Invesco reported adjusted diluted earnings per share of $0.62 for Q4 2025, surpassing consensus estimates of $0.57 and representing a 19.2% increase from $0.52 in the prior year period. Net revenues climbed 8.8% year-over-year to $1.26 billion, driven by higher investment management fees on rising average assets under management and performance fees of $28.9 million, primarily from multi-asset, fundamental equity and private markets products.

Assets under management reached a record $2.17 trillion at quarter end, up 17.5% versus December 2024 and 2.1% from the prior quarter. Net long-term inflows totaled $19.1 billion in Q4 and $81.2 billion for the full year, with ETFs and index strategies contributing $11.9 billion and the China joint venture delivering $8.9 billion of the quarterly figure. Retail net inflows were $10.2 billion, while institutional clients added $8.9 billion.

Adjusted operating income rose 17.4% year-over-year to $457.8 million, lifting the adjusted operating margin to 36.4% from 33.7% in Q4 2024. Reported operating results included a $1.8 billion non-cash intangible asset impairment that reduced GAAP operating margin to negative 86.2%, compared with 19.6% in Q4 2024. Excluding the impairment, operating expenses declined modestly, reflecting disciplined cost management across technology, property and compensation.

During the quarter Invesco repurchased $500 million of Series A preferred stock and repaid the remaining $240 million on its three-year bank term loan, while converting the QQQ trust to an open-end ETF and completing the sale of Intelliflo and 60% of its India asset management joint venture. These moves, alongside 5% annualized organic asset growth and headcount reductions of 11.9% year-over-year, support management’s goal of deleveraging the balance sheet and enhancing shareholder returns.