Invesco Reports Results for the Three Months Ended September 30, 2026
Press Release For immediate release Invesco Reports Results for the Three Months Ended September 30, 2026 ─────────────────────────────────────────────────────────────────────── Invesco Announces Third Quarter Diluted EPS of $0.65; Adjusted Diluted EPS(1)of $0.72
Investor Relations Contacts: Greg Ketron | 404-724-4299 Media Relations Contact: Jennifer Church | 404-439-3428 Andrea Raphael | 212-323-4202
-- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months ended September 30, 2026.
• $35.1 billion of net long-term inflows for the quarter, primarily driven by ETFs and Index, QQQ, Multi-Asset/Other and China JV, with ending AUM of $2.5 trillion
• 23.3% operating margin in Q3 2026; 40.7% adjusted operating margin - an increase of 340 basis points and 320 basis points, respectively, from the prior quarter (1)
• Continued balance sheet strength - reduced net debt by $393 million during the quarter and increased common share buybacks to $65 million or 2.1 million shares (2)
• Repurchased $1.5 billion of the company's outstanding Series A Preferred Stock held by MassMutual on October 26, 2026, funded through a $1.5 billion five-year floating-rate bank term loan
“We continue to execute against our strategic priorities and leverage our advantageous global market position to deliver for clients and shareholders. We generated 6% annualized organic growth, driven by $35 billion of net long-term inflows, alongside $47 billion of global liquidity net inflows. This marks our 13th consecutive quarter of net long-term inflows. On a sequential basis, net revenue increased 4% and operating expenses declined 1%, driving operating income growth of 13% and expanding operating margin by more than three percentage points to 40.7%. (1)
Strong operating performance is enhancing our financial flexibility and supporting continued progress in strengthening the balance sheet. We have repurchased an additional $1.5 billion of the preferred stock held by MassMutual, bringing total repurchases to $3 billion over the past 18 months and leaving $1 billion outstanding. This ultimately enables reduced leverage, increases our balance sheet flexibility, and enhances earnings available to common shareholders. Our increasingly scaled platform and the exceptional talent across the organization are delivering profitable growth and supporting long- term value creation for clients and shareholders."
(1) Includes non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
Net long-term inflows were $35.1 billion for the third quarter of 2026 as compared to $45.1 billion in the second quarter.
Retail net long-term inflows were $41.7 billion while Institutional net long- term outflows were $6.6 billion. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $28.5 billion, QQQ of $6.7 billion, Multi-Asset/Other of $3.3 billion, and China JV of $1.5 billion, partially offset by net long-term outflows from Fundamental Fixed Income of $2.6 billion, Fundamental Equities of $1.9 billion and Private Markets of $0.4 billion. On a geographic basis, the EMEA, Americas, and Asia Pacific regions achieved net long-term inflows of $15.9 billion, $10.3 billion, and $8.9 billion, respectively.
Net market losses decreased AUM in the third quarter by $26.4 billion and foreign exchange rate movements increased AUM by $4.5 billion. We had inflows of $52.9 billion from money market funds during the quarter. Ending AUM increased 2.7% while average AUM increased 6.0% during the third quarter.
(1) Non-management fee earning flows include QQQ’s flows prior to its restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net long-term flows include QQQ’s flows beginning on December 20, 2025.
(2) Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM. 2
(1) Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure. 3
: Operating revenues increased $47.6 million in the third quarter of 2026 compared to the second quarter. Investment management fees increased $50.4 million, primarily driven by higher average AUM, partially offset by a reduction in revenue due to the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management (“Sale of the Canadian Management Agreements”) in the second quarter of 2026. Service and distribution fees increased $3.3 million. Performance fees decreased $1.7 million to $2.0 million. Other revenues decreased $4.4 million as a result of lower real estate transaction fees.
Operating expenses decreased $24.7 million in the third quarter of 2026 compared to the second quarter. Third-party distribution, service and advisory costs increased $16.6 million primarily due to higher average AUM which was partially offset by a reduction in expense following the Sale of the Canadian Management Agreements. Employee compensation expenses decreased $52.9 million, primarily reflecting lower deferred compensation expense, driven by a $43.7 million decrease in the mark-to-market adjustment on deferred compensation liabilities and a $9.7 million decrease related to the timing of expense recognition for retirement-eligible employees. General and administrative expenses increased $15.9 million, primarily due to a net benefit of $11.7 million recorded in the second quarter of 2026 arising from the Sale of the Canadian Management Agreements and the restructuring of the company’s Canadian operations.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $42.6 million, earned primarily from our China joint venture and private markets investments. Interest and dividend income was $9.8 million earned from cash and cash equivalents and seed capital investments. Other gains/(losses) were a net loss of $34.2 million, primarily driven by market value changes in deferred compensation and other investments. Other income/(expense) of consolidated investment products (CIP) was income of $29.5 million, primarily driven by net interest income which was partially offset by market losses on the underlying investments held by the funds.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to 25.6% in the second quarter of 2026. The decrease was primarily due to the favorable impact of net income attributable to non-controlling interests in consolidated entities recognized during the third quarter of 2026, which was partially offset by the favorable discrete tax benefit recognized in the second quarter of 2026 related to the gain on the Sale of the Canadian Management Agreements.
Diluted earnings per common share: Diluted earnings per common share was $0.65 for the third quarter of 2026.
Operating revenues and expenses: Operating revenues increased $232.8 million in the third quarter of 2026 compared to the third quarter of 2025. Investment management fees increased $327.5 million, primarily driven by management fees for QQQ following its conversion to an open-end fund ETF in the fourth quarter of 2025 and higher average AUM. Service and distribution fees decreased $87.5 million primarily due to the elimination of QQQ's pass-through service revenues after its conversion. Foreign exchange rate changes decreased operating revenues by $7.2 million.
Operating expenses increased $67.2 million in the third quarter of 2026 compared to the third quarter of 2025. Third-party distribution, service and advisory costs increased $85.4 million primarily due to higher third-party costs for QQQ and higher average AUM. Employee compensation expenses decreased $27.8 million 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. Marketing expenses increased $15.8 million, primarily due to advertising related to QQQ. Foreign exchange rate changes decreased operating expenses by $5.4 million.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to (2.8%) in the third quarter of 2025. The increase in the effective tax rate was primarily due to the favorable resolution of a tax matter in the third quarter of 2025, including the benefit related to a reduction in the deferred income tax rate and the reversal of a reserve for uncertain tax positions. 4
Net revenues and adjusted operating expenses: Net revenues in the third quarter of 2026 increased $52.6 million compared to the second quarter primarily due to higher average AUM and higher performance fees earned by our China joint venture, partially offset by the impact of the Sale of the Canadian Management Agreements.
