# Invesco Ltd. (IVZ)

Informational only - not investment advice.

CIK: 0000914208
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=914208
Filing source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0000914208-26-000079 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914208.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,377,100,000 USD | 2025 | verified |
| Net income | -174,800,000 USD | 2025 | verified |
| Assets | 27,094,000,000 USD | 2025 | verified |
| Free cash flow | 1,441,000,000 USD | 2025 | computed |
| Net margin | -2.74% | 2025 | computed |
| Operating margin | -10.91% | 2025 | computed |
| Revenue YoY | +5.11% | 2025 | computed |
| ROE | -1.43% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Asset managers and investment advisers](/compare/asset-managers/) · SIC 6282 Investment Advice

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including IVZ

- Asset managers and investment advisers: [peer review](/compare/asset-managers/) · [market-risk page](/compare/asset-managers/risk/)

### Peer percentile fingerprint

| Ratio | IVZ | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.7% | 15.3% | 6 | 34 |
| Operating margin | -10.9% | 21.8% | 5 | 20 |
| Revenue growth | 5.1% | 7.6% | 33 | 34 |
| FCF margin | 22.6% | 20.2% | 54 | 29 |
| ROE | -1.4% | 15.5% | 6 | 34 |
| ROA | -0.6% | 4.8% | 6 | 35 |
| Liabilities / equity | 1.15 | 1.57 | 36 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6377100000 | USD | 2025 | 2026-02-24 |
| Net income | -174800000 | USD | 2025 | 2026-02-24 |
| Assets | 27094000000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914208.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 4,734,400,000 | 5,160,300,000 | 5,314,100,000 | 6,117,400,000 | 6,145,600,000 | 6,894,500,000 | 6,048,900,000 | 5,716,400,000 | 6,067,000,000 | 6,377,100,000 |
| Net income |  | 868,300,000 | 1,161,000,000 | 883,100,000 | 737,800,000 | 807,500,000 | 1,969,400,000 | 925,500,000 | -168,200,000 | 752,400,000 | -174,800,000 |
| Operating income |  | 1,152,400,000 | 1,279,100,000 | 1,204,900,000 | 808,200,000 | 920,400,000 | 1,788,200,000 | 1,317,700,000 | -434,800,000 | 832,100,000 | -695,700,000 |
| Diluted EPS |  | 2.06 | 2.75 | 2.14 | 1.28 | 1.13 | 2.99 | 1.49 | -0.73 | 1.18 | -1.60 |
| Operating cash flow |  | 654,000,000 | 1,157,800,000 | 828,800,000 | 1,116,600,000 | 1,230,300,000 | 1,078,100,000 | 703,200,000 | 1,300,800,000 | 1,190,000,000 | 1,525,300,000 |
| Capital expenditures |  | 147,700,000 | 111,700,000 | 102,500,000 | 124,300,000 | 115,000,000 | 108,800,000 | 192,900,000 | 164,300,000 | 69,100,000 | 84,300,000 |
| Dividends paid |  | 460,400,000 | 471,600,000 | 490,600,000 | 529,100,000 | 357,400,000 | 307,700,000 | 334,800,000 | 357,900,000 | 371,500,000 | 377,300,000 |
| Share buybacks | 623,700,000 | 535,000,000 | 63,800,000 | 0.00 | 110,800,000 |  | 60,900,000 | 244,700,000 | 187,500,000 | 79,300,000 | 123,600,000 |
| Assets |  | 25,734,300,000 | 31,668,800,000 | 30,978,400,000 | 39,420,300,000 | 36,504,100,000 | 32,685,600,000 | 29,756,800,000 | 28,933,800,000 | 27,008,900,000 | 27,094,000,000 |
| Liabilities |  | 17,838,800,000 | 22,470,000,000 | 21,646,000,000 | 24,718,500,000 | 21,483,400,000 | 16,006,800,000 | 12,914,600,000 | 13,017,800,000 | 11,340,100,000 | 14,089,100,000 |
| Stockholders' equity |  | 7,503,800,000 | 8,696,100,000 | 8,578,800,000 | 13,862,500,000 | 14,361,800,000 | 15,495,800,000 | 15,213,600,000 | 14,597,600,000 | 14,559,900,000 | 12,231,000,000 |
| Cash and cash equivalents |  | 1,328,000,000 | 2,006,400,000 | 1,147,700,000 | 1,049,000,000 | 1,408,400,000 | 1,896,400,000 | 1,234,700,000 | 1,469,200,000 | 986,500,000 | 1,037,500,000 |
| Free cash flow |  | 506,300,000 | 1,046,100,000 | 726,300,000 | 992,300,000 | 1,115,300,000 | 969,300,000 | 510,300,000 | 1,136,500,000 | 1,120,900,000 | 1,441,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 18.34% | 22.50% | 16.62% | 12.06% | 13.14% | 28.56% | 15.30% | -2.94% | 12.40% | -2.74% |
| Operating margin |  | 24.34% | 24.79% | 22.67% | 13.21% | 14.98% | 25.94% | 21.78% | -7.61% | 13.72% | -10.91% |
| Return on equity |  | 11.57% | 13.35% | 10.29% | 5.32% | 5.62% | 12.71% | 6.08% | -1.15% | 5.17% | -1.43% |
| Return on assets |  | 3.37% | 3.67% | 2.85% | 1.87% | 2.21% | 6.03% | 3.11% | -0.58% | 2.79% | -0.65% |
| Liabilities / equity |  | 2.38 | 2.58 | 2.52 | 1.78 | 1.50 | 1.03 | 0.85 | 0.89 | 0.78 | 1.15 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/IVZ/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914208.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.39 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.32 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.29 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,442,000,000 | 168,700,000 | 0.29 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,413,400,000 | -667,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,475,300,000 | 214,200,000 | 0.31 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,483,300,000 | 195,900,000 | 0.29 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,515,400,000 | 103,600,000 | 0.12 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,593,000,000 | 238,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,529,200,000 | 267,300,000 | 0.38 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,515,500,000 | 197,400,000 | -0.03 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,640,400,000 | 356,400,000 | 0.66 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,692,000,000 | -995,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,744,500,000 | 219,100,000 | 0.51 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,825,600,000 | 338,900,000 | 0.76 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from IVZ's latest 10-K: [/company/IVZ/business/](/company/IVZ/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from IVZ's latest 10-K: [/company/IVZ/risk-factors/](/company/IVZ/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000235/ivz-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

