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Invesco Reports Results for the Three Months Ended June 30, 2025

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Invesco (NYSE:IVZ) reported Q2 2025 financial results with mixed performance. The company achieved $15.6 billion in net long-term inflows and reached a record $2.0 trillion in AUM, an 8.5% increase from the previous quarter. However, Q2 diluted EPS was $(0.03), significantly impacted by a $0.35 per share cost related to preferred stock repurchase.

The company reported an operating margin of 14.1% and adjusted operating margin of 31.2%. During the quarter, Invesco completed a $1.0 billion repurchase of Series A Preferred Stock from MassMutual and repurchased 1.7 million common shares for $25 million. Net revenues slightly decreased by 0.4% to $1,104.6 million, while adjusted operating income declined 1.5% to $344.4 million compared to Q1 2025.

[ "Record $2.0 trillion AUM, up 16.6% year-over-year", "Strong net long-term inflows of $15.6 billion, representing 4.7% annualized growth rate", "Increased revolving credit facility capacity from $2.0B to $2.5B", "Improved operating margin to 31.2% from 30.9% year-over-year", "Successful completion of $1.0B preferred stock repurchase strengthening balance sheet" ]

Invesco (NYSE:IVZ) ha riportato risultati finanziari del secondo trimestre 2025 con performance contrastanti. La società ha registrato 15,6 miliardi di dollari di afflussi netti a lungo termine e ha raggiunto un record di 2,0 trilioni di dollari in AUM, con un aumento dell'8,5% rispetto al trimestre precedente. Tuttavia, l'EPS diluito del secondo trimestre è stato di $(0,03), fortemente influenzato da un costo di 0,35 dollari per azione legato al riacquisto di azioni privilegiate.

La società ha riportato un margine operativo del 14,1% e un margine operativo rettificato del 31,2%. Nel trimestre, Invesco ha completato un riacquisto da 1,0 miliardo di dollari di azioni privilegiate di Serie A da MassMutual e ha riacquistato 1,7 milioni di azioni ordinarie per 25 milioni di dollari. I ricavi netti sono diminuiti leggermente dello 0,4% a 1.104,6 milioni di dollari, mentre il reddito operativo rettificato è calato dell'1,5% a 344,4 milioni di dollari rispetto al primo trimestre 2025.

  • Record di 2,0 trilioni di dollari in AUM, in aumento del 16,6% su base annua
  • Forti afflussi netti a lungo termine di 15,6 miliardi di dollari, con un tasso di crescita annualizzato del 4,7%
  • Aumento della capacità della linea di credito revolving da 2,0 a 2,5 miliardi di dollari
  • Miglioramento del margine operativo al 31,2% dal 30,9% su base annua
  • Completamento con successo del riacquisto di azioni privilegiate per 1,0 miliardo di dollari, rafforzando il bilancio

Invesco (NYSE:IVZ) reportó resultados financieros del segundo trimestre de 2025 con un desempeño mixto. La compañía logró 15,6 mil millones de dólares en entradas netas a largo plazo y alcanzó un récord de 2,0 billones de dólares en activos bajo gestión (AUM), un aumento del 8,5% respecto al trimestre anterior. Sin embargo, el BPA diluido del segundo trimestre fue de $(0,03), impactado significativamente por un costo de 0,35 dólares por acción relacionado con la recompra de acciones preferentes.

La empresa reportó un margen operativo del 14,1% y un margen operativo ajustado del 31,2%. Durante el trimestre, Invesco completó una recompra de 1,0 mil millones de dólares de acciones preferentes Serie A de MassMutual y recompró 1,7 millones de acciones comunes por 25 millones de dólares. Los ingresos netos disminuyeron ligeramente un 0,4% hasta 1.104,6 millones de dólares, mientras que el ingreso operativo ajustado bajó un 1,5% a 344,4 millones de dólares en comparación con el primer trimestre de 2025.

  • Récord de 2,0 billones de dólares en AUM, un aumento del 16,6% interanual
  • Fuertes entradas netas a largo plazo de 15,6 mil millones de dólares, representando una tasa de crecimiento anualizada del 4,7%
  • Aumento de la capacidad de la línea de crédito revolvente de 2,0 a 2,5 mil millones de dólares
  • Mejora del margen operativo al 31,2% desde el 30,9% interanual
  • Finalización exitosa de la recompra de acciones preferentes por 1,0 mil millones de dólares, fortaleciendo el balance

Invesco (NYSE:IVZ)는 2025년 2분기 재무 실적을 혼재된 성과로 보고했습니다. 회사는 156억 달러의 순장기 유입을 달성했으며, 2조 달러의 운용자산(AUM) 기록을 세워 전분기 대비 8.5% 증가했습니다. 하지만 2분기 희석 주당순이익(EPS)은 $(0.03)로, 우선주 재매입과 관련된 주당 0.35달러 비용의 큰 영향을 받았습니다.

회사는 영업이익률 14.1%과 조정 영업이익률 31.2%를 보고했습니다. 분기 동안 Invesco는 MassMutual로부터 10억 달러 규모의 A 시리즈 우선주 재매입을 완료했으며, 170만 주의 보통주를 2,500만 달러에 재매입했습니다. 순수익은 전분기 대비 0.4% 감소한 11억 4,600만 달러였고, 조정 영업이익은 1.5% 감소한 3억 4,440만 달러였습니다.

  • 2조 달러 AUM 신기록, 전년 대비 16.6% 증가
  • 156억 달러의 강력한 순장기 유입, 연환산 성장률 4.7%
  • 회전 신용 한도 20억 달러에서 25억 달러로 확대
  • 영업이익률 31.2%로 전년 30.9%에서 개선
  • 10억 달러 규모 우선주 재매입 성공적 완료로 재무구조 강화

Invesco (NYSE:IVZ) a publié des résultats financiers du deuxième trimestre 2025 avec des performances mitigées. La société a enregistré 15,6 milliards de dollars d'entrées nettes à long terme et atteint un record de 2,0 billions de dollars d'actifs sous gestion (AUM), soit une augmentation de 8,5 % par rapport au trimestre précédent. Cependant, le BPA dilué du deuxième trimestre était de $(0,03), fortement impacté par un coût de 0,35 dollar par action lié au rachat d'actions privilégiées.

La société a déclaré une marge opérationnelle de 14,1% et une marge opérationnelle ajustée de 31,2%. Au cours du trimestre, Invesco a finalisé un rachat d'actions privilégiées de 1,0 milliard de dollars auprès de MassMutual et a racheté 1,7 million d'actions ordinaires pour 25 millions de dollars. Les revenus nets ont légèrement diminué de 0,4 % pour s'établir à 1 104,6 millions de dollars, tandis que le résultat opérationnel ajusté a diminué de 1,5 % à 344,4 millions de dollars par rapport au premier trimestre 2025.

