Invesco (IVZ) Q2 2026: Revenue Soars 37% on QQQ Fee Windfall
As seen on the 24/7 Wall St. homepage on July 28, 2026.
Invesco's revenue soared 37% above expectations to $1.83 billion, powered by the December QQQ conversion that finally let the asset manager collect fees on the industry's most widely held tech ETF. Record $45.1 billion in quarterly inflows and $2.47 trillion in ending AUM drove adjusted operating margins to 37.5%, while EPS jumped 25% year-over-year to $0.71.
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The standout story behind Invesco's blowout quarter is the December QQQ conversion, which for the first time allowed the asset manager to collect fees on the industry's most widely held tech ETF. That structural change translated directly into revenue of $1.83 billion, landing 37% above analyst estimates and continuing a steady climb from $1.48 billion in Q2 2024. The result is the highest quarterly revenue figure in the nine-period trend, comfortably clearing the prior record of $1.74 billion set just last quarter.
Client demand reinforced the fee story. Invesco pulled in a record $45.1 billion in net inflows during the quarter, lifting ending assets under management to $2.47 trillion. With that asset base driving fee income, adjusted operating margins reached 37.5%, and earnings per share came in at $0.71, a 25% jump year-over-year and roughly 7% ahead of the consensus estimate of $0.66.
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The combination of a durable fee-capture change on QQQ, record inflows, and expanding margins gives investors three distinct drivers to watch in coming quarters — whether the QQQ tailwind continues to compound, whether inflow momentum holds, and whether margins can push beyond the 37.5% level now established as a baseline.
Mentioned: IVZ