IVZMEDIUM SIGNALFINANCIAL10-K

Invesco expanded share repurchases substantially while strengthening operating cash flow, but experienced a notable decline in stockholders' equity amid higher liabilities.

The company demonstrated improved cash generation and returned more capital to shareholders through buybacks, suggesting management confidence in the business. However, the decline in stockholders' equity combined with increased liabilities warrants monitoring of the firm's capital structure and leverage metrics.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Invesco showed solid operational improvement with operating cash flow growing 28% to $1.5B and meaningfully expanded share repurchases. However, the balance sheet reflects some pressure with stockholders' equity declining 16% to $12.2B while total liabilities increased 24% to $14.1B. The combination of stronger cash generation but weakening equity position suggests the company may be employing more aggressive capital allocation or facing headwinds that compressed book value.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+55.9%
$79.3M$123.6M

Share repurchases increased 55.9% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+28.2%
$1.2B$1.5B

Operating cash flow grew 28.2% — strong conversion of earnings to cash, healthy business fundamentals.

Total Liabilities
Balance Sheet
+24.2%
$11.3B$14.1B

Liabilities increased 24.2% — monitor debt-to-equity ratio and interest coverage.

Capital Expenditure
Cash Flow
+22%
$69.1M$84.3M

Capex increased 22% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
-16%
$14.6B$12.2B

Equity decreased 16% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
At January 31, 2026, the most recent practicable date, the number of Common Shares outstanding was 443,673,777 .
Securities and Exchange Commission SMAs Separately managed accounts SOFR Secured Overnight Financing Rate Term Loan Agreements $500.0 million three-year and $500.0 million five-year Term Loan Credit Agreements, dated as of May 16, 2025, among Invesco Finance, Inc.
and Bank of America included as Exhibit 10.1 on Form 10-Q for the period ended June 30, 2025 the company Invesco Ltd.
Report this Annual Report on Form 10-K TRS Total return swap UIT Unit investment trust U.K.
Our revenues and net income from money market and other fixed income assets may be harmed by interest rate volatility, prolonged high or low rates, liquidity, and credit volatility.
Our Credit Agreements impose operating covenants that impact our ability to conduct certain activities and, if amounts borrowed under our Credit Agreements were subject to accelerated repayment, we might not have sufficient assets or liquidity to repay such amounts in full.
As of December 31, 2025, the firm managed approximately $2.2 trillion in assets for investors around the world.
(Information contained on our website shall not be deemed to be part of, or be incorporated into, this document.) Industry Trends Trends around the world continue to transform the investment management industry and underscore the need to be well diversified with broad capabilities globally: Individuals and Institutions expect personalized outcomes and experience Distribution partners are becoming more selective and continuing to maintain fewer relationships and partners, reducing the number of trusted investment managers with whom they work.
While performance remains paramount and competitive pricing is essential, best-in class experience and value-added services (including portfolio analytics, consultative solutions, and digital tools) increasingly differentiate managers.
Investors who are selecting active strategies place a high bar on proven and consistent performance across various wrappers.
REMOVED
At January 31, 2025 , the most recent practicable date, the number of Common Shares outstanding was 447,601,799 .
Securities and Exchange Commission SFC Securities Futures Commission of Hong Kong SFDR Sustainable Finance Disclosure Regulation SOFR Secured Overnight Financing Rate the company Invesco Ltd.
Report this Annual Report on Form 10-K TRS Total return swap UITs Unit investment trusts U.K.
Our revenues and net income from money market and other fixed income assets may be harmed by interest rates, liquidity and credit volatility.
Disclosure requirements and expectations related to sustainability or environmental, social, and governance (ESG) are increasing and evolving.
Our revolving credit agreement imposes operating covenants that impact our ability to conduct certain activities and, if amounts borrowed under it were subject to accelerated repayment, we might not have sufficient assets or liquidity to repay such amounts in full.
As of December 31, 2024, the firm managed approximately $1.85 trillion in assets for investors around the world.
While performance remains paramount and competitive pricing is essential, best-in class experience and value-added services (including portfolio analytics and consultative solutions) increasingly differentiate managers.
Investors are selecting active strategies and place a high bar on proven and consistent performance.
Leading asset managers must quickly curate options that solve clients problems Investment capabilities will be delivered efficiently and seamlessly using technologies, platforms, and vehicles.
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