Cohen & Company Inc. (COHN) Q1 2026 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 01 2026
0mins
Source: SeekingAlpha
Revenue The company reported revenue of $15 million for Q1 2026, a decrease of 10% year-over-year, primarily due to lower trading volumes in the fixed income markets.
Net Income Net income was $2 million, down 20% compared to the same period last year, driven by increased operating expenses and lower revenue.
Operating Expenses Operating expenses increased by 5% year-over-year to $10 million, attributed to higher personnel costs and technology investments.
Earnings Per Share (EPS) EPS was $0.10, a decline of 23% from Q1 2025, reflecting the decrease in net income.
Assets Under Management (AUM) AUM stood at $1.2 billion, up 8% year-over-year, driven by strong inflows into the company's asset management business.
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Analyst Views on COHN
About COHN
Cohen & Company Inc. is a financial services company specializing in a range of capital markets and asset management services. The Company’s segments include Capital Markets, Asset Management, and Principal Investing. The Capital Markets business segment consists of fixed income sales, trading, and gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through its subsidiaries, Cohen & Company Securities, LLC in the United States and Cohen & Company Financial (Europe) S.A. in Europe. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, joint ventures, and investment funds. The Principal Investing segment comprises investments the Company holds related to its special purpose acquisition company (SPAC) franchise and other investments the Company has made for the purpose of earning an investment return.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cohen & Co. Reports Strong Q1 Earnings with Key Revenue Growth
- Significant Revenue Growth: Cohen & Co. reported investment banking and new issue revenue of $45.7 million in Q1, a substantial increase from $20.2 million in the same quarter last year, demonstrating strong performance in SPAC M&A and IPO transactions that further solidifies its market position.
- Net Income Decline: Despite revenue growth, net income fell from $8.1 million in the previous quarter to $1.5 million, reflecting challenges in cost control and revenue fluctuations that could impact future investor confidence.
- High Expense Pressure: Compensation and benefits expenses reached $41.3 million in Q1, accounting for 71% of total revenue, although down $16.5 million from the prior quarter, it still indicates high costs in maintaining talent and operations, potentially affecting profit margins.
- Commitment to Shareholder Returns: The company declared a quarterly dividend of $0.25 per share, reflecting a commitment to returning capital to shareholders while also indicating a robust capital management strategy despite challenges from revenue volatility.
See More
Cohen & Company Q1 2026 Earnings Call Insights
- Financial Performance Review: Cohen & Company reported a net income of $1.5 million for Q1 2026, translating to $0.42 per diluted share, which is a significant decline from $8.1 million and $1.48 in the previous quarter, highlighting the volatility in SPAC-related transaction revenues.
- Capital Market Growth: The company's Gestation repo business grew to $3.9 billion this quarter, with CEO Lester Brafman emphasizing that this growth lays a solid foundation for future revenue and profitability, particularly in the investment banking sector focused on frontier technologies.
- SPAC Activity Milestone: The completion of a $230 million IPO by Cohen & Company's sponsor SPAC, Columbus Circle Capital Corp. II, marks a significant advancement in the company's capital market activities, despite an overall decline in revenues.
- Dividend Policy Adjustment: The company declared a quarterly dividend of $0.25 per share, while future dividend decisions will be influenced by quarterly operating results and capital needs, indicating a cautious approach to financial flexibility.
See More
Cohen & Company Reports Strong Q1 Earnings with 101.5% Revenue Growth
- Significant Earnings Growth: Cohen & Company reported a GAAP EPS of $0.42 for Q1, indicating a notable improvement in profitability and reflecting the company's strong performance in the market.
- Revenue Doubles: The company achieved revenue of $57.9 million, marking a 101.5% year-over-year increase, primarily driven by the expansion of its investment banking operations and robust performance in fixed income trading.
- Positive Future Outlook: Cohen & Company signaled a strong pipeline for 2026, targeting $60 million to $65 million in fixed income trading revenue, demonstrating confidence in future growth prospects.
- Dividend Performance: The company's dividend performance is also noteworthy, reflecting its commitment to creating shareholder value while achieving significant earnings growth.
See More
Cohen & Company Announces Financial Results for Q1 2026
Financial Performance: Cohen & Company reports its financial results for the first quarter of 2026, highlighting key metrics and performance indicators.
Revenue and Profit Trends: The report details revenue growth and profit trends compared to previous quarters, showcasing the company's financial health.
Market Position: Insights into the company's market position and competitive landscape are provided, indicating strategic advantages and challenges.
Future Outlook: The report concludes with a forward-looking statement, outlining expectations and strategic initiatives for the upcoming quarters.
See More
COHEN & COMPANY REPORTS Q1 REVENUE OF USD 57.902 MILLION
- Q1 Revenue: Cohen & Company reported a revenue of USD 57.902 million for the first quarter.
- Financial Performance: The revenue figure reflects the company's financial performance during the specified period.
See More
Cohen & Company Reports Strong Q4 2025 Earnings and Strategic Growth
- Significant Revenue Growth: Cohen & Company reported total revenue of $275.6 million for 2025, a 246% increase year-over-year, with Cohen & Company Capital Markets contributing $184 million, accounting for 67% of total revenue, highlighting the company's strong growth potential in frontier technology sectors.