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.

Forward-looking statements are not guarantees, and involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge them to carefully consider the risks described in this Report and our most recent Form 10-K and Forms 10-Q filed with the SEC.

You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

References

In this Report, unless otherwise specified, the terms “we,” “our,” “us,” “company,” “firm,” and “Invesco” refer to Invesco Ltd., a company incorporated in Bermuda, and its consolidated entities.

Executive Overview

The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management’s discussion and analysis and supplements should be read in conjunction with the Condensed Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Report. The company’s financial results are impacted by the fluctuations in exchange rates against the U.S. Dollar, as discussed in the “Results of Operations” section as applicable.

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.

17

Table of Contents

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:

[[GREPCENT_TABLE]]
[["","","","Three months ended June 30,","","Six months ended June 30,"],["Equity Indices - Domestic","","","2026","","2025","","2026","","2025"],["S&P 500","","","14.9%","","10.6%","","9.6%","","5.5%"],["S&P 500 Equal-Weight","","","10.9%","","5.0%","","11.1%","","3.8%"],["S&P 500 Growth","","","21.7%","","11.3%","","11.7%","","16.8%"],["S&P 500 Value","","","7.5%","","2.5%","","7.0%","","2.2%"],["NASDAQ 100","","","27.5%","","17.6%","","19.9%","","7.9%"],["Equity Indices - Global"],["FTSE 100 (local currency)","","","3.2%","","2.1%","","5.7%","","7.2%"],["MSCI AC Asia Pacific","","","21.0%","","11.7%","","20.3%","","12.0%"],["MSCI China (local currency)","","","(7.6%)","","1.7%","","(15.3%)","","16.7%"],["MSCI Emerging Markets","","","23.3%","","11.0%","","22.7%","","13.7%"],["MSCI Europe (local currency)","","","10.5%","","1.1%","","8.8%","","6.5%"],["MSCI Japan (local currency)","","","16.5%","","7.4%","","18.9%","","1.6%"],["Fixed Income Indices"],["Bloomberg US Aggregate Bond","","","0.7%","","1.2%","","0.6%","","4.0%"],["Bloomberg Global Aggregate Bond (local currency)","","","1.5%","","1.5%","","1.2%","","2.6%"],["Bloomberg China Aggregate Bond","","","2.9%","","2.8%","","5.0%","","2.8%"]]
[[/GREPCENT_TABLE]]

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%.

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.

