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Invesco (IVZ) FY2025 results: revenue $6.4 billion, up 5.1% on the year

Invesco Ltd. (IVZ) reported revenue of $6.4 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before. Net income was -$726 million, and diluted earnings per share $-1.60. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$6.4 billion
+5.1% on the year
FY2018FY2025
Operating margin
-10.9%
13.7% a year earlier
FY2018FY2025
Net income
-$726 million
FY2018FY2025
Diluted EPS
-$1.60
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 kept.

  • GAAP operating margin hit by impairment: Operating margin was (86.2)% in the quarter, including a $1.8 billion non-cash intangible asset impairment within operating expenses.
  • Net long-term inflows of $19.1 billion: Net long-term inflows were $19.1 billion, down from $28.9 billion in the third quarter.
  • Ending AUM rose to $2.2 trillion: Ending AUM was $2,169.9 billion, up 2.1% from the prior quarter and 17.5% from the prior year-end.
  • ETFs and China JV led inflows: ETFs and Index had net long-term inflows of $11.9 billion, China JV $8.9 billion and Fundamental Fixed Income $2.2 billion.
  • Americas had net long-term outflows: The Americas region had net long-term outflows of $1.2 billion in the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Invesco is an independent investment management firm. It managed approximately $2.2 trillion for investors around the world as of 31 December 2025, and that is client money rather than the firm's own. It has approximately 7,500 employees and an on-the-ground presence in more than 20 countries, and it serves clients in more than 120 countries across the Americas, Europe, Middle East and Africa, and Asia-Pacific. The company is organised under the laws of Bermuda.

Invesco Ltd., the 10-K for 2025

Invesco is an independent investment management firm. It managed approximately $2.2 trillion for investors around the world as of 31 December 2025, and that is client money rather than the firm's own. It has approximately 7,500 employees and an on-the-ground presence in more than 20 countries, and it serves clients in more than 120 countries across the Americas, Europe, Middle East and Africa, and Asia-Pacific. The company is organised under the laws of Bermuda.

What it manages

The asset classes, broadly defined, are equity, fixed income, balanced, alternatives and money market, covering active, passive and alternative capabilities, run by specialised investment teams across asset classes, investment styles and geographies.

Client assets are reported three ways. By client domicile at 31 December 2025: the Americas $1,492.4 billion, EMEA $356.5 billion and APAC $321.0 billion, for a total of $2,169.9 billion. By distribution channel: retail $1,515.7 billion and institutional $654.2 billion. By investment capability: ETFs and index $630.2 billion, QQQ $407.2 billion, fundamental fixed income $311.5 billion, fundamental equities $298.4 billion, global liquidity $189.7 billion, the China joint venture $132.5 billion, private markets $130.7 billion, and multi-asset and other $69.7 billion.

Retail

Retail client assets were $1,515.7 billion at 31 December 2025, across all of the major asset classes. Retail products are distributed primarily through third-party financial intermediaries: major wirehouses, direct wealth platforms, regional broker-dealers, insurance companies, banks and financial planners in the Americas, and independent brokers and financial advisors, banks and direct wealth platforms in EMEA and APAC. The filing notes that digitally native financial institutions and online wealth platforms are becoming a growing source of retail asset flows, and states that the company continues to explore opportunities in the emerging trend of tokenization. Invesco Great Wall Fund Management Company Limited, the company's joint venture in China, held total client assets of approximately $132.5 billion at 31 December 2025.

Institutional

Institutional client assets were $654.2 billion at 31 December 2025. The suite runs from traditional active, passive and quantitative equities and fixed income, including money market funds for institutional clients, through multi-asset solutions to alternative investments such as real estate, private credit and absolute return strategies. Regional sales forces distribute the products and serve clients and intermediaries around the world, and the client base includes major public and private entities, unions, non-profit organisations, endowments, foundations, pension funds, financial institutions, insurers and sovereign wealth funds. Retail assets are those distributed by the company's retail sales teams and institutional assets those distributed by its institutional sales teams.

The industry as the filing sees it

The filing sets out the trends it says are transforming investment management. Distribution partners are becoming more selective and keeping fewer relationships, so fewer managers are worked with. Clients are asking for portfolio analytics, consultative solutions and digital tools alongside performance and pricing. Private market allocations continue to increase and are becoming a more meaningful part of retail portfolios. Beta, factor and index offerings remain core to portfolios in transparent, efficient markets, where clients demand ease of access and competitive pricing. Investors have been shifting toward passively managed strategies, and the filing states the company believes that trend will continue, while investors who do select active strategies place a high bar on proven and consistent performance.

From Invesco's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,3776,0675,716+5.1%
Operating income-696832-435
Operating margin-10.9%13.7%-7.6%
Interest expense82.558.070.5+42.2%
Pre-tax income-3791,005-238
Income tax-205253-69.7
Effective tax raten/a25.2%n/a
Net income-726538-334
Net margin-11.4%8.9%-5.8%
Diluted EPS-$1.60$1.18-$0.73
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5251,1901,301+28.2%
Capital expenditure84.369.1164+22.0%
Free cash flow1,4411,1211,136+28.6%
Free cash flow margin22.6%18.5%19.9%
Cash from investing-97468.4-244
Cash from financing-150-1,662-585
Depreciation and amortisation156180183-13.2%
Share-based compensation80.0105115-23.5%
Buybacks12479.3188+55.9%
Dividends paid377372358+1.6%
Dividend per share$0.83$0.81$0.79+2.5%
Diluted shares, weighted455m458m456m-0.6%
Shares outstanding at period end444m448m450m-0.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,23114,56014,598-16.0%
Non-controlling interest698564573+23.8%
Redeemable equity75.4545746-86.2%
Debt1,8258911,490+104.9%
Other liabilities12,26410,45011,528+17.4%
Total liabilities and equity27,09427,00928,934+0.3%
Fixed assets379479600-20.9%
Goodwill8,4778,3188,692+1.9%
Intangible assets3,9275,7495,848-31.7%
Cash and equivalents1,0389861,469+5.2%
Other assets13,27311,47612,326+15.7%
Total assets27,09427,00928,934+0.3%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.