Invesco

IVZ · NYSE · Financials · Financials, fiscal 2016 to 2025

IVZ · Last close · October 26, 2026

$28.53

Invesco's revenue rose 5.1% to $6.4 billion in fiscal 2025. Its operating margin was −10.9%, down from 13.7% a year earlier. Free cash flow was $1.4 billion, up 28.6%. It paid out $501 million in dividends and buybacks, 35% of free cash flow. The diluted share count fell 0.6%.

Invesco Ltd. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0000914208-26-000079 Updated October 9, 2026

Revenue

$6.4B

5.1%

Operating margin

−10.9%

24.6 pts

Net income

−$726M

$538M a year earlier

Free cash flow

$1.4B

28.6%

Return on capital

−3.8%

7.9 pts

Market cap

$13.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net income is the part that belongs to Invesco's common shareholders, after preferred dividends, as in earlier years; its 2025 10-K tags it only under that label. Net debt to EBITDA for 2025 is left blank: a US$1.8 billion write-down of intangible assets made EBITDA negative.

What Invesco does

Invesco is an independent investment management firm based on Bermuda law. It manages money for clients, offering active, passive and alternative investment products. It has about 7,500 employees and operates in more than 20 countries, serving clients in more than 120 countries. As of December 31, 2025 it managed about $2.2 trillion in assets.

Invesco earns fees for managing client money, so its revenue rises and falls with the amount of assets it manages. It sells to retail and institutional clients in the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia-Pacific), often through distributors, advisors and consultants. It says these groups often weigh longer-term results, such as three-year and five-year performance, when picking products.

It competes with other investment managers on performance, service, distribution and fees. Its shares trade on the New York Stock Exchange.

Its biggest risks, as it describes them

A drop in assets under management from falling markets or clients withdrawing money.
Poor investment performance that cuts sales and assets.
Pressure from competitors that forces it to lower fees.
Losses on its seed capital and co-investments in its own products.
Risks in its private market products, such as private credit and real estate.

From Invesco's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 6.7% a year and net income 5.6% a year, as new shares raised the share count by 10% and diluted each share's earnings. Invesco then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Invesco yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Invesco's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Invesco's fiscal 2025 free cash flow of $1.4B, net cash of −$788M at December 31, 2025 and 455 million diluted shares, from its filings. The scenarios are fitted to Invesco: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Asset Management & Custody Banks), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Invesco's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 11% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $28.53
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Invesco's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,896	1,235	1,469	986	1,038
Debt incl. finance leases	2,085	1,488	1,490	891	1,825
Net debt (negative means net cash)	189	253	20	−96	788
Net debt to EBITDA	0.1x	0.2x	—	−0.1x	—
Debt to equity	0.1x	0.1x	0.1x	0.1x	0.1x
Interest coverage	18.9x	15.5x	−6.2x	14.3x	−8.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Invesco shares on the open market, and 5 insiders sold $11.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Phoebe A WoodDirector	Sold	3,000	$32.44	$97,320	Form 4
Sep 9, 2026	Andrew Tak Shing LoSenior Managing Director	Sold	100,840	$32.20	$3.2 million	Form 4
Sep 9, 2026	Stephanie ButcherSenior Managing Director	Sold	45,095	$32.28	$1.5 million	Form 4
Sep 8, 2026	Andrew Tak Shing LoSenior Managing Director	Sold	42,530	$32.85	$1.4 million	Form 4
Sep 4, 2026	Laura Allison DukesChief Financial Officer	Sold	31,075	$33.16	$1.0 million	Form 4
Oct 31, 2025	Douglas J SharpSenior Managing Director	Sold	160,000	$23.56	$3.8 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−5.6%	−2.3%	−8.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Invesco side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Invesco	FY25	5.1%	−10.9%	22.6%	−3.8%	—	—
T. Rowe Price	FY25	3.1%	29.9%	20.2%	21.7%	—	—	Compare
Brookfield Asset Management	FY25	21.0%	—	43.4%	—	—	—	Compare
Carlyle Group	FY25	−11.9%	—	−70.6%	13.7%	0.7x	—	Compare
Ares Management	FY25	28.9%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,734	5,160	5,314	6,117	6,146	6,894	6,049	5,716	6,067	6,377
Revenue growth	−7.6%	9.0%	3.0%	15.1%	0.5%	12.2%	−12.3%	−5.5%	6.1%	5.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,152	1,279	1,205	808	920	1,788	1,318	−435	832	−696
Net income	854	1,127	883	565	525	1,393	684	−334	538	−726
Diluted EPS (US$)	2.06	2.75	2.14	1.28	1.13	2.99	1.49	−0.73	1.18	−1.60
Diluted shares (millions)	415	410	412	440	462	465	460	456	458	455
Cash flow
Cash from operations	654	1,158	829	1,117	1,230	1,078	703	1,301	1,190	1,525
Capital expenditure	148	112	102	124	115	109	193	164	69	84
Free cash flow	506	1,046	726	992	1,115	969	510	1,136	1,121	1,441
Dividends paid	460	472	491	529	357	308	335	358	372	377
Share buybacks	535	64	0	111	47	61	245	188	79	124
Acquisitions	122	299	1,469	290	0	0	0	0	0	0
Stock-based compensation	160	175	172	208	188	140	106	115	105	80
Balance sheet at fiscal year end
Cash and short-term investments	1,328	2,006	1,148	1,049	1,408	1,896	1,235	1,469	986	1,038
Debt incl. finance leases	2,102	2,076	2,409	2,080	2,083	2,085	1,488	1,490	891	1,825
Total assets	25,734	31,669	30,978	39,420	36,504	32,686	29,757	28,934	27,009	27,094
Total liabilities	17,839	22,470	21,646	24,718	21,483	16,007	12,915	13,018	11,340	14,089
Shareholders' equity	7,504	8,696	8,579	13,862	14,362	15,496	15,214	14,598	14,560	12,231
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	24.3%	24.8%	22.7%	13.2%	15.0%	25.9%	21.8%	−7.6%	13.7%	−10.9%
Net margin	18.0%	21.9%	16.6%	9.2%	8.5%	20.2%	11.3%	−5.8%	8.9%	−11.4%
Free cash flow margin	10.7%	20.3%	13.7%	16.2%	18.1%	14.1%	8.4%	19.9%	18.5%	22.6%
Return on capital	9.6%	11.9%	9.7%	4.8%	4.5%	8.8%	6.0%	−2.2%	4.1%	−3.8%
Return on equity	11.1%	13.9%	10.2%	5.0%	3.7%	9.3%	4.5%	−2.2%	3.7%	−5.4%
Return on assets	3.4%	3.9%	2.8%	1.6%	1.4%	4.0%	2.2%	−1.1%	1.9%	−2.7%
Net debt to EBITDA	0.6x	0.1x	0.9x	1.1x	0.6x	0.1x	0.2x	—	−0.1x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Invesco's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Invesco.