Cohen & Steers Inc

Cohen & Steers delivered a steady but unspectacular fourth quarter, matching Wall Street's adjusted EPS estimate of $0.81 precisely while nudging revenue of $143.80 million just ahead of the $143.18 million consensus, a 0.44% beat, though revenue still slipped 0.6% from a year ago. The headline numbers masked meaningful cross-currents beneath the surface: $10.80 million in one-time expenses tied to the Cohen & Steers Infrastructure Fund rights offering compressed the GAAP operating margin to 28.0%, down sharply from 34.5% in Q3, even as the adjusted margin held relatively firm at 36.4%. That same rights offering, which raised $513.00 million in fresh capital, helped drive $1.20 billion in net inflows for the quarter, pushing full-year net flows to $1.53 billion and marking a meaningful reversal from net outflows of $171.00 million in fiscal 2024. Total assets under management ended the quarter at $90.50 billion, with analysts on the earnings call pressing management on operating leverage and the scalability of the firm's active ETF strategy as key growth levers heading into 2026.