Cohen & Steers (CNS) financial statements
Cohen & Steers reported revenue of $556M in fiscal 2025, up 5.2% a year over 9 years.
Net income was $153M and the operating margin 32.0%, against 38.6% in 2016.
Free cash flow was -$126M, and the company returned $127M in dividends and $28M in net buybacks.
The diluted share count rose 11% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cohen & Steers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $351M | $379M | $381M | $411M | $428M | $584M | $567M | $490M | $517M | $556M |
| Selling, general and admin | $43M | $42M | $48M | $48M | $56M | $48M | $55M | $67M | $60M | $71M |
| Operating income | $136M | $155M | $147M | $160M | $95M | $260M | $216M | $164M | $173M | $178M |
| Pre-tax income | $143M | $160M | $144M | $188M | $93M | $282M | $197M | $180M | $210M | $205M |
| Income tax | $51M | $68M | $34M | $41M | $18M | $56M | $47M | $44M | $47M | — |
| Net income | $93M | $92M | $114M | $135M | $77M | $211M | $171M | $129M | $151M | $153M |
| EPS (diluted) | $2.00 | $1.96 | $2.40 | $2.79 | $1.57 | $4.31 | $3.47 | $2.60 | $2.97 | $2.97 |
| Diluted shares | 46M | 47M | 47M | 48M | 49M | 49M | 49M | 50M | 51M | 52M |
| Operating margin | 38.6% | 40.9% | 38.6% | 39.0% | 22.2% | 44.6% | 38.1% | 33.6% | 33.4% | 32.0% |
| Net margin | 26.4% | 24.3% | 29.9% | 32.8% | 17.9% | 36.2% | 30.2% | 26.4% | 29.2% | 27.6% |
Balance sheet
Fiscal years, from Cohen & Steers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $183M | $193M | $93M | $101M | $41M | $184M | $247M | $187M | $183M | $145M |
| Receivables | — | — | — | — | — | — | — | — | $74M | $80M |
| Property, plant and equipment | $16M | $15M | $14M | $12M | $10M | $9M | $9M | $66M | $69M | $65M |
| Goodwill | $18M | $19M | $19M | $18M | $19M | $18M | $18M | $18M | $18M | $19M |
| Total assets | $334M | $410M | $481M | $402M | $348M | $493M | $673M | $737M | $812M | $877M |
| Total liabilities | $67M | $87M | $144M | $135M | $124M | $148M | $246M | $244M | $237M | $243M |
| Shareholders' equity | $266M | $276M | $223M | $214M | $174M | $255M | $338M | $381M | $512M | $562M |
| Net debt | -$183M | -$193M | -$93M | -$101M | -$41M | -$184M | -$247M | -$187M | -$183M | -$145M |
Cash flow
Fiscal years, from Cohen & Steers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $115M | $64M | $73M | $141M | $89M | $243M | $62M | $172M | $97M | -$120M |
| Capital spending | $10M | $3M | $3M | $3M | $3M | $3M | $4M | $57M | $12M | $6M |
| Free cash flow | $105M | $61M | $69M | $139M | $87M | $240M | $57M | $115M | $85M | -$126M |
| Stock-based compensation | $22M | $22M | $25M | $28M | $29M | $40M | $49M | $44M | $52M | $46M |
| Dividends paid | $71M | $98M | $179M | $163M | $122M | $148M | $107M | $112M | $119M | $127M |
| Share buybacks (net) | -$8M | -$9M | -$11M | -$10M | -$26M | -$23M | -$27M | -$22M | -$21M | -$28M |
| Free cash flow margin | 29.8% | 16.1% | 18.1% | 33.8% | 20.3% | 41.1% | 10.1% | 23.5% | 16.4% | -22.7% |
| Dividends per share | $1.53 | $2.09 | $3.78 | $3.37 | $2.52 | $3.01 | $2.18 | $2.27 | $2.34 | $2.46 |
Questions
What was Cohen & Steers's revenue in 2025?
$556M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cohen & Steers generate?
-$126M in fiscal 2025 (operating cash flow minus capital spending).
From Cohen & Steers's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.