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.

18

Table of Contents

Presentation of Management’s Discussion and Analysis of Financial Condition and Results of Operations - Impact of Consolidated Investment Products

The company provides investment management services to, and has transactions with, investment products sponsored by the company in the normal course of business. The company's investment adviser subsidiaries serve as investment managers to these products, making day-to-day investment decisions concerning the assets of the products. Investment products that are consolidated are referred to in this Report as CIP. The company’s economic risk with respect to each investment in CIP is limited to its equity ownership, unfunded equity commitments and any uncollected management and performance fees. See also Note 11, "Consolidated Investment Products," for additional information regarding the impact of the consolidation of managed funds.

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.

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.

19

Table of Contents

Summary Operating Information

Wherever a non-GAAP measure is referenced, a disclosure will follow in the narrative or in the note referring the reader to the Schedule of Non-GAAP Information, where additional details regarding the use of the non-GAAP measure by the company are disclosed, along with reconciliations of the most directly comparable U.S. GAAP measures to the non-GAAP measures. To enhance the readability of the Results of Operations section, separate tables for each of the revenue, expense and other income and expense sections of the income statement introduce the narrative that follows, providing a section-by-section review of the company’s income statements for the periods presented.

Summary operating information for three and six months ended June 30, 2026 and 2025 is presented in the table below:

[[GREPCENT_TABLE]]
[["(in millions, other than per common share amounts, operating margins and AUM)","Three months ended June 30,","","Six months ended June 30,"],["U.S. GAAP Financial Measures Summary","2026","","2025","","2026","","2025"],["Operating revenues","$","1,825.6","","","$","1,515.5","","","$","3,570.1","","","$","3,044.7"],["Operating income","$","364.2","","","$","214.2","","","$","697.4","","","$","491.5"],["Operating margin","19.9","%","","14.1","%","","19.5","%","","16.1","%"],["Net income/(loss) attributable to Invesco Ltd.","$","345.3","","","$","(12.5)","","","$","575.7","","","$","158.6"],["Diluted EPS","$","0.76","","","$","(0.03)","","","$","1.27","","","$","0.35"],["Non-GAAP Financial Measures Summary (1)"],["Net revenues","$","1,329.1","","","$","1,104.6","","","$","2,593.4","","","$","2,213.3"],["Adjusted operating income","$","498.7","","","$","344.4","","","$","934.7","","","$","693.9"],["Adjusted operating margin","37.5","%","","31.2","%","","36.0","%","","31.4","%"],["Adjusted net income attributable to Invesco Ltd.","$","322.3","","","$","165.2","","","$","583.1","","","$","365.7"],["Adjusted diluted EPS","$","0.71","","","$","0.36","","","$","1.28","","","$","0.80"],["Assets Under Management"],["Ending AUM (billions)","$","2,470.3","","","$","2,001.4","","","$","2,470.3","","","$","2,001.4"],["Average AUM (billions)","$","2,368.8","","","$","1,897.4","","","$","2,293.9","","","$","1,889.1"]]
[[/GREPCENT_TABLE]]

___________

(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.

20

Table of Contents

Investment Capabilities Performance Overview

Among Invesco's strategic objectives is a commitment to deliver the excellence our clients expect, which includes strong investment performance over the long-term for our clients. The table below presents investment performance of our actively managed investment products measured

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm
Complete FY 2025 MD&A: /company/IVZ/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

The discussion and analysis disclosed herein apply to material changes in the Consolidated Financial Statements for 2025 and 2024. For the comparison of 2024 and 2023, see the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 25, 2025. The following discussion and analysis of the results of operations and financial condition of Invesco should be read in conjunction with the “Forward-looking Statements” disclosure set forth before Part I and the “Risk Factors” set forth in Item 1A of Part I of this Annual Report on Form 10‑K, each of which describe our risks, uncertainties and other important factors in more detail.

Executive Overview

The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management's discussion and analysis and supplements should be read in conjunction with the Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Annual Report on Form 10-K. The company’s financial results are impacted by the fluctuations in exchange rates against the U.S. Dollar, as discussed in the “Results of Operations” section as applicable.

