IVZ · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Invesco Ltd. · 2026-08-04 · Importance 73 · Surprise 66 · From source text
Six-month operating revenues increased 17.3% year over year to $3,570.1 million, while net revenues increased 17.2% to $2,593.4 million. Investment management fees rose 29.2% to $2,844.0 million, primarily because QQQ began generating investment management fees after its conversion to an open-end fund ETF and because average AUM increased. Service and distribution fees declined 16.7% to $611.7 million because QQQ pass-through service revenues were eliminated and the intelliflo business was sold in the fourth quarter of 2025. Average AUM increased 21.4% to $2,293.9 billion, but net revenue yield excluding performance fees fell to 22.7 basis points from 23.4 basis points as client demand shifted toward lower-yield products.
Key facts
- Three months ended June 30, 2026 Operating revenues: $1,825.6 million (up from $1,515.5 million). source
- Operating revenues, three months ended June 30, 2026: $1,825.6 million; three months ended June 30, 2025: $1,515.5 million; six months ended June 30, 2026: $3,570.1 million; six months ended June 30, 2025: $3,044.7 million. source
- Three months ended June 30, 2026 Non-GAAP Net revenues: $1,329.1 million (up from $1,104.6 million). source
- Investment management fees three months ended June 30, 2026: $1,461.8 million versus $1,100.9 million, an increase of $360.9 million or 32.8%. source
- Net revenues, three months ended June 30, 2026: $1,329.1 million; three months ended June 30, 2025: $1,104.6 million; six months ended June 30, 2026: $2,593.4 million; six months ended June 30, 2025: $2,213.3 million. source
- Total revenue adjustments, three months ended June 30, 2026: $(627.1) million; three months ended June 30, 2025: $(500.7) million; six months ended June 30, 2026: $(1,228.5) million; six months ended June 30, 2025: $(1,009.7) million. source
- Investment management fees adjustments, three months ended June 30, 2026: $(385.2) million; three months ended June 30, 2025: $(211.8) million; six months ended June 30, 2026: $(741.5) million; six months ended June 30, 2025: $(420.8) million. source
- Invesco Great Wall included in Net revenues: three months ended June 30, 2026: $121.8 million; three months ended June 30, 2025: $79.2 million; six months ended June 30, 2026: $232.6 million; six months ended June 30, 2025: $157.4 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +28.8% | Operating revenues, three months ended June 30, 2026: $1,825.6 million; three months ended June 30, 2025: $1,515.5 million; six months… |
| revenue | positive | realized | +20.8% | Net revenues, three months ended June 30, 2026: $1,329.1 million; three months ended June 30, 2025: $1,104.6 million; six months ended… |
| revenue | positive | realized | +19.8% | Investment management fees three months ended June 30, 2026: $1,461.8 million versus $1,100.9 million, an increase of $360.9 million or… |
| revenue | negative | realized | -17.6% | Investment management fees adjustments, three months ended June 30, 2026: $(385.2) million; three months ended June 30, 2025: $(211.8)… |
| revenue | positive | realized | +17.0% | Three months ended June 30, 2026 Operating revenues: $1,825.6 million (up from $1,515.5 million). |
| revenue | positive | realized | +12.3% | Three months ended June 30, 2026 Non-GAAP Net revenues: $1,329.1 million (up from $1,104.6 million). |
| revenue | negative | realized | -12.0% | Total revenue adjustments, three months ended June 30, 2026: $(627.1) million; three months ended June 30, 2025: $(500.7) million; six… |
| revenue | negative | realized | -9.5% | Investment management fees adjustments, three months ended June 30, 2026: $(385.2) million; three months ended June 30, 2025: $(211.8)… |
| revenue | negative | realized | -6.9% | Total revenue adjustments, three months ended June 30, 2026: $(627.1) million; three months ended June 30, 2025: $(500.7) million; six… |
| revenue | positive | realized | +5.4% | Service and distribution fees adjustments, three months ended June 30, 2026: $(207.2) million; three months ended June 30, 2025: $(252.7)… |
| revenue | positive | realized | +4.1% | Invesco Great Wall included in Net revenues: three months ended June 30, 2026: $121.8 million; three months ended June 30, 2025: $79.2… |
| revenue | positive | realized | +2.5% | Service and distribution fees adjustments, three months ended June 30, 2026: $(207.2) million; three months ended June 30, 2025: $(252.7)… |