Invesco
IVZ · NYSEInvestment Advice · Fiscal year ends Dec 31
Invesco reported revenue of $6.4B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was −$696M, an operating margin of −10.9%, and net income was −$175M. Operating cash flow of $1.5B less capital expenditure of $84M left free cash flow of $1.4B. Net debt was $788M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.9B | $6B | $5.7B | $6.1B | $6.4B |
| Operating income | $1.8B | $1.3B | −$435M | $832M | −$696M |
| Interest expense | $95M | $85M | $71M | $58M | $83M |
| Pre-tax income | $2.5B | $1.2B | −$238M | $1B | −$379M |
| Income tax | $531M | $322M | −$70M | $253M | −$205M |
| Net income | $1.4B | $684M | −$334M | $538M | −$175M |
| Diluted EPS | 2.99 | 1.49 | −0.73 | 1.18 | −1.60 |
| Diluted shares | 465M | 460M | 456M | 458M | 455M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $1.2B | $1.5B | $987M | $1B |
| Net PP&E | $518M | $561M | $600M | $479M | $379M |
| Goodwill | $8.9B | $8.6B | $8.7B | $8.3B | $8.5B |
| Total assets | $32.7B | $29.8B | $28.9B | $27B | $27.1B |
| Deferred revenue | $6M | – | – | – | – |
| Long-term debt | $2.1B | $1.5B | $1.5B | $891M | $1.8B |
| Total liabilities | $16B | $12.9B | $13B | $11.3B | $14.1B |
| Shareholders' equity | $15.5B | $15.2B | $14.6B | $14.6B | $12.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $703M | $1.3B | $1.2B | $1.5B |
| Capital expenditure | $109M | $193M | $164M | $69M | $84M |
| Free cash flow | $969M | $510M | $1.1B | $1.1B | $1.4B |
| Depreciation & amortisation | $205M | $195M | $183M | $180M | $156M |
| Stock-based compensation | $140M | $106M | $115M | $105M | $80M |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | $61M | $245M | $188M | $79M | $124M |
| Dividends paid | $308M | $335M | $358M | $372M | $377M |
| Dividend per share | 0.67 | 0.73 | 0.79 | 0.81 | 0.83 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.3% | −5.5% | 6.1% | 5.1% |
| Operating income growth (YoY) | – | −26.3% | −133.0% | – | −183.6% |
| EPS growth (YoY) | – | −50.2% | −149.0% | – | −235.6% |
| Operating margin | 25.9% | 21.8% | −7.6% | 13.7% | −10.9% |
| Net margin | 20.2% | 11.3% | −5.8% | 8.9% | −2.7% |
| Return on equityBlank when equity is negative | 9.0% | 4.5% | −2.3% | 3.7% | −1.4% |
| Free cash flow margin | 14.1% | 8.4% | 19.9% | 18.5% | 22.6% |
| Cash conversion (CFO ÷ net income) | 0.77x | 1.03x | −3.90x | 2.21x | −8.73x |
| Interest cover | 18.9x | 15.5x | −6.17x | 14.3x | −8.43x |
| Debt ÷ equity | 0.13x | 0.10x | 0.10x | 0.06x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $189M | $253M | $20M | −$96M | $788M |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.