Adjusted operating expenses decreased $11.0 million compared to the second quarter.
increased $63.6 million compared to the second quarter. Adjusted operating margin increased to 40.7% from 37.5%.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a market loss of $1.0 million. Other gains/(losses) were a net loss of $23.8 million, primarily driven by market value changes in seed capital and other investments. Interest and dividend income was $12.9 million.
The effective tax rate on adjusted net income increased slightly to 25.1% in the third quarter of 2026 from 24.9% in the second quarter of 2026.
Net revenues and adjusted operating expenses: Net revenues in the third quarter of 2026 increased $195.4 million compared to the third quarter of 2025 primarily driven by higher average AUM and the net revenues earned from QQQ.
Adjusted operating expenses in the third quarter of 2026 increased $39.2 million compared to the third quarter of 2025. Employee compensation increased $20.7 million primarily due to higher variable employee compensation of $29.3 million, partially offset by lower base salaries due to the divestitures in the fourth quarter of 2025. Marketing costs increased $15.1 million primarily due to advertising related to QQQ. General and administrative expenses increased $6.4 million primarily due to higher outsourced administration costs.
increased $156.2 million compared to the third quarter of 2025. Adjusted operating margin increased to 40.7% from 34.2%.
The effective tax rate on adjusted net income was 25.1% in the third quarter of 2026, compared to 11.2% in the third quarter of 2025. The increase in the effective tax rate was primarily due to the favorable resolution of a tax matter in the third quarter of 2025, including the reversal of a reserve for uncertain tax positions.
(1) Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
Cash and cash equivalents: $965.5 million at September 30, 2026 ($915.4 million as of June 30, 2026).
(2) Net debt: Debt less Cash and cash equivalents 5 Common share repurchases: During the third quarter of 2026, the company repurchased 2.1 million common shares for $65 million in the open market.
Common dividends declared: The company is announcing a third quarter cash dividend of $0.215 per share to holders of common shares. The dividend is payable on December 2, 2026 to common shareholders of record at the close of business on November 13, 2026.
Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from September 1, 2026 through November 30, 2026. The preferred dividend is payable on December 1, 2026.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of September 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Members of the investment community and general public are invited to listen to the conference call today, October 27, 2026, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for U.S. and Canadian callers or 1-210-795-1098 for international callers, using the Passcode: Invesco. An audio replay of the conference call will be available until Wednesday, November 11, 2026 by calling 1-866-360-7726 for U.S. and Canadian callers or 1-203-369-0178 for international callers. A presentation highlighting the company's performance will be available during a live Webcast and on Invesco's Website at invesco.com/corporate . # # # This release, and comments made in the associated conference call today, may include “forward-looking statements.” Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and assets under management and could differ materially from events that actually occur in the future 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 and other aspects of our business or general economic conditions. In addition, 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 they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, 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 you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. 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. 6
We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted diluted EPS. We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco Ltd., and Diluted EPS.
The following are reconciliations of Operating revenues, Operating income (and by calculation, operating margin), and Net income attributable to Invesco Ltd. (and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted operating expenses is provided below, together with reconciliations of the U.S. GAAP Operating expense lines to provide further analysis of the non-GAAP adjustments. These non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. The tax effect of the reconciling items is based on the tax jurisdiction attributable to the transactions. These measures are described more fully in the company's Forms 10-K and 10-Q. Refer to these public filings for additional information about the company's non-GAAP performance measures.
8 Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.
(in millions) Q3-26 Q2-26 Q3-25 ────────────────────────────────────────────────────────────────────────────── Net income attributable to $ 294.5 $ 345.3 $ 301.3 Invesco Ltd., U.S. GAAP basis Adjustments (excluding tax): Amortization of 8.0 8.1 9.0 intangible assets(4) Deferred compensation net market 26.2 -26.8 0.1 valuation changes(5) Canadian sale and — -11.7 — restructuring(6) Total adjustments to Income before 34.2 -30.4 9.1 income taxes Impact of deferred income tax rate — — -39.0 change(9) Tax adjustment for amortization of 3.9 4.0 4.0 intangible assets and goodwill(10) Other tax effects of -6.2 3.4 — adjustments above Adjusted net income attributable to $ 326.4 $ 322.3 $ 275.4 Invesco Ltd. Weighted average common shares 452.5 454.4 454.6 outstanding - diluted Diluted EPS $ 0.65 $ 0.76 $ 0.66 Adjusted diluted $ 0.72 $ 0.71 $ 0.61 EPS(11)
(in millions) Q3-26 Q2-26 Q3-25 ────────────────────────────────────────────────────────────────────────────── Operating expenses, $ 1,436.7 $ 1,461.4 $ 1,369.5 U.S. GAAP basis Invesco Great Wall(2) 50.4 45.1 26.3 Third-party distribution, service -643.7 -627.1 -558.3 and advisory expenses CIP(3) -11.2 -4.2 -18.7 Amortization of -8.0 -8.1 -9.0 intangible assets(4) Compensation expense related to market valuation changes in -4.8 -48.4 -29.6 deferred compensation liabilities(5) Canadian sale and — 11.7 — restructuring(6) Adjusted operating $ 819.4 $ 830.4 $ 780.2 expenses Employee compensation, U.S. $ 493.8 $ 546.7 $ 521.6 GAAP basis Invesco Great Wall(2) 37.8 31.8 14.1 Compensation expense related to market valuation changes in -4.8 -48.4 -29.6 deferred compensation liabilities(5) Adjusted employee $ 526.8 $ 530.1 $ 506.1 compensation Marketing, U.S. GAAP $ 35.9 $ 36.7 $ 20.1 basis Invesco Great Wall(2) 3.2 3.7 3.9 Adjusted marketing $ 39.1 $ 40.4 $ 24.0 Property, office and technology, U.S. $ 105.9 $ 109.3 $ 109.2 GAAP basis Invesco Great Wall(2) 4.5 4.6 4.2 Adjusted property, $ 110.4 $ 113.9 $ 113.4 office and technology General and administrative, U.S. $ 149.4 $ 133.5 $ 151.3 GAAP basis Invesco Great Wall(2) 4.9 5.0 4.1 CIP(3) -11.2 -4.2 -18.7 Canadian sale and — 11.7 — restructuring(6) Adjusted general and $ 143.1 $ 146.0 $ 136.7 administrative Amortization of intangible assets, $ 8.0 $ 8.1 $ 9.0 U.S. GAAP basis Amortization of -8.0 -8.1 -9.0 intangible assets(4) Adjusted amortization of intangible $ — $ — $ — assets
10 (1) Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco’s own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.
Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.
(2) Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company’s non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.
(3) CIP: The company believes that the CIP may impact a reader’s analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
(4) Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.
(5) Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.
(6) Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the Sale of the Canadian Management Agreements and the restructuring of the company’s Canadian operations. The company removed this benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar activities.
(7) Operating margin is equal to Operating income divided by Operating revenues.
(8) Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.
(9) 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.
(10) Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.
(11) Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding. 11
(a) Non-management fee earning AUM includes non-management fee earning UIT and product leverage. For the nine months ended September 30, 2025, non-management fee earning AUM include QQQ’s flows.
(b) Sale of the management agreements associated with Invesco’s Canadian fund business to CI Global Asset Management on June 1, 2026 decreased AUM by $11.0 billion.
(c) Investment capabilities are descriptive groupings of AUM by investment strategy.
(d) ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ.
(e) Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.
(g) Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability.
(i) Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs managed within this capability.
(1) These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s significant liquidity evaluations and decisions. 15
(1) This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt.
(2) Amounts include Accounts receivable, Property, equipment and software, and Other assets.
(4) Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities.
(5) Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities. 16
Full text with the tables
Exhibit 99.1
Press Release
For immediate release
Invesco Reports Results for the Three Months Ended September 30, 2026
───────────────────────────────────────────────────────────────────────
Invesco Announces Third Quarter Diluted EPS of
$0.65; Adjusted Diluted EPS(1)of $0.72
Investor Relations Contacts: Greg Ketron | 404-724-4299
Media Relations Contact: Jennifer Church | 404-439-3428
Andrea Raphael | 212-323-4202
Atlanta, October 27, 2026
-- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three
months ended September 30, 2026.
• $35.1 billion of net long-term inflows for the quarter, primarily driven by
ETFs and Index, QQQ, Multi-Asset/Other and China JV, with ending AUM of $2.5
trillion
• 23.3% operating margin in Q3 2026; 40.7% adjusted operating margin - an
increase of 340 basis points and 320 basis points, respectively, from the prior
quarter (1)
• Continued balance sheet strength - reduced net debt by $393 million during the
quarter and increased common share buybacks to $65 million or 2.1 million shares
(2)
• Repurchased $1.5 billion of the company's outstanding Series A Preferred Stock
held by MassMutual on October 26, 2026, funded through a $1.5 billion five-year
floating-rate bank term loan
Update from Andrew Schlossberg, President and CEO
“We continue to execute against our strategic priorities and leverage our
advantageous global market position to deliver for clients and shareholders. We
generated 6% annualized organic growth, driven by $35 billion of net long-term
inflows, alongside $47 billion of global liquidity net inflows. This marks our
13th consecutive quarter of net long-term inflows. On a sequential basis, net
revenue increased 4% and operating expenses declined 1%, driving operating
income growth of 13% and expanding operating margin by more than three
percentage points to 40.7%. (1)
Strong operating performance is enhancing our financial flexibility and
supporting continued progress in strengthening the balance sheet. We have
repurchased an additional $1.5 billion of the preferred stock held by
MassMutual, bringing total repurchases to $3 billion over the past 18 months and
leaving $1 billion outstanding. This ultimately enables reduced leverage,
increases our balance sheet flexibility, and enhances earnings available to
common shareholders. Our increasingly scaled platform and the exceptional talent
across the organization are delivering profitable growth and supporting long-
term value creation for clients and shareholders."
______________________________________________________________________
(1) Includes non-GAAP financial measure. See the information on pages 8 through
11 for a reconciliation to the most directly comparable U.S. GAAP measure.
(2) Net debt: Debt less Cash and cash equivalents
1
Net Flows:
Net long-term inflows were $35.1 billion for the third quarter of 2026 as
compared to $45.1 billion in the second quarter.
Retail net long-term inflows were $41.7 billion while Institutional net long-
term outflows were $6.6 billion. Net long-term flows by investment capability
include net long-term inflows from ETFs and Index of $28.5 billion, QQQ of $6.7
billion, Multi-Asset/Other of $3.3 billion, and China JV of $1.5 billion,
partially offset by net long-term outflows from Fundamental Fixed Income of $2.6
billion, Fundamental Equities of $1.9 billion and Private Markets of $0.4
billion. On a geographic basis, the EMEA, Americas, and Asia Pacific regions
achieved net long-term inflows of $15.9 billion, $10.3 billion, and $8.9
billion, respectively.
Net market losses decreased AUM in the third quarter by $26.4 billion and
foreign exchange rate movements increased AUM by $4.5 billion. We had inflows of
$52.9 billion from money market funds during the quarter. Ending AUM increased
2.7% while average AUM increased 6.0% during the third quarter.
Summary of net flows (in
billions) Q3-26 Q2-26 Q3-25
──────────────────────────────────────────────────────────────────────────────
Long-term inflows $ 181.1 $ 202.1 $ 138.4
Long-term outflows -146.0 -157.0 -109.5
Net long-term flows(1) 35.1 45.1 28.9
Non-management fee 0.5 0.7 2.6
earning AUM(1)
Money market 52.9 16.9 -5.4
Total net flows $ 88.5 $ 62.7 $ 26.1
Annualized long-term
organic growth 6.3% 8.5% 7.9%
rate(2)
(1) Non-management fee earning flows include QQQ’s flows prior to its
restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net
long-term flows include QQQ’s flows beginning on December 20, 2025.
(2) Annualized long-term organic growth rate is calculated using net long-term
flows (annualized) divided by average long-term AUM for the period. Long-term
AUM excludes money market and non-management fee earning AUM.
2
Third Quarter Highlights:
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… Q… Q2… v… Q… vs.
