Revenue performance exhibits extreme quarterly variance, with operating margins fluctuating wildly from a negative 59.0% in 2024Q2 to a positive 29.2% in 2025Q4.
Cohen & Company Inc. (COHN) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Net Interest Income | 1.08M | -5.88M | -5.82M | -6.53M | -4.98M | -7.23M | -9.59M | -7.58M | -8.49M | -6.18M | -4.74M | -3.92M | -4.4M | -4.19M | -3.73M | -5.98M | -7.69M | -4.97M | 548.81M | 118.31M | 33.31M | 11.57M | 8.39M | -97 |
| NII Growth % | 449.04% | -0.94% | 10.8% | -30.99% | 31.12% | 24.57% | -26.44% | 10.64% | -37.37% | -30.48% | -20.73% | 10.88% | -4.96% | -12.35% | 37.55% | 22.25% | -54.52% | -100.91% | 363.88% | 255.15% | 187.97% | 37.86% | 8650615.46% | - |
| Net Interest Margin % | 0.14% | -0.84% | -0.6% | -0.84% | -0.56% | -0.2% | -0.16% | -0.09% | -0.15% | -0.3% | -0.84% | -1.27% | -1.49% | -1.93% | -1.09% | -1.42% | -2.51% | -1.67% | 13.95% | 1.32% | 0.31% | 1% | 0.94% | -0.03% |
| Interest Income | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 557.95M | 745.94M | 221.43M | 46.36M | 18.23M | 0 |
| Interest Expense | 10.33M | 5.88M | 5.82M | 6.53M | 4.98M | 7.23M | 9.59M | 7.58M | 8.52M | 6.18M | 4.74M | 3.92M | 4.4M | 4.19M | 3.73M | 5.98M | 7.69M | 4.97M | 9.14M | 627.63M | 188.12M | 34.79M | 9.84M | 97 |
| Loan Loss Provision | 153.74M | 11.5M | 50.57M | 45.57M | 45.31M | 77.81M | 50.31M | 18.39M | 16.86M | 16.35M | 26.4M | 24.11M | 25.36M | 42.97M | 59.22M | 72.25M | 69.76M | 0 | 0 | 16.22M | 1.94M | 7.04M | 1.33M | 0 |
| Non-Interest Income | 302.93M | 278.3M | 79.6M | 82.98M | 44.39M | 146.37M | 130.11M | 49.67M | 49.35M | 47.54M | 55.35M | 46.16M | 55.75M | 57.52M | 95.24M | 100.33M | 125.55M | 91.83M | 83.29M | 72.26M | 9.13M | -50K | 686K | 0 |
| Non-Interest Income % | 99.64% | 102.16% | 107.89% | 108.54% | 112.64% | 105.2% | 107.96% | 118.02% | 120.77% | 114.94% | 109.36% | 109.29% | 108.57% | 107.86% | 104.08% | 106.33% | 106.52% | 105.73% | 13.18% | 37.92% | 21.51% | -0.43% | 7.56% | 0% |
| Total Net Revenue | 304.01M | 272.42M | 73.78M | 76.45M | 39.41M | 139.13M | 120.52M | 42.08M | 40.87M | 41.36M | 50.61M | 42.23M | 51.35M | 53.32M | 91.51M | 94.36M | 117.87M | 86.86M | 632.1M | 190.57M | 42.44M | 11.52M | 9.08M | -97 |
| Revenue Growth % | 128.28% | 269.25% | -3.5% | 94.02% | -71.68% | 15.44% | 186.4% | 2.98% | -1.21% | -18.27% | 19.84% | -17.75% | -3.7% | -41.73% | -3.02% | -19.95% | 35.7% | -86.26% | 231.69% | 349% | 268.49% | 26.89% | 9357831.96% | - |
| Non-Interest Expense | 80.92M | 198.78M | 31.23M | 24.03M | 22.06M | 21.73M | 27.88M | 19.65M | 20.34M | 17.61M | 15.63M | 19.79M | 25.7M | 31.45M | 31.99M | 40.27M | 39.36M | 98.65M | 638.23M | 1.43B | 17.71M | 4.48M | 7.74M | 21.46K |
| Efficiency Ratio | 26.62% | 72.97% | 42.33% | 31.43% | 55.98% | 15.62% | 23.13% | 46.7% | 49.78% | 42.58% | 30.88% | 46.86% | 50.05% | 58.99% | 34.96% | 42.68% | 33.4% | 113.58% | 100.97% | 752.14% | 41.72% | 38.86% | 85.31% | -22128.87% |
| Operating Income | 69.35M | 62.14M | -8.02M | 6.86M | -27.96M | 39.59M | 42.33M | 4.04M | 3.66M | 7.4M | 8.59M | -1.66M | 288K | -21.1M | 295K | -18.16M | 8.74M | -11.79M | -6.14M | -1.26B | 22.8M | 0 | 0 | -21.56K |
