CNS Research | Milton Maxwell

CNS

Cohen & Steers, Inc.

62.84

+0.30+0.48%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Private RE stirs; ETFs accelerate

1/22/26Jan 22, 2026

Q&A spotlighted early private real estate demand signals amid private credit outflows and interest rate relief, with management touting CNS REIT's positioning. Active ETFs showed accelerating adoption—the REIT ETF slashed time between $50M AUM milestones from 159 days to one month. Institutional pipeline broadened geographically to Japan, Belgium, and the Philippines, fueled by equity gains freeing allocations. Global real estate tailwinds emerged from international outperformance and institutional preferences. Yet ETFs face some open-end cannibalization, as expected. Pipeline spans Japan to Philippines. Management stayed bullish on scaling, but investors will eye private flows next.

Key Stats

Market Cap

3.21B

P/E (TTM)

19.70

Basic EPS (TTM)

3.19

Dividend Yield

0.04%

Recent Filings

10-K

FY2025 results

2/27/26Feb 27, 2026

Cohen & Steers grew AUM 5.5% to $90.5B in FY2025 ended December 31, 2025, fueled by $1.5B net inflows and $6.1B market gains despite $2.9B distributions; revenue climbed 7.5% to $556M while operating margin slipped to 32.0% from UTF rights offering costs. Open-end funds led with $1.7B inflows into U.S. real estate and infrastructure, closed-ends added $621M via UTF, but institutional saw modest outflows. Q4 momentum shone in infrastructure and multi-strategy acceleration. Net liquid assets hit $367M; $0.67/share dividend declared. Daiwa remains key client risk.

8-K

Q4 EPS dips on rights costs

1/22/26Jan 22, 2026

Cohen & Steers reported Q4 diluted EPS of $0.68, down from $0.81 prior quarter due to $10.8 million UTF rights offering expenses that raised $513 million. AUM dipped 0.4% to $90.5 billion amid market depreciation and distributions, yet net inflows hit $1.2 billion. Adjusted EPS held steady at $0.81. Expenses spiked.

10-Q

Q3 FY2025 results

10/31/25Oct 31, 2025

Cohen & Steers posted solid Q3 results, with revenue climbing 6.4% year-over-year to $141.7 million on higher average assets under management, while operating income rose 9.0% to $48.9 million and diluted EPS edged up to $0.81 from $0.77. Gross margins held steady around 34.5%, buoyed by open-end funds contributing 52% of revenue amid net inflows of $1.6 billion year-to-date. Cash dipped to $98.1 million, yet net liquid assets grew to $339.7 million, backed by a fresh $100 million revolver expiring in 2029 with no draws. The firm deconsolidated funds, trimming redeemable noncontrolling interests by $230.5 million. Free cash flow not disclosed in the 10-Q. Volatility in real estate markets poses ongoing flow risks.

8-K

Q3 EPS $0.81, AUM $90.9B

10/16/25Oct 16, 2025

Cohen & Steers reported Q3 2025 results on October 16, with diluted EPS of $0.81 and revenue up 4.1% to $141.7 million, driven by higher average AUM of $89.7 billion. Assets under management grew 2.2% to $90.9 billion, fueled by $233 million net inflows and $2.4 billion market appreciation, yet institutional outflows persisted in U.S. real estate. Operating margin expanded to 34.5%. Market gains lifted performance, but distributions tempered growth.

8-K

CFO transition announced

9/15/25Sep 15, 2025

Cohen & Steers announced on September 11, 2025, that CFO Raja Dakkuri will resign effective October 17, 2025, to pursue another opportunity, with no disagreements cited. Michael Donohue, Senior Vice President and Controller since May 2023, steps in as Interim CFO, retaining his prior roles. The board approved him a $300,000 bonus—half cash, half restricted stock units vesting over four years. The firm launched a search for a permanent successor. Smooth transition ahead.

About

Cohen & Steers, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations. It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries. The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. Through its subsidiaries, it also launches and manages hedge funds. The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries. Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments. The firm also invests in preferred securities for its fixed income investments through its subsidiaries. The firm is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Cohen & Steers, Inc. was founded in 1986 and is based in New York.

CEO

Mr. Robert Hamilton Steers

IPO

8/16/2004

Website

https://www.cohenandsteers.com

Employees

411

Sector

Financial Services

Industry

Asset Management