Filing Flows › Cohen & Steers (CNS) › Q4 2025
Cohen & Steers (CNS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Cohen & Steers (CNS) reported revenue of $144M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +1% from the quarter before. Operating margin was 28.0%, net earnings $34.9M (24.3% of revenue).
Cohen & Steers, Q4 2025: revenue $144M (+3% year over year), operating margin 28.0%, net earnings $34.9M, operating cash flow $1.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $144M | +1% | +3% |
| Operating profit | $40.3M | -18% | -18% |
| Net earnings | $34.9M | -16% | -24% |
| Operating cash flow | $1.1M | -98% | -97% |
| Free cash flow | $776K | -99% | -98% |
What changed
Revenue was $143.8M in Q4 2025, up 3% year over year and up 1% from the previous quarter. Open-end funds was the largest line at 57% of revenue.
Operating profit was $40.3M, a 28.0% margin (down 7.3 points year over year). Operating profit fell $9.0M even though revenue rose $4.0M versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 3%. The fastest-growing cost line was General & admin (+22%). Net earnings were $34.9M, down 24% year over year ($30.7M including minority interests, which bore $4.2M of losses). The effective tax rate was 27.4%.
Operating cash flow was $1.1M (down 97% year over year), 3% of net income including minority interests. Non-cash charges added back $2.5M of depreciation and amortization and $10.1M of share-based compensation. Working capital and other items used $42.3M. Capital expenditures of $282K left free cash flow of $776K.
Questions
What was Cohen & Steers' revenue in the fourth quarter 2025?
Cohen & Steers (CNS) reported revenue of $144M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +1% from the quarter before.
Was Cohen & Steers profitable in the fourth quarter 2025?
Operating profit was $40.3M (28.0% of revenue) and net earnings $34.9M.
Source: Cohen & Steers 10-K on SEC EDGAR.