Cohen & Steers Q4 Earnings Call Highlights

Cohen & Steers (NYSE:CNS) reported fourth-quarter and full-year 2025 results that absorption said reflected coagulated gross growth, unchangeable interest rates, and continued affirmative flows. On the company’s net call, executives besides highlighted a strengthening organization pipeline and provided expectations for disbursal trends and taxation rates successful 2026.

Chief Financial Officer Mike Donohue said the institution posted as-adjusted net of $0.81 per stock for the 4th quarter, matching the anterior quarter. Full-year 2025 net were $3.09 per share, up from $2.93 successful 2024.

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Donohue said gross accrued 2% sequentially to $143.8 cardinal successful the 4th quarter, aided by higher mean assets nether absorption (AUM) and $1.7 cardinal successful show fees. For the afloat year, gross roseate 6.9% to $554 million. Excluding show fees, the effectual interest complaint was 59 ground points, accordant with the anterior quarter.

Operating income roseate 3% sequentially to $52.4 cardinal successful the 4th quarter, portion full-year operating income accrued 6.3% to $195.1 million. Operating borderline was 36.4%, somewhat higher than 36.1% successful the anterior quarter.

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Ending AUM was $90.5 cardinal successful the 4th quarter, down somewhat from the extremity of the 3rd quarter, though absorption emphasized that mean AUM accrued during the period. Donohue reported nett inflows of $1.2 cardinal successful the quarter, chiefly tied to advisory and closed-end funds, which were offset by marketplace depreciation and distributions.

Chief Executive Officer Joe Harvey provided much detail, stating the steadfast had nett inflows of $1.28 cardinal successful the 4th fourth and $1.5 cardinal for full-year 2025. He said the quarter’s “major storylines” included nett inflows crossed each vehicles, improved advisory flows, enactment by strategy successful U.S. REITs and planetary listed infrastructure, and a $513 cardinal inflow connected to a rights offering and associated leverage for an infrastructure closed-end fund.

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Harvey’s breakdown of fourth-quarter flows included:

• Open-end funds: $13 cardinal of nett inflows, with inflows into 2 U.S. existent property open-end funds offset by outflows from a 3rd existent property money and the halfway preferred banal fund.

• Non-U.S. SICAV funds: $89 cardinal of inflows.

• Active ETFs: $175 cardinal of nett inflows, including $25 cardinal of effect superior and $150 cardinal from clients.

• Advisory: 4 caller mandates totaling $689 cardinal positive $86 cardinal of existing lawsuit inflows, offset by 1 $124 cardinal termination.

• Sub-advisory: $30 cardinal of nett inflows, with 2 caller mandates of $532 million, 1 termination of $330 million, and $172 cardinal of lawsuit rebalancing outflows.