Cohen & Steers (NYSE: CNS) Q1 2026 earnings climb as AUM reaches $93.1B
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cohen & Steers reported solid first-quarter 2026 results with revenue of $145.6 million, up 1.3% from the prior quarter and 8.3% from a year earlier. Net income attributable to common stockholders was $42.4 million, compared with $34.9 million in the fourth quarter and $39.8 million a year ago, driving diluted EPS of $0.82 versus $0.68 and $0.77.
Operating margin improved to 34.4% from 28.0% in the prior quarter, helped by lower distribution and service fees after one-time rights offering costs. On an as adjusted basis, diluted EPS was $0.79 versus $0.81. Assets under management reached $93.1 billion, up 2.9% sequentially, supported by $497 million of net inflows and $2.7 billion of market appreciation, led by U.S. real estate and global listed infrastructure strategies.
Positive
- None.
Negative
- None.
Insights
Stronger margins and higher AUM offset slightly lower adjusted EPS.
Cohen & Steers increased Q1 2026 revenue to $145.6M, with operating income up 24.3% versus Q4 as expenses fell 7.7%. The operating margin widened to 34.4%, reflecting the absence of prior quarter costs tied to a rights offering.
As adjusted diluted EPS of $0.79 slipped from $0.81 despite higher GAAP EPS, mainly due to seed investment gains and tax effects. Assets under management rose to $93.1B on $497M of net inflows and market gains, particularly in global listed infrastructure and U.S. real estate.
Overall performance appears steady with healthier margins and growing AUM, while the adjusted earnings softness highlights the impact of non-operating items and prior-period fund-related expenses. Future quarters’ results will indicate whether these trends in flows and margins are sustainable.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $145.6M
Net income attributable to common stockholders: $42.4M
Diluted EPS (GAAP): $0.82
+5 more
8 metrics
Revenue
$145.6M
Three months ended March 31, 2026; up 1.3% QoQ and 8.3% YoY
Net income attributable to common stockholders
$42.4M
Three months ended March 31, 2026; up 21.5% vs Q4 2025
Diluted EPS (GAAP)
$0.82
Q1 2026; versus $0.68 in Q4 2025 and $0.77 in Q1 2025
Operating margin
34.4%
Q1 2026; improved from 28.0% in Q4 2025
Assets under management
$93.1B
As of March 31, 2026; up 2.9% from $90.5B at December 31, 2025
Net inflows
$497M
Three months ended March 31, 2026 across all vehicles
Cash and liquid seed investments
$342.9M
As of March 31, 2026; versus $403.2M at December 31, 2025
Stockholders' equity
$563.4M
As of March 31, 2026; compared with $562.0M at December 31, 2025
Key Terms
operating margin, assets under management, distribution and service fees, non-operating income (loss), +2 more
6 terms
operating margin financial
"Operating margin was 34.4% for the first quarter of 2026, compared with 28.0% for the fourth quarter of 2025."
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
assets under management financial
"Assets under management at March 31, 2026 were $93.1 billion, an increase of 2.9% from $90.5 billion at December 31, 2025."
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
distribution and service fees financial
"Distribution and service fees decreased from the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering of $9.9 million."
non-operating income (loss) financial
"Total non-operating income (loss) was 7,077 for the three months ended March 31, 2026."
as adjusted financial
"As Adjusted (1) Net income attributable to common stockholders was $40,692 and diluted earnings per share was $0.79."
seed investments financial
"Represents the impact of consolidated funds and the net effect of corporate seed investment performance."
Earnings Snapshot
Revenue: $145.6M
Q1 2026
Revenue
$145.6M
+1.3% QoQ, +8.3% YoY
Net income attributable to common stockholders
$42.4M
+21.5% QoQ, +6.5% YoY
Diluted EPS (GAAP)
$0.82
+21.6% QoQ, +6.1% YoY
Operating margin (GAAP)
34.4%
+640 bps vs Q4 2025
Assets under management
$93.1B
+2.9% vs December 31, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 16, 2026
_____________________
(Exact Name of Registrant as Specified in Charter)
_____________________
1166 Avenue of the Americas
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and Zip Code)
(212 ) 832-3232
(Registrant's telephone number, including area code)
_________________________________________ (Former name or former address, if changed since last report) | ||
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On April 16, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended March 31, 2026. Copies of the press release announcing the availability of the Company’s results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| 99.1 | Earnings announcement press release dated April 16, 2026 | ||||
| 99.2 | Earnings release dated April 16, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cohen & Steers, Inc. (Registrant) | |||||
Date: April 16, 2026 | By: | /s/ Michael Donohue | ||||||
Name: Michael Donohue Title: Interim Chief Financial Officer | ||||||||
Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, NY 10036-2708
Tel (212) 832-3232
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2026
New York, NY, April 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended March 31, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for First Quarter 2026 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."
