Cohen & Steers Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EPS rose to $0.89, while $1.6B of inflows extended organic growth to five consecutive quarters. Higher rates pressured ending AUM, but the institutional pipeline reached $1.9B and growth broadened across strategies and channels.
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Adjusted EPS rose to $0.85 with net income up 18% year-over-year and AUM surpassing $100 billion, driven by strong net inflows and robust performance in real estate, preferreds, and infrastructure. Strategic growth initiatives and international expansion continued, with positive outlook for real assets.
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Q1 2026 delivered modest revenue growth and strong net inflows, with robust performance across real assets, infrastructure, and ETFs. Management remains optimistic on long-term growth, despite geopolitical and inflationary risks, and continues to expand distribution and product offerings.
Fiscal Year 2025
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Q4 and full-year 2025 saw revenue and operating income growth, strong net inflows, and robust long-term investment outperformance. Real assets and natural resource equities led returns, while active ETFs and global expansion drove new growth.
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Q3 2025 delivered strong EPS growth, higher AUM, and expanded margins, with net inflows and a record institutional pipeline. Active ETFs and private real estate initiatives gained traction, while guidance calls for disciplined expense growth and continued focus on real assets.
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Q2 2025 saw revenue growth and higher AUM, but EPS and margins declined slightly. Open-end funds and active ETFs had positive inflows, while institutional and preferred securities saw outflows. Expense growth was driven by talent and business development, with strong investment performance and new product launches supporting future growth.
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Q1 2025 delivered net inflows and strong investment performance, despite revenue and EPS declines due to lower average AUM. Strategic initiatives included new ETF launches and expansion in real assets, while market volatility and tariffs increased recession risk and shifted investor focus toward liquidity and real assets.
Fiscal Year 2024
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Q4 2024 saw higher EPS and revenue, with strong open-end fund inflows offset by market-driven AUM declines. Three new active ETFs will launch in Q1 2025, targeting RIAs. Guidance calls for stable compensation ratios, higher G&A, and $800M in expected redemptions in H1 2025.
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Q3 2024 saw a return to net inflows, strong investment performance, and significant AUM growth driven by market appreciation and new mandates. Strategic initiatives include launching active ETFs and expanding private real estate, while maintaining a strong balance sheet and stable fee rates.
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Q2 2024 EPS was $0.68, with revenue of $122M and AUM at $80.7B, down 1% sequentially. Strong investment performance continued, but net outflows persisted amid macro headwinds. Liquidity improved after a $68.5M stock offering, and new growth initiatives and leadership transitions were highlighted.