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Asset management · Financial Services · Fiscal year ends Dec 31
Cohen & Steers reported revenue of $556M in the fiscal year ended Dec 2025, up 7.5% from the year before. Operating income was $178M, an operating margin of 32.0%, and net income was $153M. Operating cash flow of −$120M less capital expenditure of $6M left free cash flow of −$126M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 584 | 567 | 490 | 517 | 556 |
| Operating income | 260 | 216 | 164 | 173 | 178 |
| Pre-tax income | 282 | 197 | 180 | 210 | 205 |
| Income tax | 55.8 | 47.4 | 43.6 | 46.7 | – |
| Net income | 211 | 171 | 129 | 151 | 153 |
| Diluted EPS | 4.31 | 3.47 | 2.60 | 2.97 | 2.97 |
| Diluted shares | 49.1 | 49.3 | 49.6 | 50.9 | 51.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 184 | 247 | 187 | 183 | 145 |
| Receivables | – | – | – | 74.4 | 79.8 |
| Net PP&E | 8.9 | 8.8 | 66.3 | 68.6 | 65.1 |
| Goodwill | 18.4 | 17.8 | 18.1 | 17.5 | 18.8 |
| Total assets | 493 | 673 | 737 | 812 | 877 |
| Total liabilities | 148 | 246 | 244 | 237 | 243 |
| Shareholders' equity | 255 | 338 | 381 | 512 | 562 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 243 | 61.7 | 172 | 96.7 | −120 |
| Capital expenditure | 2.7 | 4.2 | 57.0 | 11.7 | 6.0 |
| Free cash flow | 240 | 57.5 | 115 | 85.0 | −126 |
| Depreciation & amortisation | 4.1 | 4.4 | 4.1 | 9.3 | 9.8 |
| Stock-based compensation | 40.5 | 49.4 | 44.5 | 52.3 | 46.0 |
| Share buybacks | 22.6 | 26.8 | 21.5 | 21.1 | 28.4 |
| Dividends paid | 148 | 107 | 112 | 119 | 127 |
| Dividend per share | 3.05 | 2.20 | 2.28 | 2.36 | 2.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.9% | −13.6% | 5.7% | 7.5% |
| Operating income growth (YoY) | – | −17.1% | −23.8% | 5.1% | 2.8% |
| EPS growth (YoY) | – | −19.5% | −25.1% | 14.2% | 0.0% |
| Operating margin | 44.6% | 38.1% | 33.6% | 33.4% | 32.0% |
| Net margin | 36.2% | 30.2% | 26.4% | 29.2% | 27.6% |
| Return on equityBlank when equity is negative | 82.8% | 50.7% | 33.9% | 29.6% | 27.3% |
| Free cash flow margin | 41.1% | 10.1% | 23.5% | 16.4% | −22.7% |
| Cash conversion (CFO ÷ net income) | 1.15x | 0.36x | 1.33x | 0.64x | −0.79x |
| Receivable days | – | – | – | 52 | 52 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.