Cohen & Steers (CNS) Q2 2026 earnings summary

Executive summary

• Adjusted EPS rose to $0.85, with GAAP EPS at $0.95, and net income attributable to common stockholders reached $49.3 million, up 33.9% year-over-year.

• AUM reached $100.1 billion, up 12.6% year-over-year and 7.5% quarter-over-quarter, driven by $1.3 billion in net inflows and market appreciation.

• Net inflows of $1.3 billion marked the strongest quarter since Q4 2021, with a robust institutional pipeline of $1.6 billion.

• Strategic growth initiatives advanced, including ETF and SICAV expansion, private real estate scaling, and new leadership roles such as COO and CFO.

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

Financial highlights

• Revenue for Q2 2026 was $152.7 million, up 12.2% year-over-year and 5% sequentially, driven by higher average AUM.

• Operating margin improved to 36.3% as adjusted and 34.6% GAAP, with expense growth below revenue growth.

• Total operating expenses rose 4.6% sequentially and 7.7% year-over-year, mainly due to higher compensation and general/admin costs.

• Liquidity remained strong with $354.3 million in cash, equivalents, Treasurys, and liquid seed investments at quarter end.

• Paid a $0.67 quarterly dividend and repurchased $17.3 million in common stock for employee tax withholding.

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 real assets, supported by favorable macro trends, IPO activity, and strategic investments.

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