10-K · February 27, 2026
Cohen & Steers positions itself as a global investment manager focused on real assets and alternative income (listed and private real estate, preferred securities, infrastructure, commodities and multi-strategy…
Earnings analysis · 10-Q
CNS earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Cohen & Steers reported first quarter 2026 results showing strong revenue growth of 8.3% year-over-year, driven by increased assets under management in its investment advisory business. However, earnings per share…
Read full summary
Cohen & Steers reported first quarter 2026 results showing strong revenue growth of 8.3% year-over-year, driven by increased assets under management in its investment advisory business. However, earnings per share slightly missed expectations at $0.79 compared to the estimated $0.82, indicating some margin compression despite solid revenue performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.79
- Operating margin
- 34.4%
- Segment
- Investment advisory and administration fees
- Segment
- Distribution and service fees
- Segment
- Other
What stood out
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Revenue Growth
Cohen & Steers achieved revenue of $145.639 million, a solid increase of 8.3% from $134.467 million in Q1 2025.
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Improved Operating Margin
Operating margin rose to 34.4%, up from 33.6% in the same quarter last year.
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Segment Performance
Investment advisory and administration fees increased by 7.9%, contributing significantly to overall revenue growth.
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Asset Under Management Growth
Assets under management increased by 6.3% year-over-year to $93.1 billion.
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Strong Cash Position
Net liquid assets totaled $370.511 million compared to $367.006 million at year-end 2025.
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As Adjusted EPS Growth
As adjusted diluted EPS increased to $0.79 from $0.75 in Q1 2025.
What to watch
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Higher Expenses Pressure
Total expenses increased by 7.0%, from $89.269 million in Q1 2025 to $95.517 million, driven by rising employee compensation.
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Negative Operating Cash Flow
Operating cash flows were negative at $(51.364) million, worsening from $(108.948) million in Q1 2025.
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Increased Effective Tax Rate
The effective income tax rate increased to 27.4% from 19.5% in Q1 2025, potentially impacting net earnings.
Management's outlook
Management highlights ongoing uncertainties in the macroeconomic environment but maintains a focus on operational efficiency.
Earlier filings 4
10-Q · October 31, 2025
Cohen & Steers reported Q3 revenue of $141,720 (in thousands) versus $133,203 in Q3 2024 and diluted EPS of $0.81 versus $0.77 a year ago, driven by higher investment advisory and administration fees of $133,628 (in…
10-Q · August 1, 2025
Cohen & Steers reported Q2 revenue of $136,126,000 and diluted EPS of $0.72 (three months ended June 30, 2025). Revenue and EPS rose year-over-year (Q2 2024 revenue $121,721,000; diluted EPS $0.63) while operating…
10-K · February 21, 2025
Cohen & Steers reported FY2024 revenue of $517.4M (up 5.7% vs. 2023) on assets under management of $85.8B (up 3.2% vs. 2023). Results were driven by net inflows and market appreciation into open‑end and U.S. real estate…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.