosures regarding the changes in AUM during the three and nine months ended September 30, 2025 and September 30, 2024 in the “Assets Under Management” section above for additional information. In addition, as fee rates differ across geographic locations, changes to the mix of AUM between geographies and exchange rates have an impact on revenues and net revenue yields.
Current wording
Our revenues are directly influenced by the level and composition of our AUM. Therefore, movements in global capital market levels, net inflows (or outflows), and changes in the mix of investment products between and within asset classes and geographies may materially affect our revenues from period to period. See the company’s disclosures regarding the changes in AUM during the three months ended March 31, 2026 and March 31, 2025 in the “Assets Under Management” section above for additional information. In addition, as fee rates differ across geographic locations, changes to the mix of AUM between geographies and exchange rates have an impact on revenues and net revenue yields.
Previous wording
Average AUM was $1,946.2 billion for the nine months ended September 30, 2025 as compared to $1,674.8 billion for the nine months ended September 30, 2024. As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields. As a result, net revenue yield excluding performance fees and Invesco QQQ Trust declined to 27.9 basis points (bps) for the nine months ended September 30, 2025 from 30.4 bps for the nine months ended September 30, 2024.
Current wording
Average AUM was $2,218.9 billion for the three months ended March 31, 2026 as compared to $1,880.8 billion for the three months ended March 31, 2025. As secular shifts in client demand continue, our broad set of investment capabilities have allowed us to capture evolving client product preferences, including products that have lower net revenue yields. As a result, net revenue yield excluding performance fees declined to 22.9 bps for the three months ended March 31, 2026 from 23.5 bps for the three months ended March 31, 2025.
Previous wording
Investment management fees were $1,184.7 million for the three months ended September 30, 2025 as compared to $1,100.5 million for the three months ended September 30, 2024. The impact of foreign exchange rate movements increased investment management fees by $13.0 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. After allowing for foreign exchange movements, investment management fees increased by $71.2 million as a result of higher average AUM partially offset by the impacts of secular shifts in client demand which have altered our asset mix. See discussion above on how AUM changes impact our Investment management fees.
Current wording
Investment management fees were $1,382.2 million for the three months ended March 31, 2026 as compared to $1,100.3 million for the three months ended March 31, 2025. The impact of foreign exchange rate movements increased Investment management fees by $26.6 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. After allowing for foreign exchange movements, Investment management fees increased by $255.3 million driven by new management fees related to QQQ following its conversion to an open-end fund ETF and higher average AUM. See discussion above on how AUM changes impact our Investment management fees.
Previous wording
For the three months ended September 30, 2025, Other revenues were $48.5 million as compared to $51.8 million for the three months ended September 30, 2024.
Current wording
For the three months ended March 31, 2026, Other revenues were $49.2 million as compared to $54.5 million for the three months ended March 31, 2025 due to lower transaction fees.
Previous wording
The company’s most significant joint venture is our investment in IGW. The company reflects 100% of IGW's results in its Net revenues and Adjusted operating expenses because it is important to evaluate the contribution that IGW is making to the business. The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income attributable to Invesco Ltd. is reduced by the amount of earnings attributable to the noncontrolling interests. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues.
Current wording
The company’s most significant joint venture is our investment in IGW. The company reflects 100% of IGW's results in its Net revenues and Adjusted operating expenses to reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income attributable to Invesco Ltd. is reduced by the amount of earnings attributable to the noncontrolling interests. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues.
Previous wording
Net revenues from IGW were $94.3 million and average AUM was $113.7 billion for the three months ended September 30, 2025 (Net revenues were $76.9 million and average AUM was $90.0 billion for the three months ended September 30, 2024). The increase in IGW revenues was primarily due to higher average AUM.
Current wording
Net revenues from IGW were $110.8 million and average AUM was $142.3 billion for the three months ended March 31, 2026 (Net revenues were $78.2 million and average AUM was $96.5 billion for the three months ended March 31, 2025). The increase in IGW revenues was primarily due to higher average AUM.
Previous wording
Management believes that the consolidation of investment products may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, management believes that it is appropriate to adjust Operating revenues for the impact of CIP in calculating Net revenues. As Management and Performance fees earned by Invesco from the consolidated products are eliminated upon consolidation of the investment products, management believes that it is appropriate to add these Operating revenues back in the calculation of Net revenues. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues.
Current wording
Management believes that the consolidation of investment products may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, management believes that it is appropriate to adjust Operating revenues for the impact of CIP in calculating Net revenues. As Investment management and Performance fees earned by Invesco from the CIP are eliminated upon consolidation of the CIP, management believes that it is appropriate to add these Operating revenues back in the calculation of Net revenues. See “Schedule of Non-GAAP Information” for additional disclosures regarding the use of Net revenues.
Previous wording
During the three months ended September 30, 2025, Operating expenses decreased $45.4 million compared to the three months ended September 30, 2024. The impact of foreign exchange rate movements increased operating expenses by $13.3 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.
Current wording
During the three months ended March 31, 2026, Operating expenses increased $159.4 million compared to the three months ended March 31, 2025. The impact of foreign exchange rate movements increased operating expenses by $24.0 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Previous wording
Headcount at September 30, 2025 was 8,368 (September 30, 2024: 8,524).
