Invesco Ltd.
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 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 2026-06-30; filed 2026-08-04.
0000914208-26-000235
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0000914208-26-000376
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 216 previous paragraphs and 216 current paragraphs.
135 unchanged; 71 reworded; 8 added; 10 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 25 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 (8)
Current report
Investment management and Performance fees earned from CIP were $29.8 million for the nine months ended September 30, 2026 (nine months ended September 30, 2025: $30.8 million).
Current report
Property, office and technology expenses were $105.9 million for the three months ended September 30, 2026 as compared to $109.2 million for the three months ended September 30, 2025.
Current report
General and administrative expenses were $149.4 million for the three months ended September 30, 2026 as compared to $151.3 million for the three months ended September 30, 2025.
Current report
General and administrative expenses were $430.0 million for the nine months ended September 30, 2026 as compared to $427.8 million for the nine months ended September 30, 2025.
Current report
Interest and dividend income was $28.9 million for the nine months ended September 30, 2026 as compared to $32.3 million for the nine months ended September 30, 2025.
Current report
For the three months ended September 30, 2026, Other income/(expense) of CIP, net was income of $29.5 million (three months ended September 30, 2025: income of $57.0 million). Interest and dividend income was $152.2 million (three months ended September 30, 2025: $134.6 million). Interest expense was $102.2 million (three months ended September 30, 2025: $94.5 million). Net gains/(losses) were a loss of $20.5 million (three months ended September 30, 2025: net gain of $16.9 million).
Current report
Our effective tax rate was 25.1% for the nine months ended September 30, 2026 (nine months ended September 30, 2025: 15.0%). The increase in the effective tax rate was primarily due to the unfavorable impact of net loss attributable to noncontrolling interests in consolidated entities recognized during the nine months ended September 30, 2026, as well as the favorable resolution of a tax matter during the nine months ended September 30, 2025, including the benefit related to a reduction in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Current report
(11)Impact of deferred income tax rate change: In the third quarter of 2025, the company removed a non-cash income tax benefit of $39.0 million related to the revaluation of the deferred tax liabilities for indefinite-lived intangible assets as a result of a decrease in the tax rate. The company removed this discrete tax benefit in arriving at Adjusted net income and Adjusted diluted EPS as it does not have a cash flow impact and will aid comparability of our results period to period.
Removed paragraphs (10)
Previous 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.
Previous 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).
Previous report
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 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
Previous report
June 1, 2026 and the restructuring of the company’s Canadian operations, which was partially offset by higher professional fees.
Previous 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.
Previous 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.
Previous report
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 report
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 report
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.
Reworded paragraphs (71)
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 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 amount or composition of 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, the extent and timing of any share repurchases, technology and security risks, 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 company is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. One of Invesco's core strengths, and a key differentiator for the company within the industry, is our diversification across investment capabilities, distribution channels and geographies. This broad diversification helps to mitigate some of the impact of different market cycles on Invesco and enables the company to take advantage of growth opportunities in various markets and channels.
Current wording
The company is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. One of Invesco's core strengths, and a key differentiator for the company within the industry, is our diversification across investment capabilities, distribution channels and geographies. This broad diversification helps to mitigate some of the impact of different market cycles and enables the company to take advantage of growth opportunities in various markets and channels.
Previous 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:
Current 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, 2026 and 2025:
Previous 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%.
Current wording
Our diversified platform, global scale, and breadth of products were integral to continued strong net long-term inflows of $35.1 billion for the quarter, primarily driven by ETFs and Index, QQQ, Multi-Asset/Other and China JV. We also had $47.0 billion of global liquidity net inflows. Average AUM was $2.5 trillion for the third quarter of 2026, an increase of $449.8 billion or 21.8%, compared to the same quarter in the prior year. Ending AUM was $2.5 trillion reflecting year-over-year growth of 19.4%.
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 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.
Current wording
Our capital 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 third quarter, we reduced debt by $342.7 million, increased common share buybacks to $65.0 million or 2.1 million common shares and paid a quarterly cash dividend on our common stock of $0.215 per share. Additionally, on October 26, 2026, we repurchased $1.5 billion of the company’s outstanding Series A Preferred Stock held by MassMutual which was funded by a $1.5 billion five-year floating-rate bank term loan. A premium of 12.5% was paid to MassMutual on the liquidation preference of $1,000 per share.
