Cohen & Steers, Inc. (NYSE: CNS) reported fourth‑quarter and full‑year 2025 financial results, posting revenue of $143.8 million and diluted earnings per share of $0.81. The company’s full‑year revenue rose 6.9% to $554 million, while diluted EPS increased to $3.09 from $2.93 in 2024.
Quarterly revenue grew 2.9% year‑over‑year, a slowdown from the 17.3% increase recorded in the same period last year. Operating margin expanded to 36.4% from 35.5% in Q4 2024, but the company noted that a one‑time expense related to an infrastructure fund rights offering compressed margins in the third quarter.
The earnings miss of $0.01 per share—$0.81 versus the consensus estimate of $0.82—was largely driven by margin compression and the impact of the non‑recurring expense. Revenue fell $0.8 million short of the consensus estimate of $144.6 million, reflecting modest headwinds in certain business segments that offset the modest top‑line growth.
Cohen & Steers did not provide new forward guidance in the release. Analysts project first‑quarter 2026 revenue of approximately $147.6 million and EPS of about $0.80, indicating a cautious outlook amid ongoing margin pressure.
During the conference call, CEO Joseph Harvey, interim CFO Michael Donohue, and President & CIO Jon Cheigh discussed the results and reiterated the company’s focus on maintaining profitability through disciplined cost management and selective investment in high‑return opportunities. Investor reaction was muted, with no significant surprises to alter the market’s view of the company’s near‑term prospects.
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