In Q4 2025, Invesco Ltd. reported ending assets under management of $2.17 trillion, up 2.1% sequentially and 17.5% year-over-year, driven by $19.1 billion of net long-term inflows. ETF and index strategies led with $11.9 billion of inflows, followed closely by the China joint venture contributing $8.9 billion. On a geographic basis, Asia Pacific and EMEA garnered $14.1 billion and $6.2 billion of long-term inflows respectively, offset by a $1.2 billion outflow in the Americas. Net market gains added $10.7 billion to AUM, while foreign exchange movements trimmed $1.7 billion.

Adjusted diluted EPS for the quarter was $0.62, a 1.6% increase from Q3 and a 19.2% gain year-over-year, comfortably above the Zacks Consensus of $0.57. Adjusted net revenues rose 8.8% year-over-year to $1.26 billion, fueled by higher average AUM and performance fees of $28.9 million—up sharply from the prior year. Adjusted operating income improved 17.4% year-over-year to $457.8 million, reflecting disciplined expense management despite strategic investments.

GAAP operating income swung to a loss of $1.46 billion, driven by a $1.8 billion non-cash intangible asset impairment that reduced diluted EPS by $3.01. Excluding this charge, the adjusted operating margin expanded to 36.4%, up from 33.7% a year earlier. The impairment related to legacy U.S. retail mutual fund management contracts and did not affect cash flows or the firm’s capital return capacity.

During the quarter, Invesco completed the conversion of its flagship QQQ Trust into an open-end ETF, enhancing product flexibility and fee accrual. The sale of Intelliflo and a 60% stake in its India asset management arm streamlined the portfolio, generating non-operating gains of $21.3 million. The firm repurchased $500 million of Series A preferred stock and repaid the remaining $240 million on its three-year bank term loan, underscoring a commitment to deleveraging and shareholder returns.