Previous wording
Summary operating information for three and six months ended June 30, 2026 and 2025 is presented in the table below:
Current wording
Summary operating information for three and nine months ended September 30, 2026 and 2025 is presented in the table below:
Previous 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.
Current wording
AUM measured in the one, three and five year quartile rankings represents 34%, 34% and 33% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three and five year basis represents 43%, 42%, and 41% of total Invesco AUM as of September 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
The AUM tables and the discussion below refer to certain AUM as long-term. Long-term inflows and the underlying reasons for the movements in this line item include investments from new clients, existing clients adding new accounts/funds or contributions/subscriptions into existing accounts/funds. Long-term outflows reflect client redemptions from accounts/funds and include the return of invested capital upon maturity. We present net flows into money market funds separately because shareholders of those funds typically use them as short-term funding vehicles and the flows are particularly sensitive to short-term interest rate movements.
Current wording
The AUM tables and the discussion below refer to certain AUM as long-term. Long-term inflows reflect various types of investment activity, including investments from new clients, existing clients adding new accounts/funds or contributions/subscriptions into existing accounts/funds. Long-term outflows reflect client redemptions from accounts/funds and include the return of invested capital upon maturity. We present net flows into money market funds separately because shareholders of those funds typically use them as short-term funding vehicles and the flows are particularly sensitive to short-term interest rate movements.
Previous 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.
Current wording
(1) For the three and nine months ended September 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 nine months ended September 30, 2025, Net flows in non-management fee earning AUM include QQQ’s flows.
Previous wording
(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 wording
(2)The 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.
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. 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
(3) U.S. GAAP gross revenue yield on AUM is equal to U.S. GAAP annualized total operating revenues divided by average AUM, excluding IGW’s 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
(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.
Current wording
(4)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
(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.
Current wording
(5)Net revenue yield is equal to Net revenues divided by Average AUM during the reporting period. For thethree and nine months ended September 30, 2026, QQQ’s net revenues and average AUM are included in the calculation of Net revenue yield. For thethree and nine months ended September 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 and six months ended June 30, 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 nine months ended September 30, 2026 and 2025.
Previous 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).
Current wording
During the three and nine months ended September 30, 2026, we experienced an increase in AUM of $4.5 billion and $3.1 billion, respectively, due to changes in foreign exchange rates (three and nine months ended September 30, 2025, AUM decreased $2.7 billion and increased $18.7 billion, respectively).
Previous wording
(7) Fundamental Equities includes Equity products.
Current wording
(7) Fundamental Equities includes Equity products, including certain ETFs managed within this capability.
Previous wording
(9) China JV includes AUM managed by IGW. Comparative period has been recast to align with the current period’s investment capability presentation.
Current wording
(9) China JV includes AUM managed by IGW, including Money Market funds. Comparative period has been recast to align with the current period’s investment capability presentation.
Previous 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
Current wording
Results of Operations for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 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 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.
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 among and within asset classes may materially affect our revenues from period to period. 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. See the company’s disclosures regarding the changes in AUM during the three and nine months ended September 30, 2026 and September 30, 2025 in the “Assets Under Management” section above for additional information.
Previous 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.
Current wording
Average AUM was $2,366.0 billion for the nine months ended September 30, 2026 as compared to $1,946.2 billion for the nine months ended September 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 22.3 bps for the nine months ended September 30, 2026 from 23.2 bps for the nine months ended September 30, 2025.
Previous wording
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 wording
Investment management fees were $1,512.2 million for the three months ended September 30, 2026 as compared to $1,184.7 million for the three months ended September 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.
Previous 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.
Current wording
Investment management fees were $4,356.2 million for the nine months ended September 30, 2026 as compared to $3,385.9 million for the nine months ended September 30, 2025. The impact of foreign exchange rate movements increased Investment management fees by $20.6 million during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Excluding the impact of foreign exchange movements, Investment management fees increased by $949.7 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 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 wording
For the three months ended September 30, 2026, Service and distribution fees were $313.2 million as compared to $400.7 million for the three months ended September 30, 2025. The decrease was primarily due to the elimination of QQQ's pass-through service revenues after its conversion.
Previous 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.
Current wording
For the nine months ended September 30, 2026, Service and distribution fees were $924.9 million as compared to $1,135.4 million for the nine months ended September 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
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 wording
Performance fees were $2.0 million and $17.0 million for the three and nine months ended September 30, 2026, respectively. Performance fees for the three-month period were driven primarily by multi-asset/other products. For the nine-month period, performance fees were also generated from fundamental fixed income and private markets products.
