Invesco reported a challenging Q4 2025 with a significant non-cash intangible asset impairment leading to a GAAP net loss, while adjusted metrics showed modest growth. The company ended the year with record AUM and positive net long-term inflows, driven by ETFs and Index products, but faced a decline in operating margin excluding the impairment.
Ending AUM reached $2.2 trillion, an increase of 2.1% from the prior quarter and 17.5% from the prior year-end.
positiveNet long-term inflows of $19.1 billion for the fourth quarter, contributing to $81.2 billion for the full year.
positiveAdjusted operating margin improved to 36.4% from 34.2% in the prior quarter and 33.7% in the prior year.
positiveRepurchased $500 million of Series A Preferred Stock and repaid the remaining $240 million of a bank term loan, strengthening the balance sheet.
positiveGAAP diluted EPS was $(2.61), significantly impacted by a $1.8 billion non-cash intangible asset impairment, which also resulted in a GAAP net loss of $(1,186.2) million.
negativeGAAP operating margin was (86.2)% in Q4 2025, a sharp decline from 16.5% in Q3 2025 and 19.6% in Q4 2024, due to the impairment charge.
negativeNet long-term flows decreased to $19.1 billion in Q4 2025 from $28.9 billion in Q3 2025.
attentionTotal net flows decreased to $30.5 billion in Q4 2025 from $26.1 billion in Q3 2025, but this is a decrease from $60.9 billion in Q4 2024.
attentionFull-year 2025 GAAP operating income was a loss of $(695.7) million, compared to income of $832.1 million in 2024.
negativeFull-year 2025 GAAP net loss attributable to Invesco Ltd. was $(726.3) million, compared to net income of $538.0 million in 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
ETFs and Index | N/A | — | — | — |
Fundamental Fixed Income | N/A | — | — | — |
Fundamental Equities | N/A | — | — | — |
Private Markets | N/A | — | — | — |
China JV | N/A | — | — | — |
Multi-Asset/Other | N/A | — | — | — |
Global Liquidity | N/A | — | — | — |
QQQ | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 marked a year of significant milestones for Invesco, with value unlocked across the organization, accelerated profitable growth, and strategic priorities executed.
Ended the quarter with record assets under management of $2.2 trillion with strong net long-term inflows of over $19 billion, or 5% annualized organic growth.
Generated another quarter of positive operating leverage with strong revenue growth and good expense management, translating to significant improvement in our operating margin.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.