Cohen & Steers (CNS) Q4 2025 earnings summary

Executive summary

• Achieved solid revenue growth in Q4 2025, driven by higher average AUM and stable fee rates.

• Assets under management (AUM) ended Q4 2025 at $90.5B, up from $85.8B at year-end 2024, with average AUM for FY 2025 at $88.6B, a 5.6% increase year-over-year.

• Net inflows recorded in five of the last six quarters, with Q4 net inflows of $1.2B and full-year net inflows of $1.5B, reversing prior outflows.

• Maintained strong long-term investment performance, with 95% of AUM outperforming benchmarks over one, three, five, and ten years; 87% of U.S. open-end fund AUM rated 4 or 5 stars by Morningstar.

• Continued expansion in global listed infrastructure and SICAV vehicles, with record inflows and growing international presence.

Financial highlights

• Q4 2025 revenue increased 2% sequentially to $143.8M; full-year revenue up 6.9% to $554M year-over-year.

• Q4 operating income rose 3% to $52.4M; full-year operating income up 6.3% to $195.1M.

• Q4 net income was $41.7M, flat sequentially; FY 2025 net income was $159.1M, up from $149.3M in FY 2024.

• Q4 EPS was $0.81, flat sequentially; full-year EPS was $3.09, up from $2.93 in 2024.

• Operating margin for Q4 was 36.4%, up from 36.1% in the prior quarter; FY 2025 margin was 35.2%.

Outlook and guidance

• Expect compensation ratio to remain at 40% in 2026, with G&A growth moderating to mid-single digits.

• Projected effective tax rate for 2026 is 25.4% (as-adjusted).

• Anticipate broadening economic and market growth, with real assets and natural resource equities positioned for strong performance.

• Focus on harvesting ROI from recent investments in strategies, vehicles, and talent.

• Management provided forward-looking statements, highlighting risks and uncertainties that could impact future results, as detailed in the annual report.