Previous wording
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 wording
Performance fees were $6.5 million and $12.6 million for the three and nine months ended September 30, 2025, respectively, and were generated primarily from private markets products.
Previous 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.
Current wording
For the three months ended September 30, 2026, Other revenues were $45.8 million as compared to $48.5 million for the three months ended September 30, 2025.
Previous wording
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 wording
For the nine months ended September 30, 2026, Other revenues were $145.2 million as compared to $151.2 million for the nine months ended September 30, 2025.
Previous 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.
Current wording
Net revenues from IGW were $141.6 million and average AUM was $164.3 billion for the three months ended September 30, 2026 (Net revenues were $94.3 million and average AUM was $113.7 billion for the three months ended September 30, 2025). The increase in IGW revenues was primarily due to higher average AUM and higher performance fees.
Previous wording
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 wording
Net revenues from IGW were $374.2 million and average AUM was $154.0 billion for the nine months ended September 30, 2026 (Net revenues were $251.7 million and average AUM was $102.9 billion for the nine months ended September 30, 2025). The increase in IGW revenues was primarily due to higher average AUM.
Previous wording
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 wording
Investment management and Performance fees earned from CIP were $10.6 million for the three months ended September 30, 2026 (three months ended September 30, 2025: $9.9 million).
Previous wording
During the three months ended June 30, 2026, Operating expenses increased $160.1 million compared to the three months ended June 30, 2025.
Current wording
During the three months ended September 30, 2026, Operating expenses increased $67.2 million compared to the three months ended September 30, 2025. The impact of foreign exchange rate movements decreased operating expenses by $5.4 million during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.
Previous 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.
Current wording
During the nine months ended September 30, 2026, Operating expenses increased $386.7 million compared to the nine months ended September 30, 2025. The impact of foreign exchange rate movements increased operating expenses by $21.1 million during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.
Previous wording
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 wording
Third-party distribution, service and advisory expenses were $643.7 million for the three months ended September 30, 2026 as compared to $558.3 million for the three months ended September 30, 2025, primarily due to the third-party costs for QQQ and higher average AUM.
Previous 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.
Current wording
Third-party distribution, service and advisory expenses were $1,872.2 million for the nine months ended September 30, 2026 as compared to $1,568.0 million for the nine months ended September 30, 2025. Excluding the impact of foreign exchange rate changes, Third-party distribution, service and advisory expenses increased $293.1 million, primarily due to the third-party costs for QQQ and higher average AUM.
Previous wording
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 wording
Employee compensation was $493.8 million for the three months ended September 30, 2026 as compared to $521.6 million for the three months ended September 30, 2025. The decrease was primarily due to a $24.9 million decrease in the mark-to-market adjustment on deferred compensation liabilities and lower salaries of $13.1 million primarily due to the divestitures in the fourth quarter of 2025, partially offset by higher variable compensation costs.
Previous 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.
Current wording
Employee compensation was $1,553.2 million for the nine months ended September 30, 2026 as compared to $1,496.6 million for the nine months ended September 30, 2025. Excluding the impact of foreign exchange rate changes, Employee compensation expenses increased $50.2 million. The increase was primarily due to an increase of $44.5 million in deferred compensation expense primarily related to the timing of expense recognition for retirement-eligible employees and higher employee variable compensation costs of $47.8 million driven by higher revenues. These increases were partially offset by lower salaries of $34.6 million due to the divestitures in the fourth quarter of 2025 and by $16.9 million of severance expense recognized in the second quarter of 2025 related to the reorganization of the fundamental equities investment teams.
Previous 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.
Current wording
Headcount at September 30, 2026 was 7,416 (September 30, 2025: 8,368). 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 $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.
Current wording
Marketing expenses were $35.9 million for the three months ended September 30, 2026 as compared to $20.1 million for the three months ended September 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF.
Previous wording
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 wording
Marketing expenses were $110.0 million for the nine months ended September 30, 2026 as compared to $60.2 million for the nine months ended September 30, 2025. The increase was primarily due to higher advertising costs for QQQ following its conversion to an open-end fund ETF.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(2) The 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 — wording carried from elsewhere
Interest expense decreased to $20.3 million for the three months ended September 30, 2026 from $25.7 million for the three months ended September 30, 2025. The decrease was due to 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 $500.0 million of senior notes on January 15, 2026. These decreases were partially offset by higher borrowings on the Revolving Credit Agreement.