Cohen & Company Inc. (COHN) reported fourth‑quarter 2025 revenue of $102.7 million and full‑year revenue of $275.6 million, a 246% increase from 2024. Net income attributable to the company rose to $8.1 million ($1.48 per diluted share) in Q4 and $14.4 million ($4.35 per diluted share) for the year, turning a $2.0 million net loss in Q4 2024 and a $0.1 million loss for the full year 2024 into profitability.
The turnaround is driven largely by the Cohen & Company Capital Markets (CCM) segment, which generated $184 million in revenue in 2025—up 370% from 2024—and accounted for 67% of total company revenue. CCM also closed $43 billion in transactions, maintaining its #1 ranking in SPAC IPO underwriting and de‑SPAC advisory services.
CEO Lester Brafman highlighted the company’s operational efficiency, noting a revenue per employee of $2.3 million and an adjusted pre‑tax income of $41.4 million, representing 15.0% of total revenue. He added that first‑quarter 2026 revenue is trending substantially higher than the first quarter of 2025, underscoring confidence in continued momentum.
Cohen & Company declared a recurring quarterly dividend of $0.25 per share and a special dividend of $0.70 per share. In addition, a special dividend of $2.00 per share was announced in December 2025 and paid in January 2026, further enhancing shareholder value.
The results signal a robust recovery and a strengthened competitive position in frontier technology sectors—digital assets, energy transition, and aerospace—while the company’s focus on high‑growth SPAC and crypto capital markets continues to drive growth and margin expansion.
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