Conference Call
The company will host a conference call tomorrow, Friday, April 17, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Joseph Harvey, interim chief financial officer, Michael Donohue, and president and chief investment officer, Jon Cheigh.
Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1- 646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under “Financials." The webcast will be archived on the website for one month.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2026
•Diluted EPS of $0.82; $0.79, as adjusted
•Operating margin of 34.4%; 35.1%, as adjusted
•Ending AUM of $93.1 billion; average AUM of $94.4 billion
•Net inflows of $497 million
NEW YORK, NY, April 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended March 31, 2026.
Financial Highlights
| (in thousands, except percentages and per share data) | Three Months Ended | |||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | $ Change | % Change | |||||||||||||||||||||||
| U.S. GAAP | ||||||||||||||||||||||||||
| Revenue | $ | 145,639 | $ | 143,803 | $ | 1,836 | 1.3 | % | ||||||||||||||||||
| Expenses | $ | 95,517 | $ | 103,493 | $ | (7,976) | (7.7 | %) | ||||||||||||||||||
| Operating income | $ | 50,122 | $ | 40,310 | $ | 9,812 | 24.3 | % | ||||||||||||||||||
| Net income attributable to common stockholders | $ | 42,368 | $ | 34,879 | $ | 7,489 | 21.5 | % | ||||||||||||||||||
| Diluted earnings per share | $ | 0.82 | $ | 0.68 | $ | 0.14 | 21.6 | % | ||||||||||||||||||
| Operating margin | 34.4 | % | 28.0 | % | N/A | 640 bps | ||||||||||||||||||||
As Adjusted (1) | ||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 40,692 | $ | 41,718 | $ | (1,026) | (2.5 | %) | ||||||||||||||||||
| Diluted earnings per share | $ | 0.79 | $ | 0.81 | $ | (0.02) | (2.4 | %) | ||||||||||||||||||
| Operating margin | 35.1 | % | 36.4 | % | N/A | (130 bps) | ||||||||||||||||||||
_________________________ (1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. | ||||||||||||||||||||||||||
1
Revenue
| (in thousands) | Three Months Ended | |||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | $ Change | % Change | |||||||||||||||||||||||
| Investment advisory and administration fees: | ||||||||||||||||||||||||||
Open-end funds | $ | 75,050 | $ | 74,387 | $ | 663 | 0.9 | % | ||||||||||||||||||
Institutional accounts | 34,542 | 34,477 | $ | 65 | 0.2 | % | ||||||||||||||||||||
Closed-end funds | 27,234 | 27,026 | $ | 208 | 0.8 | % | ||||||||||||||||||||
| Total | 136,826 | 135,890 | $ | 936 | 0.7 | % | ||||||||||||||||||||
| Distribution and service fees | 8,055 | 7,475 | $ | 580 | 7.8 | % | ||||||||||||||||||||
| Other | 758 | 438 | $ | 320 | 73.1 | % | ||||||||||||||||||||
| Total revenue | $ | 145,639 | $ | 143,803 | $ | 1,836 | 1.3 | % | ||||||||||||||||||
•The increase in total investment advisory and administration fees from the fourth quarter of 2025 was primarily due to higher average assets under management, partially offset by two fewer days in the current quarter.
•The increase in distribution and service fees from the fourth quarter of 2025 was primarily due to higher average assets under management in open-end funds.
Expenses
| (in thousands) | Three Months Ended | |||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | $ Change | % Change | |||||||||||||||||||||||
| Employee compensation and benefits | $ | 57,702 | $ | 56,076 | $ | 1,626 | 2.9 | % | ||||||||||||||||||
| Distribution and service fees | 16,337 | 25,670 | $ | (9,333) | (36.4) | % | ||||||||||||||||||||
| General and administrative | 18,904 | 19,212 | $ | (308) | (1.6) | % | ||||||||||||||||||||
| Depreciation and amortization | 2,574 | 2,535 | $ | 39 | 1.5 | % | ||||||||||||||||||||
| Total expenses | $ | 95,517 | $ | 103,493 | $ | (7,976) | (7.7) | % | ||||||||||||||||||
•Employee compensation and benefits increased from the fourth quarter of 2025 which included an adjustment to reflect the amounts actually paid in January 2026.