The table below summarizes the year ended December 31 returns based on price appreciation/(depreciation) of several major market indices for 2025 and 2024:

[[GREPCENT_TABLE]]
[["","","","Year ended December 31,"],["Equity Indices - Domestic","","","2025","","2024"],["S&P 500","","","16.4%","","23.3%"],["S&P 500 Equal-Weight","","","9.3%","","10.9%"],["S&P 500 Growth","","","21.4%","","35.2%"],["S&P 500 Value","","","11.0%","","9.8%"],["NASDAQ 100","","","20.2%","","24.9%"],["Equity Indices - Global"],["FTSE 100 (local currency)","","","21.5%","","5.7%"],["MSCI AC Asia Pacific","","","25.3%","","7.2%"],["MSCI China (local currency)","","","28.3%","","15.7%"],["MSCI Emerging Markets","","","30.6%","","5.1%"],["MSCI Europe (local currency)","","","16.3%","","5.8%"],["MSCI Japan (local currency)","","","21.8%","","18.5%"],["Fixed Income Indices"],["Bloomberg US Aggregate Bond","","","7.3%","","1.3%"],["Bloomberg Global Aggregate Bond (local currency)","","","4.4%","","(1.7)%"],["Bloomberg China Aggregate Bond","","","5.1%","","4.9%"]]
[[/GREPCENT_TABLE]]

We continued to make progress on strengthening our capital management, simplifying and focusing our organization, investing in our key capabilities, and accelerating growth to position the company for greater scale, performance and improved profitability.

We are delivering on our commitment to deleverage and maintain a strong balance sheet. We repaid in full the $500.0 million three-year Term Loan Agreement entered into in the second quarter of 2025 and ended the year with cash and cash equivalents of $1.0 billion. Additionally, on January 15, 2026, we redeemed the $500.0 million of senior notes that matured on January 15, 2026. We believe the progress we have made to build financial flexibility has Invesco well-positioned to navigate various market conditions and deliver long-term growth. We remain committed to returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the year, the company repurchased 5.4 million common shares for $100.4 million in the open market, and we expect to continue common share repurchases on a regular basis going forward. Additionally, we repurchased $1.5 billion of Invesco’s outstanding Series A Preferred Stock during the year. We also amended and restated the $2.0 billion floating rate Revolving Credit Agreement, increasing the borrowing capacity to $2.5 billion and extending the expiration date to May 16, 2030.

30

Table of Contents

In addition to our previously announced broader strategic product and distribution partnership with Barings (MassMutual's global asset management subsidiary), we also announced a new strategic partnership with LGT Capital Partners during the fourth quarter. These partnerships aim to develop a suite of multi-alternative private markets solutions focused on the U.S. wealth and retirement channels.

On December 20, 2025, Invesco QQQ Trust converted from a unit investment trust (UIT) to an open-end fund ETF. The modernized QQQ ETF provides investors with a more beneficial way to access the companies of the Nasdaq-100 Index, including a reduced expense ratio and enhanced operational flexibility. This change also deepens the company's ability to generate new revenues and drive profitability.

During the fourth quarter, we completed the sale of the intelliflo business as part of our efforts to sharpen our strategic focus. We also completed the sale of 60% of our interest in Invesco Asset Management (India) Private Limited to IndusInd

International Holdings Limited to enhance the revenue generation of the business by combining our asset management expertise with their domestic distribution network.

On January 13, 2026, we announced that we entered into an agreement to sell our Canadian fund management agreements to CI Global Asset Management and form a long-term strategic partnership under which we will continue to provide portfolio management services through a sub-advisory arrangement to approximately 66 of the 104 Canadian mutual funds and ETFs with approximately $9 billion of AUM.

Presentation of Management's Discussion and Analysis of Financial Condition and Results of Operations - Impact of Consolidated Investment Products (CIP)

The company provides investment management services to, and has transactions with, investment products sponsored by the company in the normal course of business. The company's investment adviser subsidiaries serve as investment managers to these products, making day-to-day investment decisions concerning the assets of the products. The company is required to consolidate certain of these managed funds from time-to-time, as discussed more fully in Part II, Item 8, Financial Statements and Supplementary Data, Note 1, "Accounting Policies -- Basis of Accounting and Consolidation." Investment products that are consolidated are referred to in this Report as CIP. The company's economic risk with respect to each investment in CIP is limited to its equity ownership, unfunded equity commitments and any uncollected management and performance fees.

The majority of the company's CIP balances are CLO-related. 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.

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. Generally Accepted Accounting Principles (U.S. GAAP) with the company’s non-GAAP presentation.

To assess the impact of CIP on the company's Results of Operations and Balance Sheet Discussion, refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 18, "Consolidated Investment Products."

