Cohen & Steers, Inc. (CNS) reported a financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $556.1 million, a 7.5% increase from $517.4 million in 2024. The company's net income attributable to common stockholders was $153.2 million, consistent with the previous year's figure of $151.3 million, resulting in diluted earnings per share of $2.97. The operating margin decreased slightly to 32.0% from 33.4% in 2024, reflecting increased expenses, particularly in distribution and service fees, which rose by 27.6% to $72.9 million.
Cohen & Steers experienced a 5.5% increase in assets under management (AUM), totaling $90.5 billion as of December 31, 2025, compared to $85.8 billion in 2024. This growth was attributed to net inflows of $1.5 billion and market appreciation of $6.1 billion, partially offset by distributions of $2.9 billion. The open-end funds segment saw a 6.0% increase in AUM to $43.4 billion, driven by net inflows of $1.7 billion, particularly in U.S. real estate and global listed infrastructure.
Strategically, Cohen & Steers has focused on expanding its investment offerings and geographic reach. The company launched new strategies in exchange-traded funds (ETFs) and continued to enhance its private real estate investment strategy. As of the end of 2025, the firm employed 424 full-time staff, including 88 investment professionals, and maintained a diverse workforce with 37% women and 33% people of color in the U.S. The company has been recognized for its workplace culture, being named a "Best Place to Work in Money Management" for six consecutive years.
Looking ahead, Cohen & Steers anticipates navigating a complex macroeconomic environment characterized by volatility and uncertainty. The company remains committed to prudent cost control and operational efficiency while adapting to evolving market conditions. The management expressed confidence in its ability to leverage its investment expertise to deliver long-term value to clients, despite potential challenges posed by market fluctuations and regulatory changes. The firm also highlighted its focus on responsible investing as part of its fiduciary duty to clients.
About COHEN & STEERS, INC.
Cohen & Steers is a global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, and natural resources. The company offers open-end funds, institutional accounts, and closed-end funds to institutional and individual investors worldwide. Its core value lies in active, research-driven strategies focused on income, capital appreciation, and diversification within competitive markets.
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