•Distribution and service fees decreased from the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering of $9.9 million.
•General and administrative expenses decreased from the fourth quarter of 2025, primarily due to lower recruitment and lower fund organization costs related to the UTF rights offering in the fourth quarter of 2025, partially offset by higher business development-related expenses.
Operating Margin
Operating margin was 34.4% for the first quarter of 2026, compared with 28.0% for the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the UTF rights offering.
2
Non-operating Income (Loss)
| (in thousands) | Three Months Ended March 31, 2026 | |||||||||||||||||||
Consolidated Funds (1) | Corporate - Seed and Other | Total | ||||||||||||||||||
| Interest and dividend income | $ | 1,035 | $ | 4,272 | $ | 5,307 | ||||||||||||||
| Gain (loss) from investments—net | (489) | 1,500 | 1,011 | |||||||||||||||||
| Foreign currency gain (loss)—net | — | 759 | 759 | |||||||||||||||||
| Total non-operating income (loss) | 546 | 6,531 | 7,077 | |||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 1,148 | — | 1,148 | |||||||||||||||||
| Non-operating income (loss) attributable to the company | $ | 1,694 | $ | 6,531 | $ | 8,225 | ||||||||||||||
| (in thousands) | Three Months Ended December 31, 2025 | |||||||||||||||||||
Consolidated Funds (1) | Corporate - Seed and Other | Total | ||||||||||||||||||
| Interest and dividend income | $ | 637 | $ | 4,580 | $ | 5,217 | ||||||||||||||
| Gain (loss) from investments—net | (1,540) | (708) | (2,248) | |||||||||||||||||
| Foreign currency gain (loss)—net | — | (991) | (991) | |||||||||||||||||
| Total non-operating income (loss) | (903) | 2,881 | 1,978 | |||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 4,176 | — | 4,176 | |||||||||||||||||
| Non-operating income (loss) attributable to the company | 3,273 | 3,273 | 2,881 | 6,154 | ||||||||||||||||
_________________________ (1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. | ||||||||||||||||||||
Income Taxes
A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:
| Three Months Ended | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| U.S. federal statutory tax rate | 21.0 | % | 21.0 | % | ||||||||||
| State and local income taxes, net of federal benefit | 3.0 | 3.2 | ||||||||||||
| Nontaxable or nondeductible items: | ||||||||||||||
| Nondeductible executive compensation | 1.2 | 2.7 | ||||||||||||
| Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units | 1.7 | (0.5) | ||||||||||||
| Valuation allowance | (0.1) | (1.0) | ||||||||||||
| Effect of cross-border tax laws | 0.1 | 0.2 | ||||||||||||
| Foreign tax effects | 0.2 | — | * | |||||||||||
| Changes in unrecognized tax benefits | 0.1 | — | * | |||||||||||
| Other | 0.2 | (0.7) | ||||||||||||
| Effective income tax rate | 27.4 | % | 24.9 | % | ||||||||||
_________________________ •Percentage rounds to less than 0.1%. | ||||||||||||||
3
Assets Under Management
| (in millions) | As of | Change | ||||||||||||||||||||||||
| By Investment Vehicle | March 31, 2026 | December 31, 2025 | $ | % | ||||||||||||||||||||||
| Open-end funds | $ | 44,841 | $ | 43,437 | $ | 1,404 | 3.2 | % | ||||||||||||||||||
| Institutional accounts | 36,029 | 35,060 | $ | 969 | 2.8 | % | ||||||||||||||||||||
| Closed-end funds | 12,258 | 12,047 | $ | 211 | 1.8 | % | ||||||||||||||||||||
| Total | $ | 93,128 | $ | 90,544 | $ | 2,584 | 2.9 | % | ||||||||||||||||||
| By Investment Strategy | ||||||||||||||||||||||||||
| U.S. real estate | $ | 44,569 | $ | 43,503 | $ | 1,066 | 2.5 | % | ||||||||||||||||||
| Preferred securities | 17,848 | 18,081 | $ | (233) | (1.3 | %) | ||||||||||||||||||||
| Global/international real estate | 14,361 | 14,273 | $ | 88 | 0.6 | % | ||||||||||||||||||||
| Global listed infrastructure | 12,589 | 11,456 | $ | 1,133 | 9.9 | % | ||||||||||||||||||||
| Other | 3,761 | 3,231 | $ | 530 | 16.4 | % | ||||||||||||||||||||
| Total | $ | 93,128 | $ | 90,544 | $ | 2,584 | 2.9 | % | ||||||||||||||||||
Assets under management at March 31, 2026 were $93.1 billion, an increase of 2.9% from $90.5 billion at December 31, 2025. The increase was due to net inflows of $497 million and market appreciation of $2.7 billion, partially offset by distributions of $627 million.
