Invesco Ltd.
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Range $28 – $39
Price Chart
About the company
Invesco Ltd. engages in the investment management business. Its products include mutual funds, unit trusts, exchange-traded funds, closed-end funds, and retirement plans.
- CEO
- Andrew Ryan Schlossberg
- IPO
- 1995
- Employees
- 7,405
- HQ
- Atlanta, GA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $14.15B
- P/E
- -46.93
- Fwd P/E
- 11.35
- PEG
- 0.12
- P/S
- 2.05
- P/B
- 1.15
- EV/EBITDA
- 9.99
- Div Yield
- 2.66%
- Gross Margin
- 67.42%
- Op Margin
- -7.10%
- Net Margin
- -0.93%
- ROE
- -0.51%
- ROIC
- -1.13%
Latest fiscal year · YoY change
- Revenue
- $6.38B+5.1%
- Gross Profit
- $2.75B+35.8%
- Op Income
- $-695,700,000
- Net Income
- $-281,700,000-136.4%
- EPS
- $-1.61-236.4%
- OCF Growth
- +28.2%
- FCF Growth
- +28.6%
- 52W High
- $32.80
- 52W Low
- $20.58
- 50D MA
- $29.34
- 200D MA
- $26.70
- Beta
- 1.60
- RSI (14)
- 60
- Avg Volume
- 5.12M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Invesco reported record second-quarter AUM, inflows, revenue, and profitability, with operating margin expanding to 37.5% on strong ETF, QQQ, and China-JV growth.· July 28, 2026
- Record Q2 net long-term inflows of $45.1 billion drove AUM to a record $2.5 trillion, up 23% year over year.
- Adjusted diluted EPS nearly doubled year over year to $0.71, while adjusted operating income rose 45% to nearly $500 million.
- Operating margin expanded to 37.5%, supported by 5% sequential net revenue growth and essentially flat adjusted operating expenses.
- QQQ remains a major growth engine, with $14 billion of net inflows in the quarter and $130 million of incremental net revenue in the first half of 2026.
- Management said it is not planning a short-term fee reaction in QQQ, while continuing to emphasize brand, liquidity, and international expansion.
Second-quarter adjusted diluted EPS was $0.71, up from $0.36 a year ago and $0.57 in the first quarter. Net revenue was $1.3 billion, up $224 million year over year and $65 million sequentially; adjusted operating income was nearly $500 million, up 45% year over year. Adjusted operating margin was 37.5%, up 360 basis points year over year and 300 basis points sequentially. Net long-term inflows were a record $45.1 billion, and AUM ended the quarter at a record $2.5 trillion, up 23% year over year and 14% sequentially. For guidance, management said hybrid platform implementation costs should run closer to $15 million per quarter in the second half of 2026, with incremental platform expense building toward $10 million per quarter later in the year. The third-quarter non-GAAP effective tax rate is estimated at 25% to 26%, excluding discrete items. Management reiterated a target total payout ratio near 60%, including common dividends and buybacks.
Andrew Schlossberg framed the quarter as evidence that Invesco’s strategy is working: record inflows, record AUM, margin expansion, and strong operating leverage. He emphasized product innovation, noting more than 50 product launches this year across ETFs, SMAs, model portfolios, and private assets, plus partnerships such as Superstate, Barings, and LGT Capital. He was upbeat on the QQQ franchise and said Invesco will continue to lean on brand strength, global distribution, and selective expansion rather than making a short-term defensive response to competitive fee pressure.
Allison Dukes highlighted the financial upside from strong organic growth and positive markets, citing 5% sequential net revenue growth, nearly 500 basis points of positive operating leverage, and a 300 basis point margin improvement to 37.5%. She said net revenue yield was 22.4 basis points for the quarter and exit yield was 22 basis points, with mix shift in lower-fee products moderating and nearing stabilization. On capital and balance sheet, she said net debt fell by more than $450 million in the quarter, total debt fell $343 million, revolver borrowings dropped from $1.1 billion to $136 million, and leverage improved to 1.9x inclusive of preferred stock and 0.54x excluding it. She also confirmed $50 million of buybacks in Q2, a dividend increase to $0.215 per share, and a target payout ratio near 60%.
Analysts focused heavily on QQQ pricing, with management saying it will not make a short-term fee reaction and will instead rely on the franchise’s liquidity, brand, total cost of ownership, and long-term ecosystem benefits. Management also said custodial fee flexibility is limited by long-term contracts, and that marketing spend will remain targeted, including outside the U.S. and in Asia following the Hong Kong and Tokyo cross-listings. On expenses, management said the hybrid platform implementation should taper in early 2027, while the company remains focused on keeping operating margins in the high-30s and continuing deleveraging before addressing preferred shares more aggressively.
