Analyst Consensus ?
ConsensusHold28 ratings
Bullish1242.9%
Neutral1657.1%
Bearish00.0%
Invesco Ltd. · IVZ · FY2024 Q3 · Calendar Q4 2024
Invesco: Record AUM and ETF Flows Offset Mix and China Risks
The supplied analysis is supportive of a constructive near-term operating thesis for Invesco: record AUM, broad net inflows, ETF momentum, improved margins and zero net debt provide evidence of resilient demand and operating leverage. The case remains conditional because fee-rate pressure, China-related flow risk, Alpha implementation costs and the absence of explicit guidance could limit how durable that growth is.
Reported Before market openNYSEFinancial Services
$12.45B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.44
Consensus $0.44
EPS surprise
0.0%
Reported versus consensus
Reported revenue
$1.52B
Consensus $1.11B
Revenue surprise
+36.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.1%
Event window
SPY move
-0.1%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-4.3%
Up to 20 sessions
IVZSPY benchmark
Ask FN2 about IVZ FY2024 Q3
Transcript, numbers and history already loaded
Why did IVZ rise 0.1% after beating EPS estimates in FY2024 Q3?What changed in IVZ's guidance and outlook in FY2024 Q3?Give me the bull and bear case for IVZ after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, AUM rose from a reported $1.7 trillion to $1.8 trillion and net long-term inflows remained strong at $16.5 billion versus $16.7 billion previously. ETF inflows increased from $12.8 billion to $17.7 billion, operating margin improved from 30.9% to 31.6%, and the supplied analysis again described zero net debt and resumed buybacks. The risk discussion shifted toward China-stimulus sensitivity, MassMutual preferred shares and the timing of Alpha costs.
Guidance delta
No explicit guidance was provided in the supplied analysis; guidance sentiment is therefore not assessed as raised or lowered.
Key takeaways
- Management described record AUM of $1.8 trillion and $16.5 billion of net long-term inflows in Q3.
- ETF inflows led at $17.7 billion, while fixed income and private-market real-estate debt also showed demand; fundamental equity had modest outflows.
- Operating margin improved 70 basis points to 31.6%, and the balance sheet reached zero net debt.
- The supplied analysis supports a constructive operating picture, but leaves fee pressure, China volatility, and Alpha costs as important tests.
Management priorities
- Continue share buybacks at approximately $25 million per quarter.
- Complete the Alpha platform transition through 2025 while managing implementation costs.
- Launch five new U.S. ETFs and one new EMEA ETF.
- Expand private-market offerings through wealth-management channels and pursue additional partnerships.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$28.2Current
$17Low
$28.95Average
$36High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Oct 13, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 12, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 9, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 9, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 25, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 29, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 29, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 28, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Dec 17, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Oct 2, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Sep 29, 2025 |
| Wells Fargo | Equal Weight | Underweight | Upgrade | Jul 11, 2025 |
| UBS | Neutral | Neutral | Maintain | Feb 3, 2025 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jan 29, 2025 |
| Credit Suisse | Neutral | Underperform | Upgrade | Mar 29, 2023 |
| Jefferies | Hold | Buy | Downgrade | Jun 7, 2019 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Jul 13, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Bank of America | Neutral | Buy | Downgrade | Jan 8, 2018 |
| Keefe, Bruyette& Woods | Perform | Outperform | Downgrade | Dec 12, 2016 |
| Susquehanna | Positive | Positive | Maintain | Sep 3, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 3, 2015 |
| Sterne Agee | Buy | Neutral | Upgrade | Jan 7, 2015 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Jul 10, 2013 |
| Nomura | Buy | Buy | Maintain | May 1, 2013 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 1, 2013 |
| Stifel | Buy | Buy | Maintain | Feb 1, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $28.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $36 | $28.8 | +27.7% | Oct 13, 2026 |
| RBC Capital | Analyst unavailable | $36 | $29.68 | +27.7% | Oct 9, 2026 |
| Evercore ISI | Analyst unavailable | $34 | $29.69 | +20.6% | Oct 9, 2026 |
