Invesco Ltd.
For the period ended Jun 30, 2026. Filed Aug 4, 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.
Jun 30, 2026 · Filed Aug 4, 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 2026-03-31; filed 2026-05-05.
0000914208-26-000106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000914208-26-000235
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 192 previous paragraphs and 216 current paragraphs.
123 unchanged; 63 reworded; 26 added; 6 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 20 previous and 25 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 (26)
Current report
As part of our efforts to sharpen our strategic focus, we completed the sale of the management agreements for 98 funds associated with Invesco's Canadian fund business to CI GAM on June 1, 2026 and formed a long-term strategic partnership with CI GAM under which Invesco will provide sub-advisory services to 61 of the funds.
Current report
(2) Sale of the management agreements associated with Invesco’s Canadian fund business to CI GAM on June 1, 2026 decreased AUM by $11.0 billion.
Current report
Investment management fees were $1,461.8 million for the three months ended June 30, 2026 as compared to $1,100.9 million for the three months ended June 30, 2025. The increase in Investment management fees was primarily driven by QQQ’s investment management fees following its conversion to an open-end fund ETF and higher average AUM.
Current report
Performance fees were $3.7 million and $15.0 million for the three and six months ended June 30, 2026, respectively. Performance fees for the three-month period were driven primarily by multi-asset/other and private markets products. For the six-month period, performance fees were also generated from fundamental fixed income products.
Current report
Performance fees were $2.6 million and $6.1 million for the three and six months ended June 30, 2025, respectively, and were generated primarily from private markets products.
Current report
For the six months ended June 30, 2026, Other revenues were $99.4 million as compared to $102.7 million for the six months ended June 30, 2025.
Current report
Investment management and Performance fees earned from CIP were $8.8 million for the three months ended June 30, 2026 (three months ended June 30, 2025: $10.6 million).
Current report
Investment management and Performance fees earned from CIP were $19.2 million for the six months ended June 30, 2026 (six months ended June 30, 2025: $20.9 million).
Current report
Third-party distribution, service and advisory expenses were $627.1 million for the three months ended June 30, 2026 as compared to $500.7 million for the three months ended June 30, 2025, primarily due to the third-party costs for QQQ and higher average AUM.
Current report
Employee compensation was $546.7 million for the three months ended June 30, 2026 as compared to $510.4 million for the three months ended June 30, 2025. The increase was primarily due to higher employee variable compensation costs of $43.0 million primarily driven by higher revenues and a $18.7 million increase in the mark-to-market adjustment on deferred compensation liabilities. These increases were partially offset by lower salaries of $12.4 million primarily due to the divestitures in the fourth quarter of 2025, and $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams in the second quarter of 2025.
Current report
Marketing expenses were $74.1 million for the six months ended June 30, 2026 as compared to $40.1 million for the six months ended June 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF.
Current report
Property, office and technology expenses were $109.3 million for the three months ended June 30, 2026 as compared to $118.2 million for the three months ended June 30, 2025. The decrease was primarily due to an $8.0 million software impairment in the second quarter of 2025 related to a strategic change to the company's fixed income investment platform.
Current report
General and administrative expenses were $133.5 million for the three months ended June 30, 2026 as compared to $139.2 million for the three months ended June 30, 2025. The decrease was primarily due to a net benefit of $11.7 million arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on
Current report
June 1, 2026 and the restructuring of the company’s Canadian operations, which was partially offset by higher professional fees.
Current report
General and administrative expenses were $280.6 million for the six months ended June 30, 2026 as compared to $276.5 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange movements, General and administrative expenses were relatively flat year-over-year, as the net benefit from the Canadian sale and restructuring discussed above was largely offset by higher professional fees.
Current report
Interest and dividend income was $9.9 million for the three months ended June 30, 2026 as compared to $10.5 million for the three months ended June 30, 2025.
Current report
Interest and dividend income was $19.1 million for the six months ended June 30, 2026 as compared to $21.8 million for the six months ended June 30, 2025.
