IVZ US S&P 500Russell 1000 Earnings call · transcribed from the recording
Invesco (IVZ) · Q3 2026 results and valuation
Share price: $28.63 · 2026-11-11
Invesco is an independent investment management firm that provides active, passive, and alternative investment capabilities across various asset classes. The company serves retail and institutional clients in more than 120 countries across the Americas, Europe, Middle East and Africa, and Asia-Pacific. Source: 10-K annual report (2026-02-24)
Results Q3 2026 vs Q2 2026 · previous quarter · published 27 Oct 2026 and 28 Jul 2026
Management sounded upbeat, in its script and in answers to analysts.
1 · Numbers
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No financial figures for this pair
Outlook given
2 · How management spoke
Upbeat
More upbeat than 67% of company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Figure
Invesco generated over $100 billion of net long-term inflows through the first nine months of the year, representing a 6.5% annualized organic growth…
Valuation
Is Invesco undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.8% growth a year (3-year revenue growth), the model's fair value is $41.83 a share — the stock trades 32% below it. Today's price assumes −3.5% growth a year.
Current price
$28.63
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-3.5% for 10 yrs
Fair value / share
$41.83
Buy below
$31.37
Price vs fair value
Undervalued 32%
Price vs buy-below price
Undervalued 9%
Read between the lines
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Guidance
Taking into account the aggregate $3 billion in preferred stock repurchases to date, Invesco expects EPS accretion of 17 cents in 2027, reaching a run rate of 41 cents once the associated term loans are fully repaid.
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Guidance
Invesco doesn't think the changes it has made in the capital structure today in any way impact its ability to target a return near 60 percent of net income to its common shareholders.
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Figure
On a quarterly sequential basis, net revenue increased 4% while operating expenses declined 1%, driving operating income growth of 13% and operating margin expansion by more than three percentage points to 40.7%.
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Figure
This fund, which generates a very favorable net revenue yield, posted net inflows of over $4 billion during the quarter, rapidly growing to over $30 billion in AUM and reflecting the sustained appetite for income-oriented global equity strategies.
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Guidance
Invesco expects the fourth quarter to be in the $830 million to $840 million range, assuming flat markets.
4 more
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Guidance
Invesco expects them to be about $15 million in the fourth quarter. And then from there, they should start trending off.
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Figure
Over the past year, Invesco has improved its operating…or its leverage ratio from two-and-a-half times to 1.6 times, inclusive of the outstanding preferred shares.
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Figure
When looking more broadly across its full suite of QQQ products in the U.S. and globally, which includes QQQM, Invesco generated a very strong $16 billion in net inflows during the quarter.
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Figure
Invesco's entire SMA platform, which also includes a portion of equity assets, now stands at nearly $41 billion in AUF.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“The third quarter operating environment remained broadly constructive with resilient equity markets and strong pockets of demand amid rising rates and increased market dispersion.”
“To further support growth in the JV, we launched nine new funds this quarter that are aligned with the growing demand for innovation and balanced as well as active and...”
“We are committed to driving profitable growth, a high level of financial performance, and enhancing the return of capital to our shareholders.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q3 2026not yet filed | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | — | 1.83B | 1.64B | ||
| Operating income | — | 364.2M | 270.9M | ||
| Net income | — | 338.9M | 356.4M | ||
| EPS | — | 0.76 | 0.66 | ||
| P/E | — | 12-mo loss | — | 15.6 | — |
Topics
Most discussed now
- Invesco had positive flows across several dimensions, including in many of its strategically important investment capabilities across the…
- Invesco is not responsible for the accuracy of Invesco's earnings transcripts provided by third parties.
- The continued growth of Invesco's diversified AUM base is driving revenue growth and substantial operating leverage.
- Invesco funded the purchase with a $1.5 billion five-year floating rate bank term loan that currently has a rate in...
- Invesco has introduced wealth management strategies for both the equity and the debt side.
Faded since Q2 2026
- Dropped Fairly consistent approach to capital
- Fading Invesco's broad product suite and global reach is resonating with clients, as they seek to navigate an ever-more complex market...
- Fading Product line management and innovation are key to Invesco's growth and are critical in remaining relevant to its clients.
- Fading Invesco is going to be in it for a long time, and it is really focused on total client experience...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
The company entered into a Credit Agreement and a Repurchase Agreement dated October 23 and 26, 2026, creating a new direct financial obligation.
- Regulation FD disclosure · SEC 8-K
Invesco Ltd. reported preliminary assets under management of $2,537.8 billion as of September 30, 2026, which represents a decrease of 0.9% compared to the previous month-end.
- Regulation FD disclosure · SEC 8-K
Invesco Ltd. reported preliminary assets under management of $2,562.1 billion as of August 31, 2026, which represents an increase of 4.7% compared to the previous month-end.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Invesco announced that Andrew Lo will retire as Senior Managing Director and Head of Asia Pacific on March 31, 2027, to be succeeded by Marty Franc.
- Regulation FD disclosure · SEC 8-K
Invesco Ltd. reported preliminary assets under management of $2,447.1 billion for the month ended July 31, 2026, representing a 0.9% decrease from the previous month-end.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
Invesco Ltd. reported preliminary assets under management of $2,470.3 billion as of June 30, 2026, representing a 0.7% increase compared to the previous month-end.