Invesco Ltd. (IVZ) Cash Flow Statement
Where IVZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.53B +28.2% vs 2024
- Capital expenditures
- $84.3M 1.3% of revenue
- Free cash flow
- $1.44B 22.6% margin
- Returned to shareholders
- $2.45B 170% of free cash flow
- Change in cash
- $483.8M cash at year-end $1.98B
Cash from operations
$1.53B
Capital expenditures
−$84.3M
Investments (net)
−$1.19B
Acquisitions & other
+$299.6M
Dividends
−$581.9M
Share buybacks (net)
−$1.86B
Net borrowing (repayment)
+$2.28B
Other financing
+$20.6M
Currency & other
+$82.4M
Change in cash
$483.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
IVZ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
IVZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $654.0M2016 | $1.53B2025 | +9.9%/yr | |
| Capital expenditures | $147.7M2016 | $84.3M2025 | −6.0%/yr | |
| Free cash flow | $506.3M2016 | $1.44B2025 | +12.3%/yr | |
| Free cash flow margin | 10.7%2016 | 22.6%2025 | +11.9 pts | |
| Operating cash flow / net income | 0.752016 | 1.582024 | +0.83 | |
| Stock-based compensation | $159.7M2016 | $80.0M2025 | −7.4%/yr | |
| Dividends paid | $460.4M2016 | $581.9M2025 | +2.6%/yr | |
| Share buybacks (net) | $535.0M2016 | $1.86B2025 | +14.9%/yr | |
| Capex / revenue | 3.1%2016 | 1.3%2025 | −1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IVZ cash flow by activity
OperatingInvestingFinancingChange in cash
IVZ net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IVZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$174.8M | $752.4M | −$96.9M | $925.5M | $1.97B | $807.5M | $737.8M | $883.1M | $1.16B | $868.3M |
| Depreciation & amortization | $155.9M | $179.6M | $182.8M | $195.3M | $205.3M | $203.5M | $177.6M | $142.1M | $116.8M | $101.2M |
| Stock-based compensation | $80.0M | $104.6M | $114.6M | $106.2M | $140.1M | $188.5M | $207.5M | $172.4M | $175.3M | $159.7M |
| Change in working capital | −$216.4M | $146.2M | −$173.0M | −$371.5M | −$294.3M | −$68.3M | $185.4M | −$53.1M | $21.3M | −$490.7M |
| Other non-cash items | $1.68B | $7.2M | $1.27B | −$159.3M | −$942.4M | $99.1M | −$191.7M | −$315.7M | −$316.6M | $15.5M |
| Cash from operating activities | $1.53B | $1.19B | $1.30B | $696.2M | $1.08B | $1.23B | $1.12B | $828.8M | $1.16B | $654.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$84.3M | −$69.1M | −$164.3M | −$192.9M | −$108.8M | −$115.0M | −$124.3M | −$102.5M | −$111.7M | −$147.7M |
| Investments (net) | −$1.19B | $68.4M | −$244.3M | −$368.6M | −$847.9M | −$10.4M | −$79.8M | −$94.2M | −$400,000 | −$4.1M |
| Acquisitions & other investing | $299.6M | $69.1M | $164.3M | $192.9M | $108.8M | −$739.7M | −$1.23B | −$2.70B | −$862.3M | −$854.1M |
| Cash from investing activities | −$974.4M | $68.4M | −$244.3M | −$368.6M | −$847.9M | −$865.1M | −$1.43B | −$2.90B | −$974.4M | −$1.01B |
| Financing activities | ||||||||||
| Dividends paid | −$581.9M | −$608.3M | −$594.7M | −$571.6M | −$544.5M | −$594.2M | −$652.7M | −$490.6M | −$471.6M | −$460.4M |
| Share repurchases & issuance (net) | −$1.86B | −$79.3M | −$187.5M | −$244.7M | −$60.9M | −$47.1M | −$469.8M | −$51.8M | −$63.8M | −$535.0M |
| Net borrowing (repayment) | $2.28B | −$922.9M | $251.2M | −$600.0M | −$321.2M | −$212.9M | −$350.8M | $315.2M | −$41.9M | $15.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $20.6M | −$51.1M | −$54.4M | $449.4M | $1.04B | $568.3M | $1.67B | $1.77B | $746.3M | $1.45B |
| Cash from financing activities | −$149.5M | −$1.66B | −$585.4M | −$966.9M | $117.3M | −$285.9M | $201.3M | $1.54B | $169.0M | $470.1M |
| Summary | ||||||||||
| Net change in cash | $483.8M | −$435.6M | $497.5M | −$713.0M | $307.8M | $138.1M | −$104.2M | −$712.3M | $447.5M | −$144.5M |
| Cash at end of period | $1.98B | $1.50B | $1.93B | $1.43B | $2.15B | $1.84B | $1.70B | $1.81B | $2.52B | $2.07B |
| Free cash flow | $1.44B | $1.12B | $1.14B | $503.3M | $969.3M | $1.12B | $992.3M | $726.3M | $1.05B | $506.3M |
| Free cash flow margin | 22.6% | 18.5% | 19.9% | 8.3% | 14.1% | 18.1% | 16.2% | 13.7% | 20.3% | 10.7% |
| Capex / revenue | 1.3% | 1.1% | 2.9% | 3.2% | 1.6% | 1.9% | 2.0% | 1.9% | 2.2% | 3.1% |
| Operating cash flow / net income | — | 1.58 | — | 0.75 | 0.55 | 1.52 | 1.51 | 0.94 | 1.00 | 0.75 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$268.6M | $268.6M | −$1.06B | $356.4M | −$267.3M | $267.3M | $238.7M | $103.6M | $191.4M | $200.7M | −$683.1M | $168.7M |