  • Record de 2,0 billions de dollars d'actifs sous gestion, en hausse de 16,6 % sur un an
  • Forte entrée nette à long terme de 15,6 milliards de dollars, représentant un taux de croissance annualisé de 4,7 %
  • Augmentation de la capacité de la ligne de crédit renouvelable de 2,0 à 2,5 milliards de dollars
  • Amélioration de la marge opérationnelle à 31,2 % contre 30,9 % sur un an
  • Réalisation réussie du rachat d'actions privilégiées de 1,0 milliard de dollars renforçant le bilan

Invesco (NYSE:IVZ) meldete gemischte Finanzergebnisse für das zweite Quartal 2025. Das Unternehmen erzielte 15,6 Milliarden US-Dollar an Nettozuflüssen langfristiger Anlagen und erreichte einen Rekord von 2,0 Billionen US-Dollar an verwaltetem Vermögen (AUM), ein Anstieg von 8,5 % gegenüber dem Vorquartal. Das verwässerte Ergebnis je Aktie (EPS) für das zweite Quartal betrug jedoch $(0,03), was maßgeblich durch Kosten von 0,35 US-Dollar je Aktie im Zusammenhang mit dem Rückkauf von Vorzugsaktien beeinflusst wurde.

Das Unternehmen meldete eine operative Marge von 14,1% und eine bereinigte operative Marge von 31,2%. Im Quartal schloss Invesco einen Rückkauf von 1,0 Milliarde US-Dollar an Vorzugsaktien der Serie A von MassMutual ab und kaufte 1,7 Millionen Stammaktien für 25 Millionen US-Dollar zurück. Die Nettoumsätze sanken leicht um 0,4 % auf 1.104,6 Millionen US-Dollar, während das bereinigte operative Ergebnis im Vergleich zum ersten Quartal 2025 um 1,5 % auf 344,4 Millionen US-Dollar zurückging.

  • Rekord von 2,0 Billionen US-Dollar AUM, Anstieg um 16,6 % im Jahresvergleich
  • Starke Nettozuflüsse langfristiger Anlagen von 15,6 Milliarden US-Dollar, was einer annualisierten Wachstumsrate von 4,7 % entspricht
  • Erhöhung der revolvierenden Kreditfazilität von 2,0 auf 2,5 Milliarden US-Dollar
  • Verbesserte operative Marge auf 31,2 % gegenüber 30,9 % im Jahresvergleich
  • Erfolgreicher Abschluss des Rückkaufs von Vorzugsaktien im Wert von 1,0 Milliarde US-Dollar zur Stärkung der Bilanz
Positive
  • None.
Negative
  • Negative Q2 diluted EPS of $(0.03) compared to $0.38 in Q1
  • Operating revenues decreased 0.9% quarter-over-quarter to $1,515.5M
  • Operating income declined 22.8% from previous quarter to $214.2M
  • Net long-term outflows in Americas region of $0.8B
  • Increased debt levels from $964.8M to $1,883.9M due to term loans

Insights

Invesco posted mixed Q2 results with strong AUM growth to $2T but GAAP EPS of -$0.03 due to preferred stock repurchase costs.

Invesco achieved significant asset growth in Q2, with AUM reaching a record $2 trillion, representing an 8.5% increase from Q1 and a 16.6% year-over-year jump. This growth was primarily driven by $15.6 billion in net long-term inflows (a 4.7% annualized organic growth rate) and substantial market gains of $126.4 billion.

The headline diluted EPS of -$0.03 appears concerning at first glance, but this was heavily impacted by $159.3 million in costs associated with repurchasing $1 billion of preferred stock from MassMutual, which negatively affected EPS by $0.35. The adjusted EPS of $0.36 provides a clearer picture of underlying performance, though it still decreased 18.2% quarter-over-quarter and 16.3% year-over-year.

Revenue remained relatively stable with a slight 0.9% quarterly decrease to $1.52 billion, while operating margin compressed to 14.1% from 18.1% in Q1. However, the adjusted operating margin held steady at 31.2% (vs. 31.5% in Q1), indicating that core business efficiency remains intact despite headwinds.

The flow picture shows strength in passive strategies, with ETFs and index products generating $12.6 billion in inflows, while fundamental equities saw outflows of $3.6 billion. This aligns with industry-wide secular shifts toward lower-cost products. Geographically, growth was strongest in Asia Pacific ($9.8 billion inflows) and EMEA ($6.6 billion), while the Americas experienced modest outflows of $0.8 billion.

The balance sheet transformation is noteworthy, with debt increasing from $964.8 million to $1.88 billion to fund the preferred stock repurchase. This strategic move shifts the capital structure but increases interest expenses, which rose to $20.7 million. The company maintained shareholder returns through $25 million in common share repurchases and a $0.21 quarterly dividend.

The effective tax rate increase to 28.1% (from 22.5% in Q1) contributed to margin pressure, driven by jurisdictional income mix changes and the absence of favorable tax resolutions that benefited Q1.

Invesco Announces Second Quarter Diluted EPS of $(0.03); Adjusted Diluted EPS(1) of $0.36

Preferred stock repurchase related costs negatively impacted Second Quarter Diluted EPS by $0.35

ATLANTA, July 22, 2025 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months ended June 30, 2025.

  • $15.6 billion of net long-term inflows for the quarter, primarily driven by ETFs and Index, China JV & India, Fundamental Fixed Income, and Multi-Asset/Other
  • Ending AUM grew to a record high of $2.0 trillion; an increase of 8.5% from the prior quarter
  • 14.1% operating margin in Q2 2025; 31.2% adjusted operating margin(1)
  • Repurchased 1.7 million common shares for $25 million during the quarter
  • Previously announced repurchase of $1.0 billion of the company's outstanding Series A Preferred Stock held by MassMutual was completed on May 16, 2025

Update from Andrew Schlossberg, President and CEO

"Our global scale and breadth of products were integral to sustaining long-term organic growth even during the turbulent first month of the quarter. During the quarter, we generated $16 billion in net long-term inflows, a 5% annualized growth rate, and reached a record $2 trillion in assets under management. Long-term assets under management grew 16% over last year, driving revenue growth, while expenses remained well controlled, resulting in positive operating leverage and operating margin improvement compared to the same quarter last year. Strengthening our balance sheet and returning capital to shareholders is a top priority for Invesco. During the quarter, we continued to repurchase common shares and repurchased $1 billion of our preferred stock held by MassMutual. We are executing well against our strategic priorities, pursuing greater efficiencies and continuing to innovate across our platform while delivering profitable growth."