Open-end Funds
Assets under management in open-end funds at March 31, 2026 were $44.8 billion, an increase of 3.2% from $43.4 billion at December 31, 2025. The change was primarily due to the following:
•Net inflows of $224 million into U.S. real estate, $156 million into preferred securities and $147 million into real assets multi-strategy (included in "Other");
•Market appreciation of $858 million from U.S. real estate; and
•Distributions of $168 million from U.S. real estate and $133 million from preferred securities, of which $254 million was reinvested and included in net flows.
Institutional Accounts
Assets under management in institutional accounts at March 31, 2026 were $36.0 billion, an increase of 2.8% from $35.1 billion at December 31, 2025. The change was primarily due to the following:
•Advisory:
◦Net inflows of $101 million into global listed infrastructure and $79 million into global/international real estate; and
◦Market appreciation of $380 million from global listed infrastructure and $224 million from U.S. real estate.
4
•Subadvisory:
◦Net outflows of $250 million from U.S. real estate;
◦Market appreciation of $306 million from U.S. real estate and $216 million from global listed infrastructure; and
◦Distributions of $147 million from U.S. real estate.
Closed-end Funds
Assets under management in closed-end funds at March 31, 2026 were $12.3 billion, an increase of 1.8% from $12.0 billion at December 31, 2025. The change was primarily due to the following:
◦Market appreciation of $334 million from global listed infrastructure; and
◦Distributions of $165 million.
5
Investment Performance at March 31, 2026
_________________________
(1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2) © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at March 31, 2026. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
Balance Sheet Information
As of March 31, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $342.9 million, compared with $403.2 million as of December 31, 2025. As of March 31, 2026, stockholders' equity was $563.4 million, compared with $562.0 million as of December 31, 2025.
6
Conference Call Information
Cohen & Steers will host a conference call on Friday, April 17, 2026 at 10:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”
A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# # # #
7
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Investment advisory and administration fees | $ | 136,826 | $ | 135,890 | $ | 126,771 | ||||||||||||||||||||||||||
| Distribution and service fees | 8,055 | 7,475 | 7,184 | |||||||||||||||||||||||||||||
| Other | 758 | 438 | 512 | |||||||||||||||||||||||||||||
| Total revenue | 145,639 | 143,803 | 134,467 | 1.3 | % | 8.3 | % | |||||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||||||||
| Employee compensation and benefits | 57,702 | 56,076 | 54,554 | |||||||||||||||||||||||||||||
| Distribution and service fees | 16,337 | 25,670 | 15,189 | |||||||||||||||||||||||||||||
| General and administrative | 18,904 | 19,212 | 17,169 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 2,574 | 2,535 | 2,357 | |||||||||||||||||||||||||||||
| Total expenses | 95,517 | 103,493 | 89,269 | (7.7 | %) | 7.0 | % | |||||||||||||||||||||||||
| Operating income | 50,122 | 40,310 | 45,198 | 24.3 | % | 10.9 | % | |||||||||||||||||||||||||
| Non-operating income (loss): | ||||||||||||||||||||||||||||||||
| Interest and dividend income | 5,307 | 5,217 | 5,371 | |||||||||||||||||||||||||||||
| Gain (loss) from investments—net | 1,011 | (2,248) | 3,553 | |||||||||||||||||||||||||||||
| Foreign currency gain (loss)—net | 759 | (991) | (1,172) | |||||||||||||||||||||||||||||
| Total non-operating income (loss) | 7,077 | 1,978 | 7,752 | 257.8 | % | (8.7 | %) | |||||||||||||||||||||||||
| Income before provision for income taxes | 57,199 | 42,288 | 52,950 | 35.3 | % | 8.0 | % | |||||||||||||||||||||||||
| Provision for income taxes | 15,979 | 11,585 | 9,661 | |||||||||||||||||||||||||||||
| Net income | 41,220 | 30,703 | 43,289 | 34.3 | % | (4.8 | %) | |||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 1,148 | 4,176 | (3,511) | |||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 42,368 | $ | 34,879 | $ | 39,778 | 21.5 | % | 6.5 | % | ||||||||||||||||||||||
| Earnings per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||
| Basic | $ | 0.82 | $ | 0.68 | $ | 0.78 | 21.0 | % | 5.7 | % | ||||||||||||||||||||||
