SummaryInvesco Mortgage Capital offers a high dividend yield, but market momentum and earnings volatility keep my rating at Hold.IVR's strengths include its Invesco affiliation, expanding agency MBS portfolio, and lowest D/E ratio among peers, enhancing competitive positioning and balance sheet safety.Despite portfolio growth and monthly dividends, IVR faces muted top-line growth, a payout ratio above 100%, and consensus expectations for double-digit earnings declines.Trading well below book value, IVR's total return is driven by yield, but risks include potential dividend cuts and sensitivity to Fed rate decisions. fcafotodigital/iStock via Getty Images
The High-Yield Mortgage REIT Not Quite Waking Up The Bulls, Yet For this article, I turn my attention again to discovering high-yield ideas, and to do so, I journey into the land of mortgage REITs. At first glance, a REIT
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author invests in a diversified portfolio of REITs, which include IVR also.
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(Kitco News) – Investors are beginning to treat gold less as a tactical play and more as a strategic allocation as government debt levels continue to spiral higher, according to Christopher Hamilton, head of client solutions, Asia Pacific at Invesco.
In an interview with CNBC on Thursday, Hamilton was asked what he thinks is behind the broad-based selloff in the global bond market.
Hamilton pointed to two major factors that are pushing global yields higher.
“One, at least from a U.S perspective, you see fairly resilient economic growth,” he said. “However, you also see concerns about inflation, and a re-emergence of the term premium we've seen off and on over the last 18 months, looking at some of the fiscal concerns coming out of the US.
Hamilton said real yields are also rising quite substantially, and productivity increases are part of that. “I also think [there’s] this emerging term premium, and some of the fiscal concerns drive that too, because gold has also simultaneously increased, so that's driving a lot of the big theme, inflation, oil, I think all of this is pushing rates upward, as hard as maybe the Treasury's tried to push them down lately.”
“That's really where I see rates going, and some of the confluent factors I see driving that.”
Hamilton was then asked if gold’s price appreciation was being driven by a loss of investor confidence in central banks and governments as global debt continues to rise.
“We consider gold definitely a fiscal and monetary shock absorber,” he replied. “I think there's also a much longer-term strategic play for gold in portfolios. We think about gold as almost like a walking proxy vote on faith in the monetary system, and we think with governments’ debt balances, and just the general fiscal situation, particularly from developed countries, that gold's going to become a more attractive asset class due to its store of value.”
Hamilton said that investors have traditionally treated gold as more of a tactical play in their portfolios. “Now we're having a lot of conversations about using gold in a strategic asset allocation, permanently embedding it into your portfolio framework, due to these concerns.”
“Now, it doesn't necessarily mean those can't abate at times,” he acknowledged. “They can, but I think the fears about those terms re-emerging are warranting that more strategic placement of gold in portfolios.”
According to Invesco’s quarterly gold outlook from July, despite spiking energy prices boosting inflation and rate hike expectations, central bank demand will still help gold finish 2026 on a positive note.
After gold posted its worst quarter since Q2 2013 when the price fell by 22.7, they cautioned that downside risks to the gold price remain.
“The next few months could be pivotal for gold, as we watch to see how the Fed reacts to inflation – and whether inflation is sticky or comes down with lower oil prices – and if the US Dollar firms further versus other major currencies,” they said. “Higher interest rates and a stronger USD are generally negative for gold, as the former increases the opportunity cost of holding a non-yielding asset and the latter makes gold more expensive for international (non-US) investors.”
But despite the rise in inflation expectations, the potential for rate hikes, and the yellow metal’s recent weakness, Invesco maintained a constructive outlook for gold in the second half of 2026.
“[W]e believe much of the structural support for gold remains largely intact,” the authors said. “Central banks look set to continue buying gold to diversify their reserves. The World Gold Council (WGC) reported that a record 45% of central bankers responding to its latest survey said they expected to increase their gold reserves in the next 12 months, while 89% expect gold central bank reserves to increase globally over the coming year.”
They noted that this structural support was reflected in their recent Global Sovereign Asset Management Study, “in which a majority of central banks reported increasing gold allocations over the past three years, with concern over global volatility, inflation protection, and geopolitical uncertainty now among the leading drivers of ongoing gold purchases.”
But while central bank demand is largely price-insensitive, they said, investment demand is sensitive to price momentum. “Rising prices may attract flows into an asset, but falling prices can sometimes encourage selling, particularly when an investor can lock in a profit and needs to access liquidity to reallocate elsewhere,” the authors wrote. “Retail purchases of coins and small gold bars were a strong source of demand throughout the long-term gold rally, and it will be important to see how they respond to the correction.”
“For retail and professional investors, the case for including gold in a portfolio is not based on a single consideration, such as using it only to hedge geopolitical risk, although historically gold has performed this role relatively well,” the Invesco analysts concluded. “Rather, gold can be a useful diversifier as it tends to have low correlation to most assets, especially equities. Gold is a unique asset as it has no issuer, no credit risk, and a long history as a store of value when confidence in currencies, institutions, or market plumbing is questioned.”
See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Invesco Ltd. is an independent investment manager headquartered in Atlanta, GA. As of June 30, 2026, Invesco served clients in more than 120 countries with $2.47 trillion in AUM.
IVZ is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.33; value investors should take notice.
Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.23 to $2.82 per share. IVZ also boasts an average earnings surprise of +12.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, IVZ should be on investors' short list.
The Invesco KBW Bank ETF (KBWB -0.74%) offers concentrated exposure to the banking industry with a higher yield, while the iShares U.S. Financials ETF (IYF -0.78%) provides a more diversified financial sector portfolio with lower historical volatility.
Both funds serve as primary vehicles for financial sector exposure but differ in scope. The Invesco fund targets 26 specific banking stocks, while the iShares ETF casts a wider net across 141 holdings, including insurance and investment firms. This comparison explores which strategy better suits an investor's risk tolerance.
Snapshot (cost & size)MetricKBWBIYFIssuerInvescoiSharesShare price (as of 8/27/26)$95.98$136.88Expense ratio0.35%0.37%1-yr return (as of 8/27/26)26.7%10.8%Dividend yield1.9%1.4%Beta1.20.8AUM$6.8 billion$4.3 billionBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
KBWB is the more affordable option with a 0.35% expense ratio compared to 0.38% for IYF. Furthermore, the Invesco fund provides a higher payout, currently offering a yield 0.53 percentage points above its iShares counterpart.
Performance & risk comparisonMetricKBWBIYFMax drawdown (5 yr)(49.3%)(25.1%)Growth of $1,000 over 5 years (total return)$1,628$1,737iShares U.S. Financials ETF tracks a broad index of financial firms, with its portfolio weighted toward financial services at 99%. With more than 140 holdings, its largest positions include JPMorgan Chase & Co at 11.2%, Berkshire Hathaway at 11.1%, and Bank of America at 4.34%. It was launched in 2000. iShares U.S. Financials ETF has paid $1.92 per share over the trailing 12 months, which on its recent ~$136.88 share price works out to a 1.4% yield.
Invesco KBW Bank ETF focuses purely on banks, with financial services representing 100% of the basket. Its 26 holdings are more concentrated; top positions include Bank of America at 8.7%, JPMorgan Chase & Co at 8.6%, and Wells Fargo & Co at 8.1%. The fund was launched in 2011. Invesco KBW Bank ETF has paid $1.86 per share over the trailing 12 months, which on its recent ~$95.98 share price works out to a 1.9% yield.
For more guidance on ETF investing, check out the full guide at this link.
Which looks like the better buyChoosing between KBWB and IYF presents a classic investing dilemma. KBWB's concentrated focus on just 26 banks has yielded a higher one-year return and generates more dividend revenue than IYF's broader approach. But it has also made the bank ETF more volatile, with a larger maximum drawdown over five years.
IYF's structure, in contrast, provides stability through greater diversification, as its more than 140 holdings target both banks and other financial institutions, including conglomerate Berkshire Hathaway, a market stalwart that accounts for more than 10% of its portfolio. This structure significantly reduces risk, as seen in IYF's maximum five-year drawdown, but also may limit near-term upside as well as overall dividend returns.
Investing in banks has its upsides, including reliable dividend income and exposure to economic growth. But banks are also exposed to interest rate fluctuations, cyclicality, and loan losses. The wider swath of financial companies captured by IYF is also exposed to these risks to some degree. When choosing either of these funds, be sure they align with your long-term financial goals, and take a minute to check your exposure to these companies via holdings in other popular index funds, like those that track the S&P 500.
Wells Fargo is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Sarah Sidlow has positions in Bank of America and Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway and JPMorgan Chase. The Motley Fool has a disclosure policy.
Record demand for Invesco equal weight ETF highlights investor interest in diversified U.S. equities exposure
, /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, announced today that the Invesco S&P 500® Equal Weight ETF (RSP) has reached $100 billion in assets under management (AUM), marking a significant milestone for one of the firm's flagship ETF strategies.
RSP is the only US-listed ETF to provide investors equal-weight exposure to the S&P 500® Index. When it launched in 2003, RSP reshaped how investors could access large-cap U.S. equities through an ETF, breaking the link between market capitalization and index weight.
"Reaching $100 billion in AUM speaks to the role RSP has played in influencing how investors balance their allocations to U.S. equities," said Brian Hartigan, Invesco's Global Head of ETFs & Index Investments. "As a pioneer of equal-weight investing, Invesco has long focused on expanding access to differentiated, rules-based strategies that can help investors build more diversified portfolios. The continued growth of RSP underscores the enduring relevance of equal weight as a complementary approach alongside traditional market-cap exposures."
Investor interest in equal weight strategies has accelerated recently as the composition of the S&P 500 has become increasingly concentrated among a small group of mega-cap companies. By weighting each constituent equally, RSP reduces dependence on the largest names and provides broader exposure across sectors and companies.
"When leadership in the equity market narrows, investors often look for ways to rebalance exposure and broaden participation," said Rene Reyna, Invesco's Head of Equity ETF Strategy. "Equal weight strategies like RSP offer a structural way to reduce concentration risk and diversify across the full opportunity set within large-cap U.S. equities. In today's environment, many investors are revisiting how they construct portfolios, making equal weight a timely and strategic complement to traditional market-cap-weighted approaches."
Through its collaboration with S&P Dow Jones Indices, Invesco offers a suite of 15 equal-weight ETF strategies – including ten equal-weight sector ETFs – that offer investors access to a broad range of sector and large-cap exposures.
"S&P Dow Jones Indices is proud of its longstanding relationship with Invesco and the role our indices have played in helping to shape innovative investment solutions," said Robert Ross, Chief Commercial Officer at S&P Dow Jones Indices. "The S&P 500 Equal Weight Index was designed to offer a complementary perspective to the traditional S&P 500 by reducing top-of-the-index concentration and delivering balance across constituents. We are pleased to see its continued adoption through products, like RSP, as investors seek new ways to access the U.S. equity market."
Invesco has continued to expand its equal-weight franchise to build income into the equal-weight foundation that has made RSP a widely used portfolio allocation. Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) is designed to provide investors with consistent income through an actively managed options strategy that maintains exposure to the S&P 500 Equal Weight Index. The strategy's appeal has helped drive its AUM pass the $1 billion milestone about two years after launch.
Invesco recently added Invesco QQQ Equal Weight ETF (QEW) to Invesco QQQ Innovation suite and Invesco's equal-weight ETF lineup. The strategy offers a balanced way to access the innovative companies that define Nasdaq-100 Index.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.'s products and is a wholly owned, indirect subsidiary of Invesco Ltd.
About Risks
There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.
Investments in financial institutions may be subject to certain risks, including the risk of regulatory actions, changes in interest rates and concentration of loan portfolios in an industry or sector.
ETF Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 10,000, 20,000, 25,000, 50,000, 80,000, 100,000 or 150,000 Shares.
Diversification does not guarantee a profit or eliminate the risk of loss.
The Portfolio may become "non-diversified," as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. Shareholder approval will not be sought when the Portfolio crosses from diversified to non-diversified status under such circumstances.
"Standard & Poor's," "S&P" and "S&P 500," are trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by Invesco Capital Management LLC and its affiliates. Invesco S&P 500® Equal Weight ETF is not sponsored, endorsed, sold or promoted by Standard & Poor's makes no representation regarding the advisability of investing in Invesco S&P 500® Equal Weight ETF.
The sponsor of the Invesco QQQ TrustSM is Invesco Capital Management LLC (Invesco). NASDAQ, Nasdaq-100 Index, Nasdaq-100 Index Tracking Stock and QQQ are trade/service marks of The Nasdaq Stock Market, Inc. and have been licensed for use by Invesco, QQQ's sponsor. NASDAQ makes no representation regarding the advisability of investing in QQQ and makes no warranty and bears no liability with respect to QQQ, the Nasdaq-100 Index, its use or any data included therein.
Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the Fund call 800-983-0903 or visit invesco.com for the prospectus/summary prospectus
Invesco Distributors, Inc. 08/26 NA 5662472
NOT A DEPOSIT l NOT FDIC INSURED l NOT GUARANTEED BY THE BANK | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Key Takeaways Five stocks passed the screen for S&P 500 outperformance, positive estimate revisions and solid fundamentals.VLO leads one-year gains at 132.6%, followed by RCMT at 54.7%, IVZ at 51.4% and RELY at 41.3%.All five saw 2026 earnings estimates rise over 60 days, led by VLO's 37.1% increase. U.S. stocks ended August on a softer note as renewed U.S.-Iran tensions lifted oil prices and kept Treasury yields elevated. Still, the broader market picture remains encouraging. The S&P 500 gained 2.6% in August and stayed close to its recent record high, suggesting that the underlying uptrend remains intact despite geopolitical uncertainty and inflation concerns.
The rally could also become more broad-based, with cyclical areas potentially joining AI-related stocks if economic growth remains steady. Expectations of continued business investment provide further support, while possible policy measures aimed at easing financial conditions could create a better backdrop for equities.
With market momentum still positive but volatility likely to persist, investors may benefit from focusing on stocks already showing stronger performance than their peers. Relative price strength therefore appears to be a useful strategy in the current market.
At this stage, investors would be wise to consider companies such as Paycom Software (PAYC - Free Report) , Invesco Ltd. (IVZ - Free Report) , RCM Technologies (RCMT - Free Report) , Remitly Global (RELY - Free Report) and Valero Energy (VLO - Free Report) .
Relative Price Strength StrategyWhether a stock has the potential to offer considerable returns is determined primarily by its earnings and valuation ratios. Simultaneously, it is essential to check whether its price performance exceeds its peers or the industry average.
Upon such comparison, if we find that a stock is unable to match up to wider sectoral growth despite having impressive earnings momentum or valuation multiples, it may be better to avoid it.
However, those outperforming their respective industries or benchmarks should be included in your portfolio since they have a higher chance of securing significant returns. Picking a stock that outperforms its peers ensures a winning option in your hands.
Then again, it is imperative that you determine whether or not an investment has relevant upside potential when considering stocks with significant relative price strength. Stocks delivering better than the S&P 500 for 1 to 3 months, at least, and having solid fundamentals, indicate room for growth and the best way to go about this strategy.
Finally, it is crucial to find out whether analysts are optimistic about the upcoming earnings of these companies. In order to do this, we have added positive estimate revisions for the current quarter’s (Q1) earnings to our screen. When a stock undergoes an upward revision, it leads to additional price gains.
(We have considered those stocks that have been outperforming the S&P 500 over the last 12 weeks, four weeks and one week.)
% Change (Q1) Est. over 4 Weeks greater than 0: Positive current-quarter estimate revisions over the last four weeks.
Zacks Rank equal to 1: Only Zacks Rank #1 (Strong Buy) stocks — that have returned more than 26% annually over the last 26 years and surpassed the S&P 500 in 23 of the last 26 years — can get through. You can see the complete list of today’s Zacks #1 Rank stocks here.
Current Price greater than or equal to $5 and Average 20-day Volume greater than or equal to 50,000: A minimum price of $5 is a good standard to screen low-priced stocks, while a high trading volume would imply adequate liquidity.
VGM Score less than or equal to B: Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), offer the best upside potential.
Here are five of the 16 stocks that made it through the screen:
Paycom Software: It provides cloud-based human capital management software that helps businesses manage employees from hiring through retirement. The Zacks Consensus Estimate for 2026 earnings of Paycom Software indicates 28.8% growth. PAYC has a VGM Score of B.
Over the past 60 days, the Zacks Consensus Estimate for Paycom Software’s 2026 earnings has moved up 10.9%. The company has a market capitalization of $10.8 billion. PAYC shares have gone up 8.7% in a year.
Invesco: Founded in 1935, Invesco is an independent investment manager serving clients in more than 120 countries with $2.5 trillion in assets under management as of June 30, 2026. The Zacks Consensus Estimate for 2026 earnings of Invesco indicates 38.9% growth. IVZ has a VGM Score of B.
Over the past 60 days, the Zacks Consensus Estimate for Invesco’s 2026 earnings has moved up 8.9%. The company has a market capitalization of $14.6 billion. IVZ shares have gone up 51.4% in a year.
RCM Technologies:The company provides business and technology services in healthcare, engineering, aerospace, defense, industrial, life sciences, and data, helping companies modernize operations and infrastructure. RCM Technologies has a market capitalization of $295.8 million. It has a VGM Score of A.
Notably, over the past 60 days, the Zacks Consensus Estimate for RCM Technologies’ 2026 earnings has gone up 13.3%. The Zacks Consensus Estimate for 2026 earnings of RCMT indicates 22.8% growth. RCM Technologies shares have gained 54.7% in a year.
Remitly Global: Seattle, WA-based Remitly Global is a mobile-first platform that helps immigrants send money across borders. Operating in more than 175 countries, it supports millions of customers and is expanding beyond remittances into broader cross-border financial services for individuals and businesses. The Zacks Consensus Estimate for 2026 earnings of the company indicates 390.6% growth. RELY has a VGM Score of B.
The firm has a market capitalization of around $5.7 billion. Notably, over the past 60 days, the Zacks Consensus Estimate for Remitly Global’s 2026 earnings has gone up 13.8%. RELY’s shares have gained 41.3% in a year.
Valero Energy: It is one of the largest independent refiners and marketers of petroleum products in the United States. Valero Energy’s expected EPS growth rate for three to five years is currently 37.3%, which compares favorably with the industry's growth rate of 33%. VLO has a VGM Score of A.
Over the past 60 days, the Zacks Consensus Estimate for Valero Energy’s 2026 earnings has moved up 37.1%. The Zacks Consensus Estimate for 2026 earnings indicates 283.6% growth. VLO shares have gained 132.6% in a year.
, /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today announced that Andrew Lo, Senior Managing Director and Head of Asia Pacific, will retire on March 31, 2027, after 32 years with the firm. Marty Franc will succeed Lo as Senior Managing Director and Head of Asia Pacific and will transition into the role during the first quarter of 2027.
Following his retirement, Lo will serve as Chairman Emeritus, Asia Pacific, where he will continue to represent Invesco on the Boards of Invesco's China and India joint ventures. In this role, he will also help maintain the strong partnerships that have been instrumental to Invesco's success in the region while providing strategic counsel to our Asia Pacific and global leadership.
Over more than three decades, Lo has played a pivotal role in building Invesco's Asia Pacific business, helping establish the firm as a leading investment manager in the region and shaping many of the partnerships and capabilities that drive its success today, including joint ventures in China and India, which are significant contributors to Invesco's overall success. Through his vision, leadership and unwavering commitment, he helped build the Asia Pacific regional presence into a significant contributor to Invesco's global franchise while developing enduring relationships with clients, partners and employees across the region.