______________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.



Net Flows:
Net long-term inflows were $15.6 billion for the second quarter of 2025 as compared to $17.6 billion in the first quarter.

Retail and Institutional net long-term inflows were $9.1 billion and $6.5 billion, respectively. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $12.6 billion, China JV & India of $5.6 billion, Fundamental Fixed Income of $2.8 billion, and Multi-Asset/Other of $0.5 billion, partially offset by net long-term outflows from Fundamental Equities of $3.6 billion and Private Markets of $2.3 billion. On a geographic basis, the Asia Pacific and EMEA regions achieved net long-term inflows of $9.8 billion and $6.6 billion, respectively, and the Americas region experienced net long-term outflows of $0.8 billion.

Net market gains and foreign exchange rate movements increased AUM in the second quarter by $126.4 billion and  $14.0 billion, respectively. We had inflows of $2.8 billion from non-management fee earning products and outflows of $3.2 billion from money market funds during the quarter. Ending AUM increased 8.5% and average AUM increased 0.9% during the second quarter.

Summary of net flows (in billions)


Q2-25


Q1-25


Q2-24

Active


$         3.8


$         1.5


$         2.3

Passive


11.8


16.1


14.4

Net long-term flows


15.6


17.6


16.7

Non-management fee earning AUM


2.8


5.0


6.6

Money market


(3.2)


10.0


4.9

Total net flows


$       15.2


$       32.6


$       28.2








Annualized long-term organic growth rate (1)


4.7 %


5.3 %


5.6 %










(1)

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.



 

Second Quarter Highlights:


Financial Results

Q2-25


Q1-25


Q2-25 vs.
Q1-25


Q2-24


Q2-25 vs.
Q2-24

U.S. GAAP Financial Measures










Operating revenues

$1,515.5m


$1,529.2m


(0.9) %


$1,483.3m


2.2 %

Operating income

    $214.2m


    $277.3m


(22.8) %


    $206.8m


3.6 %

Operating margin

14.1 %


18.1 %




13.9 %



Net income/(loss) attributable to Invesco Ltd.

     ($12.5m)


    $171.1m


N/A


    $132.2m


N/A

Diluted EPS

($0.03)


$0.38


N/A


$0.29


N/A











Adjusted Financial Measures (1)










Net revenues

$1,104.6m


$1,108.7m


(0.4) %


$1,085.8m


1.7 %

Adjusted operating income

    $344.4m


    $349.5m


(1.5) %


    $335.3m


2.7 %

Adjusted operating margin

31.2 %


31.5 %




30.9 %



Adjusted net income attributable to Invesco Ltd.

    $165.2m


    $200.5m


(17.6) %


    $196.2m


(15.8) %

Adjusted diluted EPS

$0.36


$0.44


(18.2) %


$0.43


(16.3) %











Assets Under Management










Ending AUM

$2,001.4bn


$1,844.8bn


8.5 %


$1,715.8bn


16.6 %

Average AUM

$1,897.4bn


$1,880.8bn


0.9 %


$1,669.3bn


13.7 %











Headcount

8,407


8,495


(1.0) %


8,536


(1.5) %



(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.



U.S. GAAP Operating Results:

Second Quarter 2025 compared to First Quarter 2025

Operating revenues and expenses: Operating revenues decreased $13.7 million in the second quarter of 2025 compared to the first quarter. Investment management fees increased $0.6 million. After allowing for foreign exchange movements, Investment management fees decreased $18.8 million primarily due to the impacts of secular shifts in client demand which have altered our asset mix and the impact of market volatility in the beginning of the quarter, partially offset by an additional day in the quarter. Service and distribution fees decreased $7.1 million primarily due to lower average AUM to which the fees apply partially offset by an additional day in the quarter. Performance fees were $2.6 million for the quarter. Other revenues decreased $6.3 million as a result of lower transaction fees.

Operating expenses increased $49.4 million in the second quarter of 2025 compared to the first quarter. Third-party distribution, service and advisory costs decreased $8.3 million primarily due to a decrease in pass-through service and distribution costs due to lower average AUM to which the fees apply, partially offset by changes in foreign exchange rates. Employee compensation expense increased $45.8 million primarily due to a $29.3 million increase in expense related to the mark-to-market on deferred compensation liabilities, $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams, and changes in foreign exchange rates. These increases were partially offset by seasonally lower payroll taxes. Marketing expenses increased $6.1 million. Property, office and technology costs increased $4.3 million.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $25.0 million, earned primarily from our China joint venture. Interest and dividend income was $10.5 million earned primarily from cash and cash equivalents and seed capital investments. Interest expense was $20.7 million which includes interest from May 16, 2025 on the new bank term loans that funded the repurchase of the company's preferred stock. Other gains/(losses) were a net gain of $59.7 million, primarily driven by market value changes on deferred compensation and other investments. Other income/(expense) of consolidated investment products (CIP) was a loss of $14.3 million, primarily driven by market losses on the underlying investments held by the funds, partially offset by net interest income earned by CIP.

The effective tax rate was 28.1% in the second quarter of 2025 as compared to 22.5% in the first quarter. The increase in the effective tax rate in the second quarter of 2025 was primarily due to the unfavorable impact of the decrease in net income attributable to non-controlling interests in consolidated entities, the increased impact of unfavorable permanent tax adjustments due to lower pre-tax income, and the favorable resolution of certain income tax matters in the first quarter.

Diluted earnings per common share: Diluted earnings per common share was $(0.03) for the second quarter of 2025 which was negatively impacted by the $159.3 million of costs associated with the repurchase of $1.0 billion of the company's outstanding Series A Preferred Stock.

Second Quarter 2025 compared to Second Quarter 2024

Operating revenues and expenses: Operating revenues increased $32.2 million in the second quarter of 2025 compared to the second quarter of 2024. Investment management fees increased $35.1 million driven by higher average AUM and changes in foreign exchange rates, partially offset by the impacts of secular shifts in client demand which have altered our asset mix. Performance fees decreased $6.1 million.

Operating expenses increased $24.8 million in the second quarter of 2025 compared to the second quarter of 2024.  Third-party distribution, service and advisory costs increased $5.3 million primarily due to changes in foreign exchange rates. Employee compensation expenses increased $58.1 million primarily due to a $22.4 million increase in expense related to the mark-to-market on deferred compensation liabilities, $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams, a $13.9 million increase in variable compensation and staff costs, and changes in foreign exchange rates. General and administrative expenses decreased $41.2 million primarily due to the expense related to the settlement of regulatory matters in 2024.

The effective tax rate was 28.1% in the second quarter of 2025 as compared to 24.6% in the second quarter of 2024. The increase in the effective tax rate in the second quarter of 2025 was primarily due to tax rate changes in the jurisdictions in which we operate and the unfavorable impact of the change in the mix of income across tax jurisdictions.

