Cohen & Steers 10-Q: Q3 EPS $0.81 as AUM Slips to $95.9B on $5.1B Market Hit
CNS sits 25% above its 52-week low of $58.39.
Summary
Cohen & Steers' Q3 10-Q confirms $0.81 GAAP EPS on $157.4M revenue, but shows AUM down to $95.9B from $100.1B on market depreciation, plus $6.7M of RQI rights-offering costs that squeezed margins.
Key Events · Earnings and Guidance · CNS
-
Q3 EPS $0.81, Revenue Up 11.1%
GAAP diluted EPS of $0.81 on total revenue of $157.4 million versus $141.7 million a year earlier; adjusted EPS was $0.89.
-
AUM Falls to $95.9B on Markets
Assets under management dropped to $95.944 billion at September 30 from $100.099 billion at June 30, driven by $5.073 billion of market depreciation, partly offset by $1.550 billion of net inflows.
-
Rights Offering Costs Squeeze Margin
The RQI rights offering added $4.8 million of distribution and service fees and $1.9 million of fund organization costs, pulling GAAP operating margin to 32.4% from 34.5%.
-
Accounting Officer Succession Set
Elena Dulik will retire as principal accounting officer effective March 31, 2027; Senior Vice President and Controller Michael Donohue was appointed to succeed her.
Analysis · CNS · Finance
The headline numbers were already out on October 15, but the 10-Q fills in what actually drives this asset manager: assets under management fell to $95.9 billion from $100.1 billion at June 30 as markets shaved $5.1 billion off client portfolios, only partly offset by $1.55 billion of net inflows. Revenue still grew 11.1% year over year to $157.4 million, yet GAAP operating margin compressed to 32.4% from 34.5% because the RQI rights offering added $4.8 million of distribution costs and $1.9 million of fund organization expense. Fee rates drifted lower (58.3 bps vs 59.1 bps), so the earnings base depends on markets recovering rather than on pricing. Separately, the principal accounting officer is retiring effective March 31, 2027, with the current controller stepping in — a planned succession, not a disruption.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.6% of the 1568 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CNS was trading at $72.70 on NYSE in the Finance sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $58.39 to $86.56. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.