| Diluted | $ | 0.82 | $ | 0.68 | $ | 0.77 | 21.6 | % | 6.1 | % | ||||||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
| Basic | 51,441 | 51,243 | 51,058 | |||||||||||||||||||||||||||||
| Diluted | 51,595 | 51,639 | 51,418 | |||||||||||||||||||||||||||||
8
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Vehicle | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| Open-end Funds | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 43,437 | $ | 44,421 | $ | 40,962 | ||||||||||||||||||||||||||
| Inflows | 3,358 | 3,487 | 3,519 | |||||||||||||||||||||||||||||
| Outflows | (2,803) | (3,474) | (2,934) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 555 | 13 | 585 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 1,155 | (378) | 1,033 | |||||||||||||||||||||||||||||
| Distributions | (306) | (535) | (282) | |||||||||||||||||||||||||||||
| Transfers | — | (84) | — | |||||||||||||||||||||||||||||
| Total increase (decrease) | 1,404 | (984) | 1,336 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 44,841 | $ | 43,437 | $ | 42,298 | 3.2 | % | 6.0 | % | ||||||||||||||||||||||
| Average assets under management | $ | 45,279 | $ | 43,812 | $ | 41,801 | 3.3 | % | 8.3 | % | ||||||||||||||||||||||
| Institutional Accounts | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 35,060 | $ | 34,711 | $ | 33,563 | ||||||||||||||||||||||||||
| Inflows | 1,103 | 1,790 | 1,100 | |||||||||||||||||||||||||||||
| Outflows | (1,162) | (1,109) | (1,466) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | (59) | 681 | (366) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 1,184 | (252) | 853 | |||||||||||||||||||||||||||||
| Distributions | (156) | (164) | (164) | |||||||||||||||||||||||||||||
| Transfers | — | 84 | — | |||||||||||||||||||||||||||||
| Total increase (decrease) | 969 | 349 | 323 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 36,029 | $ | 35,060 | $ | 33,886 | 2.8 | % | 6.3 | % | ||||||||||||||||||||||
| Average assets under management | $ | 36,714 | $ | 34,924 | $ | 33,623 | 5.1 | % | 9.2 | % | ||||||||||||||||||||||
| Closed-end Funds | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 12,047 | $ | 11,765 | $ | 11,289 | ||||||||||||||||||||||||||
| Inflows | 1 | 513 | 3 | |||||||||||||||||||||||||||||
| Outflows | — | — | — | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 1 | 513 | 3 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 375 | (55) | 257 | |||||||||||||||||||||||||||||
| Distributions | (165) | (176) | (154) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 211 | 282 | 106 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 12,258 | $ | 12,047 | $ | 11,395 | 1.8 | % | 7.6 | % | ||||||||||||||||||||||
| Average assets under management | $ | 12,368 | $ | 12,015 | $ | 11,354 | 2.9 | % | 8.9 | % | ||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 90,544 | $ | 90,897 | $ | 85,814 | ||||||||||||||||||||||||||
| Inflows | 4,462 | 5,790 | 4,622 | |||||||||||||||||||||||||||||
| Outflows | (3,965) | (4,583) | (4,400) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 497 | 1,207 | 222 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 2,714 | (685) | 2,143 | |||||||||||||||||||||||||||||
| Distributions | (627) | (875) | (600) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 2,584 | (353) | 1,765 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 93,128 | $ | 90,544 | $ | 87,579 | 2.9 | % | 6.3 | % | ||||||||||||||||||||||
| Average assets under management | $ | 94,361 | $ | 90,751 | $ | 86,778 | 4.0 | % | 8.7 | % | ||||||||||||||||||||||
9
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management - Institutional Accounts | ||||||||||||||||||||||||||||||||
| By Account Type | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| Advisory | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 20,843 | $ | 20,208 | $ | 19,272 | ||||||||||||||||||||||||||
| Inflows | 708 | 1,055 | 597 | |||||||||||||||||||||||||||||
| Outflows | (498) | (404) | (705) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 210 | 651 | (108) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 626 | (100) | 539 | |||||||||||||||||||||||||||||
| Transfers | — | 84 | — | |||||||||||||||||||||||||||||
| Total increase (decrease) | 836 | 635 | 431 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 21,679 | $ | 20,843 | $ | 19,703 | 4.0 | % | 10.0 | % | ||||||||||||||||||||||
| Average assets under management | $ | 21,986 | $ | 20,513 | $ | 19,581 | 7.2 | % | 12.3 | % | ||||||||||||||||||||||
| Subadvisory | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 14,217 | $ | 14,503 | $ | 14,291 | ||||||||||||||||||||||||||
| Inflows | 395 | 735 | 503 | |||||||||||||||||||||||||||||
| Outflows | (664) | (705) | (761) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | (269) | 30 | (258) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 558 | (152) | 314 | |||||||||||||||||||||||||||||
| Distributions | (156) | (164) | (164) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 133 | (286) | (108) | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 14,350 | $ | 14,217 | $ | 14,183 | 0.9 | % | 1.2 | % | ||||||||||||||||||||||
| Average assets under management | $ | 14,728 | $ | 14,411 | $ | 14,042 | 2.2 | % | 4.9 | % | ||||||||||||||||||||||
| Total Institutional Accounts | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 35,060 | $ | 34,711 | $ | 33,563 | ||||||||||||||||||||||||||
| Inflows | 1,103 | 1,790 | 1,100 | |||||||||||||||||||||||||||||
| Outflows | (1,162) | (1,109) | (1,466) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | (59) | 681 | (366) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 1,184 | (252) | 853 | |||||||||||||||||||||||||||||
| Distributions | (156) | (164) | (164) | |||||||||||||||||||||||||||||
| Transfers | — | 84 | — | |||||||||||||||||||||||||||||
| Total increase (decrease) | 969 | 349 | 323 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 36,029 | $ | 35,060 | $ | 33,886 | 2.8 | % | 6.3 | % | ||||||||||||||||||||||
| Average assets under management | $ | 36,714 | $ | 34,924 | $ | 33,623 | 5.1 | % | 9.2 | % | ||||||||||||||||||||||
10
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Strategy | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| U.S. Real Estate | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 43,503 | $ | 44,153 | $ | 42,930 | ||||||||||||||||||||||||||
| Inflows | 2,177 | 2,747 | 2,319 | |||||||||||||||||||||||||||||
| Outflows | (2,197) | (1,953) | (2,536) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | (20) | 794 | (217) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 1,457 | (959) | 1,250 | |||||||||||||||||||||||||||||
| Distributions | (371) | (453) | (362) | |||||||||||||||||||||||||||||
| Transfers | — | (32) | (10) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 1,066 | (650) | 661 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 44,569 | $ | 43,503 | $ | 43,591 | 2.5 | % | 2.2 | % | ||||||||||||||||||||||
| Average assets under management | $ | 45,271 | $ | 43,748 | $ | 43,340 | 3.5 | % | 4.5 | % | ||||||||||||||||||||||
| Preferred Securities | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 18,081 | $ | 18,443 | $ | 18,330 | ||||||||||||||||||||||||||
| Inflows | 850 | 956 | 847 | |||||||||||||||||||||||||||||
| Outflows | (717) | (1,290) | (923) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 133 | (334) | (76) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | (183) | 156 | 121 | |||||||||||||||||||||||||||||
| Distributions | (183) | (184) | (178) | |||||||||||||||||||||||||||||
| Transfers | — | — | 10 | |||||||||||||||||||||||||||||
| Total increase (decrease) | (233) | (362) | (123) | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 17,848 | $ | 18,081 | $ | 18,207 | (1.3 | %) | (2.0 | %) | ||||||||||||||||||||||
| Average assets under management | $ | 18,182 | $ | 18,242 | $ | 18,380 | (0.3 | %) | (1.1 | %) | ||||||||||||||||||||||
| Global/International Real Estate | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 14,273 | $ | 14,520 | $ | 13,058 | ||||||||||||||||||||||||||
| Inflows | 632 | 527 | 460 | |||||||||||||||||||||||||||||
| Outflows | (586) | (677) | (626) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 46 | (150) | (166) | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 51 | (68) | 242 | |||||||||||||||||||||||||||||
| Distributions | (9) | (61) | (5) | |||||||||||||||||||||||||||||
| Transfers | — | 32 | — | |||||||||||||||||||||||||||||
| Total increase (decrease) | 88 | (247) | 71 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 14,361 | $ | 14,273 | $ | 13,129 | 0.6 | % | 9.4 | % | ||||||||||||||||||||||
| Average assets under management | $ | 15,020 | $ | 14,343 | $ | 13,170 | 4.7 | % | 14.0 | % | ||||||||||||||||||||||
