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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cohen & Company
Cohen & Company (COHN) investor relations material
Cohen & Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 revenue was $32.441M, down 61% YoY; net income attributable to common stockholders was $6.700M, up 46%, aided by a $6.397M tax benefit and principal investment gains.
Adjusted pre-tax income was $648,000 despite $17.6M of mark-to-market losses on investment-banking instruments received for services.
For 9M 2026, revenue declined 8% to $159.830M while net income attributable to common stockholders increased 86% to $11.766M.
Long-term ambition is to build a platform generating more than $500M in revenue over 3–5 years.
Capital Markets activity and the record $4.5B gestation repo book were operating bright spots.
Financial highlights
Q3 revenue was $32.441M vs. $84.213M YoY; operating income was $2.630M vs. $21.760M, and net income was $6.288M vs. $8.789M.
Net income attributable to common stockholders was $6.700M vs. $4.593M; basic EPS was $2.49 and diluted EPS was $0.12.
Adjusted pre-tax income was $648,000, or $0.10 per diluted share, vs. $10.1M/$1.62 QoQ and $16.4M/$2.71 YoY.
9M revenue was $159.830M vs. $172.824M; net income was $17.660M vs. $14.355M, and attributable net income was $11.766M vs. $6.330M.
Compensation and benefits expense was $21.1M, down $27.0M QoQ and $32.5M YoY, primarily reflecting revenue-linked variable compensation.
Outlook and guidance
No 2027 guidance was issued; management expects growth beyond recent revenue levels, aims to enter 2027 with a strong pipeline, and noted that some transactions are closing more slowly.
45 underwritten SPACs carry backend fees, 13 with signed business combination agreements; placement-unit and warrant values may rise or fall as transactions progress.
Management expects the SPAC IPO window to improve toward year-end or early 2027, potentially restarting a large backlog of transactions.
Elroy Air’s proposed combination was expected to close in Q4 2026, subject to shareholder approval and customary conditions; it was described as a significant revenue event.
Middle-market debt capital markets are expected to grow and contribute to 2027 revenue; asset management and gestation repo are also expected to remain contributors.
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Latest events from Cohen & Company
- Revenue up 44% and net income up 192% year-over-year, with a $0.25 dividend declared.COHN
Q2 2026 - All proposals, including director elections and plan amendments, were approved by stockholders.COHNAGM 2026
- Leading growth in frontier investment banking, SPACs, and specialty asset management.COHNCorporate presentation
- 600,000 insider shares registered for resale, no proceeds to company, potential market impact.COHNRegistration filing
- Q1 2026 revenue was $57.9M, net income $1.5M, and a $0.25 dividend was declared.COHNQ1 2026
- Shareholders will vote on director elections, incentive plan expansion, and auditor ratification.COHNProxy filing
- Key votes include director elections, incentive plan expansion, and auditor ratification for 2026.COHNProxy filing
- Revenue up 246% to $275.6M in 2025; record SPAC gains and strong 2026 outlook.COHNQ4 2025
- Q2 net loss of $2.3M, but advisory gains and dividend policy remain strong amid SPAC losses.COHNQ2 2024
Next Cohen & Company earnings date
Q4 20265 Mar, 2027
Cohen & Company
Next Cohen & Company earnings date
Q4 20265 Mar, 2027
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Frequently asked questions
Cohen & Company Inc. (NYSE American: COHN) is a financial services firm established in 1999, initially focusing on small-cap financial institutions. Over the years, the company's focus has evolved towards debt financing, securitization, and primarily asset management, alongside niche segments of fixed income trading. Cohen & Company operates through various subsidiaries, engaging in U.S. and European Asset Management, U.S. and European Capital Markets, Loan Trading, and Principal Investing. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.