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Cohen & Steers
Cohen & Steers (CNS) investor relations material
Cohen & Steers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Achieved $0.81 EPS in Q4 2025, matching prior quarter; full-year EPS rose to $3.09 from $2.93 year-over-year.
Revenue for Q4 2025 increased to $143.8M; full-year revenue reached $553.8M, up from $518.3M in FY 2024.
Net inflows in Q4 2025 were $1.2B, with full-year net inflows of $1.5B, reversing prior outflows.
Assets under management ended Q4 2025 at $90.5B, up from $85.8B at year-end 2024.
Strong long-term investment performance, with 95% of AUM outperforming benchmarks over 1, 3, 5, and 10 years.
Financial highlights
Q4 2025 operating income rose to $52.4M; full-year operating income up to $195.1M.
Operating margin for Q4 2025 was 36.4%, up from 36.1% in the prior quarter; FY 2025 margin was 35.2%.
Net income for Q4 2025 was $41.7M, flat sequentially; FY 2025 net income was $159.1M, up from $149.3M in FY 2024.
Compensation ratio decreased to 39% in Q4 2025 and 40% for the year, below initial guidance.
Liquidity at year-end 2025 was $403M, up $39M from prior quarter.
Outlook and guidance
Expect compensation ratio to remain at 40% in 2026.
Projecting mid-single-digit G&A expense growth for 2026.
Effective tax rate guidance for 2026 is 25.4% (as-adjusted).
Anticipate broadening economic and market returns, with real assets and natural resource equities positioned for growth.
Management provided forward-looking statements, highlighting risks and uncertainties that could impact future results.
Status of interim CFO role?
Outlook for real assets and alternative income?
International market strategy update?
Active ETF scaling: What drives acceleration?
Real asset allocation in broadening market?
Balance sheet funding for new vehicles peak?
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Next Cohen & Steers earnings date
Q1 202616 Apr, 2026
Cohen & Steers
Next Cohen & Steers earnings date
Q1 202616 Apr, 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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