Invesco Ltd (NYSE: IVZ) reported its financial results for the quarter and year ended 31 December 2025, with fourth-quarter results reflecting the impact of a non-cash impairment charge, while adjusted metrics showed year-on-year growth across revenue and earnings.
Latest Quarterly Results
For the fourth quarter of 2025, Invesco reported consolidated operating revenues of $1.69 billion, representing a 6.2% increase from $1.59 billion in the corresponding quarter of the prior year. Adjusted net revenues rose 8.8% year-on-year to $1.26 billion.
GAAP net income attributable to Invesco Ltd for the quarter was a loss of $1.19 billion, compared with a profit of $209.3 million a year earlier. The reported loss reflected a $1.8 billion non-cash impairment related to indefinite-lived intangible assets from prior acquisitions. On an adjusted basis, net income attributable to the company increased 18.4% year-on-year to $280.9 million.
Adjusted operating income for the quarter rose to $457.8 million from $390.1 million a year earlier, while the adjusted operating margin improved to 36.4% from 33.7%. Adjusted diluted earnings per share increased to $0.62 from $0.52 in the prior-year period.
Assets under management at the end of the quarter stood at $2.17 trillion, up 17.5% year-on-year. Net long-term inflows for the quarter were $19.1 billion, driven primarily by ETFs and index products, the China joint venture, and fixed income strategies.
Full-Year 2025 Financial Context
For the full year 2025, Invesco reported operating revenues of $6.38 billion, an increase of 5.1% from $6.07 billion in 2024. Adjusted net revenues rose 5.9% year-on-year to $4.66 billion.
GAAP net income attributable to Invesco for the year was a loss of $726.3 million, compared with a profit of $538.0 million in the previous year, reflecting impairment and restructuring-related items. On an adjusted basis, net income increased 17.9% year-on-year to $922.0 million. Adjusted diluted earnings per share rose to $2.03 from $1.71 in 2024.
Ending assets under management increased to $2.17 trillion from $1.85 trillion a year earlier, supported by positive net long-term flows of $81.2 billion during the year.
Business and Operations Update
During 2025, Invesco continued actions to simplify its operating structure and strengthen capital management. The company repurchased $1.5 billion of Series A preferred stock over the course of the year and repaid the remaining balance of a three-year bank term loan during the fourth quarter.
Operational developments included the conversion of the Invesco QQQ Trust to an open-end ETF structure in December 2025. Invesco also completed the sale of its intelliflo business and divested a majority interest in its India asset management operations.
Operational and Strategic Actions
Strategic activity during the year included divestitures aimed at streamlining the firm’s platform and reallocating capital. Invesco also entered into partnerships across private markets and wealth channels, while maintaining bolt-on initiatives aligned with its core investment capabilities.
2026 Company Guidance
For 2026, the company issued guidance calling for mid-single-digit organic revenue growth and adjusted diluted earnings per share growth, excluding the impact of any unannounced transactions. Management highlighted ongoing implementation costs related to platform initiatives and continued focus on balance sheet management.
Performance Summary
Invesco’s fourth-quarter results reflected higher revenue and adjusted earnings alongside a GAAP loss driven by a non-cash impairment. Full-year adjusted earnings increased, while reported net income declined year-on-year. Assets under management and net long-term inflows rose during the year. The company continues to focus on capital management, operational simplification, and product restructuring.
