Revenue remains range-bound between $1.5 billion and $1.7 billion, while gross margins exhibit extreme volatility, swinging from a low of 25.8% to a high of 67.0% due to non-operating accounting adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 6.59B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 3.34B | 2.75B | 2.03B | 2.01B | 2.44B | 2.83B | 2.39B | 2.52B | 2.21B | 2.17B | 1.96B | 2.15B | 2.12B | 1.83B | 1.51B | 1.52B | 1.32B | 2.63B | 3.31B | 3.88B | 3.25B | 2.87B | 572.62M | 554.37M | 591.3M | 762.12M | 960.69M | 677.43M | 470.5M | 337.5M |
| Gross Margin % | 50.68% | 43.18% | 33.41% | 35.08% | 40.3% | 41.1% | 38.89% | 41.11% | 41.62% | 42.13% | 41.35% | 41.92% | 41.23% | 39.32% | 37.38% | 37.2% | 37.82% | 100% | 100% | 100% | 100% | 100% | 25.78% | 26.84% | 27.28% | 32.31% | 39.45% | 39.1% | 35.34% | 38.5% |
| Gross Profit Growth % | - | 35.82% | 1.09% | -17.73% | -13.98% | 18.57% | -4.97% | 13.73% | 1.72% | 11.05% | -8.83% | 1.21% | 16.2% | 20.6% | -0.53% | 15.41% | -49.8% | -20.57% | -14.73% | 19.47% | 13.02% | 401.66% | 3.29% | -6.25% | -22.41% | -20.67% | 41.81% | 43.98% | 39.41% | - |
| Operating Expenses | 3.98B | 3.45B | 1.2B | 2.44B | 1.12B | 1.05B | 1.47B | 1.71B | 1.01B | 895.1M | 805.4M | 789.1M | 845M | 705.9M | 671.6M | 640.1M | 729.1M | 2.14B | 2.56B | 2.88B | 2.49B | 2.46B | 388.77M | 417.18M | 352.38M | 287.56M | 164.51M | 166.9M | 78.7M | 30.1M |
| OpEx % of Revenue | - | 54.09% | 19.7% | 42.69% | 18.51% | 15.17% | 23.91% | 27.9% | 18.94% | 17.35% | 17.01% | 15.4% | 16.42% | 15.2% | 16.58% | 15.64% | 20.9% | 81.57% | 77.39% | 74.37% | 76.62% | 85.8% | 17.5% | 20.2% | 16.25% | 12.19% | 6.76% | 9.63% | 5.91% | 3.43% |
| Selling, General & Admin | 506.2M | 660.5M | 676M | 649.7M | 588.2M | 522.7M | 564.1M | 539.8M | 459.2M | 428.7M | 409.2M | 477.1M | 508.6M | 409.9M | 398.3M | 367.8M | 340.7M | 2.14B | 2.56B | 2.64B | 2.24B | 2.11B | 2.04B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 10.36% | 11.14% | 11.37% | 9.72% | 7.58% | 9.18% | 8.82% | 8.64% | 8.31% | 8.64% | 9.31% | 9.88% | 8.83% | 9.83% | 8.99% | 9.77% | 81.57% | 77.39% | 68.11% | 69.11% | 73.61% | 91.72% | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -639.8M | -695.7M | 832.1M | -434.8M | 1.32B | 1.79B | 920.4M | 808.2M | 1.2B | 1.28B | 1.15B | 1.36B | 1.28B | 1.12B | 842.6M | 898.1M | 589.9M | 484.3M | 747.8M | 994.3M | 785.4M | 407.9M | -208.7M | 137.19M | 238.92M | 474.56M | 796.18M | 510.53M | 391.8M | 307.4M |
| Operating Margin % | -9.71% | -10.91% | 13.72% | -7.61% | 21.78% | 25.94% | 14.98% | 13.21% | 22.67% | 24.79% | 24.34% | 26.52% | 24.81% | 24.12% | 20.8% | 21.95% | 16.91% | 18.43% | 22.61% | 25.63% | 24.19% | 14.2% | -9.4% | 6.64% | 11.02% | 20.12% | 32.7% | 29.46% | 29.43% | 35.07% |
| Operating Income Growth % | - | -183.61% | 291.38% | -133% | -26.31% | 94.29% | 13.88% | -32.92% | -5.8% | 10.99% | -15.16% | 6.38% | 13.99% | 32.95% | -6.18% | 52.25% | 21.8% | -35.24% | -24.79% | 26.6% | 92.55% | 295.45% | -252.12% | -42.58% | -49.65% | -40.4% | 55.95% | 30.3% | 27.46% | - |