Q… Q3…
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…
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… $… m $… m 19… % $2… m 6… %
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… $… m $… m 4.0 % $1… m 1… %
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… $… m $… m 12… % $4… m 3… %
…
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… 4… % 3… % 34… %
…
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… $… m $… m 1.3 % $2… m 1… %
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… $… $… 1.4 % $0… 1… %
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… $… bn $… bn 2.7 % $2… bn 1… %
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… $… bn $… bn 6.0 % $2… bn 2… %
…
… 7… 7,… 0.1 % 8… (… %)
(1) Represents non-GAAP financial measure. See the information on pages 8
through 11 for a reconciliation to the most directly comparable U.S. GAAP
measure.
3
U.S. GAAP Operating Results:
Third Quarter 2026 compared to Second Quarter 2026
Operating revenues and expenses
: Operating revenues increased $47.6 million in the third quarter of 2026
compared to the second quarter. Investment management fees increased $50.4
million, primarily driven by higher average AUM, partially offset by a reduction
in revenue due to the sale of the management agreements associated with
Invesco's Canadian fund business to CI Global Asset Management (“Sale of the
Canadian Management Agreements”) in the second quarter of 2026. Service and
distribution fees increased $3.3 million. Performance fees decreased $1.7
million to $2.0 million. Other revenues decreased $4.4 million as a result of
lower real estate transaction fees.
Operating expenses decreased $24.7 million in the third quarter of 2026 compared
to the second quarter. Third-party distribution, service and advisory costs
increased $16.6 million primarily due to higher average AUM which was partially
offset by a reduction in expense following the Sale of the Canadian Management
Agreements. Employee compensation expenses decreased $52.9 million, primarily
reflecting lower deferred compensation expense, driven by a $43.7 million
decrease in the mark-to-market adjustment on deferred compensation liabilities
and a $9.7 million decrease related to the timing of expense recognition for
retirement-eligible employees. General and administrative expenses increased
$15.9 million, primarily due to a net benefit of $11.7 million recorded in the
second quarter of 2026 arising from the Sale of the Canadian Management
Agreements and the restructuring of the company’s Canadian operations.
Non-operating income and expenses: Equity in earnings of unconsolidated
affiliates was $42.6 million, earned primarily from our China joint venture and
private markets investments. Interest and dividend income was $9.8 million
earned from cash and cash equivalents and seed capital investments. Other
gains/(losses) were a net loss of $34.2 million, primarily driven by market
value changes in deferred compensation and other investments. Other
income/(expense) of consolidated investment products (CIP) was income of $29.5
million, primarily driven by net interest income which was partially offset by
market losses on the underlying investments held by the funds.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to
25.6% in the second quarter of 2026. The decrease was primarily due to the
favorable impact of net income attributable to non-controlling interests in
consolidated entities recognized during the third quarter of 2026, which was
partially offset by the favorable discrete tax benefit recognized in the second
quarter of 2026 related to the gain on the Sale of the Canadian Management
Agreements.
Diluted earnings per common share: Diluted earnings per common share was $0.65
for the third quarter of 2026.
Third Quarter 2026 compared to Third Quarter 2025
Operating revenues and expenses: Operating revenues increased $232.8 million in
the third quarter of 2026 compared to the third quarter of 2025. Investment
management fees increased $327.5 million, primarily driven by management fees
for QQQ following its conversion to an open-end fund ETF in the fourth quarter
of 2025 and higher average AUM. Service and distribution fees decreased $87.5
million primarily due to the elimination of QQQ's pass-through service revenues
after its conversion. Foreign exchange rate changes decreased operating revenues
by $7.2 million.
Operating expenses increased $67.2 million in the third quarter of 2026 compared
to the third quarter of 2025. Third-party distribution, service and advisory
costs increased $85.4 million primarily due to higher third-party costs for QQQ
and higher average AUM. Employee compensation expenses decreased $27.8 million
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. Marketing expenses increased $15.8 million,
primarily due to advertising related to QQQ. Foreign exchange rate changes
decreased operating expenses by $5.4 million.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to
(2.8%) in the third quarter of 2025. The increase in the effective tax rate was
primarily due to the favorable resolution of a tax matter in the third quarter
of 2025, including the benefit related to a reduction in the deferred income tax
rate and the reversal of a reserve for uncertain tax positions.
4
Adjusted(1)Operating Results:
Third Quarter 2026 compared to Second Quarter 2026
Net revenues and adjusted operating expenses: Net revenues in the third quarter
of 2026 increased $52.6 million compared to the second quarter primarily due to
higher average AUM and higher performance fees earned by our China joint
venture, partially offset by the impact of the Sale of the Canadian Management
Agreements.
Adjusted operating expenses decreased $11.0 million compared to the second
quarter.
Adjusted operating income
increased $63.6 million compared to the second quarter. Adjusted operating
margin increased to 40.7% from 37.5%.
Non-operating income and expenses: Equity in earnings of unconsolidated
affiliates was a market loss of $1.0 million. Other gains/(losses) were a net
loss of $23.8 million, primarily driven by market value changes in seed capital
and other investments. Interest and dividend income was $12.9 million.
The effective tax rate on adjusted net income increased slightly to 25.1% in the
third quarter of 2026 from 24.9% in the second quarter of 2026.
Adjusted diluted earnings per common share
was $0.72 for the third quarter of 2026.
Third Quarter 2026 compared to Third Quarter 2025
Net revenues and adjusted operating expenses: Net revenues in the third quarter
of 2026 increased $195.4 million compared to the third quarter of 2025 primarily
driven by higher average AUM and the net revenues earned from QQQ.
Adjusted operating expenses in the third quarter of 2026 increased $39.2 million
compared to the third quarter of 2025. Employee compensation increased $20.7
million primarily due to higher variable employee compensation of $29.3 million,
partially offset by lower base salaries due to the divestitures in the fourth
quarter of 2025. Marketing costs increased $15.1 million primarily due to
advertising related to QQQ. General and administrative expenses increased $6.4
million primarily due to higher outsourced administration costs.
Adjusted operating income
increased $156.2 million compared to the third quarter of 2025. Adjusted
operating margin increased to 40.7% from 34.2%.
The effective tax rate on adjusted net income was 25.1% in the third quarter of
2026, compared to 11.2% in the third quarter of 2025. The increase in the
effective tax rate was primarily due to the favorable resolution of a tax matter
in the third quarter of 2025, including the reversal of a reserve for uncertain
tax positions.
____________________________________________________________________________
(1) Represents non-GAAP financial measure. See the information on pages 8
through 11 for a reconciliation to the most directly comparable U.S. GAAP
measure.
Capital Management:
Cash and cash equivalents: $965.5 million at September 30, 2026 ($915.4 million
as of June 30, 2026).
