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For the transition period from                      to                     

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☑

As of March 31, 2025, the most recent practicable date, the number of Common Shares outstanding was 447,556,286.

We include cross references to captions elsewhere in this Quarterly Report on Form 10-Q, which we refer to as this “Report,” where you can find related additional information. The following table of contents tells you where to find these captions.

Item 1. Financial Statements

(1) See Note 11, "Consolidated Investment Products," for balances related to consolidated variable interest entities (VIEs).

Invesco Ltd.

Three months ended March 31, 2025
			Equity Attributable to Invesco Ltd.
(in millions, except per share data)			Preferred Shares						Common Shares						Additional Paid-in-Capital						Treasury Shares						Retained Earnings						Accumulated Other Comprehensive Income/(Loss)						Total Equity Attributable to Invesco Ltd.						Nonredeemable Noncontrolling Interests in Consolidated Entities						Total Permanent Equity						Redeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity
January 1, 2025			$	4,010.5					$	113.2					$	7,334.6					$	(2,852.7)					$	6,990.4					$	(1,036.1)					$	14,559.9					$	564.2					$	15,124.1					$	544.7
Net income			—						—						—						—						230.3						—						230.3						32.1						262.4						4.9
Other comprehensive income/(loss)			—						—						—						—						—						88.2						88.2						—						88.2						—
Change in noncontrolling interests in consolidated entities, net			—						—						—						—						—						—						—						(53.1)						(53.1)						(4.1)
Dividends declared - preferred ($14.75 per share)			—						—						—						—						(59.2)						—						(59.2)						—						(59.2)						—
Dividends declared - common ($0.205 per share)			—						—						—						—						(92.5)						—						(92.5)						—						(92.5)						—
Employee common share plans:
Common share-based compensation			—						—						15.2						—						—						—						15.2						—						15.2						—
Vested common shares			—						—						(114.1)						114.1						—						—						—						—						—						—
Other common share awards			—						—						0.1						—						—						—						0.1						—						0.1						—
Purchase of common shares			—						—						—						(43.3)						—						—						(43.3)						—						(43.3)						—
March 31, 2025			$	4,010.5					$	113.2					$	7,235.8					$	(2,781.9)					$	7,069.0					$	(947.9)					$	14,698.7					$	543.2					$	15,241.9					$	545.5

Three months ended March 31, 2024
			Equity Attributable to Invesco Ltd.
(in millions, except per share data)			Preferred Shares						Common Shares						Additional Paid-in-Capital						Treasury Shares						Retained Earnings						Accumulated Other Comprehensive Income/(Loss)						Total Equity Attributable to Invesco Ltd.						Nonredeemable Noncontrolling Interests in Consolidated Entities						Total Permanent Equity						Redeemable Noncontrolling Interests in Consolidated Entities/ Temporary Equity
January 1, 2024			$	4,010.5					$	113.2					$	7,451.6					$	(3,002.6)					$	6,826.7					$	(801.8)					$	14,597.6					$	572.7					$	15,170.3					$	745.7
Net income			—						—						—						—						200.7						—						200.7						37.9						238.6						(24.4)
Other comprehensive income/(loss)			—						—						—						—						—						(95.3)						(95.3)						—						(95.3)						—
Change in noncontrolling interests in consolidated entities, net			—						—						—						—						—						—						—						19.6						19.6						(53.5)
Dividends declared - preferred ($14.75 per share)			—						—						—						—						(59.2)						—						(59.2)						—						(59.2)						—
Dividends declared - common ($0.20 per share)			—						—						—						—						(90.2)						—						(90.2)						—						(90.2)						—
Employee common share plans:
Common share-based compensation			—						—						21.1						—						—						—						21.1						—						21.1						—
Vested common shares			—						—						(158.4)						158.4						—						—						—						—						—						—
Other common share awards			—						—						0.3						0.2						—						—						0.5						—						0.5						—
Purchase of common shares			—						—						—						(20.4)						—						—						(20.4)						—						(20.4)						—
March 31, 2024			$	4,010.5					$	113.2					$	7,314.6					$	(2,864.4)					$	6,878.0					$	(897.1)					$	14,554.8					$	630.2					$	15,185.0					$	667.8

Invesco Ltd. (the Parent) and its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of investment management capabilities. The company operates globally and its sole business is investment management.

