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, with net inflows in five of the last six quarters.

• 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 totaled $1.2B in Q4 2025 and $1.5B for FY 2025, reversing net outflows from FY 2024.

• Full-year 2025 EPS rose to $3.09 from $2.93 in 2024; Q4 EPS was $0.81, flat sequentially.

• Maintained strong long-term investment outperformance, with 95% of AUM beating benchmarks over one, three, five, and ten years.

Financial highlights

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

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

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

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

• Liquidity at year-end was $403 million, a $39 million increase from the prior quarter.

Outlook and guidance

• Expect compensation ratio to remain at 40% in 2026; G&A growth projected to moderate to mid-single digits.

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

• Anticipate broadening economic and market returns in 2026, with real assets and natural resource equities positioned for growth.

• Focus in 2026 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.