Current report
Interest expense increased to $47.9 million for the six months ended June 30, 2026 from $33.8 million for the six months ended June 30, 2025, primarily due to higher borrowings on the Revolving Credit Agreement and the five-year Term Loan Agreement entered into on May 16, 2025. These increases were partially offset by lower interest expense resulting from the repayment in the second half of 2025 of the three-year Term Loan Agreement entered into on May 16, 2025 and the redemption of the $500.0 million of senior notes which matured on January 15, 2026.
Current report
Other gains and losses, net was a gain of $105.4 million for the six months ended June 30, 2026 as compared to a net gain of $35.4 million for the six months ended June 30, 2025. The net gain for the six months ended June 30, 2026 was primarily driven by gains from market value changes in deferred compensation and other investments.
Current report
For the six months ended June 30, 2026, Other income/(expense) of CIP, net was an expense of $87.5 million (six months ended June 30, 2025: net income of $59.8 million). Interest and dividend income of CIP was $274.6 million (six months ended June 30, 2025: $253.6 million). Interest expense of CIP was $196.8 million (six months ended June 30, 2025: $204.6 million). Unrealized gains/(losses) of CIP were a net loss of $165.3 million (six months ended June 30, 2025: net gain of $10.8 million).
Current report
Our effective tax rate was 25.6% for the three months ended June 30, 2026 (three months ended June 30, 2025: 28.1%). The decrease in the effective tax rate was primarily due to the favorable discrete tax benefit related to the gain recognized on the sale of the management agreements associated with Invesco's Canadian fund business and a reduction in the expense for unrecognized tax benefits in the second quarter of 2026 related to the favorable resolution of certain tax matters, including a tax matter resolved during the second quarter of 2026.
Current report
(6) Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. 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 and with peer companies that may not have similar reorganization related charges.
Current report
(7) Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed the 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.
Current report
(8) Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company’s Canadian operations. The company removed this benefit 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 with peer companies that may not have similar activities.
Current report
(12) Cost of preferred stock repurchase: In the second quarter of 2025, the company repurchased $1.0 billion of the company’s outstanding Series A Preferred Stock held by MassMutual. The company removed the cost associated with the repurchase from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) as this will aid comparability of our results period to period and with peer companies that may not have similar repurchase related charges.
Current report
Cash inflows for the six months ended June 30, 2026, excluding the impact of the consolidation of CIP, were primarily driven by operating income and changes in receivables, other assets, payables, and accrued liabilities due to the timing of receipts and payments.
Removed paragraphs (6)
Previous report
See accompanying notes immediately following these AUM tables.
Previous 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.
Previous 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).
Previous 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.
Previous 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.
Previous report
Cash outflows for the three months ended March 31, 2026, excluding the impact of the consolidation of CIP, were primarily driven by net outflows from changes in payables and receivables due to timing of payments and receipts, including annual compensation payments made in the first quarter of each year.
Reworded paragraphs (63)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Previous 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:
Current wording
The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three and six months ended June 30, 2026 and 2025:
Previous wording
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 wording
Our diversified platform, global scale, and breadth of products were integral to record net long-term inflows of $45.1 billion for the quarter, primarily driven by ETFs and Index, QQQ, China JV, and Private Markets. We also had $16.9 billion of net inflows into money market funds. Average AUM was $2.4 trillion for the second quarter of 2026, an increase of $471.4 billion or 24.8%, compared to the same quarter in the prior year. Ending AUM was $2.5 trillion reflecting year-over-year growth of 23.4%.
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. 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.
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 continuing to return capital to shareholders. In the second quarter, we reduced debt by $342.7 million. Additionally, the company repurchased 1.9 million common shares for $50.0 million in the open market.
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 any of the CLO debt to be a company liability.
Current wording
The majority of the company’s CIP balances are related to 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
Summary operating information for three months ended March 31, 2026 and 2025 is presented in the table below:
Current wording
Summary operating information for three and six months ended June 30, 2026 and 2025 is presented in the table below:
Previous wording
(1) Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts (UITs), fund of funds with component funds managed by Invesco, stable value building block funds and collateralized debt obligations. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision.
Current wording
(1) Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, UITs, fund of funds with component funds managed by Invesco, stable value building block funds and collateralized debt obligations. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision.
Previous 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.
Current wording
AUM measured in the one, three and five year quartile rankings represents 33%, 33% and 32% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 43%, 41%, and 40% of total Invesco AUM as of June 30, 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
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.
