Invesco Ltd.: Modest Beat in 2Q26 as Margins Head Higher; Inflows Solid Despite Ongoing Overall Fee Rate Pressures; Operating Leverage Potential and Competitive Dynamics Remain Top of Mind

研报英文原文证据摘录

Invesco Ltd.: Modest Beat in 2Q26 as Margins Head Higher; Inflows Solid Despite Ongoing Overall Fee Rate Pressures; Operating Leverage Potential and Competitive Dynamics Remain Top of Mind

27E ($) 3.05 3.14 3.0%

remains an area of debate given the strong market backdrop and pending

completion of the hybrid investment platform. Following the 2Q26 earnings Quarterly Forecasts (FYE Dec)

release, our 2027 adj. EPS estimates increase a touch, and our Dec-26 price target Adj. EPS ($)

is $29.50. 2025A 2026E 2027E

Q1 0.44 0.57A 0.68

• 2Q26 revenues in line. Invesco reported 2Q26 adj. net revenue of $1.33bn. Q2 0.36 0.71A 0.77 Q3 0.61 0.75 0.82

Strong market appreciation (as well as inflows) supported AUM growth during Q4 0.62 0.79 0.87

the quarter. That said, overall fee rate dynamics continue to cap topline upside FY 2.03 2.82 3.14

despite the strong inflows. 2Q26 net revenue yield was 22.4bps, down from

1Q26’s 22.9bps and 4Q25’s 22.5bps. Moreover, the 2Q26 exit fee was 22.0bps. Style Exposure

Here, the growth in the QQQ (20% of total AUM) has been a modest headwind

to overall fee rates. While we think the fee rate mix pressure is well understood,

we continue to expect modest overall compression in the coming quarters.

• Strong overall inflows behind ETF & Index and the QQQ. 2Q26 long-term

inflows were $45.1bn, after 1Q26 LT inflows of $21.8bn and 4Q25 LT inflows

of $19.1bn. ETF & Index and QQQ drove the bulk of the LT inflows during

2Q26, with inflows of $44bn across those two segments alone. On balance,

Fundamental Fixed Income was less of a tailwind during the quarter with

$0.4bn of inflows (after a steady string of low-single digit $bn quarterly

inflows) and Fundamental Equities remains a headwind to net sales with