| EBITDA | 1.23B | 1.23B | 1.01B | 864M | 1.51B | 1.99B | 1.12B | 985.8M | 1.35B | 1.4B | 1.25B | 1.45B | 1.37B | 1.21B | 937.6M | 1.02B | 686.6M | 561.9M | 815.4M | 1.06B | 852.9M | 502.4M | -86.2M | 493.75M | 576.77M | 773.87M | 960.69M | 677.43M | 470.5M | 337.5M |
| EBITDA Margin % | 18.71% | 19.25% | 16.68% | 15.11% | 25.01% | 28.91% | 18.29% | 16.11% | 25.35% | 27.05% | 26.48% | 28.34% | 26.55% | 26.02% | 23.15% | 24.82% | 19.69% | 21.39% | 24.65% | 27.29% | 26.27% | 17.49% | -3.88% | 23.91% | 26.61% | 32.81% | 39.45% | 39.1% | 35.34% | 38.5% |
| EBITDA Growth % | 15.03% | 21.36% | 17.09% | -42.89% | -24.1% | 77.37% | 14.01% | -26.82% | -3.5% | 11.35% | -13.66% | 6.27% | 13.05% | 28.9% | -7.67% | 47.9% | 22.19% | -31.09% | -22.96% | 24.09% | 69.77% | 682.85% | -117.46% | -14.39% | -25.47% | -19.45% | 41.81% | 43.98% | 39.41% | - |
| D&A (Non-Cash Add-back) | 1.88B | 1.92B | 179.6M | 1.3B | 195.3M | 205.3M | 203.5M | 177.6M | 142.1M | 116.8M | 101.2M | 93.6M | 89.4M | 88.4M | 95M | 117.4M | 96.7M | 77.6M | 67.6M | 64.1M | 67.5M | 94.5M | 122.5M | 356.57M | 337.85M | 299.32M | 164.51M | 166.9M | 78.7M | 30.1M |
| EBIT | -580.2M | -546.7M | 1.06B | -167.4M | 1.33B | 2.6B | 1.2B | 1.11B | 1.25B | 1.52B | 1.3B | 1.44B | 1.47B | 1.42B | 1.05B | 1.14B | 1.01B | 422M | 733.9M | 994.3M | 772.3M | 470.5M | 87.33M | 137.19M | 238.92M | 474.56M | 796.18M | 510.53M | 391.8M | 307.4M |
| Net Interest Income | -41.9M | -28.6M | 900K | -22.7M | -60.8M | -69.5M | -108.8M | -107.2M | -90.2M | -81.4M | -81.2M | -68.7M | -60M | 32.1M | 47.7M | 69.4M | 74.1M | -54.7M | -39.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 51.8M | 53.9M | 58.9M | 47.8M | 24.4M | 25.2M | 20.5M | 28.5M | 21.3M | 13.4M | 12.2M | 13M | 13.1M | 200M | 268.3M | 318.2M | 251.3M | 9.8M | 37.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 93.7M | 82.5M | 58M | 70.5M | 85.2M | 94.7M | 129.3M | 135.7M | 111.5M | 94.8M | 93.4M | 81.7M | 73.1M | 167.9M | 220.6M | 248.8M | 177.2M | 64.5M | 76.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -424.1M | -379.4M | 1.01B | -237.9M | 1.25B | 2.5B | 1.07B | 972.9M | 1.14B | 1.43B | 1.21B | 1.36B | 1.4B | 1.26B | 859.5M | 908.1M | 833.8M | 357.5M | 657M | 1.24B | 754.6M | 360.08M | 39.03M | 64.91M | 164.8M | 408.37M | 744.66M | 457.34M | 348.6M | 292.8M |
| Pretax Margin % | -6.43% | -5.95% | 16.57% | -4.16% | 20.63% | 36.27% | 17.4% | 15.9% | 21.42% | 27.7% | 25.49% | 26.59% | 27.1% | 27.02% | 21.22% | 22.19% | 23.91% | 13.61% | 19.86% | 32.07% | 23.24% | 12.53% | 1.76% | 3.14% | 7.6% | 17.31% | 30.58% | 26.39% | 26.19% | 33.4% |
| Income Tax | -201.1M | -204.6M | 252.9M | -69.7M | 322.2M | 531.1M | 261.6M | 235.1M | 255M | 268.2M | 338.3M | 398M | 390.6M | 336.9M | 272.2M | 286.1M | 197M | 148.2M | 236M | 357.3M | 263.8M | 151.1M | 67.71M | 95.73M | 137.58M | 182.95M | 264.46M | 164.83M | 124.7M | 99.6M |
| Effective Tax Rate % | 47.42% | 53.93% | 25.16% | 29.3% | 25.82% | 21.24% | 24.47% | 24.16% | 22.41% | 18.77% | 28.04% | 29.22% | 28% | 26.84% | 31.67% | 31.51% | 23.63% | 41.45% | 35.92% | 28.73% | 34.96% | 41.96% | 173.48% | 147.48% | 83.48% | 44.8% | 35.51% | 36.04% | 35.77% | 34.02% |
