IVZ · Invesco Ltd.

Invesco Ltd. delivered strong Q1 2026 results, marking the 11th consecutive quarter of positive organic growth with $21.8 billion in net long-term inflows, surpassing prior quarter's $19.1 billion. Inflows were led by ETFs and Index at $18.6 billion and China JV at $8.7 billion, offset by $10.8 billion outflows from QQQ and $2.4 billion from Fundamental Equities. Ending AUM stood at $2,159.5 billion, down 0.5% quarter-over-quarter due to $42.5 billion net market losses and $2.1 billion FX headwinds, but up 17.1% year-over-year. GAAP operating revenues rose 3.1% to $1,744.5 million from Q4 2025, driven by $152.8 million higher investment management fees from QQQ's conversion to open-end ETF and elevated average AUM, despite fewer days. YoY, revenues surged 14.1% on $281.9 million fee growth. Operating expenses fell sharply QoQ excluding prior impairment but rose YoY on third-party costs, compensation accelerations, and marketing. Adjusted net revenues edged up 0.4% QoQ and 14.0% YoY, with adjusted operating margin at 34.5%, up from 31.5% YoY on 14% net revenue growth and controlled expenses, yielding 25% higher adjusted operating income and 30% EPS growth. CEO Schlossberg highlighted broad demand across platforms, operating leverage, product launches, and capital returns amid strong balance sheet. Capital actions included redeeming $500 million senior notes, $40 million buybacks (1.6 million shares), and raising dividend to $0.215/share, with cash at $806.9 million and debt at $1,966.7 million.