| Operating Margin % | 22.81% | 22.81% | -10.87% | 8.97% | -70.96% | 28.46% | 35.12% | 9.6% | 8.95% | 17.89% | 16.96% | -3.93% | 0.56% | -39.58% | 0.32% | -19.25% | 7.42% | -13.58% | -0.97% | -660.65% | 53.71% | 0% | 0% | 22228.87% |
| Operating Income Growth % | - | 874.54% | -216.94% | 124.54% | -170.63% | -6.46% | 947.46% | 10.44% | -50.57% | -13.79% | 616.92% | -676.74% | 101.36% | -7253.9% | 101.62% | -307.79% | 174.12% | -92.21% | 99.51% | -5622.62% | - | - | 100% | - |
| Pretax Income | 44.36M | 39.5M | 7.86M | 15.94M | -53.88M | 70.5M | 29.78M | -4.1M | -4.83M | 1.22M | 3.85M | -5.58M | -4.09M | -23.48M | 2.4M | -17.88M | 10.47M | -11.79M | -6.14M | -1.26B | 22.8M | 0 | 0 | -21.56K |
| Pretax Margin % | 14.59% | 14.5% | 10.65% | 20.85% | -136.72% | 50.67% | 24.71% | -9.73% | -11.81% | 2.96% | 7.61% | -13.22% | -7.96% | -44.04% | 2.62% | -18.95% | 8.88% | -13.58% | -0.97% | -660.65% | 53.71% | 0% | 0% | 22228.87% |
| Income Tax | -1.58M | -632K | -329K | 5.54M | 4.79M | -3.54M | -8.67M | -523K | -841K | -1.21M | 422K | 85K | -414K | -3.56M | -615K | -1.15M | -749K | 9K | 2.05M | 2.33M | 766K | 0 | 0 | 0 |
| Effective Tax Rate % | -3.57% | -1.6% | -4.19% | 34.78% | -8.9% | -5.02% | -29.11% | 12.77% | 17.42% | -98.94% | 10.96% | -1.52% | 10.13% | 15.18% | -25.67% | 6.43% | -7.16% | -0.08% | -33.39% | -0.18% | 3.36% | - | - | 0% |
| Net Income | 17.76M | 14.43M | -129K | -5.11M | -13.39M | 11.81M | 14.21M | -2.05M | -2.46M | 2.06M | 2.27M | -4.08M | -2.58M | -13.32M | -968K | -9.39M | 7.59M | -11.71M | -6.93M | -1.26B | 22.03M | -4.74M | 644K | -21.56K |
| Net Margin % | 5.84% | 5.3% | -0.17% | -6.69% | -33.98% | 8.49% | 11.79% | -4.88% | -6.03% | 4.99% | 4.48% | -9.66% | -5.03% | -24.98% | -1.06% | -9.95% | 6.44% | -13.48% | -1.1% | -661.87% | 51.91% | -41.13% | 7.09% | 22228.87% |
| Net Income Growth % | 818.3% | 11286.82% | 97.48% | 61.81% | -213.39% | -16.87% | 791.58% | 16.61% | -219.33% | -8.95% | 155.58% | -57.79% | 80.59% | -1275.83% | 89.69% | -223.61% | 164.89% | -69% | 99.45% | -5825.21% | 565.08% | -835.56% | 3086.74% | - |
| Net Income (Continuing) | 45.94M | 40.13M | 8.19M | 10.4M | -58.67M | 74.04M | 38.45M | -3.57M | -3.99M | 2.44M | 3.43M | -5.67M | -3.67M | -19.92M | -2.04M | -16.73M | 11.21M | -11.8M | -8.19M | -1.26B | 22.03M | -4.74M | 644K | -21.56K |
| EPS (Diluted) | 2.84 | 4.35 | -0.08 | -3.38 | -9.43 | 7.83 | 7.66 | -2.13 | -1.46 | 1.60 | 1.90 | -2.03 | -1.27 | -7.54 | -0.61 | -5.90 | 7.30 | -12.14 | -150.90 | -2248.40 | 148.00 | -45.00 | 7.00 | -0.18 |
| EPS Growth % | 175.13% | 5544.31% | 97.64% | 64.16% | -220.43% | 2.22% | 459.62% | -45.89% | -191.25% | -15.79% | 193.6% | -59.84% | 83.16% | -1136.07% | 89.66% | -180.82% | 160.13% | 91.95% | 93.29% | -1619.19% | 428.89% | -742.86% | 3988.89% | - |
| EPS (Basic) | - | 8.33 | -0.08 | -3.38 | -9.43 | 9.95 | 12.56 | -3.14 | -1.46 | 1.71 | 1.90 | -2.76 | -1.72 | -10.79 | -0.90 | -8.83 | 7.30 | -12.14 | -150.90 | -2248.40 | 148.00 | -45.00 | 8.00 | -0.18 |
| Diluted Shares Outstanding | 6.25M | 5.98M | 5.68M | 1.51M | 1.42M | 1.54M | 1.54M | 1.68M | 1.68M | 2.59M | 1.76M | 2.01M | 2.03M | 1.77M | 1.6M | 1.59M | 1.57M | 963.9K | 959.05K | 560.99K | 104.83K | 105.27K | 83.97K | 122.12K |
Quick answers to the most common questions about buying COHN stock.
For fiscal year 2025, Cohen & Company Inc. (COHN) reported total revenue of $272.4M.
