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Cohen & Steers (CNS) investor relations material
Cohen & Steers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Oct, 2025
Executive summary
Q3 2025 saw strong financial results with EPS rising to $0.81, net income at $41.7M, and AUM reaching $90.9B, driven by revenue growth, disciplined expense management, and expanded operating margin.
Net inflows of $233M reversed prior outflows, with open-end funds achieving positive net flows for the fifth consecutive quarter, partially offset by institutional outflows.
Market appreciation contributed $2.4B to AUM in Q3 2025.
The company specializes in real assets and alternative income, maintaining a diversified product lineup and global distribution.
Macroeconomic volatility, including new tax legislation and monetary policy shifts, influenced investor sentiment and asset flows.
Financial highlights
Revenue for Q3 2025 was $141.7M, up 6.4% year-over-year and 4.2% sequentially, driven by higher average AUM and an extra day in the quarter.
Adjusted net income was $41.7M, up from $37.3M in Q2 2025.
Diluted EPS (as adjusted) rose to $0.81 in Q3 2025 from $0.73 in Q2 2025.
Operating margin improved to 36.1% in Q3 2025 from 33.6% in Q2 2025; reported margin was 34.5%.
Liquidity improved to $364M, with cash and equivalents at $348.4M as of September 30, 2025.
Outlook and guidance
Full-year 2025 compensation ratio expected to remain at 40.25%, with G&A expenses projected to rise ~9% over 2024, mainly from first-half talent and business development costs.
G&A growth expected to moderate to mid-single digits in 2026; effective tax rate to stay at 25.1%.
Management remains focused on prudent cost control and operational efficiency amid ongoing macroeconomic volatility.
Anticipates broadening economic growth and earnings acceleration in real estate, energy, and materials sectors in 2026.
Forward-looking statements are subject to risks and uncertainties, including those detailed in the annual report and SEC filings.
What topics will CEO, CFO, CIO address?
Q3 performance of real assets and alt income?
How to access earnings presentation before call?
What drives 2025 G&A growth and 2026 moderation?
What macro factors drive the real asset market shift?
New initiatives' impact on operating margin balance
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Next Cohen & Steers earnings date
Q4 202522 Jan, 2026
Next Cohen & Steers earnings date
Q4 202522 Jan, 2026
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Frequently asked questions
Cohen & Steers, Inc. is a U.S.-based investment management company specializing in real assets and alternative investment strategies. The firm manages portfolios that include real estate securities, infrastructure, natural resources, preferred securities, and multi-strategy solutions. Cohen & Steers serves a global clientele, including institutional investors, financial advisors, and individual clients, offering mutual funds, closed-end funds, and separate accounts. The company is headquartered in New York, New York, and its shares are listed on the New York Stock Exchange.
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