| Depreciation & amortization | $32.2M | $33.2M | $36.0M | $38.3M | $40.1M | $41.5M | $44.1M | $44.0M | $46.4M | $45.1M | $46.4M | $42.2M |
| Stock-based compensation | −$34.0M | $34.0M | $20.2M | $20.9M | −$15.2M | $15.2M | $14.1M | $51.0M | $18.4M | $21.1M | $20.9M | $23.9M |
| Change in working capital | $226.8M | −$226.8M | $43.1M | $187.0M | $517.7M | −$517.7M | −$35.1M | $314.1M | $191.5M | −$324.3M | −$240.6M | $203.8M |
| Other non-cash items | $777.8M | $103.6M | $1.42B | $3.6M | $272.6M | $109.1M | $55.1M | −$74.3M | $41.4M | $3.0M | $1.57B | −$84.5M |
| Cash from operating activities | $734.2M | $212.6M | $455.8M | $606.2M | $547.9M | −$84.6M | $316.9M | $438.4M | $489.1M | −$54.4M | $714.3M | $354.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$14.2M | −$14.2M | −$23.6M | −$19.8M | −$23.4M | −$23.4M | −$7.0M | −$28.4M | −$26.7M | −$21.0M | −$40.3M | −$39.2M |
| Investments (net) | −$740.9M | −$727.3M | −$568.5M | −$254.8M | −$275.4M | −$92.0M | −$16.9M | $27.9M | $344.7M | −$287.3M | −$261.6M | $66.5M |
| Acquisitions & other investing | $49.6M | $8.3M | $239.9M | $19.8M | $23.4M | $23.4M | $7.0M | $28.4M | $26.7M | $21.0M | $40.3M | $39.2M |
| Cash from investing activities | −$705.5M | −$733.2M | −$352.2M | −$254.8M | −$275.4M | −$92.0M | −$16.9M | $27.9M | $344.7M | −$287.3M | −$261.6M | $66.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$133.8M | −$133.5M | −$139.0M | −$139.4M | −$151.8M | −$151.7M | −$152.0M | −$154.5M | −$152.4M | −$149.4M | −$149.4M | −$149.3M |
| Share repurchases & issuance (net) | −$50.4M | −$69.2M | −$25.8M | −$29.2M | −$25.5M | −$43.1M | −$26.0M | −$30.2M | −$2.7M | −$20.4M | −$4.4M | −$3.9M |
| Net borrowing (repayment) | $29.0M | $196.0M | $1.11B | −$187.3M | $596.0M | $756.7M | −$197.7M | −$192.9M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $34.6M | $278.0M | −$589.1M | $45.8M | −$1.14B | −$32.6M | −$16.8M | −$31.5M | −$556.6M | $21.5M | $43.5M | $27.7M |
| Cash from financing activities | −$120.6M | $271.3M | $356.1M | −$310.1M | −$724.8M | $529.3M | −$392.5M | −$409.1M | −$711.7M | −$148.3M | −$110.3M | −$125.5M |
| Summary | ||||||||||||
| Net change in cash | $831.7M | −$1.17B | $456.0M | $31.9M | −$381.5M | $377.4M | −$143.4M | $98.1M | $115.8M | −$506.1M | $376.5M | $268.0M |
| Cash at end of period | $1.64B | $806.9M | $1.98B | $1.52B | $1.49B | $1.87B | $1.50B | $1.64B | $1.54B | $1.43B | $1.93B | $1.56B |
| Free cash flow | $748.4M | $198.4M | $432.2M | $586.4M | $571.3M | −$108.0M | $323.9M | $410.0M | $462.4M | −$75.4M | $674.0M | $314.9M |
| Free cash flow margin | 41.0% | 11.4% | 25.5% | 35.7% | 37.7% | −7.1% | 20.3% | 27.1% | 31.2% | −5.1% | 47.7% | 21.8% |
| Capex / revenue | 0.8% | 0.8% | 1.4% | 1.2% | 1.5% | 1.5% | 0.4% | 1.9% | 1.8% | 1.4% | 2.9% | 2.7% |
| Operating cash flow / net income | — | 0.79 | — | 1.70 | — | −0.32 | 1.33 | 4.23 | 2.56 | −0.27 | — | 2.10 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IVZ cash generation
In fiscal 2025 (ended December 31, 2025), Invesco generated $1.5 billion of cash from operations (up 28.2%) and spent $84.3 million on capital expenditures, leaving free cash flow of $1.4 billion, 22.6% of revenue. It returned $2.4 billion to shareholders through dividends ($581.9 million) and net share buybacks ($1.9 billion). Cash and equivalents rose by $483.8 million over the year.
Related: IVZ income statement, IVZ balance sheet, IVZ dividend history. See the IVZ stock overview for the latest quote and news.
IVZ cash flow FAQ
What is Invesco's free cash flow?
Invesco's free cash flow was $1.4 billion in fiscal 2025: $1.5 billion of operating cash flow minus $84.3 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Invesco generate from operations?
Invesco generated $1.5 billion of cash from operating activities in fiscal 2025.
How much does Invesco spend on capital expenditures?
Invesco spent $84.3 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with $69.1 million the year before.
How much stock does Invesco buy back?
Invesco spent $1.9 billion on net share repurchases in fiscal 2025.
How much does Invesco pay in dividends?
Invesco paid $581.9 million in dividends in fiscal 2025, 40.4% of free cash flow.