Debt
: $1,281.3 million at September 30, 2026 ($1,624.0 million at June 30, 2026).
The credit facility balance was $393.0 million as of September 30, 2026 ($736.0
million at June 30, 2026).
Net Debt
(2) : $315.8 million at September 30, 2026 ($708.6 million at June 30, 2026)
________________________________________________________________________________
__
(2) Net debt: Debt less Cash and cash equivalents
5
Common share repurchases: During the third quarter of 2026, the company
repurchased 2.1 million common shares for $65 million in the open market.
Common shares outstanding (end of period): 439.5 million
Diluted common shares outstanding (end of period): 451.4 million
Dividends paid: $98.4 million (common); $37.0 million (preferred).
Common dividends declared: The company is announcing a third quarter cash
dividend of $0.215 per share to holders of common shares. The dividend is
payable on December 2, 2026 to common shareholders of record at the close of
business on November 13, 2026.
Preferred dividends declared: The company is announcing a preferred cash
dividend of $14.75 per share representing the period from September 1, 2026
through November 30, 2026. The preferred dividend is payable on December 1,
2026.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving
clients in more than 120 countries. With US$2.5 trillion in assets under
management as of September 30, 2026, we deliver a comprehensive range of
investment capabilities across public, private, active, and passive. Our
collaborative mindset, breadth of solutions and global scale mean we're well
positioned to help retail and institutional investors rethink challenges and
find new possibilities for success. For more information, visit www.invesco.com.
Members of the investment community and general public are invited to listen to
the conference call today, October 27, 2026, at 9:00 a.m. ET by dialing one of
the following numbers: 1-866-803-2143 for U.S. and Canadian callers or
1-210-795-1098 for international callers, using the Passcode: Invesco. An audio
replay of the conference call will be available until Wednesday, November 11,
2026 by calling 1-866-360-7726 for U.S. and Canadian callers or 1-203-369-0178
for international callers. A presentation highlighting the company's performance
will be available during a live Webcast and on Invesco's Website at
invesco.com/corporate .
# # #
This release, and comments made in the associated conference call today, may
include “forward-looking statements.” Forward-looking statements include
information concerning future results of our operations, expenses, earnings,
liquidity, cash flow, capital expenditures, and assets under management and
could differ materially from events that actually occur in the future 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 and other aspects of our
business or general economic conditions. In addition, 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 they involve risks,
uncertainties and assumptions. Although we make such statements based on
assumptions that we believe to be reasonable, 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 you to
carefully consider the risks described in our most recent Form 10-K and
subsequent Forms 10-Q, filed with the Securities and Exchange Commission. 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.
6
Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)
O… % %
r… Q3… Q2… Ch… Q3… Ch…
──────────────────────────────────────────────────────────────────────────────
I…
m… $ 1,… $ 1,4… 3.4 % $ 1,1… 27.6 %
f…
S…
a… 31… 309… 1.1 % 400… (21… %)
d…
f…
P… 2.0 3.7 (45… %) 6.5 (69… %)
f…
O… 45… 50.2 (8.8 %) 48.5 (5.6 %)
T…
o… 1,… 1,8… 2.6 % 1,6… 14.2 %
r…
O…
e…
T…
d…
s… 64… 627… 2.6 % 558… 15.3 %
a…
a…
E… 49… 546… (9.7 %) 521… (5.3 %)
c…
M… 35… 36.7 (2.2 %) 20.1 78.6 %
P…
o… 10… 109… (3.1 %) 109… (3.0 %)
a…
t…
G…
a… 14… 133… 11.9 % 151… (1.3 %)
a…
A…
of 8.0 8.1 (1.2 %) 9.0 (11… %)
i…
a…
T…
o… 1,… 1,4… (1.7 %) 1,3… 4.9 %
e…
O… 43… 364… 19.9 % 270… 61.1 %
i…
O…
i…
E…
in
e… 42… 35.1 21.4 % 34.8 22.4 %
of
u…
a…
I…
a… 9.8 9.9 (1.0 %) 10.5 (6.7 %)
d…
i…
I… -2… -23… (14… %) -25… (21… %)
e…
O…
g… -3… 105… N/A -0.8 4,1… %
n…
O…
i…
of 29… -36… N/A 57.0 (48… %)
C…
n…
I…
b… 46… 455… 1.9 % 346… 33.8 %
i…
t…
I…
t… -1… -11… (7.0 %) 9.7 N/A
(…
N… 35… 338… 4.9 % 356… (0.2 %)
i…
N…
(…
a…
to
n… -2… 43.4 N/A -10… 125… %
i…
in
c…
e…
L…
D…
d… -3… -37… — % -44… (16… %)
on
p…
s…
N…
i…
a… $ 29… $ 345… (14… %) $ 301… (2.3 %)
to
I…
L…
E…
p…
c…
s…
- $ 0.… $ 0.77 (14… %) $ 0.67 (1.5 %)
b…
- $ 0.… $ 0.76 (14… %) $ 0.66 (1.5 %)
d…
W…
a…
c…
s…
o…
- 44… 451… (0.5 %) 452… (0.7 %)
b…
- 45… 454… (0.4 %) 454… (0.5 %)
d…
7
Invesco Ltd.
Non-GAAP Information and Reconciliations
We utilize the following non-GAAP performance measures: Net revenues (and by
calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted
operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted
diluted EPS. We believe the adjusted measures provide valuable insight into our
ongoing operational performance and assist in comparisons to our competitors.
These measures also assist management with the establishment of operational
budgets and forecasts. The most directly comparable U.S. GAAP measures are
Operating revenues (and by calculation, gross revenue yield on AUM), Operating
income, Operating margin, Net income attributable to Invesco Ltd., and Diluted
EPS.
The following are reconciliations of Operating revenues, Operating income (and
by calculation, operating margin), and Net income attributable to Invesco Ltd.
(and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of
Net revenues, Adjusted operating income (and by calculation, Adjusted operating
margin), and Adjusted net income attributable to Invesco Ltd. (and by
calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted
operating expenses is provided below, together with reconciliations of the U.S.
GAAP Operating expense lines to provide further analysis of the non-GAAP
adjustments. These non-GAAP measures should not be considered as substitutes for
any U.S. GAAP measures and may not be comparable to other similarly titled
measures of other companies. The tax effect of the reconciling items is based on
the tax jurisdiction attributable to the transactions. These measures are
described more fully in the company's Forms 10-K and 10-Q. Refer to these public
filings for additional information about the company's non-GAAP performance
measures.