Current wording
Movements in global capital market levels and changes in the mix of AUM between and within asset classes and geographies may materially affect our revenues from period to period.
Previous wording
(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 wording
(1) For three and six months ended June 30, 2026, Net long-term flows include QQQ’s flows following its conversion to an open-end fund ETF on December 20, 2025. For the three and six months ended June 30, 2025, Net flows in non-management fee earning AUM include QQQ’s flows.
Previous 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.
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. 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
(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 wording
(4)Net revenue yield is equal to Net revenues divided by Average AUM during the reporting period. For thethree and six months ended June 30, 2026, QQQ’s net revenues and average AUM are included in the calculation of Net revenue yield. For thethree and six months ended June 30, 2025, the calculation of Net revenue yield includes QQQ’s average AUM but does not include QQQ’s net revenues.
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 months ended March 31, 2026 and 2025.
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 and six months ended June 30, 2026 and 2025.
Previous 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).
Current wording
During the three and six months ended June 30, 2026, we experienced an increase in AUM of $0.7 billion and a decrease in AUM of $1.4 billion, respectively, due to changes in foreign exchange rates (three and six months ended June 30, 2025, AUM increased $14.0 billion and $21.4 billion, respectively).
Previous wording
Total AUM by Client Domicile (2)
Current wording
Total AUM by Client Domicile (3)
Previous 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.
Current wording
(10) 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 sale of 60% of our interest in the entity on October 31, 2025.
Previous wording
(10)Global Liquidity is comprised mainly of Money Market funds.
Current wording
(11)Global Liquidity is comprised mainly of Money Market funds.
Previous wording
(11) QQQ includes only Invesco QQQ Trust.
Current wording
(12)QQQ includes only Invesco QQQ Trust.
Previous wording
Results of Operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025
Current wording
Results of Operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025
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 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.
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 and six months ended June 30, 2026 and June 30, 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 $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.
Current wording
Average AUM was $2,293.9 billion for the six months ended June 30, 2026 as compared to $1,889.1 billion for the six months ended June 30, 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 22.7 bps for the six months ended June 30, 2026 from 23.4 bps for the six months ended June 30, 2025.
Previous 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.
Current wording
Investment management fees were $2,844.0 million for the six months ended June 30, 2026 as compared to $2,201.2 million for the six months ended June 30, 2025. The impact of foreign exchange rate movements increased Investment management fees by $27.2 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Excluding the impact of foreign exchange movements, Investment management fees increased by $615.6 million primarily driven by QQQ’s investment management fees following its conversion to an open-end fund ETF and higher average AUM.
Previous wording
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 wording
For the six months ended June 30, 2026, Service and distribution fees were $611.7 million as compared to $734.7 million for the six months ended June 30, 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, partially offset by higher average AUM.
Previous 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.
Current wording
For the three months ended June 30, 2026, Other revenues were $50.2 million as compared to $48.2 million for the three months ended June 30, 2025.
Previous 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.
Current wording
Net revenues from IGW were $121.8 million and average AUM was $155.2 billion for the three months ended June 30, 2026 (Net revenues were $79.2 million and average AUM was $99.7 billion for the three months ended June 30, 2025). The increase in IGW revenues was primarily due to higher average AUM.
Previous 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.
Current wording
During the six months ended June 30, 2026, Operating expenses increased $319.5 million compared to the six months ended June 30, 2025. The impact of foreign exchange rate movements increased operating expenses by $26.4 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Previous wording
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 wording
Third-party distribution, service and advisory expenses were $1,228.5 million for the six months ended June 30, 2026 as compared to $1,009.7 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange rate changes, Third-party distribution, service and advisory expenses increased $206.2 million, primarily due to the third-party costs for QQQ and higher average AUM.
Previous wording
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 wording
Employee compensation was $1,059.4 million for the six months ended June 30, 2026 as compared to $975.0 million for the six months ended June 30, 2025. Excluding the impact of foreign exchange rate changes, Employee compensation expenses increased $75.7 million. The increase was primarily due to an increase of $46.3 million related to the acceleration of expense for long-term awards granted to retirement-eligible employees in the first quarter of 2026, higher employee variable compensation costs of $38.9 million primarily driven by higher revenues, and a $27.3 million increase in the mark-to-market adjustment on deferred compensation liabilities. These increases were partially offset by lower salaries of $22.9 million primarily due to the divestitures in the fourth quarter of 2025 and the severance expense recorded in the second quarter of 2025 as discussed above.
