Sep 2026 (Q3 FY26) — Oct 16, 2026
Cohen & Steers Q3 FY26 — Strong Organic Growth and Expanding Operating Margin
Read the full callCohen & Steers (CNS) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Cohen & Steers earnings: last reported Fri, 16 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 153 | +12.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 34.5 | +2.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 49.3 | +33.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Conversion of the Future of Energy open-end fund into an ETF | conversion should occur sometime midyear 2026 | Mar 2026 | The most recent addition to our ETF lineup is our future of energy strategy, which was converted from an open-end fund during the quarter. | Achieved |
| Effective tax rate | 25.4% | Dec 2025 | a pro forma effective tax rate of between 25% to 26% | Diluted |
| Compensation and benefits ratio (compensation ratio) | 40% | Dec 2025 | We continue to expect compensation and benefits expenses of approximately 40% of revenues | On Track |
1 of COHEN & STEERS, INC.'s 18 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Adjusted EPS of $0.89, up from $0.85 in Q2 FY26.
- $1.6 billion of net inflows, marking the fifth consecutive quarter of organic growth and strongest since Q4 2021.
- Operating margin expanded to 37.2%, reflecting higher revenues and controlled expenses.
- Institutional pipeline increased to $1.9 billion, the second-largest ever.
- 74% of AUM outperformed in Q3 FY26, up from 40% in Q2 FY26.
Qualified
- AUM decreased to $95.9 billion from $100 billion last quarter due to negative market movement.
- Notified of approximately $400 million in partial account rebalancing outflows from 2 institutional clients for Q4 FY26.
- Higher interest rates have weighed on asset classes, with REITs, listed infrastructure, and preferred securities declining from summer highs.
Price
$68.4 −1.77% · −$1.23
Performance −1.8% 1Y
1Y: $69.62 on 17 Oct 2025 → $68.4. High $85.65 (13 Aug 2026), low $59.24 (18 Nov 2025).
- Previous close
- $69.63
- 52-week range
- $59.24 – $85.65
- One year
- −3.17%
Overview
- Symbol
- CNS
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Conversion of the Future of Energy open-end fund into an ETF | conversion should occur sometime midyear 2026 | Mar 2026 | The most recent addition to our ETF lineup is our future of energy strategy, which was converted from an open-end fund during the quarter. | Achieved |
| Effective tax rate | 25.4% | Dec 2025 | a pro forma effective tax rate of between 25% to 26% | Diluted |
| Compensation and benefits ratio (compensation ratio) | 40% | Dec 2025 | We continue to expect compensation and benefits expenses of approximately 40% of revenues | On Track |
Claimed
- Adjusted EPS of $0.89, up from $0.85 in Q2 FY26.
- $1.6 billion of net inflows, marking the fifth consecutive quarter of organic growth and strongest since Q4 2021.
- Operating margin expanded to 37.2%, reflecting higher revenues and controlled expenses.
- Institutional pipeline increased to $1.9 billion, the second-largest ever.
- 74% of AUM outperformed in Q3 FY26, up from 40% in Q2 FY26.
Qualified
- AUM decreased to $95.9 billion from $100 billion last quarter due to negative market movement.
- Notified of approximately $400 million in partial account rebalancing outflows from 2 institutional clients for Q4 FY26.
- Higher interest rates have weighed on asset classes, with REITs, listed infrastructure, and preferred securities declining from summer highs.