Adjusted(1) Operating Results:

Second Quarter 2025 compared to First Quarter 2025

Net revenues and adjusted operating expenses: Net revenues in the second quarter of 2025 decreased $4.1 million compared to the first quarter.  

Adjusted operating expenses increased $1.0 million compared to the first quarter.

Adjusted operating income decreased $5.1 million compared to the first quarter. Adjusted operating margin decreased to 31.2% from 31.5%.

Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a mark-to-market loss of $21.7 million. Interest and dividend income was $12.5 million.

The effective tax rate on adjusted net income was 26.5% in the second quarter of 2025 as compared to 24.4% in the first quarter. The increase in the effective tax rate was primarily due to the unfavorable impact of the change in the mix of income across tax jurisdictions in the second quarter and the favorable resolution of certain income tax matters in the first quarter.

Adjusted diluted earnings per common share was $0.36 for the second quarter.

Second Quarter 2025 compared to Second Quarter 2024

Net revenues and adjusted operating expenses: Net revenues in the second quarter of 2025 increased $18.8 million compared to the second quarter of 2024 driven by higher average AUM and changes in foreign exchange rates, partially offset by the impacts of secular shifts in client demand which have altered our asset mix and lower performance fees.

Adjusted operating expenses in the second quarter of 2025 increased $9.7 million compared to the second quarter of 2024 primarily due to changes in foreign exchange rates.

Adjusted operating income increased $9.1 million compared to the second quarter of 2024. Adjusted operating margin increased to 31.2% from 30.9%.

The effective tax rate on adjusted net income was 26.5% in the second quarter of 2025 as compared to 22.1% in the second quarter of 2024. The increase in the effective tax rate was primarily due to tax rate changes in the jurisdictions in which we operate and the unfavorable impact of the change in the mix of income across tax jurisdictions.

___________________________________________________________________________________

(1)

Represents non-GAAP financial measure. See the information on pages 7 through 10 for a reconciliation to the most directly comparable U.S. GAAP measure.



Capital Management:

Cash and cash equivalents: $922.7 million at June 30, 2025 ($821.7 million as of March 31, 2025).

Debt: $1,883.9 million at June 30, 2025 ($964.8 million at March 31, 2025) which includes $1.0 billion of floating rate 3-year and 5-year bank term loans used to fund the repurchase of $1.0 billion of the the company's Series A Preferred Stock on May 16, 2025. The company also renegotiated its Revolving credit agreement, increasing capacity from $2.0 billion to $2.5 billion and extending the maturity date to May 2030. The balance on the Revolving credit agreement was zero as of June 30, 2025.

Common share repurchases:  During the second quarter of 2025, the company repurchased 1.7 million common shares for $25 million in the open market.

Preferred stock repurchase:  On May 16, 2025, the company repurchased $1.0 billion of the $4 billion of outstanding Series A Preferred Stock.

Common shares outstanding (end of period): 446.0 million

Diluted common shares outstanding (end of period): 454.5 million

Dividends paid: $95.2 million (common); $56.6 million (preferred)

Common dividends declared: The company is announcing a second quarter cash dividend of $0.21 per share to holders of common shares. The dividend is payable on September 2, 2025, to common shareholders of record at the close of business on August 14, 2025, with an ex-dividend date of August 14, 2025.

Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from June 1, 2025 through August 31, 2025. The preferred dividend is payable on September 1, 2025.

About Invesco Ltd.

Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed  $2.0 trillion in assets on behalf of clients worldwide as of June 30, 2025. For more information, visit invesco.com/corporate. 

Members of the investment community and general public are invited to listen to the conference call today, July 22, 2025, 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 Thursday, Aug 7, 2025 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.

Investor Relations Contacts:

 

Media Relations Contact:

Greg Ketron

Jennifer Church

Andrea Raphael

404-724-4299

404-439-3428

212-323-4202

 

Invesco Ltd.

U.S. GAAP Condensed Consolidated Income Statements

(Unaudited, in millions, other than per share amounts)



Q2-25


Q1-25


% Change


Q2-24


% Change

Operating revenues:










Investment management fees

$    1,100.9


$    1,100.3


0.1 %


$    1,065.8


3.3 %

Service and distribution fees

363.8


370.9


(1.9) %


361.6


0.6 %

Performance fees

2.6


3.5


(25.7) %


8.7


(70.1) %

Other

48.2


54.5


(11.6) %


47.2


2.1 %

Total operating revenues

1,515.5


1,529.2


(0.9) %


1,483.3


2.2 %

Operating expenses:










Third-party distribution, service and advisory

500.7


509.0


(1.6) %


495.4


1.1 %

Employee compensation

510.4


464.6


9.9 %


452.3


12.8 %

Marketing

23.1


17.0


35.9 %


20.6


12.1 %

Property, office and technology

118.2


113.9


3.8 %


116.4


1.5 %

General and administrative

139.2


137.3


1.4 %


180.4


(22.8) %

Amortization of intangible assets

9.7


10.1


(4.0) %


11.4


(14.9) %

Total operating expenses

1,301.3


1,251.9


3.9 %


1,276.5


1.9 %

Operating income

214.2


277.3


(22.8) %


206.8


3.6 %

Other income/(expense):










Equity in earnings of unconsolidated affiliates

25.0


19.6


27.6 %


13.9


79.9 %

Interest and dividend income

10.5


11.3


(7.1) %


11.0


(4.5) %

Interest expense

(20.7)


(13.1)


58.0 %


(16.3)


27.0 %

Other gains/(losses), net

59.7


(24.3)


N/A


3.6


1,558.3 %

Other income/(expense) of CIP, net

(14.3)


74.1


N/A


40.9


N/A

Income before income taxes

274.4


344.9


(20.4) %


259.9


5.6 %

Income tax provision

(77.0)


(77.6)


(0.8) %


(64.0)


20.3 %

Net income

197.4


267.3


(26.2) %


195.9


0.8 %

Net (income)/loss attributable to noncontrolling interests in consolidated entities

6.0


(37.0)


N/A


(4.5)


N/A

Less: Dividends declared on preferred shares

(56.6)


(59.2)


(4.4) %


(59.2)


(4.4) %

Less: Cost of preferred share repurchase

(159.3)


—


N/A


—


N/A

Net income/(loss) attributable to Invesco Ltd.