| Net Income | -243.4M | -281.7M | 774.8M | -96.9M | 920.7M | 1.63B | 761.6M | 688.3M | 882.8M | 1.13B | 854.2M | 968.1M | 991.5M | 940.3M | 677.1M | 729.7M | 465.7M | 322.5M | 481.7M | 673.6M | 490.1M | 212.24M | -36.2M | -30.82M | 27.22M | 225.42M | 431.41M | 292.51M | 156.2M | 193.2M |
| Net Margin % | -3.69% | -4.42% | 12.77% | -1.7% | 15.22% | 23.64% | 12.39% | 11.25% | 16.61% | 21.85% | 18.04% | 18.9% | 19.26% | 20.24% | 16.72% | 17.83% | 13.35% | 12.28% | 14.56% | 17.37% | 15.1% | 7.39% | -1.63% | -1.49% | 1.26% | 9.56% | 17.72% | 16.88% | 11.73% | 22.04% |
| Net Income Growth % | -130.26% | -136.36% | 899.59% | -110.52% | -43.51% | 114% | 10.65% | -22.03% | -21.69% | 31.97% | -11.77% | -2.36% | 5.45% | 38.87% | -7.21% | 56.69% | 44.4% | -33.05% | -28.49% | 37.44% | 130.92% | 686.38% | -17.44% | -213.21% | -87.92% | -47.75% | 47.48% | 87.27% | -19.15% | - |
| Net Income (Continuing) | -223M | -174.8M | 752.4M | -168.2M | 925.5M | 1.97B | 807.5M | 737.8M | 883.1M | 1.16B | 868.3M | 964.1M | 1B | 918.3M | 569.2M | 612.1M | 636.8M | 209.3M | 421M | 673.6M | 482.7M | 219.8M | -36.2M | -30.82M | 27.22M | 312.79M | 480.21M | 292.51M | 223.9M | 193.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.01B | 773.9M | 1.11B | 1.32B | 1.63B | 1.18B | 658.9M | 839.3M | 753.6M | 502.7M | 391.7M | 977.7M | 959.3M | 584.7M | 732.2M | 1.02B | 1.1B | 707.9M | 906.7M | 1.12B | 5M | 3.29M | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.54 | -1.60 | 1.18 | -0.73 | 1.49 | 2.99 | 1.13 | 1.28 | 2.14 | 2.75 | 2.12 | 2.31 | 2.27 | 2.17 | 1.49 | 1.57 | 1.01 | 0.76 | 1.21 | 1.69 | 0.60 | 0.27 | -0.05 | -0.04 | 0.03 | 0.28 | 0.63 | 0.44 | 0.24 | 0.34 |
| EPS Growth % | -217.6% | -235.59% | 261.64% | -148.99% | -50.17% | 164.6% | -11.72% | -40.19% | -22.18% | 29.72% | -8.23% | 1.76% | 4.61% | 45.64% | -5.1% | 55.45% | 32.89% | -37.19% | -28.4% | 181.67% | 122.22% | 698.67% | -18.06% | -218.63% | -88.5% | -55.56% | 43.18% | 83.33% | -29.41% | - |
| EPS (Basic) | - | -1.61 | 1.18 | -0.73 | 1.50 | 3.01 | 1.14 | 1.29 | 2.14 | 2.75 | 2.12 | 2.32 | 2.34 | 2.18 | 1.50 | 1.58 | 1.01 | 0.77 | 1.24 | 1.75 | 0.62 | 0.27 | -0.05 | -0.04 | 0.03 | 0.28 | 0.66 | 0.46 | 0.25 | 0.37 |
| Diluted Shares Outstanding | 453.7M | 453.8M | 457.7M | 456.2M | 459.5M | 465.4M | 462.5M | 440.5M | 412.5M | 409.9M | 415M | 429.3M | 435.6M | 448.5M | 453.8M | 464.7M | 463.2M | 423.6M | 397.5M | 397.9M | 810.7M | 800.78M | 802.46M | 806.53M | 845.49M | 815.2M | 687.62M | 666.84M | 649.5M | 568.24M |
| Basic Shares Outstanding | 451.1M | 451.2M | 457M | 454.8M | 457.5M | 462.8M | 459.5M | 437.8M | 399.8M | 409.4M | 414.7M | 428.9M | 435M | 447.5M | 452.3M | 462.9M | 460.4M | 417.2M | 386.4M | 386M | 791M | 794.08M | 798.85M | 803.54M | 845.49M | 815.2M | 656.36M | 633.5M | 633.57M | 522.16M |
| Dividend Payout Ratio | - | - | 47.95% | - | 36.36% | 18.88% | 46.93% | 76.87% | 55.57% | 41.83% | 53.9% | 46.95% | 42.76% | 40.38% | 42.68% | 30.27% | 42.5% | 52.37% | 42.99% | 23.01% | 29.3% | 63.19% | - | - | 553.67% | 54.5% | 22.03% | 30.05% | 47.18% | 22.15% |
Earnings Volatility from Impairments
