Filing Flows › Cohen & Steers (CNS) › Q2 2025
Cohen & Steers (CNS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Cohen & Steers (CNS) reported revenue of $136M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +1% from the quarter before. Operating margin was 31.8%, net earnings $36.8M (27.1% of revenue).
Cohen & Steers, Q2 2025: revenue $136M (+12% year over year), operating margin 31.8%, net earnings $36.8M, operating cash flow −$67.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $136M | +1% | +12% |
| Operating profit | $43.3M | -4% | +13% |
| Net earnings | $36.8M | -7% | +16% |
| Operating cash flow | −$67.6M | — | — |
What changed
Revenue was $136.1M in Q2 2025, up 12% year over year and up 1% from the previous quarter. Open-end funds was the largest line at 57% of revenue. Open-end funds added $10.7M year over year (up 16%), 75% of the total change. Other declined 19%.
Operating profit was $43.3M, a 31.8% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 32% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was General & admin (+23%). Net earnings were $36.8M, up 16% year over year. The effective tax rate was 22.4%.
Operating cash flow was −$67.6M. Non-cash charges added back $2.4M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items used $123.9M. Capital expenditures of $2.1M exceeded it, leaving free cash flow of −$69.8M.
Questions
What was Cohen & Steers' revenue in the second quarter 2025?
Cohen & Steers (CNS) reported revenue of $136M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +1% from the quarter before.
Was Cohen & Steers profitable in the second quarter 2025?
Operating profit was $43.3M (31.8% of revenue) and net earnings $36.8M.
Source: Cohen & Steers 10-Q on SEC EDGAR.