At a glance
Invesco Plc is worth $12.26B. Revenue grew 5.1% to $6.38B in fiscal 2025, at a loss; over 5 years it has grown 0.7% a year. It pays a 3.1% dividend yield, raised every year for at least 4 years, and returned $2.45B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.9% over the past year with dividends reinvested and +5.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.8% in the 2020 crash (S&P 500: 33.7%) and 43.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 34 months after the lows.
The business in plain English
Invesco is a global investment manager, organized under Bermuda law and listed on the New York Stock Exchange as IVZ. It runs funds, ETFs and institutional portfolios across stocks, bonds, mixed (balanced) strategies, alternatives such as real estate and private credit, and money market funds. As of December 31, 2025, it managed about $2.2 trillion in assets under management (AUM, the client money it oversees) for clients in more than 120 countries. Its products include the Invesco QQQ Trust, which tracks the Nasdaq-100 Index.
Invesco earns money mainly from fees charged as a percentage of the assets it manages. In fiscal 2025, revenue was $6.38 billion: investment management fees made up 72.4%, service and distribution fees 23.8%, other revenue 3.2% and performance fees 0.7%. Because fees track asset values, revenue rises and falls with markets and client flows. Active stock funds and alternatives earn Invesco higher fees than index funds and bond products.
Most AUM comes from individual investors, known as retail: $1,515.7 billion as of December 31, 2025, sold mainly through brokers, banks, financial planners and online wealth platforms. Institutions such as pension funds, insurers, endowments and sovereign wealth funds accounted for $654.2 billion. By region, the Americas produced 74.7% of fiscal 2025 revenue, Europe, the Middle East and Africa 20.6%, and Asia-Pacific 4.6%.
Price history
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IVZ +20.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment management fees | $4.62B | 72.4% |
| Service and distribution fees | $1.52B | 23.8% |
| Other | $202.2M | 3.2% |
| Performance fees | $41.5M | 0.7% |
By geography
| Americas | $4.77B | 74.7% |
| EMEA | $1.32B | 20.6% |
| APAC | $295.3M | 4.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.83B, up 20.5% from a year earlier, and net income was $345.3M.
- For fiscal 2025, revenue was $6.38B (+5.1% year over year; +0.7% a year from FY2020 to FY2025) with a -11.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.7% watch |
|---|---|
| Operating margin | -10.9% weak |
| Free cash flow margin | 22.6% good |
| Return on equity (FY2025) | -5.9% weak |
| Return on assets (FY2025) | -2.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.15B | $524.8M | $1.12B |
| FY2021 | $6.89B | $1.39B | $969.3M |
| FY2022 | $6.05B | $683.9M | $510.3M |
| FY2023 | $5.72B | $-333.7M | $1.14B |
| FY2024 | $6.07B | $538.0M | $1.12B |
| FY2025 | $6.38B | $-726.3M | $1.44B |
Valuation snapshot
| Market value | $12.26B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.1% |
Rank among 1514 US companies
Market value at each year end
Invesco’s market value went from $12.39B at the end of 2016 to $12.26B on Nov 2, 2026, down 1%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $12.26B | +4.9% |
| 2025 | $11.69B | +48.8% |
| 2024 | $7.86B | -2.0% |
| 2023 | $8.02B | -2.0% |
| 2022 | $8.18B | -22.9% |
| 2021 | $10.62B | +32.6% |
| 2020 | $8.01B | -1.9% |
| 2019 | $8.16B | +18.5% |
| 2018 | $6.89B | -53.7% |
| 2017 | $14.87B | +20.0% |
| 2016 | $12.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IVZ price data to Nov 2, 2026 | +8.1% | +20.9% | +33.5% | +5.9% | +4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.1% |
| 2025 | +57.0% |
| 2024 | +3.0% |
| 2023 | +6.1% |
| 2022 | -18.7% |
| 2021 | +36.1% |
| 2020 | +3.2% |
| 2019 | +15.0% |
| 2018 | -52.0% |
| 2017 | +24.7% |
| 2016 | -5.9% |
| 2015 | -12.1% |
| 2014 | +11.5% |
| 2013 | +43.3% |
| 2012 | +33.4% |
| 2011 | -14.6% |
| 2010 | +4.7% |
| 2009 | +66.8% |
| 2008 | -52.8% |
| 2007 | +29.3% |
| 2006 | +63.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.7% over that stretch · deepest drop along the way 71.9%, back to its old high 50.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57% over that stretch · deepest drop along the way 57.8%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.7% over that stretch · deepest drop along the way 43.4%, back to its old high 33.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (16 read): 0 open-market purchases and 5 sales ($7.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Andrew Tak Shing Lo Senior Managing Director | sell | $3.2M |
| Sep 9, 2026 | Stephanie Butcher Senior Managing Director | sell | $1.5M |
| Sep 8, 2026 | Andrew Tak Shing Lo Senior Managing Director | sell | $1.4M |
| Sep 4, 2026 | Laura Allison Dukes Chief Financial Officer | sell | $1.0M |
| Sep 11, 2026 | Phoebe A Wood Director | sell | $97K |
Who owns it
Large shareholders (13G filings)
| Integrated Core Strategies (US) LLC | 3.9% | Jun 30, 2026 |
ETFs with the most weight in IVZ
| FXO First Trust Financials AlphaDEX Fund | 1.6% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.2% |
| SPYD SPDR Portfolio S&P 500 High Dividend ETF | 1.07% |
| HIDV AB US High Dividend ETF | 0.77% |
| SPHB Invesco S&P 500® High Beta ETF | 0.73% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.72% |
| DVY iShares Select Dividend ETF | 0.71% |
| PY Principal Value ETF | 0.62% |
What could go wrong
- Heavy exposure to Nasdaq-100 and AI stocks. Invesco advises the Invesco QQQ Trust and Invesco NASDAQ 100 ETF, which track the Nasdaq-100 Index. If AI-linked tech stocks fall, assets in these funds and the fees they generate could shrink.