Reconciliation of Operating revenues to Net revenues:
(in millions) Q3-26 Q2-26 Q3-25
──────────────────────────────────────────────────────────────────────────────
Operating revenues, $ 1,873.2 $ 1,825.6 $ 1,640.4
U.S. GAAP basis
Revenue
adjustments(1)
Investment management -401.7 -385.2 -236.8
fees
Service and -208.2 -207.2 -286.0
distribution fees
Other -33.8 -34.7 -35.5
Total revenue -643.7 -627.1 -558.3
adjustments
Invesco Great Wall(2) 141.6 121.8 94.3
CIP(3) 10.6 8.8 9.9
Net revenues $ 1,381.7 $ 1,329.1 $ 1,186.3
Reconciliation of Operating income to Adjusted operating income:
(in
millions) Q3-26 Q2-26 Q3-25
──────────────────────────────────────────────────────────────────────────────
Operating
income, $ 436.5 $ 364.2 $ 270.9
U.S. GAAP
basis
Invesco
Great 91.2 76.7 68.0
Wall(2)
CIP(3) 21.8 13.0 28.6
Amortizat…
of 8.0 8.1 9.0
intangible
assets(4)
Compensat…
expense
related to
market
valuation 4.8 48.4 29.6
changes in
deferred
compensat…
liabiliti…
Canadian
sale and — -11.7 —
restructu…
Adjusted
operating $ 562.3 $ 498.7 $ 406.1
income
Operating 23.3 % 19.9 % 16.5 %
margin(7)
Adjusted
operating 40.7 % 37.5 % 34.2 %
margin(8)
8
Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income
attributable to Invesco Ltd.
(in millions) Q3-26 Q2-26 Q3-25
──────────────────────────────────────────────────────────────────────────────
Net income
attributable to $ 294.5 $ 345.3 $ 301.3
Invesco Ltd.,
U.S. GAAP basis
Adjustments (excluding
tax):
Amortization of 8.0 8.1 9.0
intangible assets(4)
Deferred compensation
net market 26.2 -26.8 0.1
valuation changes(5)
Canadian sale and — -11.7 —
restructuring(6)
Total adjustments to
Income before 34.2 -30.4 9.1
income taxes
Impact of deferred
income tax rate — — -39.0
change(9)
Tax adjustment for
amortization of 3.9 4.0 4.0
intangible assets and
goodwill(10)
Other tax effects of -6.2 3.4 —
adjustments above
Adjusted net income
attributable to $ 326.4 $ 322.3 $ 275.4
Invesco Ltd.
Weighted average
common shares 452.5 454.4 454.6
outstanding - diluted
Diluted EPS $ 0.65 $ 0.76 $ 0.66
Adjusted diluted $ 0.72 $ 0.71 $ 0.61
EPS(11)
9
Reconciliation of Operating expenses to Adjusted operating expenses:
(in millions) Q3-26 Q2-26 Q3-25
──────────────────────────────────────────────────────────────────────────────
Operating expenses, $ 1,436.7 $ 1,461.4 $ 1,369.5
U.S. GAAP basis
Invesco Great Wall(2) 50.4 45.1 26.3
Third-party
distribution, service -643.7 -627.1 -558.3
and
advisory expenses
CIP(3) -11.2 -4.2 -18.7
Amortization of -8.0 -8.1 -9.0
intangible assets(4)
Compensation expense
related to market
valuation changes in -4.8 -48.4 -29.6
deferred
compensation
liabilities(5)
Canadian sale and — 11.7 —
restructuring(6)
Adjusted operating $ 819.4 $ 830.4 $ 780.2
expenses
Employee
compensation, U.S. $ 493.8 $ 546.7 $ 521.6
GAAP basis
Invesco Great Wall(2) 37.8 31.8 14.1
Compensation expense
related to market
valuation changes in -4.8 -48.4 -29.6
deferred
compensation
liabilities(5)
Adjusted employee $ 526.8 $ 530.1 $ 506.1
compensation
Marketing, U.S. GAAP $ 35.9 $ 36.7 $ 20.1
basis
Invesco Great Wall(2) 3.2 3.7 3.9
Adjusted marketing $ 39.1 $ 40.4 $ 24.0
Property, office and
technology, U.S. $ 105.9 $ 109.3 $ 109.2
GAAP basis
Invesco Great Wall(2) 4.5 4.6 4.2
Adjusted property, $ 110.4 $ 113.9 $ 113.4
office and technology
General and
administrative, U.S. $ 149.4 $ 133.5 $ 151.3
GAAP
basis
Invesco Great Wall(2) 4.9 5.0 4.1
CIP(3) -11.2 -4.2 -18.7
Canadian sale and — 11.7 —
restructuring(6)
Adjusted general and $ 143.1 $ 146.0 $ 136.7
administrative
Amortization of
intangible assets, $ 8.0 $ 8.1 $ 9.0
U.S.
GAAP basis
Amortization of -8.0 -8.1 -9.0
intangible assets(4)
Adjusted amortization
of intangible $ — $ — $ —
assets
10
(1) Revenue adjustments: The company calculates Net revenues by reducing
Operating revenues to exclude fees that are passed through to external parties
who perform functions on behalf of, and distribute, the company’s managed funds.
The Net revenue presentation assists in identifying the revenue contribution
generated by the company, removing distortions caused by the differing
distribution channel fees and allowing for a fair comparison with U.S. peer
investment managers and within Invesco’s own investment units. Additionally,
management evaluates Net revenue yield on AUM, which is equal to Net revenues
divided by Average AUM during the reporting period, as an indicator of the Net
revenues we receive for each dollar of AUM we manage.
Investment management fees are adjusted by renewal commissions and certain
administrative fees. Service and distribution fees are primarily adjusted by
distribution fees passed through to broker dealers for certain share classes and
pass through fund-related costs. Other revenues are primarily adjusted by
transaction fees passed through to third parties.
(2) Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its
Net revenues and Adjusted operating income (and by calculation, Adjusted
operating margin). The company’s non-GAAP operating results reflect the
economics of these holdings on a basis consistent with the underlying AUM and
flows. Adjusted net income is reduced by the amount of earnings attributable to
the noncontrolling interests.