"Andrew's legacy is measured not only by the business he helped build, but by the people he developed, the relationships he nurtured, and the trust he earned throughout the region and across our firm," said Andrew Schlossberg, President and Chief Executive Officer of Invesco. "He has left an enduring mark on Invesco, and we are fortunate that his wisdom and counsel will continue to benefit us."
Franc, who will succeed Lo and continue to be based in Hong Kong, is an industry veteran leader with more than 30 years of asset management experience, including 13 years with Invesco. Franc brings extensive global leadership experience across the region, having overseen several key businesses in Asia for Invesco, including responsibility for Australia, Greater China, Southeast Asian markets, and our Institutional client strategy. Prior to Invesco, he held a range of leadership roles in the asset management industry.
"Marty is an exceptional leader who embodies Invesco's culture and has earned the trust and respect of colleagues across our organization," Schlossberg said. "Marty brings a powerful combination of regional expertise, client focus, strategic leadership, and deep knowledge of Invesco's culture and business. Marty is the right leader to build on the strong foundation Andrew and the entire Asia Pacific Executive Management team have created. I have great confidence in his ability to lead us through our next chapter of growth."
Lo and Franc will work closely together over the coming months to ensure a seamless transition for clients, employees, partners and stakeholders.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
This release includes forward-looking statements that are based on information currently available to management, management's beliefs, and a number of assumptions concerning future events. Forward-looking statements are not a guarantee of performance or that such future events will occur and are subject to uncertainties and other factors, which could cause the actual results to differ materially from those currently expected. In providing forward-looking statements, the company does not intend, and is not undertaking any obligation or duty, to update these statements as a result of new information, future events or otherwise.
Investor Relations Contact: Greg Ketron 404-724-4299
Media Relations Contact: Andrea Raphael 212-323-4202
One of the biggest misnomers about investing is that prospective market participants need considerable sums of capital to get started. Investors who invest with patience, time, and compounding can reap big long-term rewards even when starting small.
That potential certainly exists with the Invesco Nasdaq 100 ETF (QQQM -0.30%). For those not familiar with this exchange-traded fund (ETF), it's basically the lower-cost counterpart to the famous Invesco QQQ ETF (QQQ -0.30%). Both funds track the Nasdaq-100, but the QQQ ETF charges 0.18% per year, or $18 on a $10,000 investment, while the $103.7 billion Invesco Nasdaq 100 ETF has an annual expense ratio of 0.15%.
This ETF can turn small stakes into large dollar amounts over the long term. Image source: Getty Images.
That's not a big difference, but over time it can add up, suggesting that cost-conscious investors should opt for the lower-fee option. Speaking of time, it's something investors want to put on their side with these growth ETFs. Consider the case of the QQQ ETF, which is the older of these two funds.
It debuted in March 1999. An investor who put just $100 into it the following month would have had $1,520 as of July with no additional contributions to the initial $100 stake.
Imagine what that $1,520 could have been if the investor contributed $100 monthly to their cause. We don't have to imagine. A backtest shows that an investor who contributed $100 per month for a decade to the QQQ ETF would have more than $38,000.
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-0.88
Current Price
$
294.12
That figure would be higher with the Invesco Nasdaq 100 ETF, which turns six years old in October, due to its lower expense ratio.
Of course, past performance isn't a guarantee of future returns, but that doesn't mean this ETF can't turn $100 monthly contributions into $40,000 or more over a decade. If history repeats or rhymes over the coming decade, the Nasdaq-100 Index could extend its long-term outperformance of the S&P 500. And if the artificial intelligence (AI) trend gains more momentum, that'd be one more tailwind for the Invesco Nasdaq 100 ETF.
Todd Shriber has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The State Street SPDR S&P 600 Small Cap Growth ETF (SLYG) has a lower expense ratio than the Invesco S&P SmallCap 600 Pure Growth ETF (RZG). RZG boasts higher one-year returns, but also experienced a significantly larger maximum drawdown over the last five years.
A month has gone by since the last earnings report for Invesco (IVZ - Free Report) . Shares have added about 17.5% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Invesco due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Invesco Ltd. before we dive into how investors and analysts have reacted as of late.
Invesco’s Q2 Earnings Beat Estimates on Higher AUM & RevenuesInvesco’s second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line increased 97.2% from the prior-year quarter.
The results primarily benefited from an increase in adjusted revenues and substantial growth in AUM balance. Record net long-term inflows also supported the quarter. However, an increase in adjusted expenses was a headwind.
Net income attributable to Invesco Ltd. (GAAP basis) was $345.3 million or 76 cents per share against a net loss of $12.5 million or 3 cents per share in the year-ago quarter.
Adjusted Revenues Improve, Expenses RiseAdjusted net revenues in the quarter were $1.33 billion, up 20.3% year over year. The top line marginally surpassed the Zacks Consensus Estimate. The rise in revenues was driven by higher average AUM and net revenues earned from QQQ. Favorable foreign exchange rate changes increased net revenues by $6.3 million.
Adjusted operating expenses were $830.4 million, up 9.2% year over year. The increase reflected higher employee compensation and marketing expenses. General and administrative expenses also increased, primarily due to higher professional fees.
The adjusted operating margin was 37.5%, up from 31.2% a year ago.
AUM Balance IncreasesAs of June 30, 2026, AUM was $2.47 trillion, up 23.4% year over year. The average AUM in the second quarter totaled $2.37 trillion, up 24.8%.
Net long-term inflows were a record $45.1 billion compared with $15.6 billion in the year-ago quarter. The annualized long-term organic growth rate was 8.5%.
Client demand remained supportive across IVZ’s multiple investment capabilities. Net long-term inflows were led by ETFs and Index products ($30.1 billion), QQQ ($13.8 billion), the China joint venture ($6.9 billion), Private Markets ($1.9 billion) and Fundamental Fixed Income ($0.4 billion).
These positives were partially offset by net outflows from Fundamental Equities of $7.7 billion and Multi-Asset/Other strategies of $0.3 billion.
By geography, the Americas, Asia Pacific and EMEA produced net long-term inflows of $30.8 billion, $8.2 billion and $6.1 billion, respectively.
Decent Balance SheetAs of June 30, 2026, cash and cash equivalents were $915.4 million compared with $806.9 million as of March 31, 2026. Debt was $1.62 billion, down from $1.97 billion at the end of the prior quarter. The credit facility balance declined to $736 million from $1.08 billion. Net debt was $708.6 million, down from $1.16 billion as of March 31, 2026.
Share Repurchase UpdateIn the reported quarter, Invesco repurchased 1.9 million common shares for $50 million in the open market.
OutlookManagement expects one-time implementation costs of the Alpha investment platform to be $15 million per quarter in the second half of 2026, with completion targeted by the end of 2026. As more AUM transitions onto the platform during 2026, the incremental expense associated with AUM on the system is expected to build through the year, reaching approximately $10 million per quarter later in the year. Hence, the combined costs related to the hybrid platform are expected to be $20 million to $25 million higher in 2026 than in 2025.
Implementation spending should begin tapering in the first quarter of 2027 and decline fairly quickly thereafter. Management expects the installed platform to create further expense-efficiency opportunities through 2027 and into 2028.
Beginning in the third quarter of 2026, operating income is expected to be negatively impacted initially by the Canada fund deal, including an operating expense reduction of $5 million to $10 million per quarter (i.e., a cost benefit that partially offsets other headwinds). Over time, the operating expense benefit is expected to move closer to about $10 million per quarter.
For 2026, the company expects $3.275 billion in operating expenses. Compensation expenses are expected to be roughly 40% of revenues. Third-party expenses plus distribution fees relative to management fees are expected to be 22.7–23%, likely closer to 23%, reflecting a mix shift toward lower-fee products such as QQQ, QQQM and RSP.
Non-GAAP effective tax rate is expected to be in the range of 25-26% for the second half of 2026.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.
VGM ScoresAt this time, Invesco has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. It comes with little surprise Invesco has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerInvesco belongs to the Zacks Financial - Investment Management industry. Another stock from the same industry, Ameriprise Financial Services (AMP - Free Report) , has gained 3.7% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Ameriprise reported revenues of $4.9 billion in the last reported quarter, representing a year-over-year change of +13%. EPS of $11.07 for the same period compares with $9.11 a year ago.
Ameriprise is expected to post earnings of $11.59 per share for the current quarter, representing a year-over-year change of +16.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.2%.
Ameriprise has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Invesco Ltd. is an independent investment manager headquartered in Atlanta, GA. As of June 30, 2026, Invesco served clients in more than 120 countries with $2.47 trillion in AUM.
IVZ is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. IVZ has a Momentum Style Score of B, and shares are up 7% over the past four weeks.
For fiscal 2026, eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.25 to $2.82 per share. IVZ boasts an average earnings surprise of +12.5%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, IVZ should be on investors' short list.
For Immediate ReleaseChicago, IL – August 24 2026 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Broad Agriculture – Invesco DB Agriculture Fund (DBA - Free Report) , Sugar – Teucrium Sugar Fund (CANE - Free Report) , Agribusiness – VanEck Agribusiness ETF (MOO - Free Report) , Water – Invesco Water Resources ETF (PHO - Free Report) , Energy – Energy Select Sector SPDR Fund (XLE - Free Report) , Utilities – Utilities Select Sector SPDR Fund (XLU - Free Report)
Here are highlights from Monday’s Analyst Blog:El Nino Raises Risks: ETF Areas Likely to BenefitThe risk of an extremely strong El Nino is moving higher on corporate agendas as companies prepare for potential disruptions to agriculture, energy demand and supply chains. Scientists have said the "very strong" El Nino in 2026 could be the most troublesome such event since 1950, per Reuters, as quoted on Yahoo Finance.
A review of corporate filings and earnings calls found 478 companies mentioning El Nino across 1,443 documents from May 1 to August 4, with India accounting for nearly 900 mentions, per the same Reuters article.
The threat is particularly significant for agriculture-dependent economies. Hotter, drier and more erratic weather could delay planting, reduce crop yields and pressure food prices. Companies are increasingly stress-testing supply chains and raising capital spending to prepare for flooding, drought and other disruptions.
A Dartmouth College study from 2023 said that the previous major El Nino phases led to huge losses, with the 1982-83 and 1997-98 events causing a loss of $4.1 trillion and $5.7 trillion, respectively, over the following five years, per Reuters, as quoted on Yahoo Finance.
ETF Investment IdeasFor investors, this creates potential opportunities across agriculture, agribusiness, fertilizers, energy, utilities, water infrastructure and commodities.
U.S. farmers and agricultural companies could benefit from higher crop prices if harvests elsewhere are disrupted, while energy producers and utilities may gain from weather-driven increases in power demand and prices.
Broad Agriculture –Invesco DB Agriculture FundThe fund offers broad exposure to agricultural commodities and could benefit if crop shortages push commodity prices higher. The $1.24 billion-asset fund charges 83 bps in fees. The fund trades at an average daily volume of one million shares. The fund is up 10.7% so far this year.
Sugar – Teucrium Sugar FundAmong all soft commodities, sugar is among those that are historically sensitive to strong El Ninoconditions. Asian producers like India and Thailand face drought and reduced output. However, another top grower, Brazil, often sees mixed operational conditions and longer-term crop benefits.
The $54 million-asset-ETF CANE charges 100 bps in fees. The fund trades at an average daily volume of 286,500 shares. The fund is up 17.3% so far this year.
Agribusiness –VanEck Agribusiness ETFThe fund offers exposure to fertilizer, farm equipment, agricultural inputs and other companies positioned to benefit from higher farm spending. The fund charges 56 bps in fees and yields 2.21% annually.
The fund has an asset base of $983 million and trades at an average daily volume of 200,000 shares. The fund is up 11.4% so far this year.
Water –Invesco Water Resources ETFThe fund could gain from increased investment in water infrastructure and drought-management solutions. The $2 billion-asset-fund charges 59 bps in fees and yields 0.57% annually. The fund is up 2% so far this year and 6% over the past month. The fund trades at an average daily volume of 100,000 shares.
Energy –Energy Select Sector SPDR FundThe fund may benefit if weather-driven changes in power and higher energy demand support commodity prices. The $40 billion-asset fund charges 8 bps in fees, trades at an average volume of 33 million and yields 2.42% annually. XLE is up 40% this year (read: U.S. SPR Falls Fast: What Does it Mean for Oil & Energy ETFs?).
Utilities –Utilities Select Sector SPDR FundThe fund could benefit from higher electricity demand in regions experiencing extreme heat. The $22.8 million-asset fund charges 8 bps in fees and yields 2.71% annually. The average daily trading volume of the fund is 20 million. XLU is up 2% this year.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
State Street Consumer Staples Select Sector SPDR ETF maintains a significantly lower expense ratio than Invesco S&P 500 Equal Weight Consumer Staples ETF. State Street Consumer Staples Select Sector SPDR ETF has achieved higher 5-year total returns and a milder maximum drawdown compared to the Invesco fund.
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Based in Atlanta, Invesco (IVZ - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 19.38%. Currently paying a dividend of $0.22 per share, the company has a dividend yield of 2.74%. In comparison, the Financial - Investment Management industry's yield is 2.37%, while the S&P 500's yield is 1.33%.
Looking at dividend growth, the company's current annualized dividend of $0.86 is up 3% from last year. Over the last 5 years, Invesco has increased its dividend 5 times on a year-over-year basis for an average annual increase of 7.66%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Invesco's current payout ratio is 34%, meaning it paid out 34% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for IVZ for this fiscal year. The Zacks Consensus Estimate for 2026 is $2.82 per share, representing a year-over-year earnings growth rate of 38.92%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. However, not all companies offer a quarterly payout.
Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, IVZ presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #1 (Strong Buy).
The Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) made its debut on 11/15/2007, and is a smart beta exchange traded fund that provides broad exposure to the High-Yield/Junk Bond ETFs category of the market.
Uniting differentiated investment capabilities to deliver tailored client outcomes
, /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, today announced an important advancement for Invesco Solutions & Custom Strategies, a unified global platform designed to deliver bespoke investment solutions for clients across wealth and institutional channels. The open architecture platform brings together Invesco's long-established investment capabilities across public and private markets, as well as active and passive strategies, to deliver a tailored client experience.
"Invesco Solutions & Custom Strategies strengthens the connection between our global investment platform and the specific outcomes our clients are seeking," said Stephanie Butcher, Co-Head of Investments at Invesco. "By uniting our existing customization capabilities into a single, globally coordinated offering, we are better positioned to partner with clients on increasingly sophisticated portfolio needs while maintaining our focus on investment excellence and disciplined risk management."
Client needs are evolving rapidly, with asset owners and intermediaries seeking deeper partnerships with fewer managers, greater customization, and innovative solutions aligned to specific objectives. Invesco Solutions & Custom Strategies integrates custom models and separately managed accounts with a technology-forward approach for a more seamless investment delivery to clients. The platform builds on the firm's capabilities and deep expertise in customization throughout:
Multi-Asset Strategies Model Portfolios Separately Managed Accounts Tax-Advantaged Solutions, and Bespoke Institutional Mandates Clint Harris has been appointed to a newly created role as Global Head of Solutions & Custom Strategies, reporting to Ms. Butcher. Mr. Harris will be responsible for uniting Invesco's investment capabilities and advancing the connection between portfolio construction expertise and client engagement across regions and channels. Darby Nielson has also joined the firm and the team as CIO of Multi-Asset Solutions, reporting to Mr. Harris. Mr. Nielson brings more than 20 years of experience overseeing investment strategy and research.
"We serve as a trusted partner to our clients, and they are increasingly looking to Invesco for customized solutions that address their most important needs," said Clint Harris. "A more integrated approach across investments, technology, and client engagement will accelerate our ability to deliver tailored solutions, deepen client relationships, and help drive strong outcomes."
As client expectations continue to rise, Invesco Solutions & Custom Strategies represents a strategic step forward for the firm. By combining high‑quality global investment expertise with tailored portfolio construction and a client‑led delivery model, Invesco aims to help clients achieve their long‑term objectives while navigating an increasingly complex investment landscape.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Invesco Solutions & Custom Strategies is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.
The State Street SPDR S&P 500 ETF offers a lower expense ratio and higher dividend yield than Invesco QQQ Trust, Series 1. The Invesco QQQ Trust, Series 1 has delivered higher total growth over the last five years but carries significantly higher volatility.
ATLANTA, Aug. 14, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of August 2026. The dividend will be paid on September 15, 2026 to stockholders of record at the close of business on August 25, 2026, with an ex-dividend date of August 25, 2026.
Invesco Nasdaq Biotechnology ETF has a lower expense ratio but higher price volatility than Invesco S&P 500 Equal Weight Health Care ETF. Invesco S&P 500 Equal Weight Health Care ETF holds fewer stocks but uses an equal-weighting strategy to diversify across the large-cap healthcare sector.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Invesco Ltd. is headquartered in Atlanta, GA, and operates as an independent investment manager. The company was incorporated in 1935. As of June 30, 2026, Invesco served clients in more than 120 countries and had assets under management of $2.47 trillion.
IVZ is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.35; value investors should take notice.
For fiscal 2026, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.22 to $2.80 per share. IVZ boasts an average earnings surprise of +12.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, IVZ should be on investors' short list.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ)1, a leading global asset management firm, announced today preliminary month-end assets under management (AUM) of $2,447.1 billion, a decrease of 0.9% versus previous month-end. The firm delivered net long-term inflows of $8.6 billion in the month. Money market net inflows were $22.8 billion. AUM was negatively impacted by unfavorable market returns which decreased AUM by $59 billion. FX increased AUM by $4.6 billion. Preliminary average total AUM for the quarter through July 31 was $2,453.0 billion, and preliminary average active AUM for the quarter through July 31 was $1,216.9 billion.
Total Assets Under Management
(in billions)
Total
ETFs & Index
Strategies
QQQ
Fundamental
Fixed Income
Fundamental
Equities
Private
Markets
China JV
Multi-
Asset/Other
Global
Liquidity
July 31, 20261
$2,447.1
$750.5
$452.8
$315.7
$312.5
$135.8
$163.4
$83.4
$233.0
June 30, 2026
$2,470.3
$753.5
$490.1
$315.5
$318.1
$135.5
$163.2
$79.9
$214.5
May 31, 2026
$2,453.9
$745.8
$494.0
$316.5
$319.5
$135.5
$158.7
$79.6
$204.3
April 30, 2026
$2,339.4
$701.4
$440.3
$315.8
$312.2
$134.1
$154.3
$77.7
$203.6
1 All July numbers preliminary – subject to adjustment.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Key Takeaways IVZ hit a new 52-week high of $32.55 before closing at $31.69, extending its recent strong momentum.Invesco's restructuring, hybrid platform, and product expansion support efficiency and long-term growth.IVZ's AUM reached a record $2.47 trillion, backed by strong inflows across ETFs, QQQ, and other products. Invesco Ltd. (IVZ - Free Report) shares touched a new 52-week high of $32.55 during Friday’s trading session before closing at $31.69, below the session's peak.
Over the past six months, shares of IVZ have rallied 17.2% against the industry's decline of 0.4%. Additionally, its close peers, Franklin Resources, Inc. (BEN - Free Report) and BlackRock, Inc. (BLK - Free Report) , have gained 20.1% and 4%, respectively, while AllianceBernstein Holding L.P. (AB - Free Report) has declined 7% over the same period.