11
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Strategy - continued | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 11,456 | $ | 10,521 | $ | 8,793 | ||||||||||||||||||||||||||
| Inflows | 395 | 1,312 | 752 | |||||||||||||||||||||||||||||
| Outflows | (299) | (380) | (166) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 96 | 932 | 586 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 1,091 | 96 | 407 | |||||||||||||||||||||||||||||
| Distributions | (54) | (93) | (46) | |||||||||||||||||||||||||||||
| Transfers | — | — | (30) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 1,133 | 935 | 917 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 12,589 | $ | 11,456 | $ | 9,710 | 9.9 | % | 29.6 | % | ||||||||||||||||||||||
| Average assets under management | $ | 12,286 | $ | 11,149 | $ | 9,047 | 10.2 | % | 35.8 | % | ||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 3,231 | $ | 3,260 | $ | 2,703 | ||||||||||||||||||||||||||
| Inflows | 408 | 248 | 244 | |||||||||||||||||||||||||||||
| Outflows | (166) | (283) | (149) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 242 | (35) | 95 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 298 | 90 | 123 | |||||||||||||||||||||||||||||
| Distributions | (10) | (84) | (9) | |||||||||||||||||||||||||||||
| Transfers | — | — | 30 | |||||||||||||||||||||||||||||
| Total increase (decrease) | 530 | (29) | 239 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 3,761 | $ | 3,231 | $ | 2,942 | 16.4 | % | 27.8 | % | ||||||||||||||||||||||
| Average assets under management | $ | 3,602 | $ | 3,269 | $ | 2,841 | 10.2 | % | 26.8 | % | ||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 90,544 | $ | 90,897 | $ | 85,814 | ||||||||||||||||||||||||||
| Inflows | 4,462 | 5,790 | 4,622 | |||||||||||||||||||||||||||||
| Outflows | (3,965) | (4,583) | (4,400) | |||||||||||||||||||||||||||||
| Net inflows (outflows) | 497 | 1,207 | 222 | |||||||||||||||||||||||||||||
| Market appreciation (depreciation) | 2,714 | (685) | 2,143 | |||||||||||||||||||||||||||||
| Distributions | (627) | (875) | (600) | |||||||||||||||||||||||||||||
| Total increase (decrease) | 2,584 | (353) | 1,765 | |||||||||||||||||||||||||||||
| Assets under management, end of period | $ | 93,128 | $ | 90,544 | $ | 87,579 | 2.9 | % | 6.3 | % | ||||||||||||||||||||||
| Average assets under management | $ | 94,361 | $ | 90,751 | $ | 86,778 | 4.0 | % | 8.7 | % | ||||||||||||||||||||||
12
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports that are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
Net Income Attributable to Common Stockholders and Diluted Earnings per Share | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| (in thousands, except per share data) | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||||
| Net income attributable to common stockholders, U.S. GAAP | $ | 42,368 | $ | 34,879 | $ | 39,778 | ||||||||||||||
Seed investments—net (1) | (3,299) | (1,498) | (50) | |||||||||||||||||
Accelerated vesting of restricted stock units | (4) | (77) | 369 | |||||||||||||||||
| Fund launch and rights offering costs | 335 | 10,814 | — | |||||||||||||||||
Other non-recurring expense (2) | — | — | 616 | |||||||||||||||||
Foreign currency (gain) loss—net | (759) | 422 | 969 | |||||||||||||||||
Tax effects of adjustments above | 1,300 | (2,062) | (438) | |||||||||||||||||
Tax effects of discrete tax items (3) | 751 | (760) | (2,891) | |||||||||||||||||
| Net income attributable to common stockholders, as adjusted | $ | 40,692 | $ | 41,718 | $ | 38,353 | ||||||||||||||
| Diluted weighted average shares outstanding | 51,595 | 51,639 | 51,418 | |||||||||||||||||
| Diluted earnings per share, U.S. GAAP | $ | 0.82 | $ | 0.68 | $ | 0.77 | ||||||||||||||
Seed investments—net (1) | (0.06) | (0.03) | — | * | ||||||||||||||||
Accelerated vesting of restricted stock units | — | * | — | * | 0.01 | |||||||||||||||
| Fund launch and rights offering costs | 0.01 | 0.21 | — | |||||||||||||||||
Other non-recurring expense (2) | — | — | 0.01 | |||||||||||||||||
Foreign currency (gain) loss—net | (0.02) | 0.01 | 0.02 | |||||||||||||||||
Tax effects of adjustments above | 0.03 | (0.04) | (0.01) | |||||||||||||||||
Tax effects of discrete tax items (3) | 0.01 | (0.02) | (0.05) | |||||||||||||||||
| Diluted earnings per share, as adjusted | $ | 0.79 | $ | 0.81 | $ | 0.75 | ||||||||||||||
