Invesco Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Invesco Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,734	5,160	5,314	6,117	6,146	6,895	6,049	5,716	6,067	6,377
Selling and marketing	32.7	35.9	35.2	35.7
General and administrative	294	307	324	404	481	424	494	568	595	577
Operating expenses	3,582	3,881	4,109	5,309	5,225	5,106	4,731	6,151	5,235	7,073
Operating income	1,152	1,279	1,205	808	920	1,788	1,318	-435	832	-696
Interest expense	93.4	94.8	112	136	129	94.7	85.2	70.5	58	82.5
Interest income	12.2	13.4	21.3	28.5	20.5	25.2	24.4	47.8	58.9	53.9
Other non-operating income	46.9	49.5	-40	65.7	44.9	121	-140	98	47.7	55.9
Pre-tax income	1,207	1,429	1,138	973	1,069	2,501	1,248	-238	1,005	-379
Income tax	338	268	255	235	262	531	322	-69.7	253	-205
Income from continuing operations	854	1,127
Net income to minority interests	14.1	33.7	0.3	49.5	45.9	340	4.8	-71.3	-22.4	107
Net income	854	1,127	883	565	525	1,393	684	-334	538	-726
EBITDA	1,254	1,396	1,347	986	1,124	1,994	1,513	-252	1,012	-540
EPS, basic	2.06	2.75	2.14	1.29	1.14	3.01	1.50	-0.73	1.18	-1.60
EPS, diluted	2.06	2.75	2.14	1.28	1.13	2.99	1.49	-0.73	1.18	-1.60
Shares, basic (weighted)	415	409	412	438	460	463	458	455	457	453
Shares, diluted (weighted)	415	410	413	441	463	465	460	456	458	455
Dividend per share	1.11	1.15	1.19	1.23	0.78	0.67	0.73	0.79	0.82	0.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,328	2,006	1,148	1,049	1,408	1,896	1,235	1,469	987	1,038
Short-term investments		347
Property, plant and equipment	465	491	469	584	564	518	561	600	479	379
Lease right-of-use assets				325	276	257	361	319	335	297
Goodwill	6,129	6,591	7,157	8,509	8,916	8,883	8,558	8,692	8,318	8,477
Intangible assets	1,399	1,559	2,176	7,358	7,306	7,228	7,141	5,848	5,749	3,927
Total assets	25,734	31,669	30,978	39,420	36,504	32,686	29,757	28,934	27,009	27,094
Total liabilities	17,839	22,470	21,646	24,719	21,483	16,007	12,915	13,018	11,340	14,089
Total debt	2,102	2,076	2,409	2,080	2,083	2,085	1,488	1,490	891	1,825
Paid-in capital	6,227	6,282	6,335	7,861	7,811	7,688	7,555	7,452	7,335	7,269
Retained earnings	4,833	5,489	5,885	5,918	6,085	7,169	7,518	6,827	6,990	5,887
Treasury stock	-2,846	-2,782	-3,004	-3,453	-3,254	-3,044	-3,041	-3,003	-2,853	-2,826
Other comprehensive income	-809	-391	-735	-587	-405	-442	-942	-802	-1,036	-723
Shareholders' equity	7,504	8,696	8,579	13,863	14,362	15,496	15,214	14,598	14,560	12,231
Minority interests	108	260	357	456	447	672	630	573	564	699
Total equity	7,612	8,956	8,936	14,318	14,809	16,168	15,844	15,170	15,124	12,930
Total liabilities and equity	25,734	31,669	30,978	39,420	36,504	32,686	29,757	28,934	27,009	27,094
Shares outstanding	404	407	397	453	459	461	455	450	448	444

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	868	1,161	883	738	808	1,969	926	-168	752	-175
Depreciation and amortization	101	117	142	178	204	205	195	183	180	156
Stock-based compensation	160	175	172	208	189	140	106	115	105	80
Deferred income tax	15.4	-51.7	37.5	22.1	81.3	79.7	48.3	-309	-38.1	-385
Change in receivables	-3,392	-3,419	944	934	3,744	5,581	913	449
Change in payables	3,404	3,441	-998	-749	-3,813	-5,876	-1,284	-622
Cash from operations	654	1,158	829	1,117	1,230	1,078	703	1,301	1,190	1,525
Capital expenditures	-148	-112	-103	-124	-115	-109	-193	-164	-69.1	-84.3
Acquisitions	-122	-299	-1,469	291	0	0
Sales and maturities of investments	59.3	79.5	22.8	1.3
Cash from investing	-1,006	-974	-2,899	-1,433	-860	-848	-376	-244	68.4	-974
Debt issued	0	0						0	0	993
Debt repaid					0	0	-600	0	-600
Stock issued	0	0
Share buybacks	-535	-63.8	0	-111	-47.1	-60.9	-245	-188	-79.3	-124
Dividends paid	-460	-472	-491	-529	-357	-308	-335	-358	-372	-377
Cash from financing	470	169	1,540	201	-286	117	-967	-585	-1,662	-150
Exchange rate effect	-132	99.8	-43.8	17.7	27.5	-32.2	-68.6	24	-30.3	45.5
Net change in cash		352	-530	-115	84.8	348	-639	471	-403	401
Free cash flow	506	1,046	726	992	1,115	969	510	1,137	1,121	1,441
Interest paid	81.2	85.4	101	99.4	93.1	85.7	67.4	68.2	53.6	77.2
Income taxes paid	299	257	322	194	224	432	301	195	236	239

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-7.1%	Operating income / revenue.
EBITDA margin	-5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.5%	Pre-tax income / revenue.
Net margin	-4.5%	Net income / revenue.
FCF margin	27.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.1%	Cash from operations / revenue.
Return on equity (ROE)	-2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.1%	Net income / average total assets.
Return on invested capital (ROIC)	-2.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-183.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-153.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-235.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-235.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	28.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	28.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-16.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.9%	Total debt / total assets.
Liabilities / assets	51.0%	Total liabilities / total assets.
Net debt	$708.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-5.07x	Operating income / interest expense.
Goodwill and intangibles / assets	44.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$165.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	18.6x	Revenue / average property, plant and equipment.
Capex / operating cash flow	4.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.19	Revenue / diluted weighted shares.
FCF per share	$4.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.42	Cash from operations / diluted weighted shares.
Book value per share	$28.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.38	Tangible book value / shares outstanding.
Cash per share	$2.07	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	19.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	9.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.65B	Share price x shares outstanding.
Enterprise value	$14.36B	Market cap + total debt - cash - short-term investments.
P/S	1.98x	Market cap / revenue.
P/B	1.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	82.3x	Market cap / tangible book value, when positive.
P/FCF	7.11x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.80x	Market cap / cash from operations, when positive.
EV/Sales	2.08x	Enterprise value / revenue.
EV/FCF	7.48x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.1%	Free cash flow / market cap.
Earnings yield	-2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.

What was Invesco Ltd.'s revenue in fiscal 2025?

Invesco Ltd. reported revenue of $6.38B for fiscal 2025, 5.1% higher than the year before.

Was Invesco Ltd. profitable in fiscal 2025?

No. It reported a net loss of $726.3M.

How much free cash flow did Invesco Ltd. generate in fiscal 2025?

Cash from operations of $1.53B minus capital expenditures of $84.3M left free cash flow of $1.44B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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