31

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Summary Operating Information

Wherever a non-GAAP measure is referenced, a disclosure will follow in the narrative or in the note referring the reader to the Schedule of Non-GAAP Information, where additional details regarding the use of the non-GAAP measure by the company are disclosed, along with reconciliations of the most directly comparable U.S. GAAP measures to the non-GAAP measures. To enhance the readability of the Results of Operations section, separate tables for each of the revenue, expense and other income and expenses sections of the income statement introduce the narrative that follows, providing a section-by-section review of the company’s income statements for the periods presented.

Summary operating information for 2025, 2024 and 2023 is presented in the table below.

[[GREPCENT_TABLE]]
[["(in millions, other than per common share amounts, operating margins and AUM)","Year ended December 31,"],["U.S. GAAP Financial Measures Summary","2025","","2024","","2023"],["Operating revenues","$","6,377.1","","","$","6,067.0","","","$","5,716.4"],["Operating income/(loss)","$","(695.7)","","","$","832.1","","","$","(434.8)"],["Operating margin","(10.9)","%","","13.7","%","","(7.6)","%"],["Net income/(loss) attributable to Invesco Ltd.","$","(726.3)","","","$","538.0","","","$","(333.7)"],["Diluted earnings per share (EPS)","$","(1.60)","","","$","1.18","","","$","(0.73)"],["Non-GAAP Financial Measures Summary(1)"],["Net revenues","$","4,658.5","","","$","4,400.5","","","$","4,310.7"],["Adjusted operating income","$","1,557.8","","","$","1,370.7","","","$","1,213.5"],["Adjusted operating margin","33.4","%","","31.1","%","","28.2","%"],["Adjusted net income attributable to Invesco Ltd.","$","922.0","","","$","781.7","","","$","689.7"],["Adjusted diluted earnings per share (EPS)","$","2.03","","","$","1.71","","","$","1.51"],["Assets Under Management"],["Ending AUM (billions)","$","2,169.9","","","$","1,846.0","","","$","1,585.3"],["Average AUM (billions)","$","2,000.1","","","$","1,712.2","","","$","1,500.6"]]
[[/GREPCENT_TABLE]]

_________

(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.

32

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Investment Capabilities Performance Overview

Among Invesco's strategic objectives is a commitment to deliver the excellence our clients expect, which includes strong investment performance over the long-term for our clients. The table below presents investment performance of our actively managed investment products measured by the percentage of our AUM in the first and second quartile compared to our peers and above benchmark for the investment capabilities for which peer and benchmark data are available.(1)

[[GREPCENT_TABLE]]
[["","1st Quartile","","2nd Quartile","","Above Benchmark"],["","1yr","3yr","5yr","","1yr","3yr","5yr","","1yr","3yr","5yr"],["Overall","38","%","44","%","48","%","","27","%","26","%","19","%","","61","%","63","%","70","%"],["Fundamental Equities","19","%","31","%","40","%","","34","%","28","%","10","%","","39","%","35","%","52","%"],["Fundamental Fixed Income","15","%","22","%","23","%","","38","%","44","%","42","%","","45","%","59","%","64","%"],["Multi-Asset","44","%","55","%","46","%","","19","%","6","%","6","%","","76","%","77","%","71","%"]]
[[/GREPCENT_TABLE]]

____________

(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 p

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/IVZ/mda/fy2025/
All MD&A years: /company/IVZ/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/IVZ/mda/fy2024/): filed 2025-02-25; accession 0000914208-25-000114 (https://www.sec.gov/Archives/edgar/data/914208/000091420825000114/ivz-20241231.htm)
- [FY 2023 MD&A](/company/IVZ/mda/fy2023/): filed 2024-02-21; accession 0000914208-24-000219 (https://www.sec.gov/Archives/edgar/data/914208/000091420824000219/ivz-20231231.htm)
- [FY 2022 MD&A](/company/IVZ/mda/fy2022/): filed 2023-02-23; accession 0000914208-23-000297 (https://www.sec.gov/Archives/edgar/data/914208/000091420823000297/ivz-20221231.htm)
- [FY 2021 MD&A](/company/IVZ/mda/fy2021/): filed 2022-02-18; accession 0000914208-22-000319 (https://www.sec.gov/Archives/edgar/data/914208/000091420822000319/ivz-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/IVZ.md · JSON record: /company/IVZ.json · verified financials: /company/IVZ/financials.json / /company/IVZ/financials.csv · machine TOC for the whole site: /llms.txt