Cohen & Company Inc. (COHN) is profitable, generating $14.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Cohen & Company Inc. (COHN) reported an operating income of $62.1M, resulting in an operating profit margin of 22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cohen & Company Inc. (COHN) generated $260.9M in gross profit for the year, representing a gross profit margin of 93.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical Revenue Volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Cyclical Exposure
As reported in recent financial statements, COHN's top-line performance exhibits extreme quarterly variance, with revenue swinging from $10.8 million in 2024Q2 to $102.7 million by 2025Q4, underscoring a business model heavily tethered to the unpredictable issuance windows of the SPAC and niche capital markets.
The dramatic fluctuations in revenue suggest that the firm's growth is not organic or recurring but rather episodic, driven by transactional successes in specialized financial instruments. Investors should interpret this trajectory as a reflection of market-timing dependency rather than a sustainable, long-term growth trend.
Structural Margin Disconnect Warrants Caution
Based on the provided income statement data, COHN maintains a highly variable gross margin profile that peaked at 92.5% in 2026Q1, yet this rarely translates to the bottom line, as net margins have struggled to consistently exceed the mid-single-digit range over the last ten quarters.
The significant gap between gross and net profitability implies that the firm's operating structure is burdened by high fixed costs, likely related to specialized talent retention and regulatory compliance. This disparity suggests that even minor revenue contractions could lead to rapid bottom-line erosion, limiting the firm's operational flexibility.
Stock-Based Compensation Masks Earnings Reality
According to historical filings, COHN's earnings quality appears compromised by significant stock-based compensation, which reached $16.9 million in 2025Q4, a figure that represents a substantial portion of the firm's quarterly net income and suggests potential dilution risks for existing shareholders during periods of high volatility.
The reliance on equity-based incentives to retain specialized staff may artificially inflate reported earnings by excluding non-cash expenses from core operational metrics. Analysts should monitor whether these compensation levels remain elevated, as they may indicate that the firm's true economic profitability is lower than the headline EPS suggests.
Operational Leverage Remains Highly Fragile
Data from the last ten quarters indicates that COHN's operating income is highly sensitive to revenue shifts, with operating margins swinging from a negative 59.0% in 2024Q2 to a positive 29.2% in 2025Q4, highlighting the inherent instability of the firm's current cost-to-revenue structure.
While the firm demonstrates an ability to scale during peak market activity, the inability to maintain positive operating margins during downturns suggests a lack of true operating leverage. This pattern implies that the firm's cost base is largely fixed, leaving it vulnerable to prolonged periods of market inactivity.