The full ledger
Open COHEN & STEERS, INC.’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 17, 2026
Cohen & Steers, Inc. Q2 FY26 — Strong Inflows and AUM Growth Driven by Real Assets
Read the full callMar 2026 (Q1 FY26) — Apr 17, 2026
Cohen & Steers Q1 FY26 — Strong Inflows and Real Asset Outperformance Amid Geopolitical Shifts
Read the full callEvery analysed call
Cohen & Steers earnings calls (CNS)
Financials
What the filings say
Net profit, year on year: +34% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 133 | 140 | 134 | 136 | 142 | 144 | 146 | 153 |
| Operating profit | 45 | 49 | 45 | 43 | 49 | 40 | 50 | 53 |
| Operating margin | 33.7% | 35.3% | 33.6% | 31.8% | 34.5% | 28.0% | 34.4% | 34.5% |
| Other income | 23 | 6 | 8 | 11 | 7 | 2 | 7 | 19 |
| Profit before tax | 68 | 56 | 53 | 54 | 56 | 42 | 57 | 72 |
| Tax rate | 18.2% | 22.8% | — | 22.4% | — | — | — | 22.8% |
| Net profit | 40 | 46 | 40 | 37 | 42 | 35 | 42 | 49 |
| EPS ($ per share) | 0.78 | — | 0.78 | 0.72 | 0.81 | — | 0.82 | 0.96 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -208 | -242 | -292 | -232 | -171 | -158 | -129 | -106 |
| Total liabilities | 144 | 135 | 124 | 148 | 246 | 244 | 237 | 243 |
| Fixed assets | 14 | 12 | 10 | 9 | 9 | 66 | 69 | 65 |
| Total assets | 481 | 402 | 348 | 493 | 673 | 737 | 812 | 877 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 73 | 141 | 89 | 243 | 62 | 172 | 97 | -120 |
| Cash from investing | -53 | 36 | -2 | 48 | -3 | -115 | -120 | 8 |
| Cash from financing | -118 | -170 | -149 | -145 | 9 | -119 | 18 | 74 |
| Net cash flow | -99 | 7 | -61 | 145 | 68 | -62 | — | — |
| Capital expenditure | -3 | -3 | -3 | -3 | -4 | -57 | -12 | -6 |
| Free cash flow | 69 | 139 | 87 | 240 | 57 | 115 | 85 | -126 |
CNS revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Open End Investment Funds | 56% | 56% | 58% | 57% | 58% | 57% | 58% | 58% | +13.7% |
| Institutional Accounts | 25% | 25% | 24% | 24% | 23% | 24% | 24% | 23% | +8.8% |
| Closed End Investment Funds | 19% | 19% | 19% | 18% | 18% | 19% | 19% | 18% | +11.8% |
| Distribution and Shareholder Service | — | — | — | — | — | — | 6% | 5% | — |
| Financial Service Other | <1% | <1% | <1% | <1% | <1% | <1% | 1% | <1% | +26.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CNS operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Net new assets | $497MThe first quarter's fundamental highlights include net inflows of $497 million a strong one unfunded pipeline of $1.7 billion, characterized by good velocity with continued fundings and new mandates, stable fee rates strong absolute performance and neutral relative performance, while 1-, 3- and 5-year relative performance continues to be excellent.Source: earnings call transcript | $1.3BWe generated $1.3 billion of net inflows, one of the strongest flow quarters in our recent history, while our institutional pipeline remained robust at $1.6 billion.Source: earnings call transcript | $1.6BWe generated $1.6 billion of net inflows, representing our fifth consecutive quarter of organic growth and our strongest flow period since the fourth quarter of 2021.Source: earnings call transcript | +23.1% |
| Net new assets Multi-strategy real asset | $142MFlow highlights by investment strategy include: multi-strategy real asset inflows totaled $142 million, the best quarter since third quarter of 2022.Source: earnings call transcript | $380MOur multi-strategy real assets portfolio had $380 million in net inflows bringing strategy wide AUM to $3 billion, a compound annual growth rate of 29% since 2021.Source: earnings call transcript | — | +167.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- North America 88% ↑ 1 pt
- JP 5% ↓ 1 pt
- EMEA 4%
- Asia Excluding Japan 3%
As CNS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
120 filings between Oct 20, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$17.18M
24 purchases by 2 insiders
Sales
$2.48M
6 sales by 4 insiders
Compensation
not trading decisions- 70
