Filing Flows › Cohen & Steers (CNS) › Q1 2025
Cohen & Steers (CNS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Cohen & Steers (CNS) reported revenue of $134M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -4% from the quarter before. Operating margin was 33.6%, net earnings $39.8M (29.6% of revenue).
Cohen & Steers, Q1 2025: revenue $134M (+10% year over year), operating margin 33.6%, net earnings $39.8M, operating cash flow −$109M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $134M | -4% | +10% |
| Operating profit | $45.2M | -8% | +12% |
| Net earnings | $39.8M | -13% | +17% |
| Operating cash flow | −$109M | — | — |
What changed
Revenue was $134.5M in Q1 2025, up 10% year over year and down 4% from the previous quarter. Open-end funds was the largest line at 58% of revenue. Open-end funds added $9.2M year over year (up 14%), 78% of the total change. Other declined 7%.
Operating profit was $45.2M, a 33.6% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 33% margin then. Total costs grew 8% against revenue growth of 10%. The fastest-growing cost line was General & admin (+16%). Net earnings were $39.8M, up 17% year over year. The effective tax rate was 18.2%.
Operating cash flow was −$108.9M. Non-cash charges added back $2.4M of depreciation and amortization and $11.4M of share-based compensation. Working capital and other items used $166.0M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$110.0M.
Questions
What was Cohen & Steers' revenue in the first quarter 2025?
Cohen & Steers (CNS) reported revenue of $134M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -4% from the quarter before.
Was Cohen & Steers profitable in the first quarter 2025?
Operating profit was $45.2M (33.6% of revenue) and net earnings $39.8M.
Source: Cohen & Steers 10-Q on SEC EDGAR.