Invesco Q3 2026: 40.7% adjusted margin, but adjusted EPS just misses
Invesco's third quarter was an operating win and an earnings miss at the same time. Revenue rose 14.2% year over year to $1.87 billion and adjusted operating margin reached 40.7%, yet adjusted EPS of $0.72 landed below the $0.7443 consensus. Read the quarter through margins and flows first, then note that GAAP net income fell 14.7% sequentially on mark-to-market swings, not on weaker management fees.
1 · Expected vs. Actual
Free preview belowAdjusted EPS of $0.72 was up 18.0% year over year from $0.61 but came in $0.0243 below the $0.7443 consensus. GAAP EPS of $0.65 fell 14.5% sequentially, and the culprit sat below the operating line: other gains/(losses) swung to a $34.2 million loss from a $105.8 million gain in the second quarter. Operating income itself rose 19.9% sequentially to $436.5 million, so the core business did not weaken.
Revenue of $1.87 billion rose 14.2% from $1.64 billion a year earlier and 2.6% from the prior quarter. Investment management fees did the work, up $50.4 million sequentially on higher average AUM, which rose 6.0% to $2.51 trillion. Service and distribution fees are still shrinking year over year (down 21.8%) because QQQ's pass-through revenue disappeared after its conversion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
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