Previous 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.
Current wording
Headcount at June 30, 2026 was 7,405 (June 30, 2025: 8,407). 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
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 wording
Marketing expenses were $36.7 million for the three months ended June 30, 2026 as compared to $23.1 million for the three months ended June 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF.
Previous 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.
Current wording
Property, office and technology expenses were $213.9 million for the six months ended June 30, 2026 as compared to $232.1 million for the six months ended June 30, 2025. The decrease was primarily due to the software impairment in the second quarter of 2025, as discussed above, and a decrease in other technology costs.
Previous 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.
Current wording
Equity in earnings of unconsolidated affiliates increased to $35.1 million for the three months ended June 30, 2026 as compared to $25.0 million for the three months ended June 30, 2025. The increase was primarily due to higher earnings from our joint venture investment in IGW.
Previous wording
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 wording
Interest expense increased to $23.6 million for the three months ended June 30, 2026 from $20.7 million for the three months ended June 30, 2025, primarily due to higher borrowings on the Revolving Credit Agreement, 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.
Previous 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.
Current wording
Other gains and losses, net was a gain of $105.8 million for the three months ended June 30, 2026 as compared to a net gain of $59.7 million for the three months ended June 30, 2025. The net gain for the three months ended June 30, 2026 was primarily driven by gains from market value changes in deferred compensation and other investments.
Previous 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).
Current wording
For the three months ended June 30, 2026, Other income/(expense) of CIP, net was an expense of $36.0 million (three months ended June 30, 2025: an expense of $14.3 million). Interest and dividend income of CIP was $127.2 million (three months ended June 30, 2025: $124.2 million). Interest expense of CIP was $92.5 million (three months ended June 30, 2025: $104.9 million). Unrealized gains/(losses) of CIP were a net loss of $70.7 million (three months ended June 30, 2025: net loss of $33.6 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 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.
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 six months ended June 30, 2026 and 2025. Also, the net income or loss of CIP is taxed at the investor level, not at the product level; therefore, CIP does not impact the Income tax provision.
Previous wording
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 wording
Our effective tax rate was 26.2% for the six months ended June 30, 2026 (six months ended June 30, 2025: 25.0%). The increase in the effective tax rate for the six months ended June 30, 2026 was primarily due to the unfavorable impact on the effective tax rate of the increase in Net loss attributable to non-controlling interests in consolidated entities, which was partially offset by the reduction in the expense for unrecognized tax benefits due to the favorable resolution of certain tax matters, the excess tax benefits related to the vesting of common share-based awards, and the favorable tax treatment of the gain recognized on the sale of the management agreements related to Invesco's Canadian fund business.
Previous wording
Reconciliation of Operating income/(loss) to Adjusted operating income:
Current wording
Reconciliation of Operating income to Adjusted operating income:
Previous 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.
Current 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.
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 with peer companies that may not have similar acquisition-related charges.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
For the three months ended June 30, 2026, Service and distribution fees were $309.9 million as compared to $363.8 million for the three months ended June 30, 2025. The decrease was primarily due to the elimination of QQQ's pass-through service revenues after its conversion.
Current report — wording carried from elsewhere
Net revenues from IGW were $232.6 million and average AUM was $148.8 billion for the six months ended June 30, 2026 (Net revenues were $157.4 million and average AUM was $98.1 billion for the six months ended June 30, 2025). The increase in IGW revenues was primarily due to higher average AUM.
Current report — wording carried from elsewhere
During the three months ended June 30, 2026, Operating expenses increased $160.1 million compared to the three months ended June 30, 2025.
Current report — wording carried from elsewhere
Equity in earnings of unconsolidated affiliates increased to $69.1 million for the six months ended June 30, 2026 as compared to $44.6 million for the six months ended June 30, 2025. The increase was primarily due to higher earnings from our joint venture investment in IGW.