IVZ · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

Invesco Ltd. · 2026-11-03 · Importance 54 · Surprise 40 · In source text

For the three months ended September 30, 2026, operating revenues rose 14.2% to $1,873.2 million, while net revenues increased 16.5% to $1,381.7 million. For the nine months, operating revenues grew 16.2% to $5,443.3 million and net revenues rose 16.9% to $3,975.1 million. Nine-month investment management fees increased 28.7% to $4,356.2 million, driven primarily by QQQ fees following its conversion to an open-end fund ETF and higher average AUM; service and distribution fees fell 18.5% to $924.9 million, largely from the elimination of QQQ pass-through service revenues and the intelliflo sale. Nine-month net revenue yield excluding performance fees declined to 22.3 basis points from 23.2 basis points as the mix shifted toward products with lower net revenue yields.

Key facts

• For the nine months ended September 30, 2026, investment management fees were $4,356.2 million versus $3,385.9 million in 2025; foreign exchange movements increased fees by $20.6 million, and excluding FX they increased by $949.7 million, primarily due to QQQ's ETF conversion and higher average AUM. source
• For the three months ended September 30, 2026, investment management fees were $1,512.2 million versus $1,184.7 million in 2025, primarily reflecting QQQ fees after its conversion to an open-end fund ETF and higher average AUM. source
• Invesco's operating revenues were $1,873.2 million for the three months ended September 30, 2026, up $232.8 million (14.2%) from 2025; nine-month operating revenues were $5,443.3 million, up $758.2 million (16.2%). source
• Invesco's net revenues were $1,381.7 million for the three months ended September 30, 2026, up 16.5%; nine-month net revenues were $3,975.1 million, up 16.9%. source
• For the three months ended September 30, 2026, operating revenues were $1,873.2 million and net revenues were $1,381.7 million; for the nine months ended September 30, 2026, operating revenues were $5,443.3 million and net revenues were $3,975.1 million. source
• Invesco's service and distribution fees were $924.9 million for the first nine months of 2026 versus $1,135.4 million in 2025; the decline reflected QQQ pass-through revenue elimination and the 2025 intelliflo sale, partly offset by higher average AUM. source
• Invesco's service and distribution fees were $313.2 million in the third quarter of 2026 versus $400.7 million in 2025, primarily because QQQ pass-through service revenues ended after its conversion. source
• Invesco's net revenue yield excluding performance fees fell to 22.3 basis points for the nine months ended September 30, 2026 from 23.2 basis points in 2025. source

Impact estimates