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IVZInvesco

Financials · Asset Management · NYSE
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The 10-K against last year's

170 changes: 20 added, 19 removed, 128 reworded, 3 quiet changes

10-K Feb 24, 2026 vs Feb 25, 2025
Risk FactorsRedline ↓
12.1%
of the text changed · 13,162 words now
17.4%
of the text changed · 11,525 words now
Legal ProceedingsRedline ↓
1.4%
of the text changed · 740 words now
Accounting PoliciesRedline ↓
8.5%
of the text changed · 5,300 words now

10-K 0000914208-26-000079 (2026-02-24) vs 10-K 0000914208-25-000114 (2025-02-25)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 336 words changed in this paragraph; it is 56% similar to last year's version.
We or our third-party vendors, clients or counterparties have developed, developed and may continue to develop or incorporate AI technology in certain business processes, services or products. The development and use of AI present a number of risks and challenges to our business. The legal and regulatory environment relating to AI is uncertain and rapidly evolving, in the U.S., E.U., and internationally, and includes regulation targeted specifically at AI technology, including the EU AI Act, portions of which have already come into force with more to follow this year and in future years, as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. Global divergence in AI regulations and evolving standards could create conflicting requirements across jurisdictions, increase compliance costs, and heighten enforcement risk. These evolving laws and regulations could require changes in our implementation of AI technology, increase our compliance costs and the risk of non-compliance, and restrict or impede our ability to develop, adopt and deploy AI technologies efficiently and effectively. If not appropriately governed, managed and controlled, AI models, particularly generative AI models, may produce output or take action that is incorrect or outdated, that result in the release of personal, confidential or proprietary information, that reflect biases included in the data on which they are trained or introduced during the training or fine tuning process, that infringe on the intellectual property rights of others, or that is otherwise harmful. In addition, the The complexity and limited transparency of many AI models makes make it challenging to understand why they are generating generate particular outputs. outputs, increasing governance and monitoring risks. Use of third-party AI models may introduce additional risk, as we may have limited visibility into their training data, validation processes, and controls to prevent unauthorized or harmful content. This limited transparency increases results in potential risks arising from the challenges inclusion of any unauthorized material in the training data for their models, and the effectiveness of the steps these third parties have taken to limit the risks associated with assessing the proper operation output of their models, matters over which we may have limited visibility. Further, AI tools, whether embedded in third party systems or in tools that we develop, that are used to support regulated activities such as investment decision making and client reporting present unique risks, including errors in algorithms or assumptions, data quality issues, and potential bias, that could adversely affect investment performance and increase business and compliance risks. Any of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures. In addition to our use of AI technology, understanding technologies, we are exposed to risks arising from the use of AI technologies by bad actors to commit fraud and monitoring the capabilities misappropriate funds and to facilitate cyberattacks. Generative AI may be exploited to create sophisticated phishing schemes, ransomware attacks, or other cyber threats, which could result in financial losses, liquidity outflows, or systemic market disruptions. If our use of the AI technology developed by third parties and, to that extent, are dependent becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability.

Source: Item 1A, 10-K 0000914208-26-000079 vs Item 1A, 10-K 0000914208-25-000114

MD&A 169 words changed in this paragraph; it is 46% similar to last year's version.
We also remain highly focused on our capital priorities, investing in our key capabilities, efficiently allocating resources, and simplifying and streamlining the organization to position the company for greater scale, performance and improved profitability. We are delivering on our commitment to improve our leverage profile deleverage and maintain a strong balance sheet. We redeemed our $600 repaid in full the $500.0 million senior notes, that were due on January 30, 2024, three-year Term Loan Agreement entered into in the second quarter of 2025 and we ended the year with cash and cash equivalents of $1 billion and a zero balance $1.0 billion. Additionally, on our revolving credit facility. 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.