$        (12.5)


$        171.1


N/A


$        132.2


N/A











Earnings per common share:










---basic

($0.03)


$0.38


N/A


$0.29


N/A

---diluted

($0.03)


$0.38


N/A


$0.29


N/A











Average common shares outstanding:










---basic

453.8


452.9


0.2 %


455.5


(0.4) %

---diluted

455.2


454.0


0.3 %


456.1


(0.2) %











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)

Q2-25


Q1-25


Q2-24


Operating revenues, U.S. GAAP basis

$       1,515.5


$       1,529.2


$       1,483.3


Revenue adjustments (1)







Investment management fees

(211.8)


(209.0)


(203.8)


Service and distribution fees

(252.7)


(259.6)


(253.5)


Other

(36.2)


(40.4)


(38.1)


Total revenue adjustments

(500.7)


(509.0)


(495.4)


Invesco Great Wall (2)

79.2


78.2


86.1


CIP (3)

10.6


10.3


11.8


Net revenues

$       1,104.6


$       1,108.7


$       1,085.8









Reconciliation of Operating income to Adjusted operating income:

(in millions)

Q2-25


Q1-25


Q2-24


Operating income, U.S. GAAP basis

$       214.2


$       277.3


$       206.8


Invesco Great Wall (2)

49.9


40.3


44.3


CIP (3)

15.9


21.5


15.7


Amortization of intangible assets (4)

9.7


10.1


11.4


Compensation expense related to market valuation changes in deferred compensation liabilities (5)

29.8


0.3


7.1


Severance (6)

16.9


—


—


Software impairment (7)

8.0


—


—


General and administrative (8)

—


—


50.0


Adjusted operating income

$       344.4


$       349.5


$       335.3









Operating margin (9)

14.1 %


18.1 %


13.9 %


Adjusted operating margin (10)

31.2 %


31.5 %


30.9 %


Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.

(in millions)

Q2-25


Q1-25


Q2-24


Net income/(loss) attributable to Invesco Ltd., U.S. GAAP basis

$           (12.5)


$           171.1


$          132.2


Adjustments (excluding tax):







Amortization of intangible assets (4)

9.7


10.1


11.4


Deferred compensation net market valuation changes (5)

(19.0)


20.1


5.3


Severance (6)

16.9


—


—


Software impairment (7)

8.0


—


—


General and administrative (8)

—


—


50.0


Total adjustments excluding tax

$             15.6


$             30.2


$             66.7


Tax adjustment for amortization of intangible assets and goodwill (11)

4.0


4.1


4.4


Other tax effects of adjustments above

(1.2)


(4.9)


(7.1)


Cost of preferred stock repurchase (12)

159.3


—


—


Adjusted net income attributable to Invesco Ltd.

$           165.2


$           200.5


$          196.2









Average common shares outstanding - diluted

455.2


454.0


456.1


Diluted EPS

($0.03)


$0.38


$0.29


Adjusted diluted EPS (13)

$0.36


$0.44


$0.43


Reconciliation of Operating expenses to Adjusted operating expenses:

(in millions)

Q2-25


Q1-25


Q2-24


Operating expenses, U.S. GAAP basis

$       1,301.3


$       1,251.9


$       1,276.5


Invesco Great Wall (2)

29.3


37.9


41.8


Third-party distribution, service and advisory expenses

(500.7)


(509.0)


(495.4)


CIP (3)

(5.3)


(11.2)


(3.9)


Amortization of intangible assets (4)

(9.7)


(10.1)


(11.4)


Compensation expense related to market valuation changes in deferred compensation liabilities (5)

(29.8)


(0.3)


(7.1)


Severance (6)

(16.9)


—


—


Software impairment (7)

(8.0)


—


—


General and administrative (8)

—


—


(50.0)


Adjusted operating expenses

$           760.2


$          759.2


$          750.5









Employee compensation, U.S. GAAP basis

$           510.4


$          464.6


$          452.3


Invesco Great Wall (2)

17.2


26.0


30.8


Compensation expense related to market valuation changes in deferred compensation liabilities (5)

(29.8)


(0.3)


(7.1)


Severance (6)

(16.9)


—


—


Adjusted employee compensation

$           480.9


$          490.3


$          476.0









Marketing, U.S. GAAP basis

$             23.1


$             17.0


$             20.6


Invesco Great Wall (2)

3.2


3.0


2.2


Adjusted marketing

$             26.3


$             20.0


$             22.8









Property, office and technology, U.S. GAAP basis

$           118.2


$          113.9


$          116.4


Invesco Great Wall (2)

4.3


4.2


4.5


Software impairment (7)

(8.0)


—


—


Adjusted property, office and technology

$           114.5


$          118.1


$          120.9









General and administrative, U.S. GAAP basis

$           139.2


$          137.3


$          180.4


Invesco Great Wall (2)

4.6


4.7


4.3


CIP (3)

(5.3)


(11.2)


(3.9)


Regulatory matters (8)

—


—


(50.0)


Adjusted general and administrative

$           138.5


$          130.8


$          130.8









Amortization of intangible assets, U.S. GAAP basis

$               9.7


$             10.1


$             11.4


Amortization of intangible assets (4)

(9.7)


(10.1)


(11.4)


Adjusted amortization of intangible assets

$                 —


$                —


$                —











(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)

Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. The company removed this expense 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 reorganization related charges.



(7)

Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed the expense 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.



(8)

General and administrative: In 2024, the company removed the expense related to the settlement of regulatory matters. Due to the non-recurring nature of this item, the company removed the expense in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS as this will aid comparability of our results period to period.



(9)

Operating margin is equal to Operating income divided by Operating revenues.



(10)

Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.



(11)

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.



(12)

Cost of preferred stock repurchase: In the second quarter of 2025, the company repurchased $1.0 billion of the company's outstanding Series A Preferred Stock held by MassMutual. The company removed the cost associated with the repurchase from the calculation of Adjusted net income (and by calculation, 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 repurchase related charges.



(13)

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.

 

Invesco Ltd.

 Assets Under Management



Three Months Ended

Six Months Ended

(in billions)

June 30, 2025


March 31, 2025


% Change


June 30, 2024


June 30, 2025


June 30, 2024


% Change

Beginning Assets

$1,844.8


$1,846.0


(0.1) %


$1,662.7


$1,846.0


$1,585.3


16.4 %

Long-term inflows

118.7


122.0


(2.7) %


97.8


240.7


178.1


35.1 %

Long-term outflows

(103.1)


(104.4)


(1.2) %


(81.1)


(207.5)


(155.1)


33.8 %

Net long-term flows

15.6


17.6


(11.4) %


16.7


33.2


23.0


44.3 %

Net flows in non-management fee earning AUM (a)

2.8


5.0


(44.0) %


6.6


7.8


16.1


(51.6) %

Net flows in money market funds

(3.2)


10.0


N/A


4.9


6.8


5.6


21.4 %

Total net flows

15.2


32.6


(53.4) %


28.2


47.8


44.7


6.9 %

Reinvested distributions

1.0


1.0


— %


1.4


2.0


2.5


(20.0) %

Market gains and losses

126.4


(42.2)