_________________________ * Amounts round to less than $0.01 per share. (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025. (3)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | ||||||||||||||||||||
13
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin | ||||||||||||||||||||
| (in thousands, except percentages) | Three Months Ended | |||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Revenue, U.S. GAAP | $ | 145,639 | $ | 143,803 | $ | 134,467 | ||||||||||||||
Fund related amounts (1) | (1,375) | (9) | (677) | |||||||||||||||||
| Revenue, as adjusted | $ | 144,264 | $ | 143,794 | $ | 133,790 | ||||||||||||||
| Expenses, U.S. GAAP | $ | 95,517 | $ | 103,493 | $ | 89,269 | ||||||||||||||
Fund related amounts (1) | (1,576) | (1,324) | (940) | |||||||||||||||||
Accelerated vesting of restricted stock units | 4 | 77 | (369) | |||||||||||||||||
| Fund launch and rights offering costs | (335) | (10,814) | — | |||||||||||||||||
Other non-recurring expense (2) | — | — | (616) | |||||||||||||||||
| Expenses, as adjusted | $ | 93,610 | $ | 91,432 | $ | 87,344 | ||||||||||||||
| Operating income, U.S. GAAP | $ | 50,122 | $ | 40,310 | $ | 45,198 | ||||||||||||||
Fund related amounts (1) | 201 | 1,315 | 263 | |||||||||||||||||
Accelerated vesting of restricted stock units | (4) | (77) | 369 | |||||||||||||||||
| Fund launch and rights offering costs | 335 | 10,814 | — | |||||||||||||||||
Other non-recurring expense (2) | — | — | 616 | |||||||||||||||||
| Operating income, as adjusted | $ | 50,654 | $ | 52,362 | $ | 46,446 | ||||||||||||||
| Operating margin, U.S. GAAP | 34.4 | % | 28.0 | % | 33.6 | % | ||||||||||||||
| Operating margin, as adjusted | 35.1 | % | 36.4 | % | 34.7 | % | ||||||||||||||
__________________________ (1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025. | ||||||||||||||||||||
Non-operating Income (Loss) | ||||||||||||||||||||
| (in thousands) | Three Months Ended | |||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||
| Non-operating income (loss), U.S. GAAP | $ | 7,077 | $ | 1,978 | $ | 7,752 | ||||||||||||||
Seed investments—net (1) | (2,352) | 1,363 | (3,824) | |||||||||||||||||
Foreign currency (gain) loss—net | (759) | 422 | 969 | |||||||||||||||||
| Non-operating income (loss), as adjusted | $ | 3,966 | $ | 3,763 | $ | 4,897 | ||||||||||||||
_________________________ (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. | ||||||||||||||||||||
14
FAQ
How did Cohen & Steers (CNS) perform financially in Q1 2026?
Cohen & Steers delivered higher earnings in Q1 2026, with net income of $42.4 million and diluted EPS of $0.82. Revenue reached $145.6 million, up 1.3% from Q4 2025 and 8.3% year over year, supported by higher average assets under management.
What was Cohen & Steers' operating margin in the first quarter of 2026?
The company reported an operating margin of 34.4% for Q1 2026, up from 28.0% in Q4 2025. The improvement mainly reflects lower distribution and service fees after prior-quarter expenses tied to the Cohen & Steers Infrastructure Fund (UTF) rights offering.
What were Cohen & Steers' assets under management at March 31, 2026?
Assets under management were $93.1 billion at March 31, 2026, up 2.9% from $90.5 billion at December 31, 2025. The increase came from $497 million of net inflows and $2.7 billion of market appreciation, partly offset by $627 million of distributions.
How did Cohen & Steers' adjusted earnings compare to prior periods?
As adjusted net income attributable to common stockholders was $40.7 million, with diluted EPS of $0.79. This compares with $41.7 million and $0.81 in Q4 2025 and $38.4 million and $0.75 in Q1 2025, reflecting modest sequential softness but year-over-year growth.
Which business lines drove revenue growth for Cohen & Steers in Q1 2026?
Revenue growth was broad-based, with investment advisory and administration fees rising to $136.8 million. Distribution and service fees increased 7.8% quarter over quarter. Higher average assets under management in open-end funds and global listed infrastructure were key contributors.
What were Cohen & Steers' net flows and which strategies stood out?
The firm recorded $497 million of net inflows in Q1 2026. Strength came from U.S. real estate, preferred securities, and real assets multi-strategy in open-end funds, plus global listed infrastructure and global/international real estate within institutional advisory mandates.