Fiscal year ends DecLast earnings: Apr 28, 2026Est. next earnings: Jul 28, 2026
Latest Score
8.0/ 10
+1.0vs prior
4-Period Change
+1.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
1%
All quarters
8.0out of 10Positive
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base7Base 7GAAP revenue YoY +14.1% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for IVZ (asset manager). No structural GAAP distortion. revenue YoY 14.08% → base 7 (≥8% and <15%). transcript_adjustment = 0.+EPS+1EPS +1EPS: prior Q1 2025 = $0.38, current Q1 2026 = $0.51. EPS YoY = 34.21%. GAAP EPS spread = 34.21 - 14.08 = 20.13 percentage points (outside +5 percentage points). OI: prior = $277.3M, current = $333.2M, oi_yoy = 20.16%. operating income spread = 20.16 - 14.08 = 6.08 percentage points (outside +5 percentage points, same direction as GAAP). Both outside same direction → EPS adjustment = +1.+Guidance0Guidance 0IVZ provides expense guidance ($3.275B for 2026) and comp-to-revenue targets (38-42% range, midpoint this year) but does NOT provide forward revenue or EPS guidance. Expense guidance is a spend commitment, not a growth commitment.=Final8
How this score was built
Base7Base 7GAAP revenue YoY +14.1% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for IVZ (asset manager). No structural GAAP distortion. revenue YoY 14.08% → base 7 (≥8% and <15%). transcript_adjustment = 0.+
Macro Signals
→Enterprise Spending→CAPEX→Regulation Policy
Invesco delivered Q1 2026 net revenue of $1.3 billion, up 14% year-over-year, with adjusted EPS of $0.57 and operating margin of 34.5%, up 300 basis points year-over-year, as the 11th consecutive quarter of net inflows reached $21.8 billion. NASDAQ expanded QQQ licensing to two additional ETFs, and active net inflows reached the strongest quarter with nearly $15 billion. The China JV reached record $142 billion AUM with 31% organic growth, and fundamental equity outflows narrowed to the smallest level in nearly nine years. Invesco set 2026 operating expense guidance at $3.275 billion with at least $60 million in hybrid platform savings expected in 2027.
Key Themes7
positive📊 company
Operating Margin Improves 300 Bps Year-Over-Year To 34.5%
Year-over-year positive operating leverage of 500 basis points drove operating margin to 34.5%, with adjusted EPS of $0.57 versus $0.44 prior year, a 30% improvement.
MarginRevenue Growth
positive📊 company
11th Consecutive Quarter Of Net Inflows With $21.8B
Net long-term inflows of $21.8 billion at 4% annualized organic growth, marking 11th straight quarter of net inflows despite elevated market volatility from geopolitical uncertainty and changing rate expectations.
what does that look like today? And is there enough there to move the needle on the blended fee rate when it comes to that bucket as well for you guys?
EPS +1EPS: prior Q1 2025 = $0.38, current Q1 2026 = $0.51. EPS YoY = 34.21%. GAAP EPS spread = 34.21 - 14.08 = 20.13 percentage points (outside +5 percentage points). OI: prior = $277.3M, current = $333.2M, oi_yoy = 20.16%. operating income spread = 20.16 - 14.08 = 6.08 percentage points (outside +5 percentage points, same direction as GAAP). Both outside same direction → EPS adjustment = +1.
+
Guidance0Guidance 0IVZ provides expense guidance ($3.275B for 2026) and comp-to-revenue targets (38-42% range, midpoint this year) but does NOT provide forward revenue or EPS guidance. Expense guidance is a spend commitment, not a growth commitment.
=
Final8
NASDAQ Expands QQQ Licensing To 2 Additional ETFs
NASDAQ expanded licensing to allow 2 additional U.S.-listed ETFs to track NASDAQ 100 at same 8 basis point fee. Management emphasized QQQ's entrenched position through unmatched liquidity, 25-year brand recognition, and high switching costs including taxes.
Competitive DynamicsPricing
positive📊 company
Active Net Inflows Reach Strongest Quarter At Nearly $15B
Strongest quarter of active net inflows with nearly $15 billion generated globally, with active ETF platform managing over $20 billion in assets, increasing to over $35 billion including index strategies run by active teams.
DemandProduct Launch
positive📊 company
China JV Reaches Record $142B AUM With 31% Organic Growth
China JV delivered $8.7 billion net long-term inflows at 31% annualized organic growth, reaching record $142 billion AUM driven by Fixed Income Plus strategies now at $40 billion. Launched 14 new funds with $2.5 billion in AUM.
Geographic ExpansionDemandProduct Launch
mixed📊 company
Fundamental Equity Outflows Narrow To Smallest In Nearly 9 Years
Fundamental equity net outflows of $2.4 billion were smallest in nearly 9 years with best gross sales since beginning of 2022. U.S. value equities turned to net inflows, and developing markets fund outflows moderated to $1.2 billion.
DemandCompetitive Dynamics
positive📊 company
2026 Expense Guidance Set At $3.275B With $60M Hybrid Platform Savings In 2027
Operating expenses expected at $3.275 billion for 2026 under flat markets from $2.3 trillion AUM level. Hybrid platform cost savings of at least $60 million in 2027, with run rate savings building throughout the year.
Cost PressureMargin
is there anywhere else that might make sense to trim and continue to focus?
can you talk about the economic impact you see as you think about this year and next in terms of operating on some of these third-party distribution platforms
maybe we could drill down on assessing the durability of it by getting you to talk about what changes additions you've made on the product lineup and distribution investments