N/A


27.4


84.2


95.4


(11.7) %

Foreign currency translation

14.0


7.4


89.2 %


(3.9)


21.4


(12.1)


N/A

Ending Assets

$2,001.4


$1,844.8


8.5 %


$1,715.8


$2,001.4


$1,715.8


16.6 %















Ending long-term AUM

$1,415.3


$1,311.2


7.9 %


$1,221.7


$1,415.3


$1,221.7


15.8 %

Average long-term AUM

$1,343.8


$1,326.8


1.3 %


$1,200.5


$1,335.3


$1,182.3


12.9 %

Average AUM

$1,897.4


$1,880.8


0.9 %


$1,669.3


$1,889.1


$1,641.2


15.1 %

Average QQQ AUM

$319.2


$320.0


(0.3) %


$263.8


$319.6


$255.0


25.3 %















 



Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By investment approach: (in billions)


Active(k)


Passive(k)


Active(k)


Passive(k)

Beginning Assets


$1,041.3


$803.5


$1,026.5


$819.5

Long-term inflows 


59.6


59.1


120.2


120.5

Long-term outflows


(55.8)


(47.3)


(114.9)


(92.6)

Net long-term flows


3.8


11.8


5.3


27.9

Net flows in non-management fee earning AUM (a)


—


2.8


—


7.8

Net flows in money market funds


(3.2)


—


6.8


—

Total net flows


0.6


14.6


12.1


35.7

Reinvested distributions


1.0


—


2.0


—

Market gains and losses


33.4


93.0


29.3


54.9

Foreign currency translation


11.2


2.8


17.6


3.8

Ending Assets


$1,087.5


$913.9


$1,087.5


$913.9










Average AUM


$1,053.9


$843.5


$1,048.5


$840.6










 


Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By channel: (in billions)


Retail


Institutional


Retail


Institutional

Beginning Assets


$1,237.2


$607.6


$1,265.6


$580.4

Long-term inflows


85.2


33.5


171.6


69.1

Long-term outflows


(76.1)


(27.0)


(150.6)


(56.9)

Net long-term flows


9.1


6.5


21.0


12.2

Net flows in non-management fee earning AUM (a)


3.2


(0.4)


8.6


(0.8)

Net flows in money market funds


(0.9)


(2.3)


2.9


3.9

Total net flows


11.4


3.8


32.5


15.3

Reinvested distributions


0.9


0.1


1.9


0.1

Market gains and losses


115.4


11.0


71.8


12.4

Transfer


—


—


(9.5)


9.5

Foreign currency translation


5.8


8.2


8.4


13.0

Ending Assets


$1,370.7


$630.7


$1,370.7


$630.7











See the footnotes immediately following these tables.

 

Invesco Ltd.

Assets Under Management (continued)




Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By client domicile: (in billions)


Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets


$1,293.6


$275.5


$275.7


$1,315.5


$270.2


$260.3

Long-term inflows


60.0


35.9


22.8


119.0


69.7


52.0

Long-term outflows


(60.8)


(26.1)


(16.2)


(116.8)


(60.3)


(30.4)

Net long-term flows


(0.8)


9.8


6.6


2.2


9.4


21.6

Net flows in non-management fee earning AUM (a)


2.7


0.7


(0.6)


11.6


1.7


(5.5)

Net flows in money market funds


(3.2)


0.8


(0.8)


5.2


2.4


(0.8)

Total net flows


(1.3)


11.3


5.2


19.0


13.5


15.3

Reinvested distributions


0.8


—


0.2


1.8


—


0.2

Market gains and losses


101.9


5.1


19.4


58.5


4.2


21.5

Foreign currency translation


1.5


5.2


7.3


1.7


9.2


10.5

Ending Assets


$1,396.5


$297.1


$307.8


$1,396.5


$297.1


$307.8














 



Three Months Ended June 30, 2025

By investment capability (b): (in billions)


ETFs and
Index (c)


Fundamental
Fixed Income (d)


Fundamental
Equities (e)


Private
Markets (f)


China JV &
India (g)


Multi-
Asset/Other
(h)


Global
Liquidity (i)


QQQ (j)

Beginning Assets


$491.0


$291.9


$262.8


$131.3


$111.0


$59.4


$200.2


$297.2

Long-term inflows


47.7


23.9


11.7


7.5


24.6


3.3


—


—

Long-term outflows


(35.1)


(21.1)


(15.3)


(9.8)


(19.0)


(2.8)


—


—

Net long-term flows


12.6


2.8


(3.6)


(2.3)


5.6


0.5


—


—

Net flows in non-management fee earning AUM (a)


—


—


—


—


—


(0.3)


—


3.1

Net flows in money market funds


—


—


—


—


0.7


—


(3.9)


—

Total net flows


12.6


2.8


(3.6)


(2.3)


6.3


0.2


(3.9)


3.1

Reinvested distributions


—


0.5


0.2


0.2


—


0.1


—


—

Market gains and losses


40.6


2.9


26.0


0.2


1.6


2.8


(0.1)


52.4

Foreign currency translation


2.7


3.5


2.9


1.8


1.3


1.6


0.2


—

Ending Assets


$546.9


$301.6


$288.3


$131.2


$120.2


$64.1


$196.4


$352.7


















Average AUM


$509.7


$297.5


$268.9


$129.3


$113.7


$61.5


$197.6


$319.2


















 



Six Months Ended June 30, 2025

By investment capability (b): (in billions)


ETFs and
Index (c)


Fundamental
Fixed Income (d)


Fundamental
Equities (e)


Private
Markets (f)


China JV &
India (g)


Multi-
Asset/Other
(h)


Global
Liquidity (i)


QQQ (j)

Beginning Assets


$484.9


$279.1


$276.7


$129.6


$106.3


$59.1


$191.4


$318.9

Long-term inflows


99.8


47.6


23.2


15.4


48.8


5.9


—


—

Long-term outflows


(70.9)


(36.8)


(33.8)


(18.5)


(41.0)


(6.5)


—


—

Net long-term flows


28.9


10.8


(10.6)


(3.1)


7.8


(0.6)


—


—

Net flows in non-management fee earning AUM (a)


—


—


—


—


—


(0.4)


—


8.2

Net flows in money market funds


—


—


—


—


2.2


—


4.6


—

Total net flows


28.9


10.8


(10.6)


(3.1)


10.0


(1.0)


4.6


8.2

Reinvested distributions


—


1.0


0.4


0.4


—


0.1


0.1


—

Market gains and losses


29.7


4.6


17.2


1.5


2.1


3.5


—


25.6

Foreign currency translation


3.4


6.1


4.6


2.8


1.8


2.4


0.3


—

Ending Assets


$546.9


$301.6


$288.3


$131.2


$120.2


$64.1


$196.4


$352.7


















Average AUM


$505.6


$290.8


$272.7


$130.9


$110.8


$60.7


$198.0


$319.6



















See the footnotes immediately following these tables.