6-Month Price Performance
Image Source: Zacks Investment Research
Does Invesco stock have more upside left despite recently touching its 52-week high? Let us find out.
Factors Aiding Invesco’s StockStrategic Restructuring Efforts: Invesco has been undertaking business restructuring initiatives to streamline operations, improve efficiency, and optimize its global business. In June, the company completed the sale of its Canadian fund management business to CI Global Asset Management (CI GAM), involving management agreements for approximately C$27 billion in assets under management.
As part of the transaction, Invesco affiliates will continue to provide portfolio management services for 61 funds representing approximately C$13 billion in AUM through a long-term sub-advisory arrangement. This enables Invesco to retain strategic exposure to the Canadian market while reducing the operational resources required to manage the fund business directly.
In addition, Invesco shifted its India partnership to a minority stake and sub-advisory role, which is expected to reduce operating expenses while retaining strategic exposure to the market. These initiatives are being undertaken alongside the rollout of the company's hybrid investment platform, which remains on track for completion by year-end 2026. The platform is expected to simplify Invesco's investment architecture, support future cost savings, and avoid incremental costs beginning in 2027.
Consistent AUM Growth: Invesco has witnessed strong growth in its AUM, supported by robust client demand across ETFs, index products, QQQ, private markets, and fixed income. During the first six months of 2026, net long-term inflows totaled nearly $67 billion, compared with $27.9 billion in the year-ago period. Ending AUM was $2.47 trillion as of June 30, 2026, up 23.4% year over year, while average AUM increased 24.8%.
The company's diversified investment capabilities are also helping it capture changing client preferences. Despite shifts in the asset mix, Invesco's net revenue yield remained relatively stable at 22.4 basis points in the second quarter of 2026 compared with 23.2 basis points a year ago.
Net Revenue Yield & Average AUM Trend
Image Source: Invesco Ltd.
The resilience in revenue yield, despite strong growth in lower-yielding products such as ETFs and Index products, supports the quality of Invesco's AUM growth. Continued product expansion and broad investment capabilities should help the company capture evolving client demand and support AUM and revenue growth over the long term.
Hence, this reinforces steady momentum in the top line, with the Zacks Consensus Estimate rising 15.28% for 2026 and 9.58% for 2027.
Sales Estimate
Image Source: Zacks Investment Research
Strong Balance Sheet Supports Capital Distribution Activities: Invesco maintains a solid balance sheet position, supported by improving liquidity and declining leverage. As of June 30, 2026, cash and cash equivalents were $915.4 million, while total debt declined to $1.62 billion from $1.97 billion at the end of the first quarter. Further, the leverage ratio, including preferred stock, improved to 1.9 from 2.3 in the prior quarter and 2.7 in the year-ago quarter. With no major debt maturities until 2028 and investment-grade credit ratings, Invesco has adequate financial flexibility to meet operational needs and support capital distribution activities.
The company maintains a share repurchase program, with nearly $0.7 billion remaining under the authorization. It also pays regular dividends, raising its quarterly payout by 2.4% to 21.5 cents per share in April 2026, following increases in 2025, 2024, and 2023. Over the past three years, Invesco's dividend yield has generally remained above the industry's average. Currently, the stock offers a dividend yield of 2.72%, compared with the industry's 2.38%.
Dividend Yield
Image Source: Zacks Investment Research
Strong Global Footprint: Invesco has established a broad global presence, with operations spanning the United States, Asia Pacific, EMEA, and other key international markets. As of June 30, 2026, Asia Pacific and EMEA accounted for 15% and 16% of total AUM, respectively, with AUM in these regions increasing 23.4% and 28.7% year over year. The company generated net long-term inflows of $21.4 billion in Asia Pacific and $13.7 billion in EMEA during the first half of 2026.
Its China JV also reached record AUM of $163.2 billion and generated $19.2 billion in total net inflows. Invesco's acquisition of Europe-based Source has further strengthened its ETF capabilities and international reach. This diversified global footprint provides multiple avenues for growth as clients increasingly rebalance portfolios across regions, asset classes and investment channels.
Concerns for InvescoInvesco's financial performance remains sensitive to revenue mix, rising expenses and its sizable intangible asset base. Operating expenses increased at a CAGR of 6.2% over the five years ended 2025, with hybrid platform implementation costs expected to remain elevated through 2026. In addition, goodwill and net intangible assets totaled $12.31 billion, or 45% of total assets, exposing the company to potential impairment charges if market conditions or earnings weaken. Although these investments are expected to support operating leverage over time, higher costs, changing product mix, and potential impairment charges could pressure near-term earnings.
Earnings Estimates for IVZ and Valuation AnalysisAnalysts remain optimistic about Invesco's earnings growth prospects. The Zacks Consensus Estimate for 2026 earnings has been revised over the past 30 days to $2.80 per share, up 8.1%, while the 2027 estimate has risen to $3.22, up 8.1%, over the same period.
The upward revisions reflect expectations of continued AUM growth, strong inflows, and benefits from the company's transformation initiatives. The current estimates imply year-over-year growth of 37.9% in 2026 and 15% in 2027, respectively.
Earnings Revision Trend
Image Source: Zacks Investment Research
The earnings trajectory reflects Invesco's ongoing transformation, including efforts to improve its product mix, capture greater economics from key investment vehicles, and enhance operating efficiency. Continued AUM growth, strong inflows, and margin expansion could support earnings growth in the coming periods, providing a fundamental backdrop for the stock's recent strength.
In terms of valuation, IVZ appears attractively valued relative to the industry. The stock currently trades at a forward 12-month P/E multiple of 10.33X, below the industry's 13.83X. The discount, coupled with the company's improving earnings outlook, suggests that the stock may have further upside potential.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
Invesco trades at a premium to AllianceBernstein, while it is inexpensive compared with BlackRock and Franklin Resources. At present, AllianceBernstein has a forward 12-month P/E of 10.02, while BlackRock and Franklin Resources trade at forward 12-month P/E of 18.69X and 10.85X, respectively.
Parting Thoughts on InvescoInvesco's strong AUM growth, strategic restructuring efforts, diversified investment offerings, and improving earnings outlook are expected to support long-term growth. Further, its strengthening balance sheet and consistent capital distribution activities underscore financial flexibility and a shareholder-friendly approach. The stock also appears attractively valued relative to the industry.
Though sensitivity to revenue mix, a rising expense base, and high intangible asset exposure remain near-term concerns, IVZ’s attractive valuation makes it a good investing choice.
The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Key Takeaways Stocks like IVZ, HUBS, HNGE and PGNY were screened for strong liquidity and asset efficiency.The screen narrowed 7,700 stocks to eight, with these four meeting strict efficiency and growth criteria.Each stock also boasts higher asset utilization than its industry average and solid growth attributes. Investors looking for solid gains should benefit from adding stocks with sound liquidity, which encourages business growth. Liquidity measures a company’s capability to meet short-term debt obligations. Stocks with high liquidity levels have always been in demand, owing to their potential to provide maximum returns.
Investors may want to consider adding four top-ranked stocks — Invesco Ltd. (IVZ - Free Report) , HubSpot (HUBS - Free Report) , Hinge Health, Inc. (HNGE - Free Report) and Progyny, Inc. (PGNY - Free Report) — to their portfolios to boost returns.
However, it is important to exercise caution. While high liquidity can indicate that a company is efficiently managing its short-term obligations, it may also suggest underutilization of resources. In some cases, companies with excess liquidity may not be deploying their assets effectively, which could limit growth potential.
Hence, one may consider a company’s efficiency level in addition to its liquidity while identifying prospective winners. A balanced assessment of both liquidity and efficiency can help identify truly promising investment opportunities.
Measures to Identify Liquid StocksCurrent Ratio: It measures current assets relative to current liabilities. The ratio gauges a company’s potential to meet short and long-term debt obligations. A current ratio — the working capital ratio — below 1 indicates that the company has more liabilities than assets. A high current ratio does not always suggest that the company is in good financial shape. It may also indicate that the firm failed to utilize its assets significantly. Hence, a range of 1-3 is considered ideal.
Quick Ratio: Unlike the current ratio, the quick ratio — the “acid-test ratio” or “quick assets ratio” — indicates a company’s ability to pay short-term obligations. It considers inventory, excluding current assets, relative to current liabilities. A quick ratio of more than 1 is desirable, like the current ratio.
Cash Ratio: This is the most conservative ratio among the three, considering cash, cash equivalents and invested funds relative to current liabilities. It measures a company’s ability to meet existing debt obligations using the most liquid assets. Though a cash ratio of more than 1 may suggest sound financials, a higher number may indicate inefficiency in cash utilization.
A ratio greater than 1 is always desirable, but it may not always represent a company’s financial condition.
Screening ParametersTo pick the best of the lot, we have added asset utilization — a widely used measure of a company’s efficiency — as one of the screening criteria. Asset utilization is the ratio of total sales in the past 12 months to the last four-quarter average of total assets. Though this ratio varies across industries, companies with a ratio higher than that of their industry can be considered efficient.
We added our proprietary Growth Score to the screen to ensure these liquid and efficient stocks have solid growth potential.
Current Ratio, Quick Ratio, and Cash Ratio between 1 and 3: While liquidity ratios greater than 1 are desirable, significantly high ratios may indicate inefficiency.
Asset utilization is more significant than the industry average: A higher asset utilization than the industry average indicates a company’s efficiency.
Zacks Rank equal to #1 (Strong Buy): Only Strong Buy-rated stocks can get through. You can see the complete list of today’s Zacks #1 Rank stocks here.
Growth Score less than or equal to B: Back-tested results show that stocks with a Growth Score of A or B handily beat other stocks when combined with a Zacks Rank #1 or 2 (Buy).
These criteria have narrowed the universe of more than 7,700 stocks to only eight.
Here are four of the eight stocks that qualified the screen:
Invesco operates as an independent investment manager. As of June 30, 2026, assets under management (AUM) were $2.5 trillion.
Second-quarter 2026 adjusted net revenues were $1.33 billion, rising 20.3% year over year. AUM of $2.5 trillion was underpinned by $45 billion in net long-term inflows, marking the 12th consecutive quarter of positive flows. The growth was broad-based, with QQQ, ETFs and Index, China JV and Private Markets emerging as major drivers.
In the second quarter, IVZ expanded its BulletShares lineup with seven new fund launches in the United States. It also established five ETFs in EMEA, including two new active funds.
The Zacks Consensus Estimate for IVZ’s 2026 earnings is pinned at $2.80 per share, down 1 cent in the past seven days. The company has a Growth Score of B and a trailing four-quarter earnings surprise of 12.45%, on average.
HubSpot is an AI-driven customer relationship management (CRM) platform. The integration of advanced AI tools and state-of-the-art features, such as AI assistance, AI agents, AI insights, and ChatSpot, across its entire product suite and customer platform is delivering greater value to customers. HubSpot now has a total customer count of approximately 306,000.
The software-as-a-service vendor’s second-quarter 2026 revenues improved to $911.7 million, up 17% at cc from the year-ago quarter. Subscription revenues increased 20% year over year to $894 million. However, the company had a slower start to the quarter in April with weaker-than-expected customer additions (7,000 vs. ~9,000–10,000 target), reflecting lower conversion rates and rising buyer caution.
Despite these near-term headwinds, long-term prospects remain healthy as AI adoption accelerates meaningfully. Upmarket wins and multi-hub growth are other tailwinds. Full-year 2026 revenues are projected at $3.678–$3.686 billion with an operating margin of 21%.
The Zacks Consensus Estimate for HUBS’ 2026 earnings stands at $13.12 per share, up 1 cent in the past seven days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 6.13%, on average.
Hinge Health is a digital musculoskeletal (MSK) care platform that combines AI-driven software, personalized therapy, remote coaching, and motion tracking to offer scalable care for large employers and health plans, reducing physical therapy costs.
Second-quarter 2026 revenues came in at $213 million, up 53% year over year. Last 12-month billings growth of 52% reflected sustained demand momentum. While its core MSK business remains the foundation, the company is expanding into new avenues such as migraine care and gastrointestinal health. On the earnings call, management highlighted that the migraine care business was scaling fast, with more than 450 clients and 5 million covered lives already. The recent acquisition of Cylinder Health broadens its total addressable market in the gastrointestinal space.
Management raised full-year guidance following a strong second-quarter performance. For 2026, revenues are now expected in the range of $856-$860 million (implying 46% growth at midpoint), alongside operating income of $236-$244 million.
The Zacks Consensus Estimate for HNGE’s 2026 earnings stands at $2.52 per share, unchanged in the past seven days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 18.43%, on average.
Progyny is a healthcare company specializing in women's health and family building solutions.
Second-quarter 2026 revenues were up 5.3% to $350.5 million. The top-line expansion was supported by a higher number of clients and covered lives but was partly offset by the impact of a large client who did not renew for 2025. This client contributed $17.2 million to revenues in the second quarter of 2025.
Fertility services remain Progyny’s core growth engine, with revenues jumping 7.6% year over year to $230.2 million. As of June 30, 2026, PGNY had 604 fertility and family-building clients. For 2026, Progyny expects revenues in the range of $1.36 billion to $1.385 billion, implying 5.5%–7.5% reported growth. The third quarter is expected to see slightly more pronounced seasonal softness related to member activity.
The Zacks Consensus Estimate for PGYNY’s 2026 earnings stands at $2.04 per share, unchanged in the past seven days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 15.8%, on average.
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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Invesco Ltd. is headquartered in Atlanta, GA, and operates as an independent investment manager. The company was incorporated in 1935. As of June 30, 2026, Invesco served clients in more than 120 countries and had assets under management of $2.47 trillion.
IVZ is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. IVZ has a Growth Style Score of B, forecasting year-over-year earnings growth of 37.9% for the current fiscal year.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.22 to $2.80 per share. IVZ also boasts an average earnings surprise of +12.5%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, IVZ should be on investors' short list.
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
Headquartered in Atlanta, Invesco (IVZ - Free Report) is a Finance stock that has seen a price change of 21.81% so far this year. The investment management company is paying out a dividend of $0.22 per share at the moment, with a dividend yield of 2.69% compared to the Financial - Investment Management industry's yield of 2.66% and the S&P 500's yield of 1.32%.
Looking at dividend growth, the company's current annualized dividend of $0.86 is up 3% from last year. Over the last 5 years, Invesco has increased its dividend 5 times on a year-over-year basis for an average annual increase of 7.66%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Invesco's current payout ratio is 34%, meaning it paid out 34% of its trailing 12-month EPS as dividend.
IVZ is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $2.81 per share, representing a year-over-year earnings growth rate of 38.42%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. It's important to keep in mind that not all companies provide a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that IVZ is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #1 (Strong Buy).
On August 04, 2026, Invesco Ltd (IVZ) shares rose 3.5% to a current price of $32.00, hovering near its 52-week high of $32.06. Over the past year, the stock has
California State Teachers Retirement System lifted its holdings in shares of Invesco Ltd. (NYSE:IVZ – Free Report) by 23.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 417,476 shares of the asset manager’s stock after buying an additional 79,273 shares during the period. California State Teachers Retirement System owned 0.09% of Invesco worth $10,140,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of IVZ. Vanguard Group Inc. lifted its holdings in shares of Invesco by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 52,965,761 shares of the asset manager’s stock worth $1,391,411,000 after purchasing an additional 947,693 shares during the last quarter. State Street Corp grew its stake in Invesco by 1.5% during the 2nd quarter. State Street Corp now owns 22,260,704 shares of the asset manager’s stock worth $351,051,000 after buying an additional 332,340 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Invesco by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,361,119 shares of the asset manager’s stock worth $518,836,000 after buying an additional 596,434 shares during the period. AQR Capital Management LLC increased its position in Invesco by 5.3% in the second quarter. AQR Capital Management LLC now owns 11,612,559 shares of the asset manager’s stock worth $182,491,000 after buying an additional 584,035 shares during the period. Finally, Invesco Ltd. bought a new stake in Invesco in the fourth quarter valued at $230,391,000. Institutional investors and hedge funds own 66.09% of the company’s stock.
Analysts Set New Price Targets Several research firms have recently commented on IVZ. Wall Street Zen upgraded shares of Invesco from a “hold” rating to a “buy” rating in a research report on Saturday. JPMorgan Chase & Co. lifted their price objective on shares of Invesco from $29.00 to $29.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Invesco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, June 29th. The Goldman Sachs Group raised their price target on shares of Invesco from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, Evercore set a $32.00 price target on Invesco in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.88.
Check Out Our Latest Report on Invesco
Invesco Stock Performance Shares of IVZ opened at $30.90 on Tuesday. The firm has a market capitalization of $13.70 billion, a PE ratio of -45.44, a P/E/G ratio of 0.47 and a beta of 1.62. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $28.30 and a 200 day moving average price of $26.71. Invesco Ltd. has a 52-week low of $20.41 and a 52-week high of $31.02.
Invesco (NYSE:IVZ – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. Invesco had a negative net margin of 0.93% and a positive return on equity of 12.03%. Invesco’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. On average, sell-side analysts anticipate that Invesco Ltd. will post 2.81 earnings per share for the current fiscal year.
Invesco Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Friday, August 14th will be paid a dividend of $0.215 per share. This represents a $0.86 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 14th. Invesco’s dividend payout ratio (DPR) is presently -126.47%.
About Invesco (Free Report)
Invesco Ltd. is an independent global investment management firm headquartered in Atlanta, Georgia, and publicly traded on the New York Stock Exchange (NYSE: IVZ). With origins dating back to 1935, the company is dedicated to offering a wide array of investment strategies and solutions to both individual and institutional clients worldwide.
The firm’s product suite encompasses actively managed equity and fixed income funds, passive index funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts, alongside specialized offerings such as private markets, real estate, and structured products.
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SummaryInvesco Ltd. is upgraded to Buy as strong Q2 results reveal significant operating leverage and margin expansion to 20%.IVZ’s scalable fund model drives earnings growth, with AUM reaching $2.2T and expenses remaining stable except for distribution costs.Shareholder returns are prioritized with a 60% payout ratio target, reflecting capital-light operations and limited reinvestment needs.IVZ’s valuation appears attractive; even single-digit AUM growth and double-digit FCF growth could support substantial upside, though market volatility remains the key risk. JHVEPhoto/iStock Editorial via Getty Images
Invesco Ltd.'s (IVZ) Q2 results are out. I wrote about them in January. I didn't think they were a bad company. I felt their growth was limited, so I rated Hold. With these strong results, we
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Invesco Mortgage Capital NYSE: IVR reported a 3.8% economic return for the second quarter of 2026, supported by monthly dividends of $0.12 per share and a modest 0.6% decline in book value per share. The mortgage real estate investment trust said its agency mortgage-backed securities holdings benefited from attractive carry and tighter risk premiums during the quarter.
Chief Executive Officer Kevin Collins said the company entered the third quarter with a constructive but measured outlook for Agency residential mortgage-backed securities, or RMBS, and Agency commercial mortgage-backed securities, or CMBS. He cited appealing valuations, moderated interest-rate volatility and inflation expectations, and supportive supply-and-demand conditions, while acknowledging ongoing uncertainty surrounding monetary policy and geopolitical developments.
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Portfolio Growth and Capital Raising Invesco Mortgage Capital’s investment portfolio totaled $8.2 billion at quarter-end, including $6 billion of Agency RMBS, $1.2 billion of Agency to-be-announced, or TBA, securities, and $0.9 billion of Agency CMBS. The portfolio grew 12.4% from the first quarter as the company invested proceeds raised through its at-the-market equity issuance program.