- Award — granted as compensation
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 10 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| STEERS ROBERT HAMILTON | $11.20M | — | Nov 19, 2025 |
| COHEN MARTIN | $5.98M | — | Nov 20, 2025 |
| POLI FRANCIS C | — | $1.29M | Feb 12, 2026 |
| Cheigh Jon | — | $753.4K | May 26, 2026 |
| Noonan Daniel | — | $337.2K | Jun 16, 2026 |
| Dulik Elena | — | $91.5K | Jul 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Villani Edmond D Director | Gift | 442 | $0 |
| Oct 2, 2026 | Villani Edmond D Director | Gift | 442 | $0 |
| Oct 1, 2026 | Aggarwal Reena Director | Award | 375 | $0 |
| Oct 1, 2026 | Villani Edmond D Director | Award | 375 | $0 |
| Oct 1, 2026 | Connor Frank T Director | Award | 375 | $0 |
| Oct 1, 2026 | Smith Dasha Director | Award | 375 | $0 |
| Oct 1, 2026 | THISSEN KAREN WILSON Director | Award | 375 | $0 |
| Oct 1, 2026 | COHEN MARTIN Director | Award | 375 | $0 |
| Oct 1, 2026 | Dolly Lisa Director | Award | 375 | $0 |
| Aug 20, 2026 | Brown Brandon Executive Vice President | Award | 104 | $0 |
| Aug 20, 2026 | Dulik Elena Chief Accounting Officer, SVP | Award | 39 | $0 |
| Aug 20, 2026 | Noonan Daniel Executive Vice President | Award | 215 | $0 |
| Aug 20, 2026 | DERECHIN ADAM M Chief Operating Officer, EVP | Award | 200 | $0 |
| Aug 20, 2026 | Cheigh Jon President and CIO | Award | 715 | $0 |
| Aug 20, 2026 | Harvey Joseph M Chief Executive Officer | Award | 1,338 | $0 |
| Aug 20, 2026 | POLI FRANCIS C GC, Secretary, EVP | Award | 198 | $0 |
| Aug 20, 2026 | Muni Amit Chief Financial Officer, EVP | Award | 95 | $0 |
| Jul 20, 2026 | Dulik Elena Chief Accounting Officer, SVP | Sale | 1,100 | $91.5K |
| Jul 6, 2026 | Villani Edmond D Director | Gift | 472 | $0 |
| Jul 6, 2026 | Villani Edmond D Director | Gift | 472 | $0 |
| Jul 1, 2026 | Villani Edmond D Director | Award | 353 | $0 |
| Jul 1, 2026 | Connor Frank T Director | Award | 353 | $0 |
| Jul 1, 2026 | Dolly Lisa Director | Award | 353 | $0 |
| Jul 1, 2026 | THISSEN KAREN WILSON Director | Award | 353 | $0 |
| Jul 1, 2026 | COHEN MARTIN Director | Award | 353 | $0 |
| Jul 1, 2026 | Aggarwal Reena Director | Award | 353 | $0 |
| Jul 1, 2026 | Smith Dasha Director | Award | 353 | $0 |
| Jun 16, 2026 | Noonan Daniel Executive Vice President | Sale | 4,360 | $337.2K |
| Jun 15, 2026 | Noonan Daniel Executive Vice President | Tax withheld | 3,614 | $278.5K |
| Jun 8, 2026 | Muni Amit Chief Financial Officer, EVP | Award | 11,562 | $0 |
| May 26, 2026 | Cheigh Jon President and CIO | Sale | 10,500 | $753.4K |
| May 21, 2026 | Cheigh Jon President and CIO | Award | 811 | $0 |
| May 21, 2026 | Noonan Daniel Executive Vice President | Award | 310 | $0 |
| May 21, 2026 | POLI FRANCIS C GC, Secretary, EVP | Award | 223 | $0 |
| May 21, 2026 | Dulik Elena Chief Accounting Officer, SVP | Award | 46 | $0 |
| May 21, 2026 | Donohue Michael T. Interim CFO, SVP | Award | 187 | $0 |
| May 21, 2026 | Brown Brandon Executive Vice President | Award | 117 | $0 |
| May 21, 2026 | DERECHIN ADAM M Chief Operating Officer, EVP | Award | 226 | $0 |
| May 21, 2026 | Harvey Joseph M Chief Executive Officer | Award | 1,514 | $0 |
| May 11, 2026 | DERECHIN ADAM M Chief Operating Officer, EVP | Gift | 500 | $0 |
| Apr 3, 2026 | Villani Edmond D Director | Gift | 433 | $0 |
| Apr 3, 2026 | Villani Edmond D Director | Gift | 433 | $0 |
| Apr 1, 2026 | Aggarwal Reena Director | Award | 440 | $0 |
| Apr 1, 2026 | COHEN MARTIN Director | Award | 440 | $0 |
| Apr 1, 2026 | Villani Edmond D Director | Award | 440 | $0 |
| Apr 1, 2026 | THISSEN KAREN WILSON Director | Award | 440 | $0 |
| Apr 1, 2026 | Smith Dasha Director | Award | 440 | $0 |
| Apr 1, 2026 | Connor Frank T Director | Award | 440 | $0 |
| Apr 1, 2026 | Dolly Lisa Director | Award | 440 | $0 |
| Mar 19, 2026 | Dulik Elena Chief Accounting Officer, SVP | Award | 52 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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