 

Invesco Ltd.

Assets Under Management - Active (k)



Three Months Ended

Six Months Ended

(in billions)

June 30, 2025


March 31, 2025


% Change


June 30, 2024


June 30, 2025


June 30, 2024


% Change

Beginning Assets

$      1,041.3


$      1,026.5


1.4 %


$         995.7


$      1,026.5


$         985.3


4.2 %

Long-term inflows

59.6


60.6


(1.7) %


49.7


120.2


92.1


30.5 %

Long-term outflows

(55.8)


(59.1)


(5.6) %


(47.4)


(114.9)


(96.9)


18.6 %

Net long-term flows

3.8


1.5


153.3 %


2.3


5.3


(4.8)


N/A

Net flows in money market funds

(3.2)


10.0


N/A


4.9


6.8


5.6


21.4 %

Total net flows

0.6


11.5


(94.8) %


7.2


12.1


0.8


1,412.5 %

Reinvested distributions

1.0


1.0


— %


1.4


2.0


2.5


(20.0) %

Market gains and losses

33.4


(4.1)


N/A


2.9


29.3


25.4


15.4 %

Foreign currency translation

11.2


6.4


75.0 %


(3.9)


17.6


(10.7)


N/A

Ending Assets

$      1,087.5


$      1,041.3


4.4 %


$      1,003.3


$      1,087.5


$      1,003.3


8.4 %















Average long-term AUM

$         829.1


$         818.8


1.3 %


$         798.9


$         823.9


$         793.3


3.9 %

Average AUM

$      1,053.9


$      1,043.1


1.0 %


$         994.6


$      1,048.5


$         987.8


6.1 %

 



Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By channel: (in billions)


Retail


Institutional


Retail


Institutional

Beginning Assets


$513.6


$527.7


$517.5


$509.0

Long-term inflows


30.9


28.7


62.5


57.7

Long-term outflows


(34.2)


(21.6)


(68.1)


(46.8)

Net long-term flows


(3.3)


7.1


(5.6)


10.9

Net flows in money market funds


(0.9)


(2.3)


2.9


3.9

Total net flows


(4.2)


4.8


(2.7)


14.8

Reinvested distributions


0.9


0.1


1.9


0.1

Market gains and losses


28.6


4.8


21.1


8.2

Transfer


—


—


(0.8)


0.8

Foreign currency translation


4.1


7.1


6.0


11.6

Ending Assets


$543.0


$544.5


$543.0


$544.5










 



Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By client domicile: (in billions)


Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets


$695.0


$212.5


$133.8


$698.2


$207.4


$120.9

Long-term inflows


22.8


25.2


11.6


45.8


47.5


26.9

Long-term outflows


(30.3)


(17.1)


(8.4)


(59.8)


(39.2)


(15.9)

Net long-term flows


(7.5)


8.1


3.2


(14.0)


8.3


11.0

Net flows in money market funds


(3.2)


0.8


(0.8)


5.2


2.4


(0.8)

Total net flows


(10.7)


8.9


2.4


(8.8)


10.7


10.2

Reinvested distributions


0.8


—


0.2


1.8


—


0.2

Market gains and losses


23.2


3.2


7.0


16.9


3.0


9.4

Foreign currency translation


1.3


3.9


6.0


1.5


7.4


8.7

Ending Assets


$709.6


$228.5


$149.4


$709.6


$228.5


$149.4















See the footnotes immediately following these tables.

 

Invesco Ltd.

Assets Under Management - Passive (k)



Three Months Ended

Six Months Ended

(in billions)

June 30,
2025


March 31,
2025


%
Change


June 30,
2024


June 30,
2025


June 30,
2024


%
Change

Beginning Assets

$803.5


$819.5


(2.0) %


$667.0


$819.5


$600.0


36.6 %

Long-term inflows

59.1


61.4


(3.7) %


48.1


120.5


86.0


40.1 %

Long-term outflows

(47.3)


(45.3)


4.4 %


(33.7)


(92.6)


(58.2)


59.1 %

Net long-term flows

11.8


16.1


(26.7) %


14.4


27.9


27.8


0.4 %

Net flows in non-management fee earning AUM (a)

2.8


5.0


(44.0) %


6.6


7.8


16.1


(51.6) %

Total net flows

14.6


21.1


(30.8) %


21.0


35.7


43.9


(18.7) %

Market gains and losses

93.0


(38.1)


N/A


24.5


54.9


70.0


(21.6) %

Foreign currency translation

2.8


1.0


180.0 %


—


3.8


(1.4)


N/A

Ending Assets

$913.9


$803.5


13.7 %


$712.5


$913.9


$712.5


28.3 %















Average long-term AUM

$514.7


$508.0


1.3 %


$401.6


$511.4


$389.0


31.5 %

Average AUM

$843.5


$837.7


0.7 %


$674.7


$840.6


$653.4


28.7 %

Average QQQ AUM

$319.2


$320.0


(0.3) %


$263.8


$319.6


$255.0


25.3 %

 



Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By channel: (in billions)


Retail


Institutional


Retail


Institutional

Beginning Assets


$723.6


$79.9


$748.1


$71.4

Long-term inflows


54.3


4.8


109.1


11.4

Long-term outflows


(41.9)


(5.4)


(82.5)


(10.1)

Net long-term flows


12.4


(0.6)


26.6


1.3

Net flows in non-management fee earning AUM (a)


3.2


(0.4)


8.6


(0.8)

Total net flows


15.6


(1.0)


35.2


0.5

Market gains and losses


86.8


6.2


50.7


4.2

Transfer


—


—


(8.7)


8.7

Foreign currency translation


1.7


1.1


2.4


1.4

Ending Assets


$827.7


$86.2


$827.7


$86.2










 



Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

By client domicile: (in billions)


Americas


Asia Pacific


EMEA


Americas


Asia Pacific


EMEA

Beginning Assets


$598.6


$63.0


$141.9


$617.3


$62.8


$139.4

Long-term inflows


37.2


10.7


11.2


73.2


22.2


25.1

Long-term outflows


(30.5)


(9.0)


(7.8)


(57.0)


(21.1)


(14.5)

Net long-term flows


6.7


1.7


3.4


16.2


1.1


10.6

Net flows in non-management fee earning AUM (a)


2.7


0.7


(0.6)


11.6


1.7


(5.5)

Total net flows


9.4


2.4


2.8


27.8


2.8


5.1

Market gains and losses


78.7


1.9


12.4


41.6


1.2


12.1

Foreign currency translation


0.2


1.3


1.3


0.2


1.8


1.8

Ending Assets


$686.9


$68.6


$158.4


$686.9


$68.6


$158.4















See the footnotes immediately following these tables.


