Invesco (IVZN) Q3 2026 Earnings Report
MX:IVZN Q3 2026 EPS Results
- Actual EPS
- MXN 13.53
- Consensus EPS
- MXN 13.90
- Beat/Miss
- Missed by -MXN 0.38
- One Year Ago EPS
- MXN 11.46
MX:IVZN Q3 2026 Revenue Results
- Actual Revenue
- MXN 35.19B
- Expected Revenue
- MXN 25.99B
- Beat/Miss
- Beat by +MXN 9.20B
- YoY Revenue Growth
- +13.03%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
MX:IVZN Upcoming Earnings
Invesco's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:IVZN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with broad organic inflows, record or near-record AUM in several businesses, substantial operating leverage, higher margins, improved investment performance, balance sheet strengthening, and continued capital returns. The main challenges were outflows in fundamental fixed income, private markets, and fundamental equities; moderating China flows; lower revenue yield from asset mix; and ongoing platform-related costs. Management remained confident in continued profitable growth and investment in future capabilities.
Company Guidance
Invesco expects the additional preferred-stock repurchase to be earnings accretive in 2027, with EPS accretion reaching $0.20 on a run rate basis once the loan is fully repaid; including the aggregate $3 billion in preferred stock repurchases to date, it expects EPS accretion of $0.17 in 2027, reaching a run rate of $0.41 once the associated term loans are fully repaid, with the loans fully repaid in 2031. Fourth quarter performance fees may be relatively flat to slightly higher than the third quarter, hybrid investment platform one-time implementation costs are expected to run closer to $15 million, incremental platform expense will build towards $10 million, property, office, and technology expense is expected to be in the $120 million-$125 million range, total adjusted operating expenses are expected to be in the $830 million-$840 million range assuming flat markets, and the non-GAAP effective tax rate is estimated at 25%-26% excluding any discrete items. Compensation is expected to be in the 39%-40% context for full year 2026, operating margin is targeted to remain in the high 30s, the total payout ratio is targeted to be near 60%, and the company expects initial annualized borrowing costs of $60 million-$65 million after tax, declining as the loan is paid down.
- Strong Year-to-Date Organic GrowthInvesco generated over $100 billion of net long-term inflows through the first nine months of the year, representing a 6.5% annualized organic growth rate. Well over half of those flows came from outside the U.S.
- Quarterly Operating Leverage and Margin ExpansionSequentially, net revenue increased 4% while operating expenses declined 1%, driving operating income growth of 13% and operating margin expansion by more than 3 percentage points to 40.7%. Year over year, operating income increased 39% and operating margins expanded by 650 basis points.
- Balance Sheet Strengthening and Capital ReturnsInvesco improved its leverage ratio from 2.5x to 1.6x over the past year, increased common share buybacks by over 100% year to date versus the same period last year, and announced an additional $1.5 billion repurchase of MassMutual preferred stock. Total preferred stock repurchases reached $3 billion over the past 18 months, leaving $1 billion outstanding.
- Diversified Platform Delivered Broad InflowsThe diversified scaled platform generated $35.1 billion of net long-term inflows in the quarter and 6.3% annualized organic growth. Invesco reported positive flows across multiple investment capabilities, regions, active and passive strategies, with 25 products generating more than $500 million of net inflows during the quarter.
- Global Liquidity GrowthInvesco generated $47 billion in global liquidity inflows during the quarter, ending the period with $262 billion in AUM in the category. Separately, net flows into money market funds were $53 billion.
- ETF and Index Platform Reached Record AUMETF and index AUM reached a record $775 billion, with nearly $29 billion of net inflows and a 15% annualized organic growth rate. Fourteen ETFs generated more than $500 million of net inflows, and seven strategically aligned products, including five active ETFs, were launched during the quarter.
- Active ETF Platform Continued to ScaleInvesco manages $30 billion in active ETFs across nearly 50 products, increasing to more than $45 billion when including index-based ETF strategies executed by active investment teams.
- QQQ and Broader Product Suite Generated Strong InflowsQQQ attracted nearly $7 billion of net inflows, representing 6% annualized organic growth. Across the broader QQQ product suite in the U.S. and globally, including QQQM, Invesco generated $16 billion of net inflows during the quarter. Collective QQQ ETF assets were described as $1.3 trillion.
- Strong EMEA and Asia-Pacific GrowthEMEA and Asia-Pacific produced annualized organic growth of nearly 16% and 11%, respectively. Asia-Pacific AUM reached $375 billion, with nearly $9 billion of quarterly net inflows. EMEA AUM reached approximately $420 billion, was up about 25% year over year, and continued to gain market share.
- China JV Reached Record AUMInvesco's China JV reached record AUM of $166 billion and generated $1.5 billion of net inflows, or 5% annualized organic growth, driven by institutional demand for bond strategies. The JV launched nine new funds during the quarter, and its ETF business reached approximately $15 billion.
- Growth in SMAs and Model PortfoliosThe SMA platform reached nearly $41 billion in AUM and generated an 11% annualized organic growth rate during the quarter. Invesco has over $20 billion in assets across model portfolios and anticipates continued expansion in custom and pre-built models.
