CNS · Cohen & Steers, Inc.

0001284812-26-000045

Summary

Cohen & Steers delivered solid Q1 FY2026 financial performance, with revenue, operating income, and net income all increasing year-over-year, supported by higher assets under management and disciplined cost control.

Key takeaways

Revenue was $145.6M (up 8.3% from $134.5M in Q1 FY2025), reflecting growth in average assets under management across open-end funds.
Net cash used in operating activities improved to ($51.4M) from ($108.9M) in Q1 FY2025, indicating stronger working capital management despite seasonal and timing-related outflows.
General and administrative expenses increased due to higher information technology costs, expenses of consolidated funds, and higher expenses paid on behalf of certain Company-sponsored funds — all noted in Management Discussion as drivers of the increase.

Full analysis

Operating Margin

Revenue and Expense Drivers

Net Income and Earnings Per Share

Net income increased 6.5% to $42.4 million, and diluted earnings per share rose 6.5% to $0.82. The growth in net income followed the trajectory of operating income, with no material changes to the tax rate or capital structure disclosed in the authoritative financial packet that would alter the linkage between operating and net results.