Cohen & Steers Inc

Cohen & Steers delivered a mixed first quarter for 2026, posting revenue that nudged past expectations while adjusted earnings fell short of the Street's target. Revenue rose 4.2% year-over-year to $145.64 million, edging above the $143.19 million consensus, but adjusted diluted EPS of $0.79 came in below the $0.82 estimate, a shortfall of 3.66%. The clearest explanation for the earnings gap was a higher effective tax rate of 27.4%, up from 24.9% in the prior quarter, driven by nondeductible executive compensation and excess tax deficiencies tied to restricted stock unit vesting. Underneath that headwind, the operating picture was broadly constructive; total expenses fell 7.7% sequentially as Q4 2025 had been inflated by costs linked to the UTF rights offering, lifting GAAP operating income and pushing the operating margin to 34.4%. Assets under management grew to $93.13 billion, supported by $2.71 billion in market appreciation and $497 million in net inflows, while global listed infrastructure emerged as the standout strategy, with AUM climbing 9.9% sequentially to $12.59 billion.