Current wording
Headcount at March 31, 2026 was 7,421 (March 31, 2025: 8,495). The decrease in headcount was primarily due to the sale of the intelliflo business and the sale of 60% of our interest in Invesco Asset Management (India) Private Limited in the fourth quarter of 2025.
Previous wording
Property, office and technology expenses were $341.3 million for the nine months ended September 30, 2025 as compared to $353.0 million for the nine months ended September 30, 2024. The decrease was primarily due to lower property and office costs.
Current wording
Property, office and technology expenses were $104.6 million for the three months ended March 31, 2026 as compared to $113.9 million for the three months ended March 31, 2025. The decrease was primarily due to lower technology costs.
Previous wording
Equity in earnings of unconsolidated affiliates increased to $34.8 million for the three months ended September 30, 2025 as compared to $2.1 million for the three months ended September 30, 2024. The increase was primarily due to higher earnings from our private markets investments and our joint venture investment in IGW.
Current wording
Equity in earnings of unconsolidated affiliates increased to $34.0 million for the three months ended March 31, 2026 as compared to $19.6 million for the three months ended March 31, 2025. The increase was primarily due to higher earnings from our joint venture investment in IGW and private markets real estate investments.
Previous wording
Other gain and losses, net was a loss of $0.8 million for the three months ended September 30, 2025 as compared to a net gain of $28.3 million for the three months ended September 30, 2024. The net loss for the three months ended September 30, 2025 was primarily driven by a $35.9 million non-cash impairment charge due to the reclassification of our intelliflo business to held for sale related to the previously announced agreement to sell the business which is expected to close in the fourth quarter. This was partially offset by net market gains of $32.6 million on deferred compensation related investments, hedging instruments, and seed capital investments.
Current wording
Other gains and losses, net was a loss of $0.4 million for the three months ended March 31, 2026 as compared to a net loss of $24.3 million for the three months ended March 31, 2025. The net loss for the three months ended March 31, 2026 was primarily due to market value changes of deferred compensation related investments, hedging instruments and seed capital investments, partially offset by a $19.9 million gain on other investments.
Previous wording
For the three months ended September 30, 2025, Other income/(expense) of CIP, net was a net gain of $57.0 million (three months ended September 30, 2024: net income of $16.7 million). Interest and dividend income of CIP decreased $10.3 million to $134.6 million (three months ended September 30, 2024: $144.9 million). Interest expense of CIP decreased $23.5 million to $94.5 million (three months ended September 30, 2024: $118.0 million). Unrealized gains/(losses) of CIP were a net gain of $16.9 million (three months ended September 30, 2024: net losses of $10.2 million).
Current wording
For the three months ended March 31, 2026, Other income/(expense) of CIP, net was an expense of $51.5 million (three months ended March 31, 2025: net income of $74.1 million). Interest and dividend income of CIP increased $18.0 million to $147.4 million (three months ended March 31, 2025: $129.4 million). Interest expense of CIP increased $4.6 million to $104.3 million (three months ended March 31, 2025: $99.7 million). Unrealized gains/(losses) of CIP were a net loss of $94.6 million (three months ended March 31, 2025: net gain of $44.4 million).
Previous wording
The adjustment to Net income for the Net income/(loss) attributable to noncontrolling interests in consolidated entities removes the income/(expense) of CIP which is attributable to third-party investors. Therefore, the consolidation of investment products did not have an impact on Net income attributable to Invesco for the nine months ended September 30, 2025 and 2024. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, a tax provision is not reflected in the net impact of CIP.
Current wording
The adjustment to Net income for the Net income/(loss) attributable to noncontrolling interests in consolidated entities removes the income/(expense) of CIP which is attributable to third-party investors. Therefore, the consolidation of investment products did not have an impact on Net income attributable to Invesco for the three months ended March 31, 2026 and 2025. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, a tax provision is not reflected in the net impact of CIP.
Previous wording
Reconciliation of Operating income to Adjusted operating income:
Current wording
Reconciliation of Operating income/(loss) to Adjusted operating income:
Previous wording
Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco:
Current wording
Reconciliation of Net income attributable to Invesco to Adjusted net income attributable to Invesco Ltd.:
Previous wording
(1) Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco’s own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.
Current wording
(1)Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco’s own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.
Previous wording
Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.
Current wording
Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distributions fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.
Previous wording
(2) Invesco Great Wall: The company reflects 100% of IGW in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.
Current wording
(2)Invesco Great Wall: The company reflects 100% of IGW in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.
Previous wording
(3) CIP: See note 11, “Consolidated Investment Products,” for a detailed analysis of the impact to the company’s Condensed Consolidated Financial Statements from the consolidation of CIP. The company believes that CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
Current wording
(3)CIP: See Note 11, “Consolidated Investment Products,” for a detailed analysis of the impact to the company’s Condensed Consolidated Financial Statements from the consolidation of CIP. The company believes that the CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
Previous wording
(4) Amortization of intangible assets: The company removes amortization expense related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.
Current wording
(4)Amortization of intangible assets: The company removes amortization expense related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.
Previous wording
(5) Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.
Current wording
(5)Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge in arriving at Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.
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