Filing Flows › Cohen & Steers (CNS) › Q3 2025
Cohen & Steers (CNS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Cohen & Steers (CNS) reported revenue of $142M for the third quarter 2025 (Q3 2025), +6% from a year earlier and +4% from the quarter before. Operating margin was 34.5%, net earnings $41.7M (29.4% of revenue).
Cohen & Steers, Q3 2025: revenue $142M (+6% year over year), operating margin 34.5%, net earnings $41.7M, operating cash flow $55.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $142M | +4% | +6% |
| Operating profit | $48.9M | +13% | +9% |
| Net earnings | $41.7M | +13% | +5% |
| Operating cash flow | $55.1M | — | +115% |
| Free cash flow | $52.6M | — | +117% |
What changed
Revenue was $141.7M in Q3 2025, up 6% year over year and up 4% from the previous quarter. Open-end funds was the largest line at 58% of revenue. Open-end funds added $7.8M year over year (up 10%), 91% of the total change.
Operating profit was $48.9M, a 34.5% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 34% margin then. Total costs grew 5% against revenue growth of 6%. The fastest-growing cost line was General & admin (+13%). Net earnings were $41.7M, up 5% year over year. The effective tax rate was 25.1%.
Operating cash flow was $55.1M (up 115% year over year), 132% of net earnings. Non-cash charges added back $2.5M of depreciation and amortization and $12.3M of share-based compensation. Capital expenditures of $2.5M left free cash flow of $52.6M.
Questions
What was Cohen & Steers' revenue in the third quarter 2025?
Cohen & Steers (CNS) reported revenue of $142M for the third quarter 2025 (Q3 2025), +6% from a year earlier and +4% from the quarter before.
Was Cohen & Steers profitable in the third quarter 2025?
Operating profit was $48.9M (34.5% of revenue) and net earnings $41.7M.
Source: Cohen & Steers 10-Q on SEC EDGAR.