| UBS | Analyst unavailable | $41 | $30.38 | +45.4% | Oct 6, 2026 |
| Morgan Stanley | Michael Cyprys | $31 | $30.68 | +9.9% | Sep 25, 2026 |
| RBC Capital | Analyst unavailable | $39 | $32.02 | +38.3% | Aug 13, 2026 |
| Evercore ISI | Analyst unavailable | $35 | $32.05 | +24.1% | Aug 10, 2026 |
| Barclays | Analyst unavailable | $32 | $29.43 | +13.5% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $31 | $28.4 | +9.9% | Jul 14, 2026 |
| Evercore ISI | Analyst unavailable | $32 | $29.08 | +13.5% | Jul 10, 2026 |
| Evercore ISI | Analyst unavailable | $31 | $27.79 | +9.9% | Jun 8, 2026 |
| Goldman Sachs | Alexander Blostein | $30 | $25.88 | +6.4% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $26 | $25.88 | -7.8% | Apr 29, 2026 |
| RBC Capital | Kenneth Lee | $31 | $24.95 | +9.9% | Apr 21, 2026 |
| Evercore ISI | Analyst unavailable | $27 | $23.63 | -4.3% | Apr 10, 2026 |
| BMO Capital | Analyst unavailable | $28 | $23.63 | -0.7% | Apr 10, 2026 |
| RBC Capital | Kenneth Lee | $33 | $27.76 | +17.0% | Jan 28, 2026 |
| Cowen & Co. | Analyst unavailable | $34.5 | $27.28 | +22.3% | Jan 28, 2026 |
| Argus Research | Stephen Biggar | $31 | $27.26 | +9.9% | Jan 28, 2026 |
| Goldman Sachs | Analyst unavailable | $29.5 | $27.16 | +4.6% | Jan 28, 2026 |
| Barclays | Analyst unavailable | $29 | $27.16 | +2.8% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $28.4 | +2.8% | Jan 26, 2026 |
| RBC Capital | Kenneth Lee | $35 | $28.95 | +24.1% | Jan 21, 2026 |
| Goldman Sachs | Alexander Blostein | $28.75 | $28.25 | +2.0% | Jan 15, 2026 |
| Barclays | Benjamin Budish | $30 | $28.25 | +6.4% | Jan 15, 2026 |
| Goldman Sachs | Alexander Blostein | $28.25 | $28.16 | +0.2% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $28 | $26.82 | -0.7% | Dec 17, 2025 |
| Deutsche Bank | Analyst unavailable | $31 | $26.03 | +9.9% | Dec 17, 2025 |
| Barclays | Benjamin Budish | $28 | $26.99 | -0.7% | Dec 12, 2025 |
| BMO Capital | Analyst unavailable | $30 | $26.54 | +6.4% | Dec 10, 2025 |
| Goldman Sachs | Analyst unavailable | $25.5 | $23.81 | -9.6% | Nov 25, 2025 |
| Fundamental Research | Analyst unavailable | $27 | $23.66 | -4.3% | Oct 31, 2025 |
| RBC Capital | Kenneth Lee | $25 | $24.02 | -11.3% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $26.5 | $24.35 | -6.0% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $24 | $22.84 | -14.9% | Oct 21, 2025 |
| Morgan Stanley | Analyst unavailable | $26 | $23.98 | -7.8% | Oct 6, 2025 |
| Evercore ISI | Glenn Schorr | $24 | $21.99 | -14.9% | Sep 5, 2025 |
| Wells Fargo | Michael Brown | $18 | $17.43 | -36.2% | Jul 11, 2025 |
| Barclays | Benjamin Budish | $19 | $18.04 | -32.6% | Oct 23, 2024 |
| Wells Fargo | Michael Brown | $16 | $15.8 | -43.3% | Sep 11, 2024 |
| RBC Capital | Kenneth Lee | $16 | $14.52 | -43.3% | Apr 25, 2024 |
| Deutsche Bank | Brian Bedell | $17 | $16.53 | -39.7% | Apr 5, 2024 |
| Morgan Stanley | Analyst unavailable | $23 | $18.96 | -18.4% | Apr 27, 2022 |
| Deutsche Bank | Brian Bedell | $24 | $19.03 | -14.9% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $25 | $20.39 | -11.3% | Apr 25, 2022 |
| RBC Capital | Kenneth Lee | $23 | $21.41 | -18.4% | Jan 24, 2022 |
| Barclays | Jeremy Campbell | $25 | $26.29 | -11.3% | Apr 30, 2021 |
| Argus Research | Stephen Biggar | $33 | $26.51 | +17.0% | Apr 28, 2021 |
| Wells Fargo | Christopher Harris | $25 | $25.23 | -11.3% | Apr 13, 2021 |
Track every rating change on IVZ the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationInvesco Ltd. engages in the investment management business. Its products include mutual funds, unit trusts, exchange-traded funds, closed-end funds, and retirement plans. The company was founded in December 1935 and is headquartered in Atlanta, GA.
Historical context
All IVZ earningsFinancial Services peers this season
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|---|---|---|---|---|
| IBN ICICI Bank Limited | FY2027 Q2 · Calendar Q4 2026 | — | — | ICICI Bank Q2 FY27: Strong Growth, Temporary Margin Pressure |
| HDB HDFC Bank Limited | FY2027 Q2 · Calendar Q4 2026 | — | — | HDFC Bank: Strong deposits, resilient asset quality, margins under pressure |
| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T Bank: Loan Growth Holds Up as Rates Pressure Margins |
| MTB-PJ M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T: Deposit growth supports margins as AI use expands |
| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
| RF-PC Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee growth supports a steady Q3 outlook |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-18T13:40:44.405191+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T13:40:44.402476+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.