(3) CIP: The company believes that the CIP may impact a reader’s analysis of our
underlying results of operations and could result in investor confusion or the
production of information about the company by analysts or external credit
rating agencies that is not reflective of the underlying results of operations
and financial condition of the company. Accordingly, the company believes that
it is appropriate to adjust Operating revenues and Operating income for the
impact of CIP in calculating the respective Net revenues and Adjusted operating
income (and by calculation, Adjusted operating margin).
(4) Amortization of intangible assets: The company removes amortization related
to acquired assets in arriving at Adjusted operating income, Adjusted operating
margin and Adjusted diluted EPS, as this will aid comparability of our results
period to period, and aid comparability with peer companies that may not have
similar acquisition-related charges.
(5) Market valuation changes related to deferred compensation plan liabilities:
Certain deferred compensation plan awards provide a return to the employee
linked to the appreciation (depreciation) of specified investments. The company
economically hedges the exposure to market movements on these deferred
compensation liabilities. Since these liabilities are economically hedged, the
company believes it is useful to remove the market movements related to the
deferred compensation plan liabilities from the calculation of Adjusted
operating income (and by calculation, Adjusted operating margin) and to remove
the net impact of the economic hedge from the calculation of Adjusted net income
(and by calculation, Adjusted diluted EPS) to produce results that will be more
comparable period to period.
(6) Canadian sale and restructuring: In the second quarter of 2026, the company
removed the net benefit arising from the Sale of the Canadian Management
Agreements and the restructuring of the company’s Canadian operations. The
company removed this benefit in arriving at Adjusted operating income, Adjusted
operating margin, Adjusted net income, and Adjusted diluted EPS, as this will
aid comparability of our results period to period and aid comparability with
peer companies that may not have similar activities.
(7) Operating margin is equal to Operating income divided by Operating revenues.
(8) Adjusted operating margin is equal to Adjusted operating income divided by
Net revenues.
(9) 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.
(10) Tax adjustment for amortization of intangible assets and goodwill: The
company reflects the tax benefit realized on the tax amortization of goodwill
and intangibles in Adjusted net income. The company believes it is useful to
include this tax benefit in arriving at the Adjusted diluted EPS measure.
(11) Adjusted diluted EPS is equal to Adjusted net income attributable to
Invesco Ltd. divided by the weighted average number of common and restricted
common shares outstanding.
11
Invesco Ltd.
Assets Under Management
T… S… J… … N… … S…
(… m… 3… 3… % … m… … 3… %
b… e… 2… 2… C… … e… … 2… …
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 2… 1… % $ … $ … $ 1… … %
…
… 1… 2… (… %) … … 3… … %
…
… -… -… (… %) … … -… … %
…
…
… 3… 4… (… %) … … 6… … %
…
…
…
…
… 0… 0… (… %) … … 1… … %)
…
…
…
…
…
… 5… 1… 2… % … … 1… … %
…
…
…
…
… 8… 6… 4… % … … 7… … %
…
… 0… 1… (… %) … … 3… … %
…
…
… -… 2… N… … … 1… … %
…
…
… — -… N… — … — N…
…
… 4… 0… 5… % … … 1… … %)
…
… $ 2… $ 2… 2… % $ … $ … $ 2… … %
…
…
… $ 2… $ 2… 0… % $ … $ … $ 1… … %
…
…
… $ 2… $ 2… 4… % $ … $ … $ 1… … %
…
… $ 2… $ 2… 6… % $ … $ … $ 1… … %
…
…
… $ 4… $ 4… 6… % $ … $ … $ 3… … %
…
Three Nine
mont… mont…
ended ended
Sept… Sept…
30, 30,
2026 2026
──────────────────────────────────────────────────────────────────────────────
By
cha… Reta… Inst… Reta… Inst…
(in
bil…
Beg… $ 1,76… $ 704.0 $ 1,51… $ 654…
Ass…
Lon… 142.2 38.9 410.9 134…
inf…
Lon… -100… -45.5 -307… -13…
out…
Net
lon… 41.7 -6.6 103.7 -1.7
flo…
Net
flo…
in
non… -0.1 0.6 -0.2 1.4
fee
ear…
AUM…
Net
flo…
in 4.2 48.7 8.5 72.8
mon…
mar…
fun…
Tot…
net 45.8 42.7 112.0 72.5
flo…
Rei… 0.9 — 3.4 —
dis…
Mar…
gai… -21.6 -4.8 171.3 16.6
and
los…
Dis… — — -9.9 -1.1
For…
cur… 2.0 2.5 0.9 2.2
tra…
End… $ 1,79… $ 744.4 $ 1,79… $ 744…
Ass…
Th… Ni…
mo… mo…
en… en…
Se… Se…
30, 30,
20… 20…
──────────────────────────────────────────────────────────────────────────────
By
c… As… A…
d… Am… Pa… EM… A… P… E…
(…
b…
B… $ 1,… $ 3… $ 3… $ 1,… $ 32… $ 35…
A…
L… 87… 5… 3… 26… 18… 10…
i…
L… -7… -… -… -2… -1… -7…
o…
N…
l… 10… 8… 1… 42… 30… 29…
f…
N…
f…
in
n… 0.7 -… — 1.4 -0… —
f…
e…
A…
N…
f…
in 47… 5… — 71… 9.4 0.7
m…
m…
f…
T…
n… 58… 1… 1… 11… 39… 30…
f…
R… 0.8 — 0… 3.2 — 0.2
d…
M…
g… -1… -… 2… 14… 8.0 30…
a…
l…
D… — — — -1… — —
F…
c… — 4… -… -0… 6.9 -3…
t…
E… $ 1,… $ 3… $ 4… $ 1,… $ 37… $ 41…
A…
See the footnotes immediately following these tables.
12
Invesco Ltd.
Assets Under Management (continued)
T…
m…
e…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
…
… E… F… F… P… C… G…
… a… F… E… M… J… M… L… Q…
… I… I…
…
… $ 7… $ 3… $ 3… $ … $ … $ … $ … $ …
…
… 6… 1… 1… … … … — …
…
… -… -… -… … … … — …
…
…
… 2… -… -… … … … — …
…
…
…
…
… — — — — — … — —
…
…
…
…
…
… — — — — … — … —
…
…
…
…
… 2… -… -… … … … … …
…
… — 0… 0… … — — … —
…
…
… -… -… -… … … … — …
…
…
…
… 0… 1… 1… — … — — —
…
… $ 7… $ 3… $ 3… $ … $ … $ … $ … $ …
…
… $ 7… $ 3… $ 3… $ … $ … $ … $ … $ …
…
N…
m…
e…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
…
… E… F… F… … … …
… a… F… E… … … … … …
… I… I…
…
… $ 6… $ 3… $ 2… $ 1… $ 1… $ 6… $ 1… $ 4…
…
… 1… 5… 4… 1… 1… 2… — 6…
…
… -… -… -… -… -… -… — -…
…
…
… 7… 1… -… 1… 1… 6… — 9…
…
…
…
…
… — — — — — 1… — —
…
…
…
…
…
… — — — — 9… — 7… —
…
…
…
…
… 7… 1… -… 1… 2… 7… 7… 9…
…
… — 1… 1… 0… — 0… 0… —
…
…
… 7… -… 2… 2… 1… 8… -… 8…
…
…
… -… — -… — — -… — —
…
… — -… -… -… 6… -… -… —
…
… $ 7… $ 3… $ 3… $ 1… $ 1… $ 8… $ 2… $ 4…
…
… $ 7… $ 3… $ 3… $ 1… $ 1… $ 7… $ 2… $ 4…
…
13
Invesco Ltd.
Footnotes to the Assets Under Management Tables
(a) Non-management fee earning AUM includes non-management fee earning UIT and
product leverage. For the nine months ended September 30, 2025, non-management
fee earning AUM include QQQ’s flows.
(b) Sale of the management agreements associated with Invesco’s Canadian fund
business to CI Global Asset Management on June 1, 2026 decreased AUM by $11.0
billion.
(c) Investment capabilities are descriptive groupings of AUM by investment
strategy.
(d) ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco
QQQ.
(e) Fundamental Fixed Income includes Fixed Income products, including certain
ETFs managed within this capability.
(f) Fundamental Equities includes Equity products.
(g) Private Markets includes Private Credit and Real Estate investments
comprised primarily of Real Estate, CLOs, Private Credit and listed real assets,
including certain ETFs managed within this capability.
(h) China JV includes AUM managed by Invesco Great Wall.
(i) Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative
Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs
managed within this capability.
(j) Global Liquidity is comprised mainly of Money Market funds.
(k) QQQ includes only Invesco QQQ Trust.
14
Invesco Ltd.
Supplemental Information
(1)
For For
the the
th… th…
mo… mo…
en… en…
Se… Se…
30, 30,
20… 20…
──────────────────────────────────────────────────────────────────────────────
C…
f… U.… Im… Ex… U.… Imp… Exc…
i… GA… of CIP GA… of CIP
(… CIP CIP
m…
b…
of $ 1,… $ -6… $ 91… $ 1,… $ -5… $ 92…
p…
C…
f…
f… 47… 17… 65… 60… -2… 58…
o…
a…
C…
f…
f… 29… -3… -5… -2… 15… -9…
i…
a…
C…
f…
f… -6… 81… -5… -3… -1… -4…
f…
a…
I…
in
c… 13… -8… 49… 41… 18… 60…
a…
c…
e…
e… -4… 5.1 0.4 -9… -0… -9…
C…
a…
c…
e… $ 1,… $ -7… $ 96… $ 1,… $ -5… $ 97…
e…
of
t…
p…
For For
the the
ni… ni…
mo… mo…
en… en…
Se… Se…
30, 30,
20… 20…
──────────────────────────────────────────────────────────────────────────────
C…
f… U.… Im… Ex… U.… Imp… Exc…
i… GA… of CIP GA… of CIP
(… CIP CIP
m…
b…
of $ 1,… $ -9… $ 1,… $ 1,… $ -5… $ 98…
p…
C…
f…
f… 1,… -1… 1,… 1,… -1… 95…
o…
a…
C…
f…
f… -1… 1,… -1… -6… 56… -5…
i…
a…
C…
f…
f… -4… -6… -1… -5… -4… -9…
f…
a…
I…
in
c… -2… 15… -5… -5… -4… -6…
a…
c…
e…
e… -3… 17… -1… 86… -3… 49…
C…
a…
c…
e… $ 1,… $ -7… $ 96… $ 1,… $ -5… $ 97…
e…
of
t…
p…
___________
(1) These tables include non-GAAP presentations. Cash held by CIP is not
available for use by Invesco. Additionally, there is no recourse to Invesco for
CIP debt. The cash flows of CIP do not form part of the company’s cash flow
management processes, nor do they form part of the company’s significant
liquidity evaluations and decisions.
15
Invesco Ltd.
Supplemental Information
(1)
Se… De…
30, 31,
20… 20…
──────────────────────────────────────────────────────────────────────────────
B…
S… U.… Im… Ex… U.… Imp… Exc…
i… GA… of CIP GA… of CIP
(… CIP CIP
m…
A…
C…
a… $ 96… $ — $ 96… $ 1,… $ — $ 1,…
c…
e…
I… 1,… 58… 1,… 1,… 39… 1,…
G…
a…
i… 12… — 12… 12… — 12…
a…
n…
O… 2,… 9.4 2,… 2,… 11… 2,…
a…
I…
a…
o… 10… -1… — 10… -1… —
a…
of
C…
T… $ 27… $ -1… $ 17… $ 27… $ -9… $ 17…
a…
L…
D… $ 1,… $ — $ 1,… $ 1,… $ — $ 1,…
O… 3,… — 3,… 3,… — 3,…
L…
D…
a…
o… 9,… -9… — 8,… -8… —
l…
of
C…
T… $ 14… $ -9… $ 4,… $ 14… $ -8… $ 5,…
l…
E…
T…
e…
a… $ 12… $ — $ 12… $ 12… $ — $ 12…
to
I…
L…
N… 99… -9… — 77… -7… —
i…
T… 13… -9… 12… 13… -7… 12…
e…
T…
l… $ 27… $ -1… $ 17… $ 27… $ -9… $ 17…
a…
e…
___________
(1) This table includes non-GAAP presentations. Assets of CIP are not available
for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt.
(2) Amounts include Accounts receivable, Property, equipment and software, and
Other assets.
(3) Amounts include Cash and cash equivalents of CIP.
(4) Amounts include Accrued compensation and benefits, Accounts payable and
accrued expenses, and Deferred tax liabilities.
(5) Amounts include Redeemable noncontrolling interests in consolidated entities
and Equity attributable to nonredeemable noncontrolling interests in
consolidated entities.
16