The call showed broad-based momentum: record inflows across ETFs, China, liquidity, and private markets, plus improving performance in fundamental equities. Management believes the business is benefiting from a more balanced AUM mix, scale-driven operating leverage, and durable demand for differentiated products like QQQ, active ETFs, and tax-aware SMAs. The company also sees room to keep improving margins and returning capital while still investing in growth.
The biggest concern raised was QQQ fee pressure, with analysts probing whether lower competitor pricing could slow growth or pressure economics. Fundamental equities still produced net outflows of $7.7 billion overall, driven partly by idiosyncratic institutional liquidations, and management acknowledged that consistent positive equity flows remain a challenge for the industry. There is also near-term expense noise from the hybrid platform implementation and ongoing uncertainty around when preferred stock capital can be reduced further.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.2%
- Shares Outstanding
- 443.30M
- Float Shares
- 439.90M
of shares held by institutions
657 13F filers
Buy/sell ratio 0.25. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for IVZ, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Kevin HernHouse · OK01 | Sell | Mar 17, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Feb 10, 26 | Filing → |
| Gilbert CisnerosHouse · CA31 | Buy | Jan 9, 26 | Filing → |
| Rob BresnahanHouse · PA08 | Sell | Apr 8, 25 | Filing → |
| Gary PetersSenate · MI | Sell | Oct 17, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Nov 3, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Oct 2, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 23, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Aug 23, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 17, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 10, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 5, 22 | Filing → |
| Dean PhillipsHouse · MN03 | Sell | May 13, 20 | Filing → |
| Dean PhillipsHouse · MN03 | Buy | Apr 2, 20 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Massachusetts Mutual Life Insurance Co | 81.33M | 0 |
| Vanguard Group Inc | 52.97M | ▲ 947.69K |
| Blackrock, Inc. | 38.71M | ▼ 34.11K |
| Vanguard Capital Management LLC | 28.10M | ▲ 138.96K |
| Dimensional Fund Advisors LP | 21.72M | ▲ 355.86K |
| State Street Corp | 16.79M | ▲ 87.93K |
| Millennium Management LLC | 15.69M | ▼ 5.96M |
| Aqr Capital Management LLC | 12.60M | ▲ 79.75K |
| Geode Capital Management, LLC | 12.50M | ▼ 338.16K |
| Goldman Sachs Group Inc | 11.15M | ▲ 605.27K |
| Price T Rowe Associates Inc | 10.62M | ▼ 1.50M |
| Invesco Ltd. | 9.31M | ▼ 1.25M |
Held by 341 ETFs
Biggest fund positions in IVZ by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 2, 26 | DUKES LAURA ALLISON | other | 52,003 |
| Jul 2, 26 | Kupor Jeffrey H | other | 26,002 |
| Jul 2, 26 | Lo Andrew Tak Shing | other | 116,754 |
| Jul 2, 26 | Lo Andrew Tak Shing | other | 116,754 |
| Jul 2, 26 | Schlossberg Andrew | other | 156,007 |
| May 15, 26 | WOOD PHOEBE A | other | 8,112 |
| May 15, 26 | WOMACK CHRISTOPHER C | other | 8,112 |
| May 15, 26 | WAGONER G RICHARD JR | other | 8,112 |
| May 15, 26 | Tolliver Paula | other | 8,112 |
| May 15, 26 | Sheinwald Nigel | other | 8,112 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our IVZ coverage
Recent articles, reports, and earnings notes.

Inside the Northern Lights Fund Trust III IPO: Setup and Risks
Northern Lights Fund Trust III is expected to list on the NYSE on 2026-08-14, but the price range has not been disclosed. The filing set does not show a traditional operating-company IPO; it points to an existing Delaware statutory trust used to launch and administer funds. Watch whether investors treat this as a fund-platform story or pass until there is clearer pricing and a specific series-level catalyst.

Guinness Atkinson Funds IPO: The Bull and Bear Case
Guinness Atkinson Funds is expected to list on the NYSE on 2026-08-12, but the price range has not been disclosed. The bigger question is whether this is really an IPO at all, or a routine SEC fund filing for an existing investment company. Bull case: ETF-class expansion in a regulated fund family. Bear case: no IPO economics, no pricing, and no operating-company growth story.

What to Watch as Valued Advisers Trust Approaches Listing
Valued Advisers Trust is expected to list on 2026-08-12 on the NYSE, but the price range has not been disclosed. The key issue is that the SEC materials reviewed do not show a traditional operating-company IPO; they describe a long-running registered investment company platform instead. That makes this a watch-the-structure story more than a standard growth IPO.
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