Invesco Ltd. (IVZ): First Take: 2Q26 Operating income beat on lower expenses

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Invesco Ltd. (IVZ): First Take: 2Q26 Operating income beat on lower expenses

Equity Research

28 July 2026 | 8:49AM EDT

Invesco Ltd. (IVZ): First Take: 2Q26 Operating income beat on lower

expenses

IVZ reported 2Q26 adj. EPS of $0.71, coming in 7% above Street estimates Alexander Blostein, CFA

+1(212)357-9976 |

(Visible Alpha Consensus Data) of $0.66. Operating income of $499mn came in alexander.blostein@gs.com

Goldman Sachs & Co. LLC

2% above Street expectations, mostly on lower than expected expenses.

Aditya Sharma, CFA

Management fees of $1.64bn were modestly above expectations on the back of +1(212)934-9869 |

marginally higher avg AUM as the fee rate of 22.4bps (down from 22.9bps in 1Q due aditya.x.sharma@gs.comGoldman Sachs India SPL

to mix shift towards QQQ) was largely inline with Street at 22.3bps. Adjusted Anthony Corbin

expenses of $830mn came in 2% below Street on better than expected comp +1(212)357-7512anthony.corbin@gs.com|

leverage (39.9% comp rate vs. Street was at 40.5%, but largely inline with GSe). That Goldman Sachs & Co. LLC

Vincisaid, considering slightly better than expected management fees and a number of Michael | +1(212)357-8239

one-time items pressuring 1Q comp levels, comp rate could have come down even michael.vinci@gs.com Goldman Sachs & Co. LLC

more - likely creating some incremental wiggle room for 2H. As a result, operating

Vaasu Gupta

margins came in at 37.5% (~90bps ahead of Street) and up ~635bps y/y. Stronger +1(332)245-7522 |

vaasu.x.gupta@gs.com

non-operating trends contributed to the rest of the EPS beat, and included stronger Goldman Sachs India SPL

non-op income of $24mn (amid $43mn gains related to market value changes within

seed capital and other investments) as well as a lower tax rate (24.9% vs. Street’s

22.5%).