The company raised approximately $118 million during the second quarter and more than $250 million year to date. Collins said the capital issuance has expanded the company’s investment capacity, improved operating efficiency, reduced expenses on a per-share basis, and could improve the liquidity profile of its common stock over time.
“We’ll look to continue to do that to the extent that we can do so responsibly and where it makes sense,” Collins said in response to an analyst question about future ATM issuance. He said the company will seek windows to issue shares near book value while maintaining a focus on reducing fixed costs per share and improving stock liquidity.
Chief Investment Officer Brian Norris said new investments were concentrated in specified pools of 30-year Agency RMBS with coupons ranging from 4.5% to 6%. The company viewed lower specified-pool prepayments during the quarter as an opportunity to add exposure at more favorable valuations.
Nearly 85% of the portfolio was allocated to securities with prepayment protection through specified pools and Agency CMBS. Agency TBA exposure declined to 14.7% of the portfolio from 16.9% in the first quarter. Agency CMBS exposure declined to 11.1% from 11.9%, although management described the sector as a core portfolio holding. Rates, Mortgage Spreads and Portfolio Positioning Management said the Treasury yield curve bear flattened during the second quarter, as short-term rates increased more than longer-term yields amid shifting expectations for Federal Reserve policy. Norris said roughly one-third of the curve flattening occurred during the final two weeks of the quarter following Federal Reserve Chairman Kevin Warsh’s first Federal Open Market Committee meeting, which markets viewed as more hawkish than expected.
Treasury yields ended the quarter near their highest levels since early 2025, while 30-year mortgage rates approached 6.5%, according to Norris. Higher rates continued to constrain housing activity, but interest-rate volatility declined from its March levels and helped support agency mortgage valuations.
Agency RMBS and CMBS spreads tightened during the quarter despite the rise in Treasury yields. Higher-coupon Agency RMBS outperformed Treasury hedges, aided by lower volatility and favorable technical conditions. Year-to-date Agency RMBS issuance totaled $81 billion through June, which Norris described as muted, while demand came from overseas investors, banks, money managers, and mortgage REITs.
Management said that mortgage spreads had widened modestly since quarter-end, reflecting expectations for increased front-end rate volatility and renewed Middle East risks. Norris said the current-coupon spread to a blend of five- and 10-year SOFR rates had widened to about 150 basis points from 143 basis points at quarter-end. He noted that spreads reached the 160-basis-point range in March as Middle East conflict risks escalated.
Financing, Hedges and Earnings The company maintained an economic debt-to-equity ratio of about 9 times at quarter-end. Repurchase agreements financing Agency RMBS and CMBS investments rose to $6.2 billion from $5.3 billion in the prior quarter, while hedge notional increased to $6 billion from $4.9 billion.
Invesco Mortgage Capital hedged 97% of its borrowing costs using interest-rate swaps and U.S. Treasury futures. Interest-rate swaps accounted for 79% of hedges on a notional basis. Norris said the company remains comfortable emphasizing swaps because it views swap spreads as historically tight and attractive relative to Treasury futures.
The company finished the quarter with $548.3 million of unrestricted cash and unencumbered investments, representing approximately 55% of total equity. Management said the liquidity position provides flexibility to withstand market stress and pursue new investment opportunities.
Earnings available for distribution declined to $0.50 per share in the second quarter from $0.55 per share in the first quarter. Collins said the board evaluates the dividend each quarter based on current and expected earnings, portfolio composition, and market opportunities. He said management believes the current dividend is competitive, supported by the portfolio’s long-term earnings power, and covered by current earnings available for distribution.
On the book value decline, Norris said higher-coupon Agency mortgages and Agency CMBS performed well, but the company’s modestly positive duration gap was a slight detractor as rates increased. Yield-curve flattening also had a minor impact, while ATM issuance close to book value had a modest effect.
About Invesco Mortgage Capital (NYSE:IVR)Invesco Mortgage Capital Inc NYSE: IVR is a real estate investment trust that specializes in investing in U.S. residential mortgage-backed securities. The company's portfolio is weighted toward agency-guaranteed RMBS issued or guaranteed by U.S. government-sponsored enterprises such as Fannie Mae, Freddie Mac and Ginnie Mae. By focusing on collateral backed by federal agencies, Invesco Mortgage Capital seeks to generate attractive returns while managing credit risk through securities that carry explicit or implicit government guarantees.
To enhance its portfolio yield, the company employs leverage through repurchase agreements, warehouse facilities and debt financing.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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, /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended June 30, 2026.
Net income per common share of $0.34 compared to net loss of $0.28 in Q1 2026 Earnings available for distribution per common share(1) of $0.50 compared to $0.55 in Q1 2026 Monthly common stock dividends totaling $0.36 per share, unchanged from Q1 2026 Book value per common share(2) of $8.03 compared to $8.08 as of March 31, 2026 Economic return(3) of 3.8% compared to (3.2)% in Q1 2026 Debt-to-equity ratio of 6.3x compared to 6.1x as of March 31, 2026 Economic debt-to-equity ratio(1) of 7.5x, unchanged from March 31, 2026 Update from Kevin Collins, Chief Executive Officer
"During the second quarter of 2026, financial conditions improved despite periodic bouts of volatility driven by geopolitical developments in the Middle East and shifting expectations for monetary policy. While U.S. Treasury yields moved higher amid resilient economic growth and elevated inflation, interest rate volatility declined notably from March levels, and investor risk sentiment improved during the quarter. Against this backdrop, our target assets generated positive returns in excess of Treasuries, supported by attractive carry and favorable supply and demand dynamics.
"Our Agency RMBS and TBA investments performed well despite rising interest rates and a more restrictive monetary policy outlook. Our Agency CMBS continued to provide notable stability, supported by attractive relative valuations and predictable cashflows. Economic return for the quarter was 3.8%, driven by attractive carry and contracting risk premiums across our Agency MBS portfolio.
"At quarter end, our $8.2 billion investment portfolio consisted of $6.0 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS. Our economic debt-to-equity ratio was unchanged at 7.5x, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $548.3 million.
"Our outlook for Agency RMBS and Agency CMBS remains constructive. While uncertainty surrounding monetary policy and geopolitical developments persists, we believe valuations remain compelling as interest rate volatility and inflation expectations have moderated from their first quarter peaks. Supply and demand dynamics remain favorable as net issuance is expected to be contained, and broad-based investor demand remains supportive. Agency CMBS is also well positioned, supported by its attractive risk-adjusted yields, relatively low sensitivity to interest rate fluctuations, and diversification benefits. Taken together, these macroeconomic and market technical factors create a favorable backdrop for our investment strategy as we enter the second half of 2026."
(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles ("GAAP") financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.
(2) Book value per common share as of June 30, 2026 and March 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million as of June 30, 2026 and $169.7 million as of March 31, 2026), divided by total common shares outstanding.
(3) Economic return for the quarter ended June 30, 2026 is defined as the change in book value per common share from March 31, 2026 to June 30, 2026 of ($0.05); plus dividends declared of $0.36 per common share; divided by the March 31, 2026 book value per common share of $8.08. Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72.
Key performance indicators for the quarters ended June 30, 2026 and March 31, 2026 are summarized in the table below.
$ in millions, except share amounts
Q2 2026
Q1 2026
Variance
Average Balances (1)
(unaudited)
(unaudited)
Average earning assets (at amortized cost)
$6,631.0
$5,946.5
$684.5
Average borrowings
$5,927.7
$5,367.5
$560.2
Average total stockholders' equity
$966.9
$887.5
$79.4
U.S. GAAP Financial Measures
Total interest income
$85.4
$79.6
$5.8
Total interest expense
$55.3
$52.6
$2.7
Net interest income
$30.1
$27.0
$3.1
Total expenses
$5.5
$4.9
$0.6
Net income (loss) attributable to common stockholders
$31.8
($23.1)
$54.9
Average earning asset yields
5.15 %
5.36 %
(0.21) %
Average cost of funds
3.73 %
3.92 %
(0.19) %
Average net interest rate margin
1.42 %
1.44 %
(0.02) %
Period-end weighted average asset yields (2)
5.29 %
5.34 %
(0.05) %
Period-end weighted average cost of funds
3.76 %
3.80 %
(0.04) %
Period-end weighted average net interest rate margin
1.53 %
1.54 %
(0.01) %
Book value per common share (3)
$8.03
$8.08
($0.05)
Earnings (loss) per common share (basic)
$0.34
($0.28)
$0.62
Earnings (loss) per common share (diluted)
$0.34
($0.28)
$0.62
Debt-to-equity ratio
6.3x
6.1x
0.2x
Non-GAAP Financial Measures (4)
Earnings available for distribution
$47.1
$44.7
$2.4
Effective interest expense
$34.6
$31.0
$3.6
Effective net interest income
$50.9
$48.6
$2.3
Effective cost of funds
2.33 %
2.31 %
0.02 %
Effective interest rate margin
2.82 %
3.05 %
(0.23) %
Earnings available for distribution per common share
$0.50
$0.55
($0.05)
Economic debt-to-equity ratio
7.5x
7.5x
0.0x
(1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.
(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment assumptions when appropriate.
(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million as of June 30, 2026 and $169.7 million as of March 31, 2026), divided by total common shares outstanding.
(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.
Portfolio Composition
The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of June 30, 2026 and March 31, 2026.
As of
June 30, 2026
March 31, 2026
$ in thousands
Fair Value
Percentage
of Portfolio
Period-end
Weighted
Average
Yield (1)
Fair Value
Percentage
of Portfolio
Period-end
Weighted
Average
Yield (1)
Agency RMBS:
30 year fixed-rate pass-through coupon:
4.5 %
1,257,214
15.4 %
4.87 %
757,581
10.4 %
4.89 %
5.0 %
1,590,480
19.5 %
5.18 %
1,434,765
19.8 %
5.20 %
5.5 %
1,901,626
23.4 %
5.47 %
1,704,437
23.5 %
5.49 %
6.0 %
1,234,309
15.1 %
5.91 %
1,198,042
16.5 %
5.93 %
Total 30 year fixed-rate pass-through
5,983,629
73.4 %
5.36 %
5,094,825
70.2 %
5.42 %
Agency CMO
64,386
0.8 %
8.83 %
67,113
1.0 %
8.89 %
Agency CMBS
901,894
11.1 %
4.62 %
864,270
11.9 %
4.61 %
Total MBS portfolio
6,949,909
85.3 %
5.29 %
6,026,208
83.1 %
5.34 %
TBAs, at implied market value (2)
1,201,022
14.7 %
1,226,450
16.9 %
Total investment portfolio including TBAs
8,150,931
100.0 %
7,252,658
100.0 %
(1) Period-end weighted average yield is based on amortized cost as of June 30, 2026 and March 31, 2026 and incorporates future prepayment assumptions when appropriate.
(2) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its condensed consolidated balance sheets under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its condensed consolidated balance sheets at net carrying value, which represents the difference between implied market value and implied cost basis of the TBAs.
The following table summarizes certain characteristics of the Company's borrowings as of June 30, 2026 and March 31, 2026.
As of
$ in thousands
June 30, 2026
March 31, 2026
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Repurchase agreements - Agency RMBS
5,352,131
3.76 %
26
4,510,019
3.80 %
31
Repurchase agreements - Agency CMBS
858,272
3.76 %
23
829,354
3.80 %
25
Total borrowings
6,210,403
3.76 %
25
5,339,373
3.80 %
30
The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of June 30, 2026 and March 31, 2026.
$ in thousands
As of June 30, 2026
Maturities
Notional
Amount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity
Less than 3 years
1,925,000
1.28 %
3.68 %
1.7
3 to 5 years
1,150,000
1.14 %
3.68 %
4.2
5 to 7 years
545,000
3.66 %
3.68 %
6.6
7 to 10 years
595,000
3.98 %
3.68 %
9.2
Greater than 10 years
550,000
2.44 %
3.68 %
20.5
Total
4,765,000
1.99 %
3.68 %
6.0
$ in thousands
As of March 31, 2026
Maturities
Notional
Amount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity
Less than 3 years
1,675,000
0.86 %
3.68 %
1.7
3 to 5 years
950,000
0.54 %
3.68 %
4.3
5 to 7 years
545,000
3.66 %
3.68 %
6.8
7 to 10 years
495,000
3.99 %
3.68 %
9.3
Greater than 10 years
450,000
2.04 %
3.68 %
18.7
Total
4,115,000
1.66 %
3.68 %
5.8
The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of June 30, 2026 and March 31, 2026.
As of
June 30, 2026
March 31, 2026
$ in thousands
Notional Amount - Short
Notional Amount - Short
10 year U.S. Treasury futures
600,000
310,000
Ultra 10 year U.S. Treasury futures
375,000
375,000
30 year U.S. Treasury futures
305,000
305,000
Total
1,280,000
990,000
Capital Activities
Dividends
During the three months ended June 30, 2026, the Company declared monthly common stock dividends totaling $0.36 per share and a Series C Preferred Stock dividend of $0.46875 per share.
Issuances of Common Stock
During the three months ended June 30, 2026, the Company issued 14,847,506 shares of common stock for net proceeds of $118.0 million through its at-the-market program.
Repurchases of Preferred Stock
During the three months ended June 30, 2026, the Company repurchased and retired 47,222 shares of Series C Preferred Stock with a carrying value of $1.1 million.
About Invesco Mortgage Capital Inc.
The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.
Earnings Call
Members of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, July 31, 2026, at 9:00 a.m. ET, by calling one of the following numbers:
North America Toll Free: 888-982-7409
International: 1-212-287-1625
Passcode: Invesco
An audio replay will be available until 5:00 pm ET on August 14, 2026 by calling:
866-363-1806 (North America) or 1-203-369-0194 (International)
The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.
This press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our expected financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our anticipated leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.
Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended December 31, 2025, which may be updated by subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K, and which are available on the Securities and Exchange Commission's website at www.sec.gov.
All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
Six Months Ended
$ in thousands, except share data
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Interest income
85,408
79,641
70,624
165,049
144,470
Interest expense
55,308
52,593
52,895
107,901
107,920
Net interest income
30,100
27,048
17,729
57,148
36,550
Other income (loss)
Gain (loss) on investments, net
(21,226)
(54,940)
(5,268)
(76,166)
76,890
Gain (loss) on derivative instruments, net
31,584
12,879
(30,916)
44,463
(107,595)
Total other income (loss)
10,358
(42,061)
(36,184)
(31,703)
(30,705)
Expenses
Management fee – related party
3,329
2,974
2,831
6,303
5,827
General and administrative
2,125
1,917
2,041
4,042
3,704
Total expenses
5,454
4,891
4,872
10,345
9,531
Net income (loss)
35,004
(19,904)
(23,327)
15,100
(3,686)
Dividends to preferred stockholders
(3,165)
(3,190)
(3,297)
(6,355)
(6,638)
Gain (loss) on repurchase and retirement of preferred stock
3
(27)
57
(24)
46
Net income (loss) attributable to common stockholders
31,842
(23,121)
(26,567)
8,721
(10,278)
Other comprehensive income (loss)
Unrealized gain (loss) on mortgage-backed securities, net
—
—
(271)
—
229
Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss) on investments, net
—
—
(518)
—
(402)
Total other comprehensive income (loss)
—
—
(789)
—
(173)
Comprehensive income (loss) attributable to common stockholders
31,842
(23,121)
(27,356)
8,721
(10,451)
Earnings (loss) per share
Net income (loss) attributable to common stockholders
Basic
0.34
(0.28)
(0.40)
0.10
(0.16)
Diluted
0.34
(0.28)
(0.40)
0.10
(0.16)
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
$ in thousands, except share amounts
June 30, 2026
December 31, 2025
ASSETS
Mortgage-backed securities, at fair value (including pledged securities of $6,474,978 and $5,879,318, respectively)
6,949,909
6,276,609
Cash and cash equivalents
73,381
56,040
Restricted cash
167,155
110,391
Investment related receivable
30,650
27,848
Derivative assets, at fair value
16,510
4,412
Other assets
1,014
594
Total assets
7,238,619
6,475,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Repurchase agreements
6,210,403
5,619,255
Derivative liabilities, at fair value
882
—
Dividends payable
12,008
25,845
Accrued interest payable
12,512
28,664
Collateral held payable
6,703
—
Accounts payable and accrued expenses
2,289
1,580
Due to affiliate
3,501
3,006
Total liabilities
6,248,298
5,678,350
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:
7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,742,221 and 6,854,131 shares issued and outstanding, respectively ($168,556 and $171,353 aggregate liquidation preference, respectively)
163,049
165,756
Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 102,386,106 and 71,790,532 shares issued and outstanding, respectively
1,024
718
Additional paid in capital
4,461,196
4,209,977
Retained earnings (distributions in excess of earnings)
(3,634,948)
(3,578,907)
Total stockholders' equity
990,321
797,544
Total liabilities and stockholders' equity
7,238,619
6,475,894
Non-GAAP Financial Measures
The table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.
Non-GAAP Financial Measure
Most Directly Comparable U.S. GAAP Measure
Earnings available for distribution (and by calculation, earnings available for distribution per common share)
Net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share)
Effective interest expense (and by calculation, effective cost of funds)
Total interest expense (and by calculation, cost of funds)
Effective net interest income (and by calculation, effective interest rate margin)
Net interest income (and by calculation, net interest rate margin)
Economic debt-to-equity ratio
Debt-to-equity ratio
The non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.
Earnings Available for Distribution
The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income and (gain) loss on repurchase and retirement of preferred stock. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.
By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity. In addition, certain gains and losses represent one-time events.
Furthermore, gains and losses have not been accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses may be reflected in net income whereas other gains and losses may be reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities were historically classified as available-for-sale securities, and changes in the valuation of these securities were recorded in other comprehensive income on its condensed consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the condensed consolidated statements of comprehensive income (loss).
To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that is used to determine the amount, if any, of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs.
The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods:
Three Months Ended
Six Months Ended
$ in thousands, except per share data
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Net income (loss) attributable to common stockholders
31,842
(23,121)
(26,567)
8,721
(10,278)
Adjustments:
(Gain) loss on investments, net
21,226
54,940
5,268
76,166
(76,890)
Realized (gain) loss on derivative instruments, net (1)
32,412
(23,324)
47,608
9,088
149,124
Unrealized (gain) loss on derivative instruments, net (1)
(43,239)
32,023
11,939
(11,216)
15,181
TBA dollar roll income (2)
4,857
4,166
—
9,023
1,147
(Gain) loss on repurchase and retirement of preferred stock
(3)
27
(57)
24
(46)
Subtotal
15,253
67,832
64,758
83,085
88,516
Earnings available for distribution
47,095
44,711
38,191
91,806
78,238
Basic income (loss) per common share
0.34
(0.28)
(0.40)
0.10
(0.16)
Earnings available for distribution per common share (3)
0.50
0.55
0.58
1.04
1.21
(1)
U.S. GAAP gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income (loss) includes the following components:
Three Months Ended
Six Months Ended
$ in thousands
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Realized gain (loss) on derivative instruments, net
(32,412)
23,324
(47,608)
(9,088)
(149,124)
Unrealized gain (loss) on derivative instruments, net
43,239
(32,023)
(11,939)
11,216
(15,181)
Contractual net interest income (expense) on interest rate swaps
20,757
21,578
28,631
42,335
56,710
Gain (loss) on derivative instruments, net
31,584
12,879
(30,916)
44,463
(107,595)
(2)
A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of comprehensive income (loss).