- Multi-Asset Inflows and Quantitative Strategy DemandMulti-asset capabilities generated over $3 billion of net inflows, with positive results across all three regions and particularly strong demand in EMEA. Growth was driven by systematic equities, quantitative strategies, and custom equity products.
- Improvement in Fundamental Equity FlowsFundamental equities experienced significantly moderated net outflows of $1.5 billion and another strong gross sales quarter. The Invesco Global Equity Income Fund generated over $4 billion of net inflows, reached more than $30 billion in AUM, and remained one of the top-selling retail active funds in Japan. U.S. small- and mid-cap value funds generated nearly $1 billion of U.S. net inflows.
- Investment Performance MetricsOverall, 47% of active funds were in the top quartile of peers on a three-year basis and 58% on a five-year basis. In addition, 70% of active AUM was beating its respective benchmark on both a three- and five-year basis.
- Improved Fundamental Fixed Income PerformanceThe percentage of fundamental fixed income funds performing in the top quartile of peers over a five-year period increased to 45% during the quarter.
- Revenue, Earnings, and AUM GrowthAUM increased to over $2.5 trillion, 19% higher than the third quarter of last year. Average long-term AUM was $2.2 trillion, up 4% sequentially and 52% year over year. Net revenue was $1.4 billion, adjusted operating income increased nearly 13% to $562 million, and adjusted diluted EPS increased to $0.72 from $0.71 sequentially and was up 18% from $0.61 a year earlier.
- Positive Operating Leverage and Expense ManagementYear over year, net revenue increased over 16% while adjusted operating expenses increased 5%, generating over 11 points of positive operating leverage and a 650 basis point operating margin improvement. Sequentially, adjusted operating expenses declined by $11 million.
- Preferred Repurchase Expected to Add EPSThe additional $1.5 billion preferred stock repurchase was funded with a five-year floating-rate bank term loan currently priced in the 5.35%-5.4% range, with an approximate after-tax cost of 4%-4.05%, compared with the preferred stock's fixed 5.9% dividend. Invesco expects the transaction to be earnings accretive in 2027, with $0.20 of run-rate EPS accretion once the loan is fully repaid. Including prior repurchases, expected EPS accretion is $0.17 in 2027 and $0.41 on a run-rate basis once associated term loans are fully repaid.
- Reduced Debt and Continued Share RepurchasesNet debt declined by nearly $400 million during the quarter, including a reduction in the revolving credit facility from $736 million to $393 million. Common share repurchases totaled $65 million, or 2.1 million shares, and the company continues to target a total payout ratio near 60%.
- Hybrid Platform Nearing CompletionHybrid investment platform implementation costs were $15 million in the third quarter and are expected to be about $15 million in the fourth quarter. Invesco expects to transition all AUM onto the platform by the end of this year, with some activity potentially extending into the beginning of next year, and expects implementation costs to become very immaterial in the first quarter.
- Continued Investment in Growth InitiativesManagement said it is continuing to invest in technology, products, private markets, ETFs, overseas businesses, AI, and the people needed for future growth. The company also launched or is developing tokenized money market, ETF, and traditional fund offerings and plans to participate in tokenization in both overseas and U.S. markets.
- Private Markets and Real Estate Credit ExpansionThe private markets platform includes approximately $50 billion of alternative credit. INCREF, Invesco's real estate debt fund for U.S. wealth management clients, generated $500 million of net inflows and reached $7 billion of assets including leverage. Invesco also has approximately $1 billion of seeding capital from partners for private-market strategies targeted at wealth management and defined contribution channels.
- AI Focused on Investment and Client OutcomesManagement identified improving investment returns, risk management, and information flow as a primary AI focus, along with improving client delivery and shortening client engagement cycles. AI is being applied through both firmwide initiatives and everyday use by employees.
MX:IVZN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 26, 2027 | 2026 (Q4) | 14.58- | 11.65 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 13.9013.53 | 11.46 | 18.03% (+2.07) | |
| Jul 28, 2026 | 2026 (Q2) | 12.5113.34 | 6.76 | 97.22% (+6.58) | |
| Apr 28, 2026 | 2026 (Q1) | 10.8410.71 | 8.27 | 29.55% (+2.44) | |
| Jan 27, 2026 | 2025 (Q4) | 10.9311.65 | 9.77 | 19.23% (+1.88) | |
| Oct 28, 2025 | 2025 (Q3) | 8.4211.46 | 8.27 | 38.64% (+3.19) | |
| Jul 22, 2025 | 2025 (Q2) | 7.706.76 | 8.08 | -16.28% (-1.32) | |
| Apr 22, 2025 | 2025 (Q1) | 7.218.27 | 6.2 | 33.33% (+2.07) | |
| Jan 28, 2025 | 2024 (Q4) | 8.839.77 | 8.83 | 10.64% (+0.94) | |
| Oct 22, 2024 | 2024 (Q3) | 8.128.27 | 6.58 | 25.71% (+1.69) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed