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CompareEarnings: Aug 31, 2026

Invesco Ltd

Exchange: NYSESector: Financial ServicesIndustry: Asset Management

Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US $2.2 trillion in assets under management as of Dec. 31, 2025, 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.

Current Price

$27.12

-1.42%

GoodMoat Value

$58.11

114.3% undervalued
Profile
Valuation (TTM)
Market Cap$12.03B
P/E-11.03
EV$19.77B
P/B0.98
Shares Out443.67M
P/Sales1.83
Revenue$6.59B
EV/EBITDA—

Invesco Ltd (IVZ) — Q4 2025 Earnings Call Transcript

Apr 5, 20262 speakers274 words2 segments

AI Call Summary AI-generated

The 30-second take

Invesco finished a year of major changes, including selling parts of its business and updating a key fund, which led to a one-time gain. While overall client money outflows continued, they saw strong growth in their ETF and index funds. Management believes their actions have set the company up for stronger, more profitable growth ahead.

Key numbers mentioned

  • Adjusted operating income of $1.2 billion for the full year 2025
  • Adjusted diluted EPS of $4.50 for the full year 2025
  • Net long-term outflows of $18.6 billion for the quarter
  • ETF and Index net long-term inflows of $12.5 billion for the quarter
  • Common share repurchases of $150 million for the quarter
  • Gain on sale of the US retail SMA business of $1.3 billion

What management is worried about

  • The firm experienced net long-term outflows in the quarter, driven by active strategies.
  • There is a continued secular shift from active to passive and solutions, which presents a headwind.
  • The broader market environment remains challenging for active equity managers.
  • The firm is seeing pressure on fee rates across the industry.

What management is excited about

  • The firm successfully completed the strategic review and sale of the US retail SMA and Intelliflo businesses.
  • ETF and Index flows were very strong, with $12.5 billion of net long-term inflows in the quarter.
  • The firm is beginning to see early signs of improved investment performance in several key active equity strategies.
  • The balance sheet is strong, providing flexibility to return capital to shareholders and invest in growth.
  • The firm is positioned for accelerated profitable growth following its transformative actions.

Analyst questions that hit hardest

  1. Michael Cyprys (Morgan Stanley) - Active equity outflows and performance: Management acknowledged the outflows were disappointing but pointed to recent performance improvements and a multi-year turnaround plan.
  2. Brennan Hawken (BMO Capital Markets) - Fee rate pressure and revenue yield: Management gave a long answer detailing product mix shifts and the dilutive impact of strong ETF inflows, avoiding a direct forecast.
  3. Patrick Davitt (Autonomous Research) - Capital return priorities versus M&A: Management was defensive, reiterating their balanced framework and past discipline without committing to a clear preference.

The quote that matters

Our actions have positioned Invesco for accelerated profitable growth.

Andrew Schlossberg — President and CEO

Sentiment vs. last quarter

The tone was more forward-looking and resolved, shifting from celebrating last quarter's record AUM to emphasizing the completion of a transformative year and the foundation it sets for future growth, despite ongoing active outflow challenges.

Original transcript

GK
Gregory KetronHead of Investor Relations

Welcome to Invesco Ltd.'s Fourth Quarter Earnings Conference Call. All participants will be in listen-only mode until the question and answer session. This call will last one hour. As a reminder, today's call is being recorded. Now I'd like to turn the call over to Gregory Ketron, Invesco Ltd.'s Head of Investor Relations. All right. Thanks, Shirley, and to all of you joining us today. In addition to the press release, we have provided a presentation that covers the topics we plan to address. The press release and presentation are available on our website, invesco.com. This information can be found by going to the Investor Relations section of the website. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slide two, as well as the appendix for the appropriate reconciliations to GAAP. Finally, Invesco Ltd. is not responsible for the accuracy of our earnings transcripts provided by third parties. The only authorized webcasts are located on our website. Andrew Schlossberg, President and CEO, and Allison Dukes, Chief Financial Officer, will present our results this morning, and we will open up the call for questions. I'll now turn the call over to Andrew.

AS
Andrew SchlossbergPresident and CEO

Okay. Thanks, Greg, and good morning to everyone. I am pleased to be speaking with you today. 2025 marked a year of significant milestones for Invesco Ltd. We focused on our clients, transformed key aspects of our business, unlocked value across the organization, and accelerated strategic priorities to position the firm for continued accelerated profitable growth in the global asset management market. Slide three of our presentation highlights several of our most impactful initiatives.

Q3 2025Q1 2026