Invesco’s third quarter results were defined by strong global inflows and notable operating margin expansion, offset by a modest shortfall in adjusted earnings per share compared to analyst expectations. Management pointed to the firm’s broad-based asset growth, especially outside the U.S., as a key factor behind revenue gains. CEO Andrew Schlossberg highlighted that “well over half of those flows came from outside the U.S., demonstrating the breadth of our global platform and the relevance of our capabilities in meeting clients’ evolving needs.”
Is now the time to buy IVZ? Find out in our full research report (it’s free for active Edge members).
Invesco (IVZ) Q3 2026 highlights:
- Revenue $1.38 billion vs S&P analysts’ estimates of $1.38 billion (16.5% year-on-year growth, in line)
- Adjusted EPS $0.72 vs S&P analysts’ expectations of $0.74 (2.6% miss)
- Operating margin 31.6%, up from 22.8% in the same quarter last year
- Market capitalization $12.6 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from Invesco’s Q3 earnings call
- Michael Cho (JPMorgan): Asked how operating leverage relates to key AUM buckets. CFO Allison Dukes explained scale in ETFs and the China JV delivers higher margins, while global expense prioritization drives improvement.
- Brennan Hawken (BMO Capital Markets): Questioned net revenue yield pressures. Dukes clarified that mix shift toward lower-fee ETFs and money market funds drove the modest yield decline but noted strong underlying organic revenue growth.
- Glenn Schorr (Evercore ISI): Inquired about real estate credit strategy and capital-raising opportunities. CEO Schlossberg described the approach as team-specific, with a focus on downside protection and diversified growth across real assets and private credit.
- Alex Blostein (Goldman Sachs): Asked about accelerating private markets to offset active equity headwinds. Schlossberg pointed to new strategies and partnerships targeting the wealth and retirement space, while Dukes emphasized optionality from improved balance sheet flexibility.
- Bill Katz (TD Cowen): Sought clarity on capital return priorities and long-term margin opportunities. Dukes reiterated the commitment to a 60% payout ratio and explained that sustaining high-30s margins remains the focus, with flexibility to invest as growth opportunities arise.
Catalysts in upcoming quarters
Looking ahead, the StockStory team will be monitoring (1) the pace of adoption and scalability of Invesco’s hybrid investment platform, (2) net inflow and margin trends in EMEA and Asia-Pacific, particularly as new ETF products launch, and (3) signs of progress in digital asset initiatives and private market expansion. Execution in these areas will be critical to maintaining operating leverage and supporting long-term growth.
Invesco currently trades at $28.81, in line with $28.54 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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