According to the provided quarterly data, Invesco has maintained a consistent revenue base near $1.5 billion to $1.7 billion, suggesting that the firm's top-line performance is primarily driven by market-linked asset valuations rather than significant organic growth in net new client inflows or aggressive expansion.
The firm's revenue trajectory appears largely tethered to broader market beta, which limits the ability to generate sustained organic growth independent of equity market performance. Investors should monitor whether the reliance on the QQQ franchise creates a ceiling for revenue growth during periods of tech-sector consolidation.
As reported in financial statements, Invesco's gross margins have fluctuated significantly, ranging from a low of 25.8% to a high of 67.0%, reflecting the inherent volatility of an asset management model burdened by high distribution costs and periodic, non-cash accounting adjustments that distort underlying profitability.
The wide variance in gross margins suggests that the firm's retail-heavy distribution network requires substantial pass-through payments, which compress margins during periods of market stress. This structural reality warrants further investigation into whether the firm can achieve sustainable margin expansion without a fundamental shift in its product mix toward higher-margin alternatives.
Based on Invesco's reported figures, the presence of extreme quarterly net income swings, including a $1.1 billion loss in 2025Q4, indicates that GAAP earnings are heavily impacted by non-operating items, such as goodwill impairments, which may mask the firm's true underlying cash-generating capability.
The discrepancy between operating income and net income suggests that investors should focus on normalized earnings metrics to gauge the firm's actual performance. The recurring nature of these large, non-cash charges raises questions about the long-term valuation of intangible assets acquired through past M&A activity.
Invesco's income statement narrative faces a significant challenge, as the firm's reliance on active management fees appears increasingly vulnerable to industry-wide fee compression, potentially undermining the long-term viability of its traditional mutual fund business model despite the relative success of its passive ETF suite.
Short-sellers may focus on the firm's inability to consistently scale operating income, which suggests that the cost structure remains too rigid to absorb potential declines in AUM-based revenue. The persistent risk of outflows from active mandates may necessitate further restructuring, which could continue to weigh on reported net income for the foreseeable future.
Quick answers to the most common questions about buying IVZ stock.
Invesco Ltd. (IVZ) reported a net loss of $281.7M for the fiscal year ending 2025.
Invesco Ltd. (IVZ) reported an operating income of $-695.7M, resulting in an operating profit margin of -10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Invesco Ltd. (IVZ) generated $2.75B in gross profit for the year, representing a gross profit margin of 43.2%. This demonstrates the company's core pricing power and production efficiency.