Invesco Ltd. (IVZ) Earnings
Invesco Ltd. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $0.60. IVZ has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -0.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.58 | $0.57 | -1.7% | $1.3B | -0.3% |
| Jan 27, 2026 | $0.58 | $0.62 | +6.9% | $1.7B | +33.9% |
| Jul 22, 2025 | $0.41 | $0.36 | -12.2% | $1.5B | +29.4% |
| Jan 28, 2025 | $0.49 | $0.52 | +6.1% | $1.6B | +41.5% |
| Oct 22, 2024 | $0.43 | $0.44 | +1.9% | $1.5B | +36.4% |
| Jul 23, 2024 | $0.40 | $0.43 | +7.9% | $1.5B | +36.3% |
| Jan 23, 2024 | $0.39 | $0.47 | +20.5% | $1.4B | +26.7% |
| Jul 25, 2023 | $0.39 | $0.31 | -20.5% | $1.4B | +30.3% |
| Jan 24, 2023 | $0.36 | $0.39 | +8.3% | $1.4B | +33.1% |
| Jul 27, 2022 | $0.52 | $0.39 | -25.0% | $1.5B | +27.9% |
| Jan 25, 2022 | $0.76 | $0.86 | +13.2% | $1.8B | +50.2% |
| Jul 27, 2021 | $0.70 | $0.78 | +11.4% | $1.7B | +29.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Reiterated strategic priorities and key performance drivers, focusing on profitable organic growth, global footprint, private markets, product/vehicle innovation, and balance sheet strengthening. • Highlighted asset flow results: 11th straight quarter of net long-term inflows ($21.8 billion), $11.6 billion global liquidity inflows, over $200 billion AUM. • Discussed growth drivers in various investment capabilities: ETF and index with record AUM and net inflows, innovation in active ETFs; fundamental fixed income with strong inflows; China JV with record AUM and inflows; private markets with net inflows driven by real estate; multi-asset capabilities with net inflows from institutional quantitative equity; fundamental equities with some positive flows but overall net outflows yet showing improvement on gross sales basis. • Mentioned investment performance: 46% of active funds in top quartile on 3-year horizon, over 70% active AUM beating benchmark on 5-year basis
Guidance
• Adjusted operating expenses expected to be in $3.275 billion range for 2026 under flat markets. • Expect operating leverage with 500 basis points positive operating leverage and 300 basis point operating margin improvement year over year, operating margin at 34.5%. • Adjusted diluted earnings per share improved to 57 cents in first quarter, 30% improvement from last year. • Intend to continue common share repurchase program, board authorized additional $1 billion in common share repurchases. • Expect leverage ratios to improve as year progresses by reducing revolver draw and growing EBITDA. • Net revenue yield influenced by asset mix shift, with lower fee products like ETFs and fundamental fixed income growing, higher fee products like fundamental equities weaker
Segment performance
ETF and index capability: Ending AUM at record $638 billion, nearly $19 billion net inflows during the quarter, 11% annualized organic growth. Fundamental fixed income: $3.7 billion net long-term inflows, 5% annualized organic growth, with broader asset class net flow jumping to $14 billion. China JV: Record high AUM of $142 billion, $8.7 billion net long-term inflows, 31% annualized organic growth. Private markets: $400 million net inflows driven by direct real estate. Multi-asset capabilities: $4.7 billion net long-term inflow from institutional quantitative equity strategies. Fundamental equities: U.S. value equities turned to net inflows, but overall segment in net outflows of $2.4 billion, with best fundamental equities flow quarter since early 2022 on gross sales basis
Analyst Q&A
Q: Brendan Hawkin with BMO Capital Markets asked about securities lending from QQQM and strategic priorities for coming years.
A: Andrew responded that securities lending opportunities from QQQM not super large, and strategic priorities include personalization, income demand, flow growth in Asia/Europe, private markets into wealth management and retirement, and technology innovation.
Q: Dan Fannin with Jefferies inquired about expenses detail and industry shelf space impact.
A: Allison provided details on expense guide, comp percentage, seasonality, hybrid investment platform costs, and industry platform fee impact.
Q: Glenn Chor with Evercore asked about non-U.S. platform durability and QQQ rollout.
A: Andrew talked about non-U.S. platform strength, product development, distribution, and QQQ rollout in Asia.
Q: Alex Blasting with Goldman Sachs asked about QQQ competitive dynamics and China product pipeline.
A: Andrew and Allison discussed QQQ fee structure, total cost of ownership, and China product innovation and fee rate impact.
Q: Brian Bedell with Deutsche Bank asked about QQQ institutional vs retail usage and marketing budget.
A: Andrew and Allison responded on institutional usage, price points, and marketing budget range.
Q: Bill Katz with TD Callen asked about margin outlook and after-tax return.
A: Melanie Perreault and Andrew discussed margin outlook, operating leverage, and Invesco's position on after-tax return.
Q: Ben Budish with Barclays asked about portfolio trimming.
A: Allison and Andrew mentioned Canadian business partnership impact on operating income and overall portfolio focus.
Q: Michael Cypress with Morgan Stanley asked about AI usage.
A: Andrew responded on AI application across the organization in data analysis, content creation, operational efficiency, and use cases in investment and client growth