Invesco Ltd.
Footnotes to the Assets Under Management Tables

(a)

Non-management fee earning AUM includes non-management fee earning ETFs, UIT and product leverage.



(b)

Investment capabilities are descriptive groupings of AUM by investment strategy.



(c)

ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ Trust.



(d)

Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.



(e)

Fundamental Equities includes Equity products.



(f)

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.



(g)

Beginning in the first quarter of 2025, products managed by Invesco Great Wall and Invesco Asset Management (India) Private Limited are included in the newly defined China JV & India investment capability. Other products previously categorized under the APAC Managed investment capability are included in the other investment capabilities based on their investment strategies. Beginning assets as of January 1, 2025 reflect the current period presentation.



(h)

Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, Intelliflo, and UITs, including certain ETFs managed within this capability.



(i)

Global Liquidity is comprised mainly of Money Market funds.



(j)

QQQ represents assets held within Invesco QQQ Trust.



(k)

Passive AUM includes index-based ETFs, unit investment trusts (UITs), non-fee earning leverage and other passive mandates. Active AUM   is total AUM less Passive AUM.

 

Invesco Ltd.

Supplemental Information (1)



For the three months ended

June 30, 2025


For the three months ended

June 30, 2024

Cash flow information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

Invesco and CIP cash and cash equivalents,

beginning of period

$     1,873.4


$   (1,051.7)


$           821.7


$     1,425.5


$      (529.8)


$         895.7

Cash flows from operating activities

547.9


(79.2)


468.7


489.1


(60.0)


429.1

Cash flows from investing activities

(275.4)


277.3


1.9


344.7


(263.1)


81.6

Cash flows from financing activities

(724.8)


316.2


(408.6)


(711.7)


189.0


(522.7)

Increase/(decrease) in cash and cash equivalents

(452.3)


514.3


62.0


122.1


(134.1)


(12.0)

Foreign exchange movement on cash and cash

equivalents

70.8


(31.8)


39.0


(6.3)


1.1


(5.2)

Cash and cash equivalents, end of the period

$     1,491.9


$      (569.2)


$           922.7


$     1,541.3


$      (662.8)


$         878.5













 


For the six months ended

June 30, 2025


For the six months ended

June 30, 2024

Cash flow information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

Invesco and CIP cash and cash equivalents,

beginning of period

$     1,496.0


$      (509.5)


$           986.5


$     1,931.6


$      (462.4)


$      1,469.2

Cash flows from operating activities

463.3


(96.8)


366.5


434.7


(112.3)


322.4

Cash flows from investing activities

(367.4)


407.1


39.7


57.4


(26.3)


31.1

Cash flows from financing activities

(195.5)


(333.9)


(529.4)


(860.0)


(64.9)


(924.9)

Increase/(decrease) in cash and cash equivalents

(99.6)


(23.6)


(123.2)


(367.9)


(203.5)


(571.4)

Foreign exchange movement on cash and cash

equivalents

95.5


(36.1)


59.4


(22.4)


3.1


(19.3)

Cash and cash equivalents, end of the period

$     1,491.9


$      (569.2)


$           922.7


$     1,541.3


$      (662.8)


$         878.5















(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.

 

Invesco Ltd.

Supplemental Information(1)



June 30, 2025


December 31, 2024

Balance Sheet information

(in millions)

U.S. GAAP


Impact of
CIP


Excluding
CIP


U.S. GAAP


Impact of
CIP


Excluding
CIP

ASSETS












  Cash and cash equivalents

$       922.7


$             —


$          922.7


$       986.5


$             —


$          986.5

  Investments

1,128.7


385.1


1,513.8


1,240.0


401.4


1,641.4

  Goodwill and intangible assets, net

14,334.6


—


14,334.6


14,067.4


—


14,067.4

  Other assets (2)

2,437.0


10.5


2,447.5


2,340.5


11.1


2,351.6

  Investments and other assets of CIP (3)

9,673.9


(9,673.9)


—


8,374.5


(8,374.5)


—

Total assets

$   28,496.9


$   (9,278.3)


$     19,218.6


$   27,008.9


$   (7,962.0)


$     19,046.9

LIABILITIES












  Debt

$     1,883.9


$             —


$       1,883.9


$       890.6


$             —


$          890.6

  Other Liabilities (4)

3,461.6


—


3,461.6


3,596.4


—


3,596.4

  Debt and other liabilities of CIP

8,192.5


(8,192.5)


—


6,853.1


(6,853.1)


—

Total liabilities

$   13,538.0


$   (8,192.5)


$       5,345.5


$   11,340.1


$   (6,853.1)


$       4,487.0

EQUITY












  Total equity attributable to Invesco Ltd.

$   13,873.1


$             —


$     13,873.1


$   14,559.9


$             —


$     14,559.9

  Noncontrolling interests (5)

1,085.8


(1,085.8)


—


1,108.9


(1,108.9)


—

Total equity

14,958.9


(1,085.8)


13,873.1


15,668.8


(1,108.9)


14,559.9

Total liabilities and equity

$   28,496.9


$   (9,278.3)


$     19,218.6


$   27,008.9


$   (7,962.0)


$     19,046.9















(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.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-june-30-2025-302510555.html

SOURCE Invesco Ltd.

FAQ

What was Invesco's (IVZ) earnings per share in Q2 2025?

Invesco reported a diluted EPS of $(0.03) and adjusted diluted EPS of $0.36. The negative EPS was primarily due to a $0.35 per share impact from preferred stock repurchase costs.

How much assets under management (AUM) did Invesco report for Q2 2025?

Invesco reached a record high of $2.0 trillion in AUM, representing an 8.5% increase from the previous quarter and a 16.6% increase year-over-year.

What were Invesco's net flows in Q2 2025?

Invesco reported $15.6 billion in net long-term inflows, with $9.1 billion from retail and $6.5 billion from institutional investors. The company also had $2.8 billion inflows from non-management fee earning products and $3.2 billion outflows from money market funds.

How much preferred stock did Invesco repurchase in Q2 2025?

Invesco completed a $1.0 billion repurchase of Series A Preferred Stock from MassMutual on May 16, 2025, funded through floating rate bank term loans.

What was Invesco's operating margin in Q2 2025?

Invesco reported an operating margin of 14.1% and an adjusted operating margin of 31.2% for Q2 2025, showing improvement from 13.9% and 30.9% respectively in Q2 2024.
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Invesco Ltd

NYSE:IVZ

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