Invesco Ltd. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$6.4B
Gross margin	— not reported
Operating income	−$695.7M
Net income	— not reported
Diluted EPS	−$1.60
Cash & equivalents	$1.0B
Total assets	$27.1B
Long-term debt	$1.8B

Key takeaway

Invesco reported a full-year operating loss of $695.7 million and diluted EPS of -$1.60, driven by a $1.79 billion impairment of indefinite-lived intangible assets.

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Beneath the surface

Despite the reported operating loss, the loss stems almost entirely from a non-cash $1.79 billion intangible impairment (ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill), masking otherwise stable revenue of $6.38 billion.

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