(3)
Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.
The table below presents the components of earnings available for distribution for the following periods:
Three Months Ended
Six Months Ended
$ in thousands
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Effective net interest income (1)
50,857
48,626
46,360
99,483
93,260
TBA dollar roll income
4,857
4,166
—
9,023
1,147
Total expenses
(5,454)
(4,891)
(4,872)
(10,345)
(9,531)
Subtotal
50,260
47,901
41,488
98,161
84,876
Dividends to preferred stockholders
(3,165)
(3,190)
(3,297)
(6,355)
(6,638)
Earnings available for distribution
47,095
44,711
38,191
91,806
78,238
(1) See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.
Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate Margin
The Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense.
The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net.
The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.
The following table reconciles total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods:
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
$ in thousands
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Total interest expense
55,308
3.73 %
52,593
3.92 %
52,895
4.62 %
Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net
(20,757)
(1.40) %
(21,578)
(1.61) %
(28,631)
(2.50) %
Effective interest expense
34,551
2.33 %
31,015
2.31 %
24,264
2.12 %
Six Months Ended June 30,
2026
2025
$ in thousands
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Total interest expense
107,901
3.82 %
107,920
4.54 %
Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net
(42,335)
(1.50) %
(56,710)
(2.39) %
Effective interest expense
65,566
2.32 %
51,210
2.15 %
The following table reconciles net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods:
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
$ in thousands
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Net interest income
30,100
1.42 %
27,048
1.44 %
17,729
0.94 %
Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net
20,757
1.40 %
21,578
1.61 %
28,631
2.50 %
Effective net interest income
50,857
2.82 %
48,626
3.05 %
46,360
3.44 %
Six Months Ended June 30,
2026
2025
$ in thousands
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Net interest income
57,148
1.43 %
36,550
0.96 %
Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net
42,335
1.50 %
56,710
2.39 %
Effective net interest income
99,483
2.93 %
93,260
3.35 %
Economic Debt-to-Equity Ratio
The following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of June 30, 2026 and March 31, 2026. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.
The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.
As of
$ in thousands
June 30,
2026
March 31,
2026
Repurchase agreements
6,210,403
5,339,373
Total stockholders' equity
990,321
876,354
Debt-to-equity ratio (1)
6.3
6.1
Economic debt-to-equity ratio (2)
7.5
7.5
(1)
Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.
(2)
Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($1.2 billion as of June 30, 2026 and March 31, 2026) to total stockholders' equity.
Average Balances
The table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods:
Three Months Ended
Six Months Ended
$ in thousands
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Average earning assets (1)
6,631,046
5,946,466
5,078,921
6,290,647
5,249,787
Average earning asset yields (2)
5.15 %
5.36 %
5.56 %
5.25 %
5.50 %
Average borrowings (3)
5,927,725
5,367,463
4,577,566
5,649,142
4,752,927
Average cost of funds (4)
3.73 %
3.92 %
4.62 %
3.82 %
4.54 %
(1)
Average balances for each period are based on weighted month-end balances. Average earning assets do not include TBAs that are treated as derivative instruments under U.S. GAAP.
(2)
Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.
(3)
Average borrowings for each period are based on weighted month-end balances. Average borrowings do not include the off-balance sheet financing component of TBAs that are treated as derivative instruments under U.S. GAAP.
(4)
Average cost of funds is calculated by dividing annualized interest expense by average borrowings.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One stock to keep an eye on is Invesco (IVZ - Free Report) . IVZ is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 10.45, while its industry has an average P/E of 13.75. Over the past 52 weeks, IVZ's Forward P/E has been as high as 11.12 and as low as 6.39, with a median of 9.43.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. IVZ has a P/S ratio of 1.8. This compares to its industry's average P/S of 3.15.
These are just a handful of the figures considered in Invesco's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that IVZ is an impressive value stock right now.
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It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Headquartered in Atlanta, GA, Invesco Ltd. operates as an independent investment manager and offers a wide range of investment products and services. The company was incorporated in 1935. As of March 31, 2026, Invesco served clients in more than 120 countries and had AUM worth $2.16 trillion.
IVZ is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Finance stock. IVZ has a Momentum Style Score of B, and shares are up 11.5% over the past four weeks.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.20 to $2.78 per share. IVZ also boasts an average earnings surprise of +12.5%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, IVZ should be on investors' short list.
The Behemoth BlackRock’s Next Trillion Comes From Private AssetsInvesco NYSE: IVZ reported record second-quarter net long-term inflows and higher profitability as demand for ETFs, fixed income, separately managed accounts and private-market strategies helped push assets under management to $2.5 trillion.
President and CEO Andrew Schlossberg said the firm generated $45.1 billion of net long-term inflows during the quarter, representing nearly 9% annualized organic growth and extending its streak of positive flows to 12 consecutive quarters. Including liquidity inflows, Invesco recorded $13.2 billion in global liquidity inflows and ended the period with $215 billion in liquidity assets.
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You should read this if your portfolio could use a 4.9% dividendFor the first half of 2026, Schlossberg said Invesco posted record net inflows of $67 billion, or a 7% annualized organic growth rate. Net revenue rose 17% from the prior-year first half, while operating income increased 35% and the operating margin expanded by nearly 470 basis points.
Second-Quarter Financial Results Chief Financial Officer Allison Dukes said second-quarter net revenue totaled $1.3 billion, increasing $65 million from the first quarter and $224 million from a year earlier. The increase was primarily driven by investment-management fees tied to higher average assets under management, as well as the year-over-year effect of the QQQ fund’s reclassification to fee earnings.
Transportation industry breakout will make these stocks rallyAdjusted operating income increased 14% sequentially to nearly $500 million, while adjusted diluted earnings per share rose to $0.71 from $0.57 in the first quarter. Compared with the same quarter last year, adjusted operating income rose 45% and adjusted EPS nearly doubled from $0.36.
Adjusted operating expenses were essentially flat sequentially, rising $2 million, while net revenue increased 5%. That produced nearly 500 basis points of positive operating leverage and lifted the adjusted operating margin by 300 basis points from the prior quarter to 37.5%.
Dukes said Invesco remains focused on expanding and sustaining operating margins in the high 30% range over the near to medium term. She added that expense growth continues to be influenced by the company’s hybrid investment-platform implementation, which incurred $14 million in one-time costs during the second quarter.
One-time hybrid-platform implementation costs are expected to be closer to $15 million per quarter during the second half of 2026. Incremental platform expenses tied to assets moved onto the system were $5 million in the second quarter and are expected to build toward about $10 million per quarter later this year. The company is targeting completion of the platform implementation by year-end, though some costs may carry into the first quarter of 2027. The company’s second-quarter net revenue yield was 22.4 basis points, with an exit rate of 22 basis points. Dukes attributed the lower exit yield to strong flows and market appreciation in lower-fee products, including QQQ, QQQM and RSP.
ETF, QQQ and Fixed-Income Demand Drive Flows ETF and index assets ended the quarter at a record $753 billion, or nearly $1.25 trillion including QQQ. The category generated a record $30 billion of net inflows during the quarter, equivalent to 17% annualized organic growth.
Schlossberg said the company’s QQQ Innovation Suite and quality and momentum equity factor funds led ETF demand. The factor funds raised a record $7 billion in net inflows during the quarter, while QQQ drew $14 billion of net inflows, representing 12% annualized organic growth.
Invesco expanded its ETF lineup with seven new BulletShares funds in the U.S. and five ETF launches in Europe, the Middle East and Africa, including two active funds. The company manages $25 billion in active ETFs across more than 40 products, a figure that rises above $40 billion when including index strategies run by active investment teams.
During the question-and-answer session, Schlossberg and Dukes emphasized QQQ’s scale, liquidity and brand recognition in discussing competitive pricing for similar products. Schlossberg said the fund is the fifth-largest ETF and the second-most actively traded ETF globally, while Dukes said the company does not plan a short-term competitive pricing response.
The QQQ franchise also continued its international expansion. QQQ is cross-listed in Hong Kong and Tokyo, where it has accumulated more than $10 billion in combined assets in a relatively short period, according to Schlossberg.
Fixed-income demand remained broad across regions and channels. While the company reported $4 billion of net inflows in its fundamental fixed-income category, flows rose to $14 billion when fixed-income ETF and China joint-venture activity were included. Invesco cited U.S. wealth-management demand for individual SMAs and institutional fixed-income demand in EMEA as key contributors.
Its U.S. wealth-management SMA platform, which includes fixed income and a portion of equity assets, reached nearly $40 billion in assets and generated 23% annualized organic growth during the quarter.
China and Private Markets Add to Growth Invesco’s China joint venture reached a record $163 billion in assets, up 15% from the prior quarter. The business generated $6.9 billion in net long-term inflows, or 22% annualized organic growth, led by fixed-income and fixed-income-plus strategies. The joint venture launched 11 new funds during the quarter, which collectively brought in $1.2 billion of net inflows.
Private-market strategies recorded $1.9 billion of net inflows across alternative credit and direct real estate. Private real estate generated $1.4 billion of net inflows, or 8% annualized organic growth, led by the INCREF real estate debt fund for U.S. wealth-management clients. Schlossberg said INCREF has surpassed $6 billion in assets including leverage.
Dukes said Invesco has about $7 billion of dry powder in real estate and is seeing some pickup in transaction activity, though she described the firm as “modestly optimistic” given the interest-rate outlook.
Fundamental equities remained in net outflows of $7.7 billion, including several large institutional liquidations tied to allocation and reallocation decisions. However, Schlossberg highlighted positive flows in Asia-Pacific, including nearly $3 billion of inflows into the Global Equity Income Fund in Japan, and a second consecutive quarter of net inflows in U.S. value-equity strategies.
Debt Reduction and Capital Returns Invesco reduced total debt by $343 million and net debt by more than $450 million during the quarter. Its revolving-credit-facility balance declined to $736 million at quarter-end from $1.1 billion at the end of the first quarter.
The leverage ratio including preferred stock fell to 1.9 times from 2.7 times a year earlier. Excluding preferred stock, leverage declined to 0.54 times during the second quarter.
The company repurchased $50 million, or 1.9 million shares, of common stock during the quarter and raised its quarterly common dividend in April to $0.215 per share. Dukes said Invesco intends to maintain a regular share-repurchase program and target a combined dividend-and-buyback payout ratio near 60%.
About Invesco (NYSE:IVZ)Invesco Ltd. is an independent global investment management firm headquartered in Atlanta, Georgia, and publicly traded on the New York Stock Exchange NYSE: IVZ. With origins dating back to 1935, the company is dedicated to offering a wide array of investment strategies and solutions to both individual and institutional clients worldwide.
The firm's product suite encompasses actively managed equity and fixed income funds, passive index funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts, alongside specialized offerings such as private markets, real estate, and structured products.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways Invesco's adjusted Q2 earnings rose 97.2% to 71 cents per share, beating the 67-cent estimate.IVZ posted record net long-term inflows of $45.1 billion, led by ETFs, Index products and QQQ.Invesco's AUM climbed 23.4% to $2.47 trillion, while adjusted expenses rose 9.2% to $830.4 million. Invesco’s (IVZ - Free Report) second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line increased 97.2% from the prior-year quarter.
Shares of IVZ gained 1.6% in pre-market trading on better-than-expected results.
The results primarily benefited from an increase in adjusted revenues and substantial growth in the assets under management (AUM) balance. Record net long-term inflows also supported the quarter. However, an increase in adjusted expenses was a headwind.
Net income attributable to Invesco Ltd. (GAAP basis) was $345.3 million or 76 cents per share against a net loss of $12.5 million or 3 cents per share in the year-ago quarter.
IVZ’s Adjusted Revenues Improve, Expenses RiseAdjusted net revenues in the quarter were $1.33 billion, up 20.3% year over year. The top line marginally surpassed the Zacks Consensus Estimate. The rise in revenues was driven by higher average AUM and net revenues earned from QQQ. Favorable foreign exchange rate changes increased net revenues by $6.3 million.
Adjusted operating expenses were $830.4 million, up 9.2% year over year. The increase reflected higher employee compensation and marketing expenses. General and administrative expenses also increased, primarily due to higher professional fees.
The adjusted operating margin was 37.5%, up from 31.2% a year ago.
IVZ’s AUM Balance IncreasesAs of June 30, 2026, AUM was $2.47 trillion, up 23.4% year over year. The average AUM in the second quarter totaled $2.37 trillion, up 24.8%.
Net long-term inflows were a record $45.1 billion compared with $15.6 billion in the year-ago quarter. The annualized long-term organic growth rate was 8.5%.
Client demand remained supportive across IVZ’s multiple investment capabilities. Net long-term inflows were led by ETFs and Index products ($30.1 billion), QQQ ($13.8 billion), the China joint venture ($6.9 billion), Private Markets ($1.9 billion) and Fundamental Fixed Income ($0.4 billion).
These positives were partially offset by net outflows from Fundamental Equities of $7.7 billion and Multi-Asset/Other strategies of $0.3 billion.
By geography, the Americas, Asia Pacific and EMEA produced net long-term inflows of $30.8 billion, $8.2 billion and $6.1 billion, respectively.
Invesco’s Decent Balance SheetAs of June 30, 2026, cash and cash equivalents were $915.4 million compared with $806.9 million as of March 31, 2026.
Debt was $1.62 billion, down from $1.97 billion at the end of the prior quarter. The credit facility balance declined to $736 million from $1.08 billion. Net debt was $708.6 million, down from $1.16 billion as of March 31, 2026.
Invesco’s Capital Distribution UpdatesIn the reported quarter, Invesco repurchased 1.9 million common shares for $50 million in the open market.
The company paid $96.8 million in common dividends and $37 million in preferred dividends during the quarter.
Our Viewpoint on IVZInvesco’s robust AUM balance, diverse product offerings, synergies from past acquisitions, strong balance sheet and global presence will keep supporting financials. A decent balance sheet and liquidity position will likely enable it to pursue enhanced capital distributions.
However, private credit concerns, tough macroeconomic backdrop and elevated operating expenses are near-term headwinds.
Currently, IVZ carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Invesco’s PeersAmeriprise Financial’s (AMP - Free Report) second-quarter 2026 adjusted operating earnings were $11.07 per share, which handily surpassed the Zacks Consensus Estimate of $10.72. The bottom line reflected a rise of 22% from the year-ago quarter.
Results benefited from higher revenues and an improvement in AUM and assets under administration (AUA) balance to record levels. However, an increase in expenses was a headwind.
SEI Investments Co.’s (SEIC - Free Report) second-quarter 2026 adjusted earnings per share of $1.66 surpassed the Zacks Consensus Estimate of $1.45. The bottom line reflected a rise of 38.3% from the prior-year quarter.
Results were aided by higher revenues and a rise in AUM. However, higher expenses acted as a spoilsport.
Invesco (IVZ - Free Report) reported $1.33 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 20.3%. EPS of $0.71 for the same period compares to $0.36 a year ago.
The reported revenue represents a surprise of +0.19% over the Zacks Consensus Estimate of $1.33 billion. With the consensus EPS estimate being $0.67, the EPS surprise was +5.97%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Invesco performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Assets Under Management - ETFs and Index: $753.50 billion versus the two-analyst average estimate of $753.51 billion.Average AUM - Total: $2,368.80 billion versus $2,368.79 billion estimated by two analysts on average.Assets Under Management - Fundamental Fixed Income: $315.50 billion compared to the $315.52 billion average estimate based on two analysts.Assets Under Management - Private Markets: $135.50 billion versus the two-analyst average estimate of $135.51 billion.Assets Under Management - China JV & India: $163.20 billion compared to the $163.20 billion average estimate based on two analysts.Assets Under Management - Multi-Asset/Other: $79.90 billion compared to the $79.90 billion average estimate based on two analysts.Assets Under Management - Global Liquidity: $214.50 billion versus $214.50 billion estimated by two analysts on average.Assets Under Management - QQQs: $490.10 billion versus $490.08 billion estimated by two analysts on average.Average AUM - ETFs & Index: $717.40 billion versus $706.80 billion estimated by two analysts on average.Operating revenues- Other revenues: $50.2 million versus $62.85 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.2% change.Operating revenues- Service and distribution fees: $309.9 million versus the two-analyst average estimate of $322.65 million. The reported number represents a year-over-year change of -14.8%.Operating revenues- Performance fees: $3.7 million versus $6.02 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +42.3% change.View all Key Company Metrics for Invesco here>>>
Shares of Invesco have returned +14.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Invesco (IVZ - Free Report) came out with quarterly earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +5.97%. A quarter ago, it was expected that this investment management company would post earnings of $0.58 per share when it actually produced earnings of $0.57, delivering a surprise of -1.72%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Invesco, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $1.33 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.19%. This compares to year-ago revenues of $1.1 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Invesco shares have added about 14.6% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Invesco?While Invesco has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Invesco was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.75 on $1.38 billion in revenues for the coming quarter and $2.78 on $5.34 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Sound Point Meridian Capital, Inc. (SPMC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -43.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sound Point Meridian Capital, Inc.'s revenues are expected to be $14.08 million, down 26.7% from the year-ago quarter.
Invesco Announces Second Quarter Diluted EPS of $0.76; Adjusted Diluted EPS (1) of $0.71
, /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months ended June 30, 2026.
$45.1 billion of record net long-term inflows for the quarter, primarily driven by ETFs and Index, QQQ, China JV and Private Markets $2.5 trillion in ending AUM; an increase of 14.4% from the prior quarter 19.9% operating margin in Q2 2026; 37.5% adjusted operating margin (1) Continued balance sheet strength - reduced net debt by more than $450 million during the quarter and increased common share buybacks to $50 million or 1.9 million shares (2) Update from Andrew Schlossberg, President and CEO
"The momentum we are building as we execute against our strategic priorities is noteworthy. For the first half of the year, we posted record net long-term inflows of $67 billion, or 7% annualized organic growth, and generated record net revenues, with an increase of 17% over the same period last year. In the second quarter alone, we generated $45 billion of net long-term inflows. Net revenue growth was 5% and expenses were flat on a sequential quarter basis, reflecting our increasingly scaled platform and disciplined approach to expense management. This created significant operating leverage driving an adjusted operating margin expansion of 3 percentage points to 37.5% in the second quarter, with a 14% increase in adjusted operating income and a 25% increase in adjusted earnings per share.(1)
Furthermore, we have meaningfully improved our leverage ratio while increasing common share buybacks 80% year-to-date as compared to the first half of last year. Importantly, we have done this while continuing to invest in the business and positioning our product suite to meet ever-evolving global demand."
(1)
Includes non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
(2)
Net debt: Debt less Cash and cash equivalents
Net Flows:
Net long-term inflows were $45.1 billion for the second quarter of 2026 as compared to $21.8 billion in the first quarter.
Retail net long-term inflows were $47.3 billion while Institutional net long-term outflows were $2.2 billion. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $30.1 billion, QQQ of $13.8 billion, China JV of $6.9 billion, Private Markets of $1.9 billion, and Fundamental Fixed Income of $0.4 billion, partially offset by net long-term outflows from Fundamental Equities of $7.7 billion and Multi-Asset/Other of $0.3 billion. On a geographic basis, the Americas, Asia Pacific, and EMEA regions achieved net long-term inflows of $30.8 billion, $8.2 billion, and $6.1 billion, respectively.
Net market gains and foreign exchange rate movements increased AUM in the second quarter by $256.8 billion and $0.7 billion, respectively. We had inflows of $16.9 billion from money market funds during the quarter. Ending AUM increased 14.4% while average AUM increased 6.8% during the second quarter.
Summary of net flows (in billions)
Q2-26
Q1-26
Q2-25
Long-term inflows
$ 202.1
$ 162.0
$ 118.7
Long-term outflows
(157.0)
(140.2)
(103.1)
Net long-term flows (1)
45.1
21.8
15.6
Non-management fee earning AUM (1)
0.7
—
2.8
Money market
16.9
11.5
(3.2)
Total net flows
$ 62.7
$ 33.3
$ 15.2
Annualized long-term organic growth rate (2)
8.5 %
4.4 %
4.7 %
(1)
Non-management fee earning flows include QQQ's flows prior to its restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net long-term flows include QQQ's flows beginning on December 20, 2025.
(2)
Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.
Second Quarter Highlights:
Financial Results
Q2-26
Q1-26
Q2-26 vs.
Q1-26
Q2-25
Q2-26 vs.
Q2-25
U.S. GAAP Financial Measures
Operating revenues
$1,825.6m
$1,744.5m
4.6 %
$1,515.5m
20.5 %
Operating income
$364.2m
$333.2m
9.3 %
$214.2m
70.0 %
Operating margin
19.9 %
19.1 %
14.1 %
Net income/(loss) attributable to Invesco Ltd.
$345.3m
$230.4m
49.9 %
($12.5m)
N/A
Diluted EPS
$0.76
$0.51
49.0 %
($0.03)
N/A
Adjusted Financial Measures (1)
Net revenues
$1,329.1m
$1,264.3m
5.1 %
$1,104.6m
20.3 %
Adjusted operating income
$498.7m
$436.0m
14.4 %
$344.4m
44.8 %
Adjusted operating margin
37.5 %
34.5 %
31.2 %
Adjusted net income attributable to Invesco Ltd.
$322.3m
$260.8m
23.6 %
$165.2m
95.1 %
Adjusted diluted EPS
$0.71
$0.57
24.6 %
$0.36
97.2 %
Assets Under Management
Ending AUM
$2,470.3bn
$2,159.5bn
14.4 %
$2,001.4bn
23.4 %
Average AUM
$2,368.8bn
$2,218.9bn
6.8 %
$1,897.4bn
24.8 %
Headcount
7,405
7,421
(0.2 %)
8,407
(11.9 %)
(1)
Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
U.S. GAAP Operating Results:
Second Quarter 2026 compared to First Quarter 2026
Operating revenues and expenses: Operating revenues increased $81.1 million in the second quarter of 2026 compared to the first quarter. Investment management fees and Service and distribution fees increased $79.6 million and $8.1 million, respectively, primarily driven by higher average AUM. Performance fees decreased $7.6 million to $3.7 million.
Operating expenses increased $50.1 million in the second quarter of 2026 compared to the first quarter. Third-party distribution, service and advisory costs increased $25.7 million primarily due to higher average AUM. Employee compensation expense increased $34.0 million primarily due to higher employee variable compensation costs of $34.8 million driven by higher revenues and a $39.5 million increase in the mark-to-market adjustment on deferred compensation liabilities, partially offset by a decrease of $26.5 million related to the acceleration of expense for long-term awards granted to retirement-eligible employees in the first quarter and seasonally lower payroll taxes of $13.6 million. General and administrative expenses decreased $13.6 million, primarily due to a net benefit of $11.7 million arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company's Canadian operations.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $35.1 million, earned primarily from our China joint venture. Interest and dividend income was $9.9 million earned from cash and cash equivalents and seed capital investments. Other gains/(losses) were a net gain of $105.8 million, primarily driven by gains from market value changes in deferred compensation and other investments. Other income/(expense) of consolidated investment products (CIP) was an expense of $36.0 million, primarily driven by market losses on the underlying investments held by the funds, partially offset by net interest income earned by CIP.
The effective tax rate was 25.6% in the second quarter of 2026, compared to 27.0% in the first quarter of 2026. The decrease was primarily due to the favorable impact of the higher Income before income taxes in the second quarter of 2026 compared to relatively stable permanent items between quarters and the favorable discrete tax benefit related to the gain recognized on the sale of the management agreements associated with Invesco's Canadian fund business, which was partially offset by the excess tax benefits related to the vesting of common share-based awards recognized in the first quarter of 2026.
Diluted earnings per common share: Diluted earnings per common share was $0.76 for the second quarter of 2026.
Second Quarter 2026 compared to Second Quarter 2025
Operating revenues and expenses: Operating revenues increased $310.1 million in the second quarter of 2026 compared to the second quarter of 2025. Investment management fees increased $360.9 million, primarily driven by management fees for QQQ following its conversion to an open-end fund ETF in the fourth quarter of 2025 and higher average AUM. Service and distribution fees decreased $53.9 million primarily due to the elimination of QQQ's pass-through service revenues after its conversion.
Operating expenses increased $160.1 million in the second quarter of 2026 compared to the second quarter of 2025. Third-party distribution, service and advisory costs increased $126.4 million primarily due to higher average AUM and third-party costs for QQQ. Employee compensation expenses increased $36.3 million primarily due to higher employee variable compensation costs of $43.0 million driven by higher revenues and an $18.7 million increase in the mark-to-market adjustment on deferred compensation liabilities, partially offset by lower salaries of $12.4 million primarily due to the divestitures in the fourth quarter of 2025 and $16.9 million of severance expense related to the reorganization of the fundamental equities investment teams in the second quarter of 2025. Marketing expenses increased $13.6 million, primarily due to advertising related to QQQ. Property, office and technology costs decreased $8.9 million due to an $8.0 million software impairment recorded in the second quarter of 2025 related to a strategic change to the company's fixed income investment platform. General and administrative expenses decreased $5.7 million, primarily due to a net benefit of $11.7 million arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company's Canadian operations, which was partially offset by higher professional fees.
The effective tax rate was 25.6% in the second quarter of 2026 as compared to 28.1% in the second quarter of 2025. The decrease was primarily due to the favorable discrete tax benefit related to the gain recognized on the sale of the management agreements associated with Invesco's Canadian fund business and a reduction in the expense for unrecognized tax benefits in the second quarter of 2026 related to the favorable resolution of certain tax matters, including a tax matter resolved during the second quarter of 2026.
Adjusted (1) Operating Results:
Second Quarter 2026 compared to First Quarter 2026
Net revenues and adjusted operating expenses: Net revenues in the second quarter of 2026 increased $64.8 million compared to the first quarter primarily due to higher average AUM.
Adjusted operating expenses increased $2.1 million compared to the first quarter.
Adjusted operating income increased $62.7 million compared to the first quarter. Adjusted operating margin increased to 37.5% from 34.5%.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a market loss of $6.8 million. Other gains/(losses) were a net gain of $43.1 million, primarily driven by gains from market value changes in seed capital and other investments. Interest and dividend income was $11.7 million.
The effective tax rate on adjusted net income was 24.9% in the second quarter of 2026, compared to 23.6% in the first quarter of 2026. The increase in the effective tax rate was primarily due to excess tax benefits related to the vesting of common share-based awards recognized in the first quarter of 2026.
Adjusted diluted earnings per common share was $0.71 for the second quarter of 2026.
Second Quarter 2026 compared to Second Quarter 2025
Net revenues and adjusted operating expenses: Net revenues in the second quarter of 2026 increased $224.5 million compared to the second quarter of 2025 driven by higher average AUM and the net revenues earned from QQQ. Foreign exchange rate changes increased net revenues by $6.3 million.
Adjusted operating expenses in the second quarter of 2026 increased $70.2 million compared to the second quarter of 2025, reflecting higher Employee compensation and Marketing expenses, as discussed above. General and administrative expenses increased $7.5 million primarily due to higher professional fees.
Adjusted operating income increased $154.3 million compared to the second quarter of 2025. Adjusted operating margin increased to 37.5% from 31.2%.
The effective tax rate on adjusted net income was 24.9% in the second quarter of 2026, compared to 26.5% in the second quarter of 2025. The decrease in the effective tax rate was primarily due to the reduction in the expense for unrecognized tax benefits related to the favorable resolution of certain tax matters, including a tax matter resolved during the second quarter of 2026.
(1)
Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
Capital Management:
Cash and cash equivalents: $915.4 million at June 30, 2026 ($806.9 million as of March 31, 2026).
Debt: $1,624.0 million at June 30, 2026 ($1,966.7 million at March 31, 2026). The credit facility balance was $736.0 million as of June 30, 2026 ($1,079.0 million at March 31, 2026).
Net Debt (2): $708.6 million at June 30, 2026 ($1,159.8 million at March 31, 2026)
Common share repurchases: During the second quarter of 2026, the company repurchased 1.9 million common shares for $50 million in the open market.
Common shares outstanding (end of period): 441.5 million
Diluted common shares outstanding (end of period): 453.5 million
(2)
Net debt: Debt less Cash and cash equivalents
Dividends paid: $96.8 million (common); $37.0 million (preferred).
Common dividends declared: The company is announcing a second quarter cash dividend of $0.215 per share to holders of common shares. The dividend is payable on September 2, 2026 to common shareholders of record at the close of business on August 14, 2026, with an ex-dividend date of August 14, 2026.
Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from June 1, 2026 through August 31, 2026. The preferred dividend is payable on September 1, 2026.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Members of the investment community and general public are invited to listen to the conference call today, July 28, 2026, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for U.S. and Canadian callers or 1-210-795-1098 for international callers, using the Passcode: Invesco. An audio replay of the conference call will be available until Wednesday, August 12, 2026 by calling 1-866-360-7726 for U.S. and Canadian callers or 1-203-369-0178 for international callers. A presentation highlighting the company's performance will be available during a live Webcast and on Invesco's Website at invesco.com/corporate.
This release, and comments made in the associated conference call today, may include "forward-looking statements." Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and assets under management and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC's website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.
Investor Relations Contacts:
Media Relations Contact:
Greg Ketron | 404-724-4299
Jennifer Church | 404-439-3428
Andrea Raphael | 212-323-4202
Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)
Q2-26
Q1-26
% Change
Q2-25
% Change
Operating revenues:
Investment management fees
$ 1,461.8
$ 1,382.2
5.8 %
$ 1,100.9
32.8 %
Service and distribution fees
309.9
301.8
2.7 %
363.8
(14.8 %)
Performance fees
3.7
11.3
(67.3 %)
2.6
42.3 %
Other
50.2
49.2
2.0 %
48.2
4.1 %
Total operating revenues
1,825.6
1,744.5
4.6 %
1,515.5
20.5 %
Operating expenses:
Third-party distribution, service and advisory
627.1
601.4
4.3 %
500.7
25.2 %
Employee compensation
546.7
512.7
6.6 %
510.4
7.1 %
Marketing
36.7
37.4
(1.9 %)
23.1
58.9 %
Property, office and technology
109.3
104.6
4.5 %
118.2
(7.5 %)
General and administrative
133.5
147.1
(9.2 %)
139.2
(4.1 %)
Amortization of intangible assets
8.1
8.1
— %
9.7
(16.5 %)
Total operating expenses
1,461.4
1,411.3
3.5 %
1,301.3
12.3 %
Operating income
364.2
333.2
9.3 %
214.2
70.0 %
Other income/(expense):
Equity in earnings of unconsolidated affiliates
35.1
34.0
3.2 %
25.0
40.4 %
Interest and dividend income
9.9
9.2
7.6 %
10.5
(5.7 %)
Interest expense
(23.6)
(24.3)
(2.9 %)
(20.7)
14.0 %
Other gains/(losses), net
105.8
(0.4)
N/A
59.7
77.2 %
Other income/(expense) of CIP, net
(36.0)
(51.5)
(30.1 %)
(14.3)
151.7 %
Income before income taxes
455.4
300.2
51.7 %
274.4
66.0 %
Income tax (provision)/benefit
(116.5)
(81.1)
43.6 %
(77.0)
51.3 %
Net income
338.9
219.1
54.7 %
197.4
71.7 %
Net (income)/loss attributable to noncontrolling
interests in consolidated entities
43.4
49.5
(12.3 %)
6.0
623.3 %
Less: Dividends declared on preferred shares
(37.0)
(38.2)
(3.1 %)
(56.6)
(34.6 %)
Less: Cost of preferred share repurchase
—
—
N/A
(159.3)
N/A
Net income/(loss) attributable to Invesco Ltd.
$ 345.3
$ 230.4
49.9 %
$ (12.5)
N/A
Earnings per common share:
- basic
$ 0.77
$ 0.51
51.0 %
$ (0.03)
N/A
- diluted
$ 0.76
$ 0.51
49.0 %
$ (0.03)
N/A
Weighted average common shares outstanding:
- basic
451.3
451.1
— %
453.8
(0.6 %)
- diluted
454.4
453.7
0.2 %
455.2
(0.2 %)
Invesco Ltd.
Non-GAAP Information and Reconciliations
We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted diluted EPS. We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco Ltd., and Diluted EPS.
The following are reconciliations of Operating revenues, Operating income (and by calculation, operating margin), and Net income attributable to Invesco Ltd. (and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted operating expenses is provided below, together with reconciliations of the U.S. GAAP Operating expense lines to provide further analysis of the non-GAAP adjustments. These non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. The tax effect of the reconciling items is based on the tax jurisdiction attributable to the transactions. These measures are described more fully in the company's Forms 10-K and 10-Q. Refer to these public filings for additional information about the company's non-GAAP performance measures.
Reconciliation of Operating revenues to Net revenues:
(in millions)
Q2-26
Q1-26
Q2-25
Operating revenues, U.S. GAAP basis
$ 1,825.6
$ 1,744.5
$ 1,515.5
Revenue adjustments (1)
Investment management fees
(385.2)
(356.3)
(211.8)
Service and distribution fees
(207.2)
(206.3)
(252.7)
Other
(34.7)
(38.8)
(36.2)
Total revenue adjustments
(627.1)
(601.4)
(500.7)
Invesco Great Wall (2)
121.8
110.8
79.2
CIP (3)
8.8
10.4
10.6
Net revenues
$ 1,329.1
$ 1,264.3
$ 1,104.6
Reconciliation of Operating income to Adjusted operating income:
(in millions)
Q2-26
Q1-26
Q2-25
Operating income, U.S. GAAP basis
$ 364.2
$ 333.2
$ 214.2
Invesco Great Wall (2)
76.7
68.2
49.9
CIP (3)
13.0
17.6
15.9
Amortization of intangible assets (4)
8.1
8.1
9.7
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
48.4
8.9
29.8
Severance (6)
—
—
16.9
Software impairment (7)
—
—
8.0
Canadian sale and restructuring (8)
(11.7)
—
—
Adjusted operating income
$ 498.7
$ 436.0
$ 344.4
Operating margin (9)
19.9 %
19.1 %
14.1 %
Adjusted operating margin (10)
37.5 %
34.5 %
31.2 %
Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.
(in millions)
Q2-26
Q1-26
Q2-25
Net income/(loss) attributable to Invesco Ltd., U.S. GAAP basis
$ 345.3
$ 230.4
$ (12.5)
Adjustments (excluding tax):
Amortization of intangible assets (4)
8.1
8.1
9.7
Deferred compensation net market valuation changes (5)
(26.8)
24.3
(19.0)
Severance (6)
—
—
16.9
Software impairment (7)
—
—
8.0
Canadian sale and restructuring (8)
(11.7)
—
—
Total adjustments excluding tax
(30.4)
32.4
15.6
Tax adjustment for amortization of intangible assets and goodwill (11)
4.0
3.8
4.0
Other tax effects of adjustments above
3.4
(5.8)
(1.2)
Cost of preferred stock repurchase (12)
—
—
159.3
Adjusted net income attributable to Invesco Ltd.
$ 322.3
$ 260.8
$ 165.2
Weighted average common shares outstanding - diluted
454.4
453.7
455.2
Diluted EPS
$ 0.76
$ 0.51
$ (0.03)
Adjusted diluted EPS (13)
$ 0.71
$ 0.57
$ 0.36
Reconciliation of Operating expenses to Adjusted operating expenses:
(in millions)
Q2-26
Q1-26
Q2-25
Operating expenses, U.S. GAAP basis
$ 1,461.4
$ 1,411.3
$ 1,301.3
Invesco Great Wall (2)
45.1
42.6
29.3
Third-party distribution, service and advisory expenses
(627.1)
(601.4)
(500.7)
CIP (3)
(4.2)
(7.2)
(5.3)
Amortization of intangible assets (4)
(8.1)
(8.1)
(9.7)
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
(48.4)
(8.9)
(29.8)
Severance (6)
—
—
(16.9)
Software impairment (7)
—
—
(8.0)
Canadian sale and restructuring (8)
11.7
—
—
Adjusted operating expenses
$ 830.4
$ 828.3
$ 760.2
Employee compensation, U.S. GAAP basis
$ 546.7
$ 512.7
$ 510.4
Invesco Great Wall (2)
31.8
29.9
17.2
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
(48.4)
(8.9)
(29.8)
Severance (6)
—
—
(16.9)
Adjusted employee compensation
$ 530.1
$ 533.7
$ 480.9
Marketing, U.S. GAAP basis
$ 36.7
$ 37.4
$ 23.1
Invesco Great Wall (2)
3.7
3.6
3.2
Adjusted marketing
$ 40.4
$ 41.0
$ 26.3
Property, office and technology, U.S. GAAP basis
$ 109.3
$ 104.6
$ 118.2
Invesco Great Wall (2)
4.6
4.5
4.3
Software impairment (7)
—
—
(8.0)
Adjusted property, office and technology
$ 113.9
$ 109.1
$ 114.5
General and administrative, U.S. GAAP basis
$ 133.5
$ 147.1
$ 139.2
Invesco Great Wall (2)
5.0
4.6
4.6
CIP (3)
(4.2)
(7.2)
(5.3)
Canadian sale and restructuring (8)
11.7
—
—
Adjusted general and administrative
$ 146.0
$ 144.5
$ 138.5
Amortization of intangible assets, U.S. GAAP basis
$ 8.1
$ 8.1
$ 9.7
Amortization of intangible assets (4)
(8.1)
(8.1)
(9.7)
Adjusted amortization of intangible assets
$ —
$ —
$ —
(1)
Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company's managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco's own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.
Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.
(2)
Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company's non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.
(3)
CIP: The company believes that the CIP may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
(4)
Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.
(5)
Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.
(6)
Severance: In the second quarter of 2025, the company removed the severance expense related to the reorganization of its fundamental equities investment teams. The company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar reorganization related charges.
(7)
Software impairment: In the second quarter of 2025, the company removed the non-cash software impairment related to a strategic change in our fixed income investment platform. The company removed this expense in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS as this will aid comparability of our results period to period.
(8)
Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 and the restructuring of the company's Canadian operations. The company removed this benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar activities.
(9)
Operating margin is equal to Operating income divided by Operating revenues.
(10)
Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.
(11)
Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.
(12)
Cost of preferred stock repurchase: In the second quarter of 2025, the company repurchased $1.0 billion of the company's outstanding Series A Preferred Stock held by MassMutual. The company removed the cost associated with the repurchase from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar repurchase related charges.
(13)
Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.
Invesco Ltd.
Assets Under Management
Three months ended
Six months ended
(in billions)
June 30,
2026
March 31,
2026
% Change
June 30,
2025
June 30,
2026
June 30,
2025
% Change
Beginning Assets
$ 2,159.5
$ 2,169.9
(0.5 %)
$ 1,844.8
$ 2,169.9
$ 1,846.0
17.5 %
Long-term inflows
202.1
162.0
24.8 %
118.7
364.1
240.7
51.3 %
Long-term outflows
(157.0)
(140.2)
12.0 %
(103.1)
(297.2)
(207.5)
43.2 %
Net long-term flows
45.1
21.8
106.9 %
15.6
66.9
33.2
101.5 %
Net flows in non-management fee earning
AUM (a)
0.7
—
N/A
2.8
0.7
7.8
(91.0 %)
Net flows in money market funds
16.9
11.5
47.0 %
(3.2)
28.4
6.8
317.6 %
Total net flows
62.7
33.3
88.3 %
15.2
96.0
47.8
100.8 %
Reinvested distributions
1.6
0.9
77.8 %
1.0
2.5
2.0
25.0 %
Market gains and losses
256.8
(42.5)
N/A
126.4
214.3
84.2
154.5 %
Dispositions (b)
(11.0)
—
N/A
—
(11.0)
—
N/A
Foreign currency translation
0.7
(2.1)
N/A
14.0
(1.4)
21.4
N/A
Ending Assets
$ 2,470.3
$ 2,159.5
14.4 %
$ 2,001.4
$ 2,470.3
$ 2,001.4
23.4 %
Ending long-term AUM
$ 2,212.6
$ 1,920.1
15.2 %
$ 1,415.3
$ 2,212.6
$ 1,415.3
56.3 %
Average long-term AUM
$ 2,124.4
$ 1,984.5
7.0 %
$ 1,343.8
$ 2,054.5
$ 1,335.3
53.9 %
Average AUM
$ 2,368.8
$ 2,218.9
6.8 %
$ 1,897.4
$ 2,293.9
$ 1,889.1
21.4 %
Average QQQ AUM
$ 452.3
$ 398.5
13.5 %
$ 319.2
$ 425.4
$ 319.6
33.1 %
Three months ended June 30, 2026
Six months ended June 30, 2026
By channel: (in billions)
Retail
Institutional
Retail
Institutional
Beginning Assets
$ 1,489.4
$ 670.1
$ 1,515.7
$ 654.2
Long-term inflows
154.1
48.0
268.7
95.4
Long-term outflows
(106.8)
(50.2)
(206.7)
(90.5)
Net long-term flows
47.3
(2.2)
62.0
4.9
Net flows in non-management fee earning AUM (a)
—
0.7
(0.1)
0.8
Net flows in money market funds
3.9
13.0
4.3
24.1
Total net flows
51.2
11.5
66.2
29.8
Reinvested distributions
1.6
—
2.5
—
Market gains and losses
233.9
22.9
192.9
21.4
Dispositions (b)
(9.9)
(1.1)
(9.9)
(1.1)
Foreign currency translation
0.1
0.6
(1.1)
(0.3)
Ending Assets
$ 1,766.3
$ 704.0
$ 1,766.3
$ 704.0
Three months ended June 30, 2026
Six months ended June 30, 2026
By client domicile: (in billions)
Americas
Asia
Pacific
EMEA
Americas
Asia
Pacific
EMEA
Beginning Assets
$ 1,470.8
$ 330.0
$ 358.7
$ 1,492.4
$ 321.0
$ 356.5
Long-term inflows
104.1
64.3
33.7
173.7
125.1
65.3
Long-term outflows
(73.3)
(56.1)
(27.6)
(141.9)
(103.7)
(51.6)
Net long-term flows
30.8
8.2
6.1
31.8
21.4
13.7
Net flows in non-management fee earning AUM (a)
0.7
—
—
0.7
—
—
Net flows in money market funds
13.9
3.6
(0.6)
24.2
3.5
0.7
Total net flows
45.4
11.8
5.5
56.7
24.9
14.4
Reinvested distributions
1.5
—
0.1
2.4
—
0.1
Market gains and losses
201.2
23.7
31.9
167.9
18.6
27.8
Dispositions (b)
(11.0)
—
—
(11.0)
—
—
Foreign currency translation
(0.3)
1.0
—
(0.8)
2.0
(2.6)
Ending Assets
$ 1,707.6
$ 366.5
$ 396.2
$ 1,707.6
$ 366.5
$ 396.2
See the footnotes immediately following these tables.
Invesco Ltd.
Assets Under Management (continued)
Three months ended June 30, 2026
By investment capability (c):
(in billions)
ETFs and
Index (d)
Fundamental
Fixed Income
(e)
Fundamental
Equities (f)
Private
Markets
(g)
China JV
(h)
Multi-
Asset/Other
(i)
Global
Liquidity
(j)
QQQ (k)
Beginning Assets
$ 638.3
$ 312.5
$ 287.7
$ 131.3
$ 141.9
$ 74.1
$ 201.2
$ 372.5
Long-term inflows
74.9
20.1
14.1
7.4
50.6
5.4
—
29.6
Long-term outflows
(44.8)
(19.7)
(21.8)
(5.5)
(43.7)
(5.7)
—
(15.8)
Net long-term flows
30.1
0.4
(7.7)
1.9
6.9
(0.3)
—
13.8
Net flows in non-management
fee earning AUM (a)
—
—
—
—
—
0.7
—
—
Net flows in money market
funds
—
—
—
—
3.7
—
13.2
—
Total net flows
30.1
0.4
(7.7)
1.9
10.6
0.4
13.2
13.8
Reinvested distributions
—
0.5
0.8
0.1
—
0.1
0.1
—
Market gains and losses
91.9
2.8
41.5
2.4
8.3
6.1
—
103.8
Dispositions (b)
(6.7)
—
(3.6)
—
—
(0.7)
—
—
Foreign currency translation
(0.1)
(0.7)
(0.6)
(0.2)
2.4
(0.1)
—
—
Ending Assets
$ 753.5
$ 315.5
$ 318.1
$ 135.5
$ 163.2
$ 79.9
$ 214.5
$ 490.1
Average AUM
$ 717.4
$ 315.3
$ 311.1
$ 134.3
$ 155.2
$ 78.0
$ 205.2
$ 452.3
Six months ended June 30, 2026
By investment capability (c):
(in billions)
ETFs and
Index (d)
Fundamental
Fixed Income
(e)
Fundamental
Equities (f)
Private
Markets
(g)
China JV
(h)
Multi-
Asset/Other
(i)
Global
Liquidity
(j)
QQQ (k)
Beginning Assets
$ 630.2
$ 311.5
$ 298.4
$ 130.7
$ 132.5
$ 69.7
$ 189.7
$ 407.2
Long-term inflows
130.0
41.8
29.0
13.1
97.6
13.3
—
39.3
Long-term outflows
(81.3)
(37.7)
(39.1)
(10.8)
(82.0)
(10.0)
—
(36.3)
Net long-term flows
48.7
4.1
(10.1)
2.3
15.6
3.3
—
3.0
Net flows in non-management
fee earning AUM (a)
—
—
—
—
—
0.7
—
—
Net flows in money market
funds
—
—
—
—
3.6
—
24.8
—
Total net flows
48.7
4.1
(10.1)
2.3
19.2
4.0
24.8
3.0
Reinvested distributions
—
1.0
1.0
0.2
—
0.1
0.2
—
Market gains and losses
81.4
0.9
34.4
2.9
7.3
7.6
(0.1)
79.9
Dispositions (b)
(6.7)
—
(3.6)
—
—
(0.7)
—
—
Foreign currency translation
(0.1)
(2.0)
(2.0)
(0.6)
4.2
(0.8)
(0.1)
—
Ending Assets
$ 753.5
$ 315.5
$ 318.1
$ 135.5
$ 163.2
$ 79.9
$ 214.5
$ 490.1
Average AUM
$ 687.3
$ 314.4
$ 307.6
$ 133.2
$ 148.8
$ 76.6
$ 200.6
$ 425.4
Invesco Ltd.
Footnotes to the Assets Under Management Tables
(a)
Non-management fee earning AUM includes non-management fee earning UIT and product leverage. For the six months ended June 30, 2025, non-management fee earning AUM include QQQ's flows.
(b)
Sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 decreased AUM by $11.0 billion.
(c)
Investment capabilities are descriptive groupings of AUM by investment strategy.
(d)
ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ.
(e)
Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.
(f)
Fundamental Equities includes Equity products.
(g)
Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability.
(h)
China JV includes AUM managed by Invesco Great Wall.
(i)
Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs managed within this capability.
(j)
Global Liquidity is comprised mainly of Money Market funds.
(k)
QQQ includes only Invesco QQQ Trust.
Invesco Ltd.
Supplemental Information (1)
For the three months ended
June 30, 2026
For the three months ended
June 30, 2025
Cash flow information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
Invesco and CIP cash and cash equivalents,
beginning of period
$ 1,706.1
$ (899.2)
$ 806.9
$ 1,873.4
$ (1,051.7)
$ 821.7
Cash flows from operating activities
734.2
(38.0)
696.2
547.9
(79.2)
468.7
Cash flows from investing activities
(705.5)
647.2
(58.3)
(275.4)
277.3
1.9
Cash flows from financing activities
(120.6)
(406.6)
(527.2)
(724.8)
316.2
(408.6)
Increase/(decrease) in cash and cash equivalents
(91.9)
202.6
110.7
(452.3)
514.3
62.0
Foreign exchange movement on cash and cash
equivalents
(3.9)
1.7
(2.2)
70.8
(31.8)
39.0
Cash and cash equivalents, end of the period
$ 1,610.3
$ (694.9)
$ 915.4
$ 1,491.9
$ (569.2)
$ 922.7
For the six months ended
June 30, 2026
For the six months ended
June 30, 2025
Cash flow information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
Invesco and CIP cash and cash equivalents,
beginning of period
$ 1,979.8
$ (942.3)
$ 1,037.5
$ 1,496.0
$ (509.5)
$ 986.5
Cash flows from operating activities
946.8
(374.3)
572.5
463.3
(96.8)
366.5
Cash flows from investing activities
(1,438.7)
1,348.9
(89.8)
(367.4)
407.1
39.7
Cash flows from financing activities
150.7
(739.3)
(588.6)
(195.5)
(333.9)
(529.4)
Increase/(decrease) in cash and cash equivalents
(341.2)
235.3
(105.9)
(99.6)
(23.6)
(123.2)
Foreign exchange movement on cash and cash
equivalents
(28.3)
12.1
(16.2)
95.5
(36.1)
59.4
Cash and cash equivalents, end of the period
$ 1,610.3
$ (694.9)
$ 915.4
$ 1,491.9
$ (569.2)
$ 922.7
(1)
These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company's cash flow management processes, nor do they form part of the company's significant liquidity evaluations and decisions.
Invesco Ltd.
Supplemental Information (1)
June 30, 2026
December 31, 2025
Balance Sheet information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
ASSETS
Cash and cash equivalents
$ 915.4
$ —
$ 915.4
$ 1,037.5
$ —
$ 1,037.5
Investments
1,454.6
559.5
2,014.1
1,381.1
397.1
1,778.2
Goodwill and intangible assets, net
12,306.0
—
12,306.0
12,404.4
—
12,404.4
Other assets (2)
2,223.0
8.6
2,231.6
2,121.2
11.2
2,132.4
Investments and other assets of CIP (3)
10,574.1
(10,574.1)
—
10,149.8
(10,149.8)
—
Total assets
$ 27,473.1
$ (10,006.0)
$ 17,467.1
$ 27,094.0
$ (9,741.5)
$ 17,352.5
LIABILITIES
Debt
$ 1,624.0
$ —
$ 1,624.0
$ 1,825.1
$ —
$ 1,825.1
Other Liabilities (4)
3,371.2
—
3,371.2
3,296.4
—
3,296.4
Debt and other liabilities of CIP
9,007.7
(9,007.7)
—
8,967.6
(8,967.6)
—
Total liabilities
$ 14,002.9
$ (9,007.7)
$ 4,995.2
$ 14,089.1
$ (8,967.6)
$ 5,121.5
EQUITY
Total equity attributable to Invesco Ltd.
$ 12,471.9
$ —
$ 12,471.9
$ 12,231.0
$ —
$ 12,231.0
Noncontrolling interests (5)
998.3
(998.3)
—
773.9
(773.9)
—
Total equity
13,470.2
(998.3)
12,471.9
13,004.9
(773.9)
12,231.0
Total liabilities and equity
$ 27,473.1
$ (10,006.0)
$ 17,467.1
$ 27,094.0
$ (9,741.5)
$ 17,352.5
(1)
This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt.
(2)
Amounts include Accounts receivable, Property, equipment and software, and Other assets.
(3)
Amounts include Cash and cash equivalents of CIP.
(4)
Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities.
(5)
Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities.
Cena zlata ve druhém čtvrtletí výrazně korigovala a zaznamenala nejhorší čtvrtletní výkon od roku 2013. Za poklesem stály především rostoucí očekávání vyšších úrokových sazeb v USA, silnější dolar a ústup části geopolitické rizikové prémie. Přesto analytici Invesca upozorňují, že dlouhodobé podpůrné faktory zůstávají nadále v platnosti. Mezi nejvýznamnější patří pokračující nákupy centrálních bank, zájem o diverzifikaci devizových rezerv a role zlata jako tradičního uchovatele hodnoty v období ekonomické a geopolitické nejistoty.
Cena zlata ve druhém čtvrtletí klesla o 14,1 %, čímž vymazala růst z prvního čtvrtletí. Od historického intradenního maxima dosaženého na konci ledna letošního roku se propadla o více než 1 500 USD za unci.
Volatilita se zvýšila už v dubnu, největší pokles však přišel v průběhu května a června. 24. června se zlato poprvé od listopadu 2025 krátce obchodovalo pod hranicí 4 000 USD za unci. V následujících dnech kolem této psychologicky významné úrovně kolísalo a čtvrtletí zakončilo na 4 008 USD za unci. Šlo o nejhorší výsledek od druhého čtvrtletí 2013, kdy cena zlata čtvrtletně propadla o 22,7 %. Takové korekce však nejsou po dlouhém období výrazného růstu nijak výjimečné a mohou být z dlouhodobého pohledu zdravou součástí vývoje trhu. Navzdory současnému poklesu je zlato za posledních dvanáct měsíců stále výš, a to o 21,3 %.
Přesto přetrvávají rizika dalšího oslabení. Nadcházející měsíce budou pro trh se zlatem klíčové. Investoři budou sledovat především reakci Fedu na vývoj inflace – zda se ukáže jako setrvalá, nebo začne díky nižším cenám ropy ustupovat – a také další vývoj amerického dolaru vůči ostatním hlavním měnám. Vyšší úrokové sazby i silnější dolar bývají pro zlato nepříznivé. Vyšší sazby totiž zvyšují alternativní náklady držby aktiva, které nenese žádný výnos, zatímco silnější dolar zdražuje zlato pro investory mimo Spojené státy.
Obrázek 1: Vývoj ceny zlata od 1. července 2025 do 30. června 2026
Zdroj: Bloomberg, data za období 12 měsíců do 30. června 2026.
Co stálo za poklesem ceny zlata? Inflace, dolar a očekávání ohledně Fedu
Za poklesem ceny zlata stálo několik vzájemně propojených faktorů. Především se zvýšily obavy, že inflace bude přetrvávat déle, než se dříve očekávalo, což znamená, že úrokové sazby mohou zůstat vyšší po delší dobu.
Americký dolar zároveň mírně posílil, částečně právě v reakci na změnu očekávání ohledně měnové politiky. Současně se snížila část geopolitické rizikové přirážky, protože trhy začaly věřit, že jednání mezi Spojenými státy a Íránem směřuje k uspokojivému výsledku.
Právě konflikt mezi oběma zeměmi vyvolal výrazné výkyvy cen energií a obrátil pozornost investorů k inflaci. Čím déle konflikt trvá, tím větší je riziko dlouhodobějších inflačních dopadů – nejen prostřednictvím cen ropy, ale i jejich sekundárních efektů v celé ekonomice.
Zdá se také, že investoři věří v postupný návrat inflace pod kontrolu, jak ukazují inflační očekávání (viz obrázek 2). Otázkou však zůstává, zda není tento optimismus předčasný vzhledem k aktuálním datům k inflaci a přetrvávající nejistotě kolem vztahů mezi USA a Íránem.
Obrázek 2: Inflační očekávání klesají navzdory stále vysoké inflaci
Zdroj: Bloomberg, data k 30. červnu 2026.
S příchodem nového předsedy Kevina Warshe se zdá, že Fed je odhodlán důrazněji řešit přetrvávající inflaci, takže možnost zvýšení sazeb se dostala zpět do hry. Ke konci druhého čtvrtletí tržní ocenění naznačovalo 33,7% pravděpodobnost zvýšení sazeb o 25 bazických bodů na konci července, přibližně 67% pravděpodobnost, že Fed zvýší sazby alespoň jednou do zářijového zasedání FOMC. Podle nástroje CME FedWatch činí pravděpodobnost, že budou sazby na konci roku vyšší než dnes, přibližně 83 %.
Obrázek 3: Očekávání trhu ohledně vývoje sazeb se během druhého čtvrtletí výrazně změnila
Zdroj: CME FedWatch Tool. Zobrazuje implikované pravděpodobnosti jednotlivých scénářů vývoje úrokových sazeb před zasedáním FOMC dne 16. září 2026.
Výhled pro zlato ve druhé polovině roku 2026
Navzdory současné korekci se domníváme, že většina dlouhodobých podpůrných faktorů pro zlato zůstává zachována. Jedním z nejvýznamnějších je pokračující poptávka centrálních bank, které diverzifikují své devizové rezervy. Podle nejnovějšího průzkumu World Gold Council (WGC) očekává rekordních 45 % oslovených centrálních bankéřů, že během příštích dvanácti měsíců zvýší objem svých zlatých rezerv. Celkem 89 % respondentů předpokládá, že celkové zásoby zlata držené centrálními bankami budou v příštím roce dále růst.
Stejný trend potvrzuje také studie Invesco Global Sovereign Asset Management Study 2026, podle níž většina centrálních bank během posledních tří let navýšila podíl zlata ve svých rezervách. Hlavními důvody jsou rostoucí globální volatilita, ochrana před inflací a geopolitická nejistota.
Poptávka centrálních bank je přitom na vývoj ceny zlata poměrně necitlivá. Naopak investiční poptávka bývá na cenovou dynamiku mnohem citlivější. Růst cen často přitahuje nové investory, zatímco jejich pokles může vést k realizaci zisků, zejména pokud investoři potřebují uvolnit kapitál pro jiné investice.
Významným zdrojem poptávky během dlouhodobého růstu zlata byly také nákupy investičních mincí a menších slitků drobnými investory. Bude proto důležité sledovat, jak na současnou cenovou korekci zareagují právě oni.
Pro drobné i institucionální investory však význam zlata nespočívá pouze v jeho schopnosti chránit před geopolitickými riziky, přestože historicky tuto roli často plnilo velmi dobře.
Zlato představuje účinný diverzifikační nástroj, protože vykazuje nízkou korelaci s většinou ostatních tříd aktiv, zejména s akciemi. Zároveň jde o jedinečné aktivum bez emitenta a bez úvěrového rizika, které si po staletí udržuje pověst spolehlivého uchovatele hodnoty v obdobích, kdy investoři ztrácejí důvěru v měny, instituce nebo fungování finančního systému.
