COHEN & STEERS, INC.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $157,398 | $162,792 | $136,609 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Stock-based compensation expense—net | 45,962 | 52,301 | 44,468 |
| Depreciation and amortization | 11,714 | 11,169 | 5,142 |
| Non-cash lease expense | 5,254 | 5,732 | 14,496 |
| (Gain) loss from investments—net | (8,712) | (16,582) | (4,291) |
| Deferred income taxes | 561 | (297) | 537 |
| Foreign currency (gain) loss | 1,119 | 1,238 | (787) |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities—net | 1,080 | (1,083) | (1,954) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (5,300) | (6,738) | (1,426) |
| Due from brokers | (12,722) | (21,573) | (2,605) |
| Investments held by consolidated funds | (319,082) | (96,132) | (19,260) |
| Other assets | (446) | (4,758) | (7,268) |
| Accrued compensation and benefits | 9,565 | 4,667 | (11,382) |
| Distribution and service fees payable | 138 | (1,659) | 1,723 |
| Operating lease liabilities | (6,289) | (931) | 19,199 |
| Due to brokers | 4,991 | 25,081 | 109 |
| Income tax payable | (5,064) | (162) | (2,743) |
| Other liabilities and accrued expenses | (611) | (16,376) | 1,394 |
| Net cash provided by (used in) operating activities | (120,444) | 96,689 | 171,961 |
| Cash flows from investing activities: | |||
| Purchases of investments | (383,416) | (417,459) | (169,402) |
| Proceeds from sales and maturities of investments | 397,751 | 309,398 | 111,612 |
| Purchases of property and equipment | (5,979) | (11,651) | (56,986) |
| Net cash provided by (used in) investing activities | 8,356 | (119,712) | (114,776) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock under employee stock purchase plan | 961 | 1,100 | 1,063 |
| Proceeds from issuance of common stock from offering, net of issuance costs | — | 68,464 | — |
| Repurchase of common stock for employee tax withholding | (28,416) | (21,106) | (21,536) |
| Dividends to stockholders | (126,924) | (119,181) | (112,446) |
| Net contributions (distributions) from noncontrolling interests | 228,658 | 88,905 | 14,470 |
| Other | (442) | (15) | (603) |
| Net cash provided by (used in) financing activities | 73,837 | 18,167 | (119,052) |
| Net increase (decrease) in cash and cash equivalents | (38,251) | (4,856) | (61,867) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,693 | (1,585) | 2,756 |
| Cash and cash equivalents, beginning of the year | 183,162 | 189,603 | 248,714 |
| Cash and cash equivalents, end of the year | $146,604 | $183,162 | $189,603 |
CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
Supplemental disclosures of cash flow information:
The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statements of financial condition to the cash and cash equivalents reported within the consolidated statements of cash flows above:
| As of December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash and cash equivalents | $145,452 | $182,974 | $187,442 |
| Cash included in investments (1) | 1,152 | 188 | 2,161 |
| Total cash and cash equivalents within consolidated statements of cash flows | $146,604 | $183,162 | $189,603 |
(1) Cash included in investments represents operating cash held in consolidated funds.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $2.8 million, $3.2 million and $3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
During the years ended December 31, 2025 and 2024, the Company deconsolidated certain funds resulting in a non-cash reduction of $230.5 million and $148.7 million, respectively, from both investments and redeemable noncontrolling interests.
During the fourth quarter of 2025, the Company's consolidated exchange-traded funds received non-cash in-kind subscriptions of $6.4 million.
Non-cash investing activities for the year ended December 31, 2023 included $4.7 million related to purchases of property and equipment in connection with the Company's headquarters that were unpaid as of December 31, 2023.
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