Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q4 2025 Earnings Presentation
20 slides from Cohen & Steers's earnings presentation, Jan 23, 2026
Slide 1: Q4 2025 and Full Year 2025 Earnings Presentation
Cohen & Steers: Q4 2025 and Full Year 2025 Earnings Presentation
Slide 2: Summary of fourth quarter and full year 2025 results
Summary of fourth quarter and full year 2025 results Fourth quarter 2025 Full year 2025 • December 31, 2025 AUM was $90.5 billion • December 31, 2025 AUM was $90.5 billion Assets under versus $90.9 billion at September 30, 2025 versus $85.8 billion at December 31, 2024 management • Average AUM was $
Slide 3: Financial results, as adjusted
Financial results, as adjusted $ in millions, except earnings per share and percentages Revenue $139.9 $133.8 $135.3 $140.9 $143.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Expenses $90.2 $87.3 $89.9 $90.1 $91.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Diluted earnings $0.81 $0.81 $0.78 $0.75 $0.73 per
Slide 4: Revenue, as adjusted
Revenue, as adjusted $ in millions Open-end Institutional Closed-end Distribution and Other fund fees fees fund fees service fees $139.9 $133.8 $135.3 $140.9 $143.8 $0.6 $0.6 $0.4 $0.5 $0.4 $7.5 $7.5 $7.5 $7.2 $7.2 $26.0 $26.1 $27.0 $24.8 $24.9 $35.7 $33.3 $35.4 $32.2 $32.8 $70.2 $69.1 $69.9 $73.5 $
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization $90.2 $87.3 $89.9 $90.1 $91.4 $2.4 $2.4 $2.5 $2.5 $2.4 $15.6 $17.0 $15.2 $17.0 $15.6 $15.7 $15.2 $15.7 $16.3 $15.7 $56.4 $54.2 $54.8 $56.1 $56
Slide 6: Assets under management
Assets under management $ in billions Ending AUM Avg. AUM $90.8 $89.4 $87.2 $89.7 $86.8 $87.6 $88.9 $90.9 $90.5 $85.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6
Slide 7: Assets under management
Assets under management Across vehicle, strategy, and client domicile Other 3.6% Closed-end Funds APAC ex. Japan 5.8% Global listed EMEA 5.9% 13.3% infrastructure 12.7% Japan Subadvisory 10.0% Global/international real 15.7% estate 15.8% Advisory Preferred securities 23.0% 20.0% North America 78.3%
Slide 8: Total firm net flows
Total firm net flows $ in billions Inflows Outflows Net flows Organic 3.7% 1.1% (0.6%) 1.0% 5.3% growth/ (decay) $5.8 $4.8 $4.6 $3.8 $4.0 $0.9 $1.2 $0.2 $0.2 ($0.1) ($4.0) ($4.0) ($3.7) ($4.4) ($4.6) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Totals may not foot due to rounding. 8
Slide 9: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Open-end funds Organic 10.8% 5.8% 2.7% 7.1% 0.1% growth/ (decay) $3.9 $3.5 $3.1 $3.5 $3.1 $1.2 $0.8 $0.6 $0.3 $0.0 ($2.7) ($2.8) ($2.4) ($2.9) ($3.5) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Advisory Organic growth/ (1.9%) (2.3%
Slide 10: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Subadvisory Organic growth/ (5.1%) (7.3%) (3.0%) (2.2%) 0.8% (decay) $0.5 $0.3 $0.7 $0.3 $0.2 $0.0 ($0.1) ($0.1) ($0.2) ($0.3) ($0.3) ($0.4) ($0.5) ($0.7) ($0.8) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Totals may not foot due t
Slide 11: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows U.S. real estate Organic 11.0% (2.1%) 3.2% (2.0%) 7.1% growth/ (decay) $2.9 $2.7 $2.3 $1.3 $1.9 $2.1 $0.8 $0.3 ($0.2) ($0.2) ($1.7) ($1.6) ($2.0) ($2.3) ($2.5) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Preferred securities Organ
Slide 12: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows Global/international real estate Organic growth/ (5.8%) (5.1%) (0.7%) 5.2% (4.1%) (decay) $0.5 $0.5 $0.5 $0.4 $0.3 $0.2 ($0.2) ($0.2) ($0.0) ($0.2) ($0.3) ($0.4) ($0.6) ($0.6) ($0.7) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Glo
Slide 13: Investment performance
Investment performance % of total AUM in outperforming strategies(1) % of U.S. open-end fund AUM rated 4 or 5 stars by Morningstar(2) 1-Year 95% 93% 95% 12/31/2024 9/30/2025 12/31/2025 3-Year 96% 96% 96% 12/31/2024 9/30/2025 12/31/2025 94% 90% 87% 5-Year 97% 96% 97% 12/31/2024 9/30/2025 12/31/2025 1
Slide 14: Cash, cash equivalents, liquid seed investments and U.S. Treasurys
Cash, cash equivalents, liquid seed investments and U.S. Treasurys $ in millions (1) Cash & cash equivalents U.S. Treasurys Liquid seed investments $360.9 $295.4 $322.8 $364.3 $403.2 $68.9 $148.3 $107.3 $118.2 $109.1 $121.0 $109.5 $158.9 $109.2 $109.2 $183.0 $145.5 $95.4 $98.1 $65.2 December 31, 202
Slide 15: Reconciliations of U.S. GAAP to as adjusted financial results
Reconciliations of U.S. GAAP to as adjusted financial results Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the compan
Slide 16: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Net income attributable to common stockholders and diluted earnings per share $ in thousands, except per share data Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2024 2025 2025 202
Slide 17: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Revenue, expenses, operating income and operating margin $ in thousands, except percentages Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2024 2025 2025 2025 2025 2024 2025 Revenue
Slide 18: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Non-operating income (loss) $ in thousands Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2024 2025 2025 2025 2025 2024 2025 Non-operating income (loss), U.S. GAAP $6,368 $7,752 $10
Slide 19: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Summary of Operating Items Adjustments Accelerated Lease transition Fund vesting of Fund launch and Other non- and other costs - related restricted rights offering recurring 280 Park As U.S. GAAP amounts(1) stock units costs expenses (2) Avenue(3) a
Slide 20: Legal disclosures
Legal disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's cur