$CNS

COHEN & STEERS INC

CIK:0001284812|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 152,730	$ 136,126	$ 298,369	$ 270,593
Expenses:
Employee compensation and benefits	61,506	56,640	119,208	111,194
Distribution and service fees	16,890	15,706	33,227	30,895
General and administrative	18,953	18,078	37,857	35,247
Depreciation and amortization	2,606	2,375	5,180	4,732
Total expenses	99,955	92,799	195,472	182,068
Operating income	52,775	43,327	102,897	88,525
Non-operating income (loss):
Interest and dividend income	5,218	6,315	10,525	11,686
Gain (loss) from investments—net	14,186	6,715	15,197	10,268
Foreign currency gain (loss)—net	(166)	(2,523)	593	(3,695)
Total non-operating income (loss)	19,238	10,507	26,315	18,259
Income before provision for income taxes	72,013	53,834	129,212	106,784
Provision for income taxes	16,447	12,062	32,426	21,723
Net income	55,566	41,772	96,786	85,061
Net (income) loss attributable to noncontrolling interests	(6,223)	(4,923)	(5,075)	(8,434)
Net income attributable to common stockholders	$ 49,343	$ 36,849	$ 91,711	$ 76,627
Earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.96	$ 0.72	$ 1.78	$ 1.50
Diluted (in dollars per share)	$ 0.95	$ 0.72	$ 1.77	$ 1.49
Weighted average shares outstanding:
Basic (shares)	51,545	51,165	51,493	51,112
Diluted (shares)	51,861	51,471	51,729	51,445
Investment advisory and administration fees
Revenue:
Total revenue	$ 144,285	$ 128,545	$ 281,111	$ 255,316
Distribution and Shareholder Service
Revenue:
Total revenue	7,919	7,166	15,974	14,350
Other
Revenue:
Total revenue	$ 526	$ 415	$ 1,284	$ 927

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 96,786	$ 85,061
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net	22,081	23,540
Depreciation and amortization	6,254	5,659
Non-cash lease expense	2,697	2,629
(Gain) loss from investments—net	(15,197)	(10,268)
Deferred income taxes	7,274	3,478
Foreign currency (gain) loss	(22)	1,952
Amortization (accretion) of premium (discount) on U.S. Treasury securities	397	1,375
Changes in operating assets and liabilities:
Accounts receivable	(4,209)	1,985
Due from brokers	735	(13,005)
Investments held by consolidated funds	(51,060)	(242,211)
Other assets	(3,093)	(2,254)
Accrued compensation and benefits	(36,669)	(31,102)
Distribution and service fees payable	(358)	(148)
Operating lease liabilities	(3,787)	(2,987)
Due to brokers	1,374	6,402
Income tax payable	(1,821)	(9,811)
Other liabilities and accrued expenses	(5,357)	3,120
Net cash provided by (used in) operating activities	16,025	(176,585)
Cash flows from investing activities:
Purchases of investments	(340,575)	(161,776)
Proceeds from sales and maturities of investments	281,726	169,517
Purchases of property and equipment	(1,020)	(3,209)
Net cash provided by (used in) investing activities	(59,869)	4,532
Cash flows from financing activities:
Repurchase of common stock for employee tax withholding	(17,311)	(26,598)
Dividends to stockholders	(69,055)	(63,423)
Net contributions (distributions) from noncontrolling interests	45,104	172,721
Other	(15)	(15)
Net cash provided by (used in) financing activities	(40,583)	83,264
Net increase (decrease) in cash and cash equivalents	(84,427)	(88,789)
Effect of foreign exchange rate changes on cash and cash equivalents	(333)	1,357
Cash and cash equivalents, beginning of the year	146,604	183,162
Cash and cash equivalents, end of the year	61,844	95,730
Employee Stock
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan	$ 694	$ 579

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets:

Cash and cash equivalents

$ 59,154

$ 145,452

Investments ($89,324 and $109,210)

^[1]

553,044

436,485

Accounts Receivable, before Allowance for Credit Loss

83,541

79,775

Receivable from Broker-Dealer and Clearing Organization

^[1]

945

1,865

Property and equipment—net

60,797

65,068

Operating lease right-of-use assets—net

94,521

97,342

Goodwill and intangible assets—net

19,752

20,040

Other assets ($455 and $199)

^[1]

29,225

30,667

Total assets

900,979

876,694

Liabilities:

Accrued compensation and benefits

43,945

80,614

Distribution and service fees payable

8,265

8,623

Operating Lease, Liability

134,390

138,326

Income tax payable

1,748

1,650

Due to brokers ($93 and $170)

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1,942

319

Other liabilities and accrued expenses ($387 and $333)

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15,321

13,314

Total liabilities

205,611

242,846

Commitments and contingencies

Temporary Equity, Including Noncontrolling Interest

41,104

22,805

Stockholders’ equity:

Common stock, $0.01 par value; 500,000,000 shares authorized; 58,224,453 shares issued and 51,004,418 shares outstanding at September 30, 2025 and 57,492,567 shares issued and 50,574,641 shares outstanding at December 31, 2024

589

583

Additional paid-in capital

1,017,499

992,948

Accumulated deficit

(85,063)

(105,806)

Accumulated other comprehensive loss

(5,354)

(4,657)

Treasury stock, at cost, 7,220,035 and 6,917,926 shares at September 30, 2025 and December 31, 2024, respectively

(338,296)

(321,115)

Total stockholders’ equity attributable to Cohen & Steers, Inc.

589,375

561,953

Equity, Attributable to Noncontrolling Interest

64,889

49,090

Total stockholders' equity

654,264

611,043

Total liabilities, redeemable noncontrolling interests and stockholders’ equity

$ 900,979

$ 876,694

[1]

Amounts in parentheses represent balances attributable to certain consolidated investment vehicles that are considered variable interest entities (VIEs) at June 30, 2026 and December 31, 2025. The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.