- Improved Profitability: The basic net income per share for 2025 was $8.33, with fully diluted earnings at $4.35, while the fourth quarter net income reached $8.1 million, a 76% increase from the previous quarter, reflecting sustained profitability in the investment banking segment.
- Dividend Distribution Strategy: The company announced a special dividend of $0.70 per share and a quarterly dividend of $0.25 per share, along with a previously announced $2 special dividend to be paid in January 2026, demonstrating a commitment to shareholder returns and confidence in financial health.
- Optimistic Future Outlook: Management indicated that first quarter 2026 revenue is trending significantly higher than first quarter 2025, emphasizing a continued focus on expanding the investment banking business, particularly in sectors like space, aerospace, and energy, which underscores the company's commitment to diversification and growth strategy.
See More
Cohen & Co. Reports Strong Q1 Earnings with Key Revenue Growth
- Significant Revenue Growth: Cohen & Co. reported investment banking and new issue revenue of $45.7 million in Q1, a substantial increase from $20.2 million in the same quarter last year, demonstrating strong performance in SPAC M&A and IPO transactions that further solidifies its market position.
- Net Income Decline: Despite revenue growth, net income fell from $8.1 million in the previous quarter to $1.5 million, reflecting challenges in cost control and revenue fluctuations that could impact future investor confidence.
- High Expense Pressure: Compensation and benefits expenses reached $41.3 million in Q1, accounting for 71% of total revenue, although down $16.5 million from the prior quarter, it still indicates high costs in maintaining talent and operations, potentially affecting profit margins.
- Commitment to Shareholder Returns: The company declared a quarterly dividend of $0.25 per share, reflecting a commitment to returning capital to shareholders while also indicating a robust capital management strategy despite challenges from revenue volatility.
See More
Cohen & Company Q1 2026 Earnings Call Insights
- Financial Performance Review: Cohen & Company reported a net income of $1.5 million for Q1 2026, translating to $0.42 per diluted share, which is a significant decline from $8.1 million and $1.48 in the previous quarter, highlighting the volatility in SPAC-related transaction revenues.
- Capital Market Growth: The company's Gestation repo business grew to $3.9 billion this quarter, with CEO Lester Brafman emphasizing that this growth lays a solid foundation for future revenue and profitability, particularly in the investment banking sector focused on frontier technologies.
- SPAC Activity Milestone: The completion of a $230 million IPO by Cohen & Company's sponsor SPAC, Columbus Circle Capital Corp. II, marks a significant advancement in the company's capital market activities, despite an overall decline in revenues.
- Dividend Policy Adjustment: The company declared a quarterly dividend of $0.25 per share, while future dividend decisions will be influenced by quarterly operating results and capital needs, indicating a cautious approach to financial flexibility.
See More
Cohen & Company Reports Strong Q1 Earnings with 101.5% Revenue Growth
- Significant Earnings Growth: Cohen & Company reported a GAAP EPS of $0.42 for Q1, indicating a notable improvement in profitability and reflecting the company's strong performance in the market.
- Revenue Doubles: The company achieved revenue of $57.9 million, marking a 101.5% year-over-year increase, primarily driven by the expansion of its investment banking operations and robust performance in fixed income trading.
- Positive Future Outlook: Cohen & Company signaled a strong pipeline for 2026, targeting $60 million to $65 million in fixed income trading revenue, demonstrating confidence in future growth prospects.
- Dividend Performance: The company's dividend performance is also noteworthy, reflecting its commitment to creating shareholder value while achieving significant earnings growth.
See More
Cohen & Company Announces Financial Results for Q1 2026
Financial Performance: Cohen & Company reports its financial results for the first quarter of 2026, highlighting key metrics and performance indicators.
Revenue and Profit Trends: The report details revenue growth and profit trends compared to previous quarters, showcasing the company's financial health.
Market Position: Insights into the company's market position and competitive landscape are provided, indicating strategic advantages and challenges.
Future Outlook: The report concludes with a forward-looking statement, outlining expectations and strategic initiatives for the upcoming quarters.
See More
COHEN & COMPANY REPORTS Q1 REVENUE OF USD 57.902 MILLION
- Q1 Revenue: Cohen & Company reported a revenue of USD 57.902 million for the first quarter.
- Financial Performance: The revenue figure reflects the company's financial performance during the specified period.
See More
Cohen & Company Reports Strong Q4 2025 Earnings and Strategic Growth
- Significant Revenue Growth: Cohen & Company reported total revenue of $275.6 million for 2025, a 246% increase year-over-year, with Cohen & Company Capital Markets contributing $184 million, accounting for 67% of total revenue, highlighting the company's strong growth potential in frontier technology sectors.
- Improved Profitability: The basic net income per share for 2025 was $8.33, with fully diluted earnings at $4.35, while the fourth quarter net income reached $8.1 million, a 76% increase from the previous quarter, reflecting sustained profitability in the investment banking segment.
- Dividend Distribution Strategy: The company announced a special dividend of $0.70 per share and a quarterly dividend of $0.25 per share, along with a previously announced $2 special dividend to be paid in January 2026, demonstrating a commitment to shareholder returns and confidence in financial health.
- Optimistic Future Outlook: Management indicated that first quarter 2026 revenue is trending significantly higher than first quarter 2025, emphasizing a continued focus on expanding the investment banking business, particularly in sectors like space, aerospace, and energy, which underscores the company's commitment to diversification and growth strategy.
See More
