Cohen & Steers (CNS) Q2 2026 earnings summary

Executive summary

• Adjusted EPS rose to $0.85, with net inflows of $1.3 billion, the strongest since Q4 2021, and AUM reaching $100.1 billion, up 7.5% year-over-year, reflecting strong financial performance and business momentum.

• Organic growth achieved in 7 of the last 8 quarters, with net inflows in all but one strategy.

• Strategic growth initiatives advanced across active ETFs, SICAVs, non-traded REITs, and private real estate, with expanding international reach.

• Active ETF platform surpassed $1 billion in AUM, and European listed fund platform exceeded $2 billion.

• Celebrated 40 years in real assets leadership, with continued expansion in product offerings.

Financial highlights

• Revenue for Q2 2026 was $152.7 million (GAAP) and $151.8 million (adjusted), up 5% sequentially and 12% year-over-year.

• Net income attributable to common stockholders was $49.3 million (GAAP), with adjusted net income of $44 million; diluted EPS was $0.95 GAAP and $0.85 adjusted.

• Operating margin was 34.6% GAAP and 36.3% as adjusted, improved from prior periods.

• Total operating expenses rose 4.6% sequentially and 7.7% year-over-year, mainly due to higher compensation and G&A costs.

• Cash, equivalents, Treasurys, and liquid seed investments totaled $354.3 million at quarter end.

Outlook and guidance

• Expense guidance maintained: compensation and benefits expected at ~40% of revenues, mid-single-digit G&A growth, and a 25%-26% effective tax rate.

• Management expects continued strong demand for U.S. REIT strategies, ongoing growth in real assets, and sustained pipeline activity, supported by positive performance and macro trends.

• Double-digit returns for listed real estate strategies are seen as sustainable even with stable or modestly higher interest rates.

• IPO activity and liquidity needs are expected to provide more high-quality investment opportunities.

• New ETF launches and expanded international distribution are expected to support future AUM growth.