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Jun 30, 2025
Cohen & Steers Q2 2025 Earnings Report
Cohen & Steers reported its Q2 2025 results with modest revenue growth and stable earnings despite net outflows.
Key Takeaways
The company delivered steady financial performance in Q2 2025, with revenue slightly up and net income remaining solid. AUM increased due to market appreciation, though net outflows persisted. Operating margin declined slightly compared to the prior quarter.
Revenue reached $136.1M, up 1.2% QoQ
Net income was $36.8M with diluted EPS at $0.72
AUM grew to $88.9B, driven by market appreciation despite $131M in net outflows
Operating margin declined to 31.8% from 33.6% QoQ
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company maintained a cautious outlook, focusing on long-term growth in real assets, while managing cost pressures and net outflows.
Positive Outlook
- AUM growth driven by market appreciation
- Strong investment performance with high Morningstar ratings
- Global/international real estate strategies saw solid market appreciation
- Infrastructure and real assets strategies continued to attract inflows
- Cash and liquidity position strengthened to $322.8M
Challenges Ahead
- Net outflows of $131M despite market gains
- Operating margin declined from prior quarter
- Employee compensation increased due to accelerated vesting
- Preferred securities saw net outflows
Historical Earnings Impact
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Avg. Return Before/After Earnings
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