V České republice je možné do zlata investovat prostřednictvím fondu Invesco Physical Gold ETC.
Invesco Aerospace & Defense ETF provides a lower expense ratio and significantly lower volatility compared to U.S. Global Jets ETF U.S. Global Jets ETF focuses on airline operators whereas Invesco Aerospace & Defense ETF targets the broader military and defense ecosystem Invesco Aerospace & Defense ETF has delivered superior 5-year total returns and a more conservative risk profile than its airline-heavy peer
Key Takeaways Invesco's Q2 results are expected to reflect y/y earnings and revenue growth.IVZ's preliminary AUM reached $2.47T in June 2026, supporting investment management fees.IVZ completed its Canadian fund business transfer to CI GAM while retaining select portfolio mandates. Invesco (IVZ - Free Report) is scheduled to announce second-quarter 2026 results on July 28, before market open. The company’s quarterly earnings and revenues are expected to have witnessed a rise on a year-over-year basis.
In the last reported quarter, IVZ’s adjusted earnings missed the Zacks Consensus Estimate. The results primarily benefited from an increase in adjusted revenues and growth in assets under management (AUM) balance. However, an increase in adjusted expenses was a headwind.
Invesco does not have an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in only two of the trailing four quarters, the average surprise being 7.9%.
Invesco’s Key Q2 Estimates & Factors to NotePer the monthly metrics data published by Invesco, its preliminary total AUM as of June 30, 2026, was $2.47 trillion, up 14.4% from the previous quarter’s end. So, the company’s investment management fees are expected to have been positively impacted in the quarter. The Zacks Consensus Estimate for investment management fees is pegged at $1.48 billion, indicating a rise of 6.8% from the previous quarter.
The consensus estimate for service and distribution fees of $323 million indicates a rise of 7% from the previous quarter’s reported number. Also, the Zacks Consensus Estimate for other revenues is pegged at $63 million, suggesting a 28% sequential increase.
However, the company’s performance fee is expected to have declined sequentially because the previous quarter benefited from relatively stronger realizations in performance-fee-eligible strategies, particularly in private markets, fundamental fixed income and multi-asset products. In the to-be-reported quarter, performance fees are likely to have normalized to a lower level, reflecting the inherently lumpy nature of these revenues and the absence of any indication of unusually large performance-fee realizations during the quarter. The Zacks Consensus Estimate for second-quarter performance fees of $6.02 million indicates a 46.7% decline from the previous quarter’s actual.
On the cost front, while Invesco’s cost-saving initiatives are likely to have boosted its efficiency, the rise in compensation and marketing costs is expected to have had an adverse impact on overall expenses in the to-be-reported quarter.
Management expects one-time implementation costs of Alpha to be $10-$15 million in the second quarter of 2026.
Major Q2 Development for InvescoIn June, Invesco completed the transfer of its Canadian fund management business to CI Global Asset Management (CI GAM), marking the close of a deal that significantly reshapes the Canadian investment fund landscape.
The transaction, announced in January, involved management agreements tied to Invesco’s Canadian fund lineup, which oversees approximately C$27 billion in assets. Now, CI GAM has assumed management responsibilities for 98 mutual funds and ETFs that were previously operated by Invesco Canada.
Although management of the funds has shifted to CI GAM, Invesco will continue to play an important role through a long-term strategic partnership between the two firms. Under a sub-advisory arrangement, Invesco affiliates will keep providing portfolio management services for 61 funds representing roughly C$13 billion in assets.
What Our Model Predicts for IVZAccording to our proven model, the chances of Invesco beating the Zacks Consensus Estimate for earnings this time are high. This is because it has the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Invesco is +0.08%.
Zacks Rank: The company currently carries a Zacks Rank #2 (Buy).
Invesco’s Q2 Earnings & Sales EstimatesThe Zacks Consensus Estimate for Invesco’s earnings of 67 cents per share has been unchanged over the past seven days. However, the figure indicates a rise of 86.1% from the year-ago quarter’s actual.
The consensus estimate for sales is pegged at $1.33 billion, suggesting a year-over-year increase of 20.1%.
Other Finance Stocks Worth ConsideringHere are a couple of other finance stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time:
Prosperity Bancshares (PB - Free Report) is scheduled to report quarterly results on July 29. The company currently has an Earnings ESP of +1.76% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past seven days, the Zacks Consensus Estimate for PB’s quarterly earnings has been unchanged at $1.54.
The Earnings ESP for Affiliated Managers Group (AMG - Free Report) is +1.86% and it carries a Zacks Rank #2 at present. The company is slated to report quarterly results on July 30.
Over the past seven days, the Zacks Consensus Estimate for AMG’s quarterly earnings has been unchanged at $7.85.
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What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
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It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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Stock to Watch: Invesco (IVZ - Free Report) Headquartered in Atlanta, GA, Invesco Ltd. operates as an independent investment manager and offers a wide range of investment products and services. The company was incorporated in 1935. As of March 31, 2026, Invesco served clients in more than 120 countries and had AUM worth $2.16 trillion.
IVZ is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 10.72; value investors should take notice.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.20 to $2.78 per share. IVZ boasts an average earnings surprise of +7.9%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, IVZ should be on investors' short list.
Vanguard Health Care ETF (VHT -0.70%) and Invesco Pharmaceuticals ETF (PJP -0.84%) differ primarily in scope and cost, as the Vanguard fund provides broad sector coverage for a fraction of the Invesco fund price.
Healthcare investors often choose between broad sector exposure and thematic niches. The Vanguard fund provides a wide net across the entire industry, whereas the Invesco fund targets the research and manufacturing segments of the U.S. drug market exclusively. The choice -- broad versus narrow -- impacts everything from volatility to income potential.
Snapshot (cost & size)MetricPJPVHTIssuerInvescoVanguardShare price$117.91 (as of 2026-07-20)$299.49 (as of 2026-07-20)Expense ratio0.57%0.09%1-yr return (as of July 20, 2026)45.10%25.20%Dividend yield0.90%1.60%Beta0.450.60AUM$435.5 million$20.4 billionBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.VHT is significantly more affordable, sporting an expense ratio of 0.09% compared to 0.57% for PJP. The Vanguard fund also offers a higher payout, with a yield gap of 0.68 percentage points over its peer.
Performance & risk comparisonMetricPJPVHTMax drawdown (5 yr)(17.50%)(17.70%)Growth of $1,000 over 5 years (total return)$1,540$1,281What's insideThe Vanguard fund tracks a wide range of medical firms, holding 411 stocks, nearly all of which are in the healthcare sector. The fund’s largest positions include Eli Lilly & Co (LLY -0.97%) at 14.2%, Johnson & Johnson (JNJ +2.00%) at 8.9%, and AbbVie Inc (ABBV -0.90%) at 6.5%. It was launched in 2004. Vanguard Health Care ETF has paid $4.72 per share over the trailing 12 months, which on its recent ~$299.49 share price works out to a 1.60% yield.
In contrast, the Invesco fund focuses narrowly on just 29 stocks within the pharmaceutical space. Its top holdings include AbbVie at 5.6%, Eli Lilly at 5.4%, and Johnson & Johnson at 5.2%. The fund was launched in 2005. Invesco Pharmaceuticals ETF has paid $1.06 per share over the trailing 12 months, which on its recent ~$117.91 share price works out to a 0.90% yield.
Which fund is the better buy?Healthcare has been on a good run the past year, as a sector it is up around 25% the past 52 weeks. Both these funds are good ways to add this sector-specific exposure to your portfolio, but they have distinct differences investors should take into account to decide which one to buy.
While the Vanguard fund, VHT, holds many more securities, the less diverse Invesco fund, PJP, has much more of its portfolio in small cap stocks, 43% of its holdings, compared to 12% for VHT. The Vanguard fund has 67% of its holdings in large-cap stocks, mostly value stocks, versus 43% for PJP. Both funds have roughly half their assets in their top 10 holdings.
The concentrated approach of Invesco’s PJP appears to be working well. The fund has returned 17.3%, 9.1%, and 7.5% over the 3-year, 5-year, and 10-year time frames.
VHT beats PJP in the 1-year look-back with 10.3% annualized returns, but it trails PJP notably in the 3- and 5-year time frames, with returns of 8.6% and 5.4%, respectively.
So which fund is the better buy? The Vanguard fund’s rock-bottom expense ratio is a strong trait in its favor, but it is hard to ignore the consistent outperformance of PJP over the past five years and year-to-date. The better buy for 2026 for healthcare exposure is PJP.
For more guidance on ETF investing, check out the full guide at this link.
Bank of New York Mellon Corp lifted its stake in shares of Invesco Ltd. (NYSE:IVZ – Free Report) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,431,694 shares of the asset manager’s stock after buying an additional 182,060 shares during the quarter. Bank of New York Mellon Corp owned 0.77% of Invesco worth $83,356,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of IVZ. Vanguard Group Inc. grew its position in Invesco by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 52,965,761 shares of the asset manager’s stock valued at $1,391,411,000 after acquiring an additional 947,693 shares in the last quarter. State Street Corp boosted its stake in shares of Invesco by 1.5% in the second quarter. State Street Corp now owns 22,260,704 shares of the asset manager’s stock valued at $351,051,000 after purchasing an additional 332,340 shares during the period. AQR Capital Management LLC boosted its stake in shares of Invesco by 5.3% in the second quarter. AQR Capital Management LLC now owns 11,612,559 shares of the asset manager’s stock valued at $182,491,000 after purchasing an additional 584,035 shares during the period. Invesco Ltd. acquired a new stake in Invesco during the 4th quarter valued at $230,391,000. Finally, Alliancebernstein L.P. grew its holdings in Invesco by 13.4% during the 2nd quarter. Alliancebernstein L.P. now owns 7,924,717 shares of the asset manager’s stock valued at $124,973,000 after purchasing an additional 939,365 shares in the last quarter. 66.09% of the stock is owned by institutional investors and hedge funds.
Invesco Stock Performance Invesco stock opened at $30.05 on Wednesday. The company has a market cap of $13.32 billion, a PE ratio of -20.44, a P/E/G ratio of 0.48 and a beta of 1.62. The company has a fifty day moving average price of $27.84 and a two-hundred day moving average price of $26.59. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.45. Invesco Ltd. has a 12 month low of $20.00 and a 12 month high of $31.02.
Invesco (NYSE:IVZ – Get Free Report) last issued its earnings results on Tuesday, April 28th. The asset manager reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Invesco had a positive return on equity of 11.34% and a negative net margin of 6.11%.The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted $0.44 earnings per share. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. Research analysts expect that Invesco Ltd. will post 2.78 earnings per share for the current year.
Invesco Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Friday, May 15th were paid a dividend of $0.215 per share. This represents a $0.86 annualized dividend and a yield of 2.9%. This is a positive change from Invesco’s previous quarterly dividend of $0.21. The ex-dividend date was Friday, May 15th. Invesco’s dividend payout ratio (DPR) is currently -58.50%.
Analyst Ratings Changes A number of equities analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Invesco from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Jefferies Financial Group raised Invesco to a “hold” rating in a research report on Tuesday, June 30th. Weiss Ratings upgraded Invesco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Barclays raised their price objective on Invesco from $26.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Finally, Argus restated a “hold” rating on shares of Invesco in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.15.
Check Out Our Latest Stock Analysis on Invesco
Invesco Company Profile (Free Report)
Invesco Ltd. is an independent global investment management firm headquartered in Atlanta, Georgia, and publicly traded on the New York Stock Exchange (NYSE: IVZ). With origins dating back to 1935, the company is dedicated to offering a wide array of investment strategies and solutions to both individual and institutional clients worldwide.
The firm’s product suite encompasses actively managed equity and fixed income funds, passive index funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts, alongside specialized offerings such as private markets, real estate, and structured products.
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Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Invesco (IVZ - Free Report) Headquartered in Atlanta, GA, Invesco Ltd. operates as an independent investment manager and offers a wide range of investment products and services. The company was incorporated in 1935. As of March 31, 2026, Invesco served clients in more than 120 countries and had AUM worth $2.16 trillion.
IVZ is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. IVZ has a Growth Style Score of B, forecasting year-over-year earnings growth of 37% for the current fiscal year.
For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.20 to $2.78 per share. IVZ boasts an average earnings surprise of +7.9%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, IVZ should be on investors' short list.
Wall Street expects a year-over-year increase in earnings on higher revenues when Invesco (IVZ - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 28. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis investment management company is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +86.1%.
Revenues are expected to be $1.33 billion, up 20.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 13.25% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Invesco?For Invesco, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.08%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Invesco will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Invesco would post earnings of $0.58 per share when it actually produced earnings of $0.57, delivering a surprise of -1.72%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Invesco appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAmeriprise Financial Services (AMP - Free Report) , another stock in the Zacks Financial - Investment Management industry, is expected to report earnings per share of $10.72 for the quarter ended June 2026. This estimate points to a year-over-year change of +17.7%. Revenues for the quarter are expected to be $4.79 billion, up 10.5% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Ameriprise has been revised 2.6% up to the current level. Nevertheless, the company now has an Earnings ESP of +0.25%, reflecting a higher Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #2 (Buy), suggests that Ameriprise will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
, /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) will announce its second quarter 2026 results Thursday, July 30, 2026, after market close. A conference call and audio webcast to review second quarter 2026 results will be held on Friday, July 31, 2026, at 9:00 a.m. ET. Scheduled to speak are Kevin Collins, Chief Executive Officer; David Lyle, President; Brian Norris, Chief Investment Officer; and Mark Gregson, Chief Financial Officer.
A presentation will be available on the Company's Web site at www.invescomortgagecapital.com prior to the call.
Those wishing to participate should call:
North America Toll Free: 888-982-7409
International Toll: 1-212-287-1625
Passcode: Invesco
Please visit the following site to join the call: Event Calendar - Invesco Mortgage Capital Inc.
An audio replay will be available until August 14, 2026, by calling:
866-363-1806 (North America) or 1-203-369-0194 (International).
About Invesco Mortgage Capital Inc.
Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing agency mortgage-backed securities. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm. Additional information is available at www.invescomortgagecapital.com.
VettaFi’s Midyear Market Outlook symposium Thursday saw industry leaders take on the big questions. Where is the market going? How should investors and advisors navigate uncertainty and potential volatility? Leaders from Fidelity Investments and Invesco both joined for one of the early segments, focused on innovative U.S. strategies.
Key Takeaways: Fidelity Investments and Invesco leaders joined VettaFi’s Midyear Outlook symposium to discuss what the rest of the year holds. Fidelity’s Treacy and Invesco’s Schroeder discussed the continued geopolitical and concentration risk as issues to watch. Both provided some examples of funds that could help address just that. The segment, hosted by VettaFi Head of Research Todd Rosenbluth, included thoughts from Fidelity Investments Institutional Portfolio Manager Benjamin Treacy, CFA, and Invesco Director, Factor and QQQ Equity Product Strategy Paul Schroeder. The duo spoke to Rosenbluth about a myriad of topics looming over the second half.
Prompted by Rosenbluth, both spoke to what caught their eye to start the year. For Treacy, the resilience of markets despite geopolitical and inflationary headwinds stood out. The rise of small-caps despite those headwinds, too, piqued his interest.
“The rise in small-caps versus large-caps, we haven’t seen that in quite a while, but over the last year, small-caps have been quite strong,” Treacy said. “We’ve seen an improvement in the earnings picture there, which I think has helped drive some of that outperformance versus large.”
Schroeder, meanwhile, spoke to the VIX as a measure of the volatility from those headwinds. While markets have done well, he said, the underlying risk tension has stood out to him.
“So even though we’ve seen strong index performance at the top, there’s been a lot of churning and shifts in leadership underneath that have really provided for a lot of exciting conversations,” Schroeder said.
See more: This Elevated International ETF Looks Compelling Right Now Both firm leaders pointed to small- and mid-cap stocks picking up steam. Treacy emphasized the growth in conversations on that space of late than 12 months prior. Schroeder, meanwhile, grounded that interest amid a contrast between the Magnificent Seven — down almost 5% on the year — and the overall U.S. market. Measured by the S&P 500, for example, the market is up 8%, he said. That tipped Schroeder to underscore his firm’s equal weight fund.
Treacy, meanwhile, spoke to Fidelity Investments’ fundamental suite of ETFs. That suite, which has grown with new international offerings in recent years, offers actively managed ETFs “that look to beat our benchmarks by actively selecting securities,” he said. Treacy spoke to funds like the Fidelity Fundamental Large Cap Core ETF (FFLC).
“They are multi-manager ETFs,” he said. “So each one of these is being managed and we’re selecting stocks based on the insights and conviction levels that we get from our fundamental portfolio managers here at Fidelity.”
He spoke to, for another example, the Fidelity Investments Fundamental Small-Mid ETF (FFSM). FFSM charges a 43 basis point (bps) fee to offer exposure to that space that Treacy highlighted.
“It’s not just small, it’s not just mid, it’s small and mid,” he said. “So it allows us to buy companies…across a very wide swath of the market, right?”
“This portfolio leverages the insights of 12 different portfolio managers at Fidelity that run small- and mid-cap portfolios,” he added. “We have an expert in midcap growth stocks, so we leverage their conviction as well as mid-cap value and small-cap growth and small-cap value.”
See more: How Active Investing Can Get More From Growth Stocks This Year The Fidelity Fundamental Large Cap Growth ETF (FFLG), meanwhile, also offers an active approach. That helps the fund diverge from the benchmark where needed — helping adapt to changes with, for example, the Magnificent Seven.
“So take the Mag Seven… We have actually been little bit underweight the Mag Seven as a group, , but that’s not to say we don’t own any of them,” he said. “We pick and choose and we own where we think we have the strongest conviction… And we think the fundamentals are the strongest in the portfolio.”
FFLG charges 38 bps and has returned 29.6% over the last 12 months. FFSM, meanwhile, has returned 39.9% in the same time.
Looking ahead, both firm leaders made the case for strategies that can add a bit more differentiation. By leaning on fundamentals, those strategies can help portfolios handle those churning risks under the hood.
“I think as an active manager, so forgive me for being a little bit biased, but we are very much believers in the strength of active management,” Treacy said. “I think just what the indexes are doing or have done isn’t the whole story. And to be able to have disciplined active management approaches in these areas like we do, I think is important to think about.”
For more news, information, and strategy, visit the ETF Investing Content Hub.
Fidelity Investments® is an independent company unaffiliated with VettaFi LLC (“VettaFi”). These articles do not form any kind of legal partnership, agency affiliation, or similar relationship between VettaFi and Fidelity Investments, nor is such a relationship created or implied by the articles herein. VettaFi LLC is the author and owner of these articles.
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
Invesco (IVZ - Free Report) is headquartered in Atlanta, and is in the Finance sector. The stock has seen a price change of 12.79% since the start of the year. The investment management company is paying out a dividend of $0.22 per share at the moment, with a dividend yield of 2.9% compared to the Financial - Investment Management industry's yield of 2.76% and the S&P 500's yield of 1.33%.
Looking at dividend growth, the company's current annualized dividend of $0.86 is up 3% from last year. Over the last 5 years, Invesco has increased its dividend 5 times on a year-over-year basis for an average annual increase of 7.66%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Invesco's current payout ratio is 39%, meaning it paid out 39% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for IVZ for this fiscal year. The Zacks Consensus Estimate for 2026 is $2.78 per share, representing a year-over-year earnings growth rate of 36.95%.
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that IVZ is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).