Source: Item 7, 10-K 0000914208-26-000079 vs Item 7, 10-K 0000914208-25-000114

Accounting Policies 118 words changed in this paragraph; it is 34% similar to last year's version.
During the year ended December 31, 2024, 2025, the company completed divestitures of Invesco Asset Management (India) Private Limited and IndusInd International Holdings Limited, intelliflo, both formerly wholly owned subsidiaries. As of December 31, 2025, the company holds a company organized under the laws of the Republic of Mauritius, entered into a definitive agreement to form a joint venture through the sale of 60% of the company's stake minority investment in Invesco Asset Management (India) Private Limited, a wholly owned subsidiary. The transaction Limited that is expected to close accounted for under the equity method as described in 2025. the "Investments" accounting policy below. As a result, of December 31, 2024, Invesco Asset Management (India) Private Limited's business has been was classified as held for sale and the associated assets and liabilities are presented on the Consolidated Balance Sheets within Other assets and Accounts payable and accrued expenses, respectively. sale.

Source: Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000914208-26-000079 vs Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000914208-25-000114

Legal Proceedings 15 words changed in this paragraph; it is 95% similar to last year's version.
Certain of our managed investment products have entered into revolving credit facilities borrowing arrangements with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these revolving credit facilities borrowing arrangements that are temporary in nature. The revolving credit facilities borrowing arrangements look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $219.5 $50.5 million and under the guarantees is $65.0 $30.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements.

Source: Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000914208-26-000079 vs Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000914208-25-000114

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of IVZ's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-25. Each links to the text at sec.gov.

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

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
•risks related to the ability to detect or prevent irregular accounting, employee misconduct or other fraudulent practices by any issuer or portfolio investment;

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
Current and anticipated regulatory developments include requirements related to AI, cybersecurity, and digital operational resilience, as well as evolving ESG disclosure standards and cross-border data transfer restrictions. Global divergence in these regulations could create conflicting obligations and increase compliance complexity. These changes may require significant investment of management time and resources, impact product design and distribution, and materially increase compliance costs or capital requirements. Failure to comply with these evolving requirements could result in enforcement actions, reputational harm, and restrictions on our ability to operate in certain jurisdictions.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
•More rigorous laws and regulations applicable to asset managers with respect to anti-money laundering and the financing of terrorism (AML/CFT), which may increase our compliance costs and regulatory enforcement risk. For example, recent amendments to regulations under the U.S. Bank Secrecy Act will require our subsidiaries that are U.S. registered investment advisers to implement reasonably designed AML/CFT programs, file suspicious activity reports with the Financial Crimes Enforcement Network, maintain certain associated records and fulfill certain other obligations, similar to requirements imposed on banks and broker-dealers in the U.S.

Read it in 10-K 2026-02-24 at sec.gov ↗

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

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
and may rise sharply over short periods. In some cases, coverage may be unavailable or only obtainable at prohibitive cost. Renewals may also result in higher premiums, increased deductibles, or greater co-insurance obligations, which could adversely affect our liquidity and financial condition.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-24 at sec.gov ↗

Show the other 10
AddedMD&A
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.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
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

Read it in 10-K 2026-02-24 at sec.gov ↗

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

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(1) Non-management fee earning flows include Invesco QQQ Trust’s flows prior to its restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net long-term flows include Invesco QQQ Trust’s flows beginning on December 20, 2025.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(8) China JV includes AUM managed by IGW. Comparative periods have been recast to align with the current period’s investment capability presentation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
Headcount at December 31, 2025 was 7,499 (December 31, 2024; 8,508). 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 that were completed in the fourth quarter of 2025.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
The Revolving Credit Agreement was amended and restated on May 16, 2025 increasing borrowing capacity from $2.0 billion to $2.5 billion and extending the expiration date from April 26, 2028 to May 16, 2030. As of December 31, 2025, the balance on the $2.5 billion Revolving Credit Agreement was $437.7 million.

Read it in 10-K 2026-02-24 at sec.gov ↗

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