- $2.5 billion of perpetual preferred stock. Invesco issued about $4 billion of preferred stock that never matures; about $2.5 billion remains outstanding. Preferred holders rank ahead of common shareholders, and it may limit funding for other priorities.
- MassMutual can sway company decisions. The company says MassMutual has the ability to significantly influence its business, and that MassMutual's interests may differ from those of other shareholders.
- Past and possible future asset write-downs. Goodwill (the premium paid for acquisitions) and other intangible assets have been written down before and could be again. Write-downs cut reported earnings, though they use no cash.
- Fee pressure as investors favor index funds. Investors keep shifting toward passive (index-tracking) funds, which earn Invesco lower fees than active stock funds or alternatives. Competition may also force fee cuts, squeezing profits even when assets grow.
- Market slumps hit profits harder than revenue. Fees are based on asset values, but most expenses stay fixed. When markets fall, net income and margins would likely drop faster than revenue. The stock fell more than 52% in both 2008 and 2018.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
For income and retirement investors
Invesco paid $0.835 per share in dividends in fiscal 2025, its fourth straight annual increase. Before that, dividends per share fell from $0.78 in fiscal 2020 to $0.67 in fiscal 2021, so growth from fiscal 2020 to 2025 averaged only about 1.4% a year. Despite a net loss in fiscal 2025, dividends used about 26% of free cash flow (cash left after running and investing in the business). The yield was about 3% as of October 28, 2026. From fiscal 2021 to 2025, Invesco paid $1.75 billion in dividends and spent $696 million repurchasing shares; the share count fell about 4% between September 2021 and June 2026.
The stock has fallen hard in downturns: about 72% in the 2008 crisis, taking roughly 50 months to recover; 58% in the 2020 COVID crash; and 43% in the 2022 bear market, recovering only in July 2025. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Invesco make money?
Mostly through fees on the money it manages. In fiscal 2025, Invesco's revenue was $6.38 billion. Investment management fees, generally based on the market value of client assets, made up 72.4%. Service and distribution fees added 23.8%, other revenue 3.2% and performance fees 0.7%. As of December 31, 2025, it managed about $2.2 trillion for clients in more than 120 countries, so revenue tends to rise and fall with markets.
Does Invesco raise its dividend every year?
Not every year, though it has raised it four years in a row. Regular dividends were $0.835 per share in fiscal 2025, up from $0.815 in fiscal 2024. But per-share dividends fell from $0.78 in fiscal 2020 to $0.67 in fiscal 2021, so growth over fiscal 2020–2025 averaged only about 1.4% a year. The dividend yield was 2.96% as of October 29, 2026. Fiscal 2025 dividends used about 26.2% of free cash flow, the cash left after running and investing in the business.
Is Invesco profitable?
Not in fiscal 2025, its latest full year. Invesco reported a net loss of $726.3 million in fiscal 2025, after a $538 million profit in fiscal 2024, and it also lost money in fiscal 2023. Cash generation held up better: free cash flow was $1.44 billion in fiscal 2025. In the quarter ended June 30, 2026, net income was $345.3 million, and revenue of $1.83 billion was up 20.5% from a year earlier.
Is Invesco the company behind QQQ?
Yes. Invesco advises the Invesco QQQ Trust and the Invesco NASDAQ 100 ETF, which both track the Nasdaq-100 Index. The company reports QQQ as its own investment line, separate from its other ETFs and index products. Because fees are tied to asset values, a slide in the AI-linked stocks in that index could cut Invesco's assets and revenue, a risk its annual report flags. Owning IVZ shares is not the same as owning QQQ.
How volatile is Invesco stock?
More volatile than the broad market. Its one-year beta was 1.73 as of October 29, 2026; beta compares a stock's swings with the market's, and above 1 means bigger moves. The shares fell 71.9% during the 2008 financial crisis and took about 50 months to recover, and dropped 43.4% in the 2022 bear market, not recovering until July 22, 2025. Calendar-year price moves include a 57% gain in 2025 and a 52% loss in 2018.