Certain disclosures included in the company’s annual report on Form 10-K for the year ended December 31, 2024 (annual report or Form 10-K) are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q (Report). The company has condensed or omitted these disclosures. Therefore, this Report should be read in conjunction with the company’s annual report.

The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

None.

Refer to the most recent Form 10-K filed with the SEC.

The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including by major security type for equity investments, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively:

____________

(1)    The balance primarily represents cash held in affiliated money market funds.

(2)    Equity method and other investments of $793.8 million and $14.8 million, respectively, are excluded from this table (December 31, 2024: $854.5 million and $14.3 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.

In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at March 31, 2025 was $514.2 million, and the fair value of the TRS was a liability of $13.6 million (December 31, 2024 notional value was $421.2 million and the fair value was a liability of $9.4 million). During the three months ended March 31, 2025, market valuation losses related to the TRS were $13.4 million (three months ended March 31, 2024: $18.0 million net gains).

The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated as a hedging instrument for accounting purposes.

The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 11, "Consolidated Investment Products."

(in millions)			March 31, 2025						December 31, 2024
Equity investments:
Seed capital			$	155.1					$	151.6
Investments related to deferred compensation plans			112.7						219.6
Equity method investments			793.8						854.5
Other			14.8						14.3
Total investments (1)			$	1,076.4					$	1,240.0

_________

(1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees.

The unrealized gains and losses for the three months ended March 31, 2025 that relate to equity investments still held at March 31, 2025 were a $7.5 million net loss (three months ended March 31, 2024: $16.2 million net gain).

The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 11, "Consolidated Investment Products."

____________

(1)    The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures.

(2)     The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.

The number of preferred shares issued and outstanding is represented in the table below:

_________

(1) Substantially all the preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual).

The number of common shares and common share equivalents issued are represented in the table below:

The components of accumulated other comprehensive income/(loss) were as follows:

7. REVENUE

The geographic disaggregation of revenue for the three months ended March 31, 2025 and 2024 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.

The company recognized total compensation expense of $15.2 million, and $21.1 million related to equity-settled common share-based compensation for the three months ended March 31, 2025 and 2024, respectively.

Movements on employee common share awards during the three months ended March 31, 2025 and 2024 are detailed below:

The total fair value of common shares that vested during the three months ended March 31, 2025 was $54.8 million (three months ended March 31, 2024: $67.0 million). The weighted average grant date fair value of the U.S. dollar share awards that were granted during the three months ended March 31, 2025 was $17.67 (three months ended March 31, 2024: $15.13).

At March 31, 2025, there was $168.3 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average period of 2.57 years.

The calculation of earnings per common share (EPS) is as follows:

See Note 8, "Common Share-Based Compensation," for a summary of common share awards outstanding under the company’s common share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted EPS.

Commitments and contingencies may arise in the ordinary course of business.

The company has committed to co-invest in certain investment products, which may be called in future periods. At March 31, 2025, the company’s undrawn co-invest capital commitments were $768.8 million (December 31, 2024: $693.7 million).

Certain of our managed investment products have entered into borrowing arrangements with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these borrowing arrangements that are temporary in nature. The borrowing arrangements look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $221.5 million and under the guarantees is $65.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements.

The company and some of its subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other subsidiaries of the company. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The company is from time to time involved in pending or threatened litigation relating to claims arising in the ordinary course of its business. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit or claim will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages (or merely threatened); the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability.

The company and certain related entities have in recent years been subject to various regulatory inquiries, reviews and investigations and legal proceedings, including civil litigation, regulatory investigations and enforcement actions. These actions can arise from normal business operations and/or matters that have been the subject of previous regulatory reviews. As a global company with investment products registered in numerous countries and subject to the jurisdiction of one or more regulators in each country, at any given time, our business operations may be subject to review, investigation, or disciplinary action.

In assessing the impact that a legal or regulatory matter will have on the company, management evaluates the need for an accrual on a case-by-case basis. If the likelihood of a loss is deemed probable and is reasonably estimable, the estimated loss is accrued. If the likelihood of a loss is assessed as less than probable, a loss is not accrued. If a loss is deemed probable but an amount or range of loss cannot be reasonably estimated, a loss is not accrued but the matter is disclosed.

In management’s opinion, adequate accrual has been made as of March 31, 2025 to provide for any losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. Management believes that the ultimate resolution of any litigation or regulatory investigations will not materially affect the company’s business, revenue, net income or liquidity.

Further, the investment management industry also is generally subject to extensive levels of ongoing regulatory oversight and examination. In the jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to the company’s compliance with applicable laws and regulations. Additional lawsuits or regulatory enforcement actions arising out of these inquiries may in the future be filed against the company, related entities and individuals in the jurisdictions in which the company and its affiliates operate. Any material loss of investor and/or client confidence as a result of such inquiries and/or litigation could result in a significant decline in assets under management (AUM), which would have an adverse effect on the company’s future financial results and its ability to grow its business.

The assets and liabilities related to CIP are identified on the Consolidated Balance Sheets within Investments and other assets of CIP and Debt and other liabilities of CIP, respectively. The consolidation of CIP had no impact on net income attributable to the company during the three months ended March 31, 2025.

The following tables present the fair value hierarchy levels of investments of CIP balances which are measured at fair value as of March 31, 2025 and December 31, 2024:

The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:

At March 31, 2025, the company's carrying value and risk of loss with respect to VIEs in which the company is not the primary beneficiary included our investment carrying value of $107.7 million (December 31, 2024: $106.1 million) and unfunded capital commitments of $138.5 million (December 31, 2024: $141.2 million).

See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

MassMutual owns approximately 18.2% of the common stock of the company and owns substantially all of the outstanding $4.0 billion in perpetual, non-cumulative preferred shares as of March 31, 2025. Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s Board of Directors (Board), the company considers MassMutual a related party.

Additionally, certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” The majority of the company's Operating revenues and receivables are from Invesco's managed funds. Related parties also include those defined in the company’s proxy statement.

Refer to Note 2, "Fair Value of Assets and Liabilities" and Note 3, "Investments" for more information on balances invested in Invesco affiliated funds.

On April 21, 2025, the Company entered into an agreement with MassMutual to repurchase $1 billion of Invesco’s Series A Preferred Stock for cash, which is expected to be funded through $1 billion of floating rate 3-year and 5-year bank term loans. A premium of 15% will be paid to MassMutual on the liquidation preference of $1,000 per share. The repurchase of the preferred stock is expected to occur in May 2025.

On April 21, 2025, the company declared a first quarter 2025 dividend of $0.21 per common share, payable on June 3, 2025, to common shareholders of record at the close of business on May 14, 2025 with an ex-dividend date of May 14, 2025.

On April 21, 2025, the company declared a preferred dividend of $14.75 per preferred share to the holders of preferred shares representing the period from March 1, 2025 through May 31, 2025. The preferred dividend is payable on June 2, 2025. The preferred dividend will be prorated for the period the $1 billion of repurchased preferred stock is outstanding.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto, which appear elsewhere in this Report. Except for the historical financial information, this Report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and AUM that could differ materially from actual results due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters, and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products, the prospects for certain legal contingencies, and other aspects of our business or general economic conditions. In addition, when used in this Report or such other documents or statements, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.

Forward-looking statements are not guarantees, and involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge them to carefully consider the risks described in this Report and our most recent Form 10-K and Forms 10-Q filed with the SEC.

You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

In this Report, unless otherwise specified, the terms “we,” “our,” “us,” “company,” “firm,” and “Invesco” refer to Invesco Ltd., a company incorporated in Bermuda, and its consolidated entities.

The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management’s discussion and analysis and supplements should be read in conjunction with the Condensed Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Report. The company’s financial results are impacted by the fluctuations in exchange rates against the U.S. Dollar, as discussed in the “Results of Operations” section as applicable.

The company is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. One of Invesco's core strengths, and a key differentiator for the company within the industry, is our diversification across investment capabilities, distribution channels and geographies. This broad diversification helps to mitigate some of the impact of different market cycles on Invesco and enables the company to take advantage of growth opportunities in various markets and channels.

The table below summarizes returns based on price appreciation/(